Brightwood Capital Corp I 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 07, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
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, Address Line One	810 Seventh Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	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		39,725,988
Entity Central Index Key	0001895316
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Dec. 31, 2023
Investments,
Non-controlled, non-affiliate company investments, at fair value (amortized cost of $737,431 and $558,902, respectively)	$ 739,821	$ 562,946
Cash and cash equivalents	30,987	20,428
Interest and paydown receivable	6,636	6,809
Deferred financing costs	4,147	2,380
Total assets	781,591	592,563
Liabilities
Line of credit payable	350,000	252,000
Interest payable on line of credit	7,456	4,054
Due to affiliates	249	164
Management fees payable (See Note 3)	1,534	1,042
Distributions payable		10,753
Directors' fees payable (See Note 3)	165	210
Accounts payable and accrued expenses	902	963
Total liabilities	360,306	269,186
Commitments and contingencies (See Note 7)
Net Assets: (See Note 8)
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 39,725,988 and 31,627,942 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	397	316
Paid-in-capital in excess of par value	405,028	319,904
Total distributable earnings (loss)	15,860	3,157
Total net assets	421,285	323,377
Total liabilities and net assets	$ 781,591	$ 592,563
Net asset value per share (See Note 9)	$ 10.60	$ 10.22

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
Non-controlled, non-affiliate company investments amortized cost	$ 737,431	$ 558,902
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	39,725,988	31,627,942
Common stock, shares outstanding	39,725,988	31,627,942

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Non-controlled/non-affiliate company investments:
Interest income	$ 23,093	$ 11,695	$ 65,992	$ 28,397
Other income	411	141	805	141
Dividend income	7	3	16	5
Total investment income	23,511	11,839	66,813	28,543
Expenses:
Interest expense on line of credit	7,293	3,216	20,669	6,804
Management fees	1,534	870	4,306	2,397
Amortization of deferred financing costs	265	146	829	380
Overhead expenses	249	168	641	624
Professional fees	208	159	601	590
Other general and administrative expenses	167	166	556	400
Administration fees	147	50	361	235
Directors' fees	75	75	225	225
Custody fees	20	11	51	81
Facility expenses		11	251	61
Interest expense on loans				378
Total expenses	9,958	4,872	28,490	12,175
Net investment income (loss), before taxes	13,553	6,967	38,323	16,368
Income tax expense, including excise tax			14
Net investment income (loss), after taxes	13,553	6,967	38,309	16,368
Realized and unrealized gain (loss) on investments:
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments	(92)	642	(1,654)	3,316
Total net realized and unrealized gain (loss) on investments	(92)	642	(1,654)	3,316
Net increase (decrease) in net assets resulting from operations	$ 13,461	$ 7,609	$ 36,655	$ 19,684
Per share data:
Net investment income (loss) per share	$ 0.35	$ 0.30	$ 1.04	$ 0.80
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share)	0.34	0.32	1	0.96
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share)	$ 0.34	$ 0.32	$ 1	$ 0.96
Weighted average common shares outstanding - basic (in shares)	39,108,673	23,455,350	36,826,724	20,608,534
Weighted average common shares outstanding - diluted (in shares)	39,108,673	23,455,350	36,826,724	20,608,534

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	$ 13,553	$ 6,967	$ 38,309	$ 16,368
Net change in unrealized appreciation (depreciation) on investments	(92)	642	(1,654)	3,316
Net increase in net assets resulting from operations	13,461	7,609	36,655	19,684
Shareholder distributions:
Distributions of investment income	(13,086)	(4,989)	(23,951)	(9,267)
Net increase (decrease) in net assets resulting from shareholder distributions	(13,086)	(4,989)	(23,951)	(9,267)
Capital share transactions:
Issuance of common shares, net		50,500	50,500	101,000
Reinvestments of stockholder distributions	13,086	4,989	34,704	10,479
Net increase in net assets resulting from capital share transactions	13,086	55,489	85,204	111,479
Total increase in net assets	13,461	58,109	97,908	121,896
Net assets, at beginning of period	407,824	216,281	323,377	152,494
Net assets, at end of period	$ 421,285	$ 274,390	$ 421,285	$ 274,390

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net increase in net assets resulting from operations	$ 13,461	$ 7,609	$ 36,655	$ 19,684	$ 28,924	$ 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			(220,362)	(179,211)
Proceeds from principal repayments of investments and sales of investments and paydowns			45,631	25,788
Amortization of premium/accretion of discount, net			(3,379)	(1,296)
Interest income paid in kind	(213)	0	(419)	(4)
Net change in unrealized (appreciation) depreciation on investments	92	(642)	1,654	(3,316)
Amortization of deferred financing costs	265	146	829	380
Changes in operating assets and liabilities:
(Increase) decrease in interest and paydown receivable			173	(1,616)
Increase (decrease) in payable to affiliates			85	43
Increase (decrease) in interest payable on line of credit			3,402	2,745
Increase (decrease) in interest payable on loans				(500)
Increase (decrease) in management fees payable			492	449
Increase (decrease) in directors' fees payable			(45)	45
Increase (decrease) in accounts payable and accrued expenses			(61)	151
Net cash provided by (used in) operating activities			(135,345)	(136,658)
Cash flows from financing activities:
Proceeds from issuance of common shares			50,500	101,000
Proceeds from line of credit payable			125,000	253,000
Repayments on line of credit payable			(27,000)	(183,000)
Proceeds from loans payable				18,525
Repayments on loans payable				(72,328)
Deferred financing costs paid			(2,596)	(1,099)
Net cash provided by (used in) financing activities			145,904	116,098
Net increase (decrease) in cash and cash equivalents			10,559	(20,560)
Cash and cash equivalents, beginning of period			20,428	83,904	83,904
Cash and cash equivalents, end of period	$ 30,987	$ 63,344	30,987	63,344	$ 20,428	$ 83,904
Supplemental disclosure of cash flow Information:
Cash paid during the period for interest expense on line of credit			17,267	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			$ 34,704	$ 10,479

CONSOLIDATED SCHEDULE OF INVEST

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Amortized Cost	$ 737,431	$ 558,902
Fair Value	739,821	562,946
Total investments and cash equivalents for amortized cost	748,290	585,263
Total investments and cash equivalents for fair value	$ 750,680	$ 589,307
% of total investments and cash equivalents	178.20%	182.20%
Liabilities in Excess of Other Assets	$ (329,395)	$ (265,930)
% of Liabilities in Excess of Other Assets	(78.20%)	(82.20%)
Total net assets	$ 421,285	$ 323,377
% Total net assets	100%	100%
Investment, Identifier [Axis]: AHF Parent Holding, Inc., Senior Secured First Lien Term Loan, Due 2/1/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.51%
Interest Rate	11.12%	11.86%
Maturity Date	Feb. 01, 2028	Feb. 01, 2028
Par Amount	$ 9,625	$ 10,000
Amortized Cost	9,313	9,603
Fair Value	$ 9,625	$ 10,000
% of Net Assets	2.30%	3.10%
Investment, Identifier [Axis]: Adswerve, Inc. Senior Secured Term Loan Due 12/4/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	4.25%
Interest Rate	9.55%
Maturity Date	Dec. 04, 2028
Par Amount	$ 4,719
Amortized Cost	4,695
Fair Value	$ 4,719
% of Net Assets	1.10%
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
Investment, Industry Sector [Extensible Enumeration]	Business Services	Business Services
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.10%
Minimum interest rate		0.1145%
Maximum interest rate	11.45%	11.46%
Maturity Date	Apr. 26, 2029	Apr. 26, 2029
Par Amount	$ 16,167	$ 16,290
Amortized Cost	15,838	15,902
Fair Value	$ 16,167	$ 16,290
% of Net Assets	3.80%	5%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver, Due 4/26/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.10%
Interest Rate		6.10%
Maximum interest rate	11.45%
Maturity Date	Apr. 26, 2029	Apr. 26, 2029
Par Amount	$ 1,652
Amortized Cost	1,621	$ (37)
Fair Value	$ 1,652
% of Net Assets	0.40%	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
Investment, Industry Sector [Extensible Enumeration]	Business Services	Business Services
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.10%
Interest Rate	11.45%	11.45%
Maturity Date	Apr. 26, 2029	Apr. 26, 2029
Par Amount	$ 6,913	$ 6,965
Amortized Cost	6,781	6,811
Fair Value	$ 6,913	$ 6,965
% of Net Assets	1.60%	2.20%
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]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.90%
Interest Rate		12.29%
Maximum interest rate	12.33%
Maturity Date	Oct. 07, 2026	Oct. 07, 2026
Par Amount	$ 14,730	$ 14,842
Amortized Cost	14,347	14,314
Fair Value	$ 14,214	$ 14,842
% of Net Assets	3.40%	4.60%
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]		Technology & Telecommunications
Investment, Type [Extensible Enumeration]		Equity investments
Par Amount		$ 250
Amortized Cost		250
Fair Value		$ 194
% of Net Assets		0.10%
Investment, Identifier [Axis]: BP I LM Holdings, LLC, Equity Investments, Series 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	$ 1,000,000
Amortized Cost	1,000
Fair Value	$ 1,260
% of Net Assets	0.30%
Investment, Identifier [Axis]: BP Loenbro Holdings, Inc. Delayed Draw Term Loan Due 2/1/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	6%
Maturity Date	Feb. 01, 2029
Amortized Cost	$ (12)
% of Net Assets	0%
Investment, Identifier [Axis]: BP Loenbro Holdings, Inc. Revolver Due 2/1/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Minimum interest rate	10.95%
Maximum interest rate	11.20%
Maturity Date	Feb. 01, 2029
Par Amount	$ 1,101
Amortized Cost	1,077
Fair Value	$ 1,101
% of Net Assets	0.30%
Investment, Identifier [Axis]: BP Loenbro Holdings, Inc. Senior Secured First Lien Term Loan Due 2/1/2029 _
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	11.35%
Maturity Date	Feb. 01, 2029
Par Amount	$ 16,126
Amortized Cost	15,916
Fair Value	$ 16,126
% of Net Assets	3.80%
Investment, Identifier [Axis]: Bad Boy Mowers JV Acquisition, LLC Senior Secured First Lien Term Loan Due 11/9/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	11.11%
Maturity Date	Nov. 09, 2029
Par Amount	$ 12,406
Amortized Cost	12,133
Fair Value	$ 12,406
% of Net Assets	2.90%
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
Investment, Industry Sector [Extensible Enumeration]	Franchising	Franchising
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.40%
Interest Rate	10.99%	11.75%
Maturity Date	Jun. 17, 2026	Jun. 17, 2026
Par Amount	$ 24,939	$ 24,939
Amortized Cost	24,633	24,499
Fair Value	$ 24,590	$ 24,603
% of Net Assets	5.80%	7.60%
Investment, Identifier [Axis]: CSG Buyer, Inc., Senior Secured First Lien Term Loan, Due 7/29/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	6%
Interest Rate	11.26%
Maturity Date	Jul. 29, 2029
Par Amount	$ 14,963
Amortized Cost	14,739
Fair Value	$ 14,739
% of Net Assets	3.50%
Investment, Identifier [Axis]: Cartridge Technologies, LLC, Revolver, Due 10/6/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7%	7%
Interest Rate		7%
Maximum interest rate	7%
Maturity Date	Oct. 06, 2028	Oct. 06, 2028
Amortized Cost	$ 8	$ (10)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: Cartridge Technologies, LLC, Senior Secured Term Loan, Due 10/6/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7%	7%
Interest Rate	12.11%	12.42%
Maturity Date	Oct. 06, 2028	Oct. 06, 2028
Par Amount	$ 22,780	$ 24,500
Amortized Cost	22,414	24,033
Fair Value	$ 22,780	$ 24,500
% of Net Assets	5.40%	7.60%
Investment, Identifier [Axis]: Central Moloney, LLC, Senior Secured Term Loan, Due 10/20/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.75%
Interest Rate	11.35%	12.10%
Maturity Date	Oct. 20, 2028	Oct. 20, 2028
Par Amount	$ 21,300	$ 25,000
Amortized Cost	20,868	24,400
Fair Value	$ 21,300	$ 24,400
% of Net Assets	5.10%	7.50%
Investment, Identifier [Axis]: Contract Datascan, LP, Common Stock Warrant
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Warrants	Warrants
Par Amount	$ 441	$ 441
Amortized Cost	$ 130	130
Fair Value		$ 130
% of Net Assets	0%	0%
Investment, Identifier [Axis]: Contract Datascan, LP, Revolver, Due 11/3/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%	7.60%
Minimum interest rate	12.26%	0.1297%
Maximum interest rate	12.86%	12.98%
Maturity Date	Nov. 03, 2028	Nov. 03, 2028
Par Amount	$ 800	$ 400
Amortized Cost	778	373
Fair Value	$ 729	$ 400
% of Net Assets	0.20%	0.10%
Investment, Identifier [Axis]: Contract Datascan, LP, Senior Secured First Lien Term Loan, Due 11/3/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%	7.60%
Interest Rate	12.83%	12.99%
Maturity Date	Nov. 03, 2028	Nov. 03, 2028
Par Amount	$ 23,820	$ 24,000
Amortized Cost	23,167	23,221
Fair Value	$ 22,138	$ 24,000
% of Net Assets	5.30%	7.40%
Investment, Identifier [Axis]: Contract Datascan, LP, Series A Preferred Warrant
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Warrants	Warrants
Par Amount	$ 51	$ 51
Amortized Cost	15	15
Fair Value	$ 13	$ 15
% of Net Assets	0%	0%
Investment, Identifier [Axis]: Coregistics TopCo LLC, Equity Investment, Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Par Amount	$ 500,000
Amortized Cost	500
Fair Value	$ 365
% of Net Assets	0.10%
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	$ 527,145
Amortized Cost	3,500
Fair Value	$ 3,890
% of Net Assets	0.90%
Investment, Identifier [Axis]: Derm Holdings LLC-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		$ 527,145
Amortized Cost		3,500
Fair Value		$ 3,500
% of Net Assets		1.10%
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.50%
Minimum, Spread Above Reference Rate	5.50%
Maximum, Spread Above Reference Rate	5.75%
Minimum interest rate	10.34%	0.1142%
Maximum interest rate	11.01%	11.89%
Maturity Date	Oct. 07, 2028	Oct. 07, 2028
Par Amount	$ 4,084	$ 1,414
Amortized Cost	(4,073)	1,349
Fair Value	$ 4,084	$ 1,414
% of Net Assets	1%	0.40%
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%	6.50%
Interest Rate	10.35%
Minimum interest rate		0.1185%
Maximum interest rate		11.87%
Maturity Date	Oct. 07, 2028	Oct. 07, 2028
Par Amount	$ 144	$ 133
Amortized Cost	136	123
Fair Value	$ 144	$ 133
% 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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%	6.50%
Interest Rate	10.35%
Maximum interest rate		11.85%
Maturity Date	Oct. 07, 2028	Oct. 07, 2028
Par Amount	$ 13,533	$ 13,637
Amortized Cost	13,305	13,364
Fair Value	$ 13,533	$ 13,637
% of Net Assets	3.20%	4.20%
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
Investment, Industry Sector [Extensible Enumeration]	Business Services	Business Services
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.65%
Interest Rate	6.50%	6.65%
Maturity Date	Aug. 25, 2028	Aug. 25, 2028
Amortized Cost	$ (9)	$ (10)
Fair Value	$ (18)
% of Net Assets	0%	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
Investment, Industry Sector [Extensible Enumeration]	Business Services	Business Services
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.65%
Interest Rate	6.50%	6.65%
Maturity Date	Aug. 25, 2028	Aug. 25, 2028
Amortized Cost	$ (16)	$ (19)
Fair Value	$ (18)
% of Net Assets	0%	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
Investment, Industry Sector [Extensible Enumeration]	Business Services	Business Services
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.65%
Interest Rate	11.25%	12%
Maturity Date	Aug. 25, 2028	Aug. 25, 2028
Par Amount	$ 21,780	$ 21,945
Amortized Cost	21,398	21,486
Fair Value	$ 21,392	$ 21,945
% of Net Assets	5.10%	6.80%
Investment, Identifier [Axis]: Essence Communications Inc, Revolver, Due 11/25/2024
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.85%
Interest Rate		12.19%
Maximum interest rate	12.02%
Maturity Date	Nov. 25, 2024	Nov. 25, 2024
Par Amount	$ 7,424	$ 2,885
Amortized Cost	7,409	2,795
Fair Value	$ 6,549	$ 2,198
% of Net Assets	1.60%	0.70%
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]	Franchising	Franchising
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.85%
Interest Rate	11.70%	12.21%
Maturity Date	Nov. 25, 2027	Nov. 25, 2027
Par Amount	$ 6,981	$ 11,356
Amortized Cost	6,877	11,147
Fair Value	$ 6,373	$ 10,576
% of Net Assets	1.50%	3.30%
Investment, Identifier [Axis]: Everest AcquisitionCo, LLC, Delayed Draw Term Loan, Due 12/13/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.25%
Interest Rate	11.10%	6.25%
Maturity Date	Dec. 13, 2028	Dec. 13, 2028
Par Amount	$ 2,988
Amortized Cost	2,877	$ (94)
Fair Value	$ 2,988	$ (94)
% of Net Assets	0.70%	0%
Investment, Identifier [Axis]: Everest AcquisitionCo, LLC, Revolver, Due 12/13/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.25%
Interest Rate	6.25%	6.25%
Maturity Date	Dec. 13, 2028	Dec. 13, 2028
Amortized Cost	$ (63)	$ (74)
Fair Value		$ (74)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: Everest AcquisitionCo, LLC, Senior Secured Term Loan, Due 12/13/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.25%
Interest Rate	11.17%	11.61%
Maturity Date	Dec. 13, 2028	Dec. 13, 2028
Par Amount	$ 4,963	$ 5,000
Amortized Cost	4,858	4,876
Fair Value	$ 4,963	$ 4,876
% of Net Assets	1.20%	1.50%
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
Investment, Industry Sector [Extensible Enumeration]	Franchising	Franchising
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.40%
Interest Rate	6.25%	6.40%
Maturity Date	Mar. 22, 2028	Mar. 22, 2028
Amortized Cost	$ 7	$ (9)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver Due 3/22/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%
Interest Rate	11.20%
Minimum interest rate		0.1175%
Maximum interest rate		11.82%
Maturity Date	Mar. 22, 2028	Mar. 22, 2028
Par Amount	$ 466	$ 405
Amortized Cost	(455)	392
Fair Value	$ 466	$ 405
% of Net Assets	0.10%	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
Investment, Industry Sector [Extensible Enumeration]	Franchising	Franchising
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.40%
Interest Rate	11.20%	11.75%
Maturity Date	Mar. 22, 2028	Mar. 22, 2028
Par Amount	$ 13,178	$ 13,278
Amortized Cost	12,995	13,054
Fair Value	$ 13,178	$ 13,278
% of Net Assets	3.10%	4.10%
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, Type [Extensible Enumeration]		Cash Equivalents
Interest Rate	4.80%	5.29%
Par Amount	$ 10,859	$ 26,361
Cash equivalents for amortized cost	10,859	26,361
Cash equivalents for fair value	$ 10,859	$ 26,361
% of cash equivalents	2.60%	8.20%
Investment, Identifier [Axis]: GPI Acquisition Co., Inc, Revolver, Due 3/30/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%
Interest Rate	5.75%
Maturity Date	Mar. 30, 2029
Amortized Cost	$ (9)
% of Net Assets	0%
Investment, Identifier [Axis]: GPI Acquisition Co., Inc, Senior Secured First Lien Term Loan, Due 3/30/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%
Maximum interest rate	10.91%
Maturity Date	Mar. 30, 2029
Par Amount	$ 19,399
Amortized Cost	19,050
Fair Value	$ 19,399
% of Net Assets	4.60%
Investment, Identifier [Axis]: Great Kitchens Food Company, Inc., Senior Secured First Lien Term Loan, Due 10/19/2028
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]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		4.10%
Interest Rate		9.46%
Maturity Date		Oct. 19, 2028
Par Amount		$ 4,000
Amortized Cost		3,986
Fair Value		$ 3,986
% of Net Assets		1.20%
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	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	5.60%
Interest Rate		10.96%
Minimum interest rate	11.52%
Maximum interest rate	11.62%
Maturity Date	Jun. 10, 2027	Jun. 10, 2027
Par Amount	$ 16,807	$ 9,875
Amortized Cost	16,671	9,875
Fair Value	$ 16,807	$ 9,875
% of Net Assets	4%	3.10%
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.02%	7.09%
Interest Rate		12.48%
Minimum interest rate	11.94%	0.1245%
Maximum interest rate	11.97%
Maturity Date	Nov. 03, 2026	Nov. 03, 2026
Par Amount	$ 19,813	$ 20,528
Amortized Cost	19,524	20,121
Fair Value	$ 19,416	$ 20,528
% of Net Assets	4.60%	6.30%
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, Industry Sector [Extensible Enumeration]		Franchising
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	11.38%
Maximum interest rate		11.63%
Maturity Date	Dec. 23, 2026	Dec. 23, 2026
Par Amount	$ 5,011	$ 5,049
Amortized Cost	4,990	5,022
Fair Value	$ 4,955	$ 5,049
% of Net Assets	1.20%	1.60%
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.76%
Interest Rate	11.16%	12.12%
Maturity Date	Jun. 23, 2027	Jun. 23, 2027
Par Amount	$ 4,887	$ 4,938
Amortized Cost	4,829	4,862
Fair Value	$ 4,855	$ 4,938
% of Net Assets	1.20%	1.50%
Investment, Identifier [Axis]: Legacy Restoration LLC Delayed Draw Term Loan Due 1/5/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%
Interest Rate	6.25%
Maturity Date	Jan. 05, 2029
Amortized Cost	$ (94)
% of Net Assets	0%
Investment, Identifier [Axis]: Legacy Restoration LLC Revolver Due 1/5/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%
Interest Rate	10.85%
Maturity Date	Jan. 05, 2029
Par Amount	$ 540
Amortized Cost	514
Fair Value	$ 540
% of Net Assets	0.10%
Investment, Identifier [Axis]: Legacy Restoration LLC Senior Secured Term Loan 1/5/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%
Interest Rate	10.85%
Maturity Date	Jan. 05, 2029
Par Amount	$ 2,481
Amortized Cost	2,439
Fair Value	$ 2,481
% of Net Assets	0.60%
Investment, Identifier [Axis]: MAPS Buyer, Inc., Equity Investment, Common Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Par Amount	$ 505
Amortized Cost	505
Fair Value	$ 505
% of Net Assets	0.10%
Investment, Identifier [Axis]: MAPS Buyer, Inc., Revolver, Due 9/6/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	6.25%
Interest Rate	6.25%
Maturity Date	Sep. 06, 2029
Amortized Cost	$ (12)
Fair Value	$ (12)
% of Net Assets	0%
Investment, Identifier [Axis]: MAPS Buyer, Inc., Senior Secured First Lien Term Loan, Due 9/6/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	6.25%
Interest Rate	11.34%
Maturity Date	Sep. 06, 2029
Par Amount	$ 5,000
Amortized Cost	4,877
Fair Value	$ 4,877
% of Net Assets	1.20%
Investment, Identifier [Axis]: Max US Bidco Inc. Senior Secured First Lien Term Loan Due 10/3/2030
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5%
Interest Rate	9.85%
Maturity Date	Oct. 02, 2030
Par Amount	$ 7,463
Amortized Cost	7,027
Fair Value	$ 7,015
% of Net Assets	1.70%
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
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.25%	7.51%
Interest Rate		12.88%
Minimum interest rate	12.31%
Maximum interest rate	12.62%
Maturity Date	Feb. 23, 2028	Feb. 23, 2028
Par Amount	$ 492	$ 496
Amortized Cost	(484)	486
Fair Value	$ (463)	$ 486
% of Net Assets	0.10%	0.10%
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
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.25%	7.51%
Minimum interest rate	12.57%	0.1288%
Maximum interest rate	12.80%	12.90%
Maturity Date	Feb. 23, 2028	Feb. 23, 2028
Par Amount	$ 20,565	$ 20,722
Amortized Cost	20,210	20,285
Fair Value	$ 19,352	$ 20,307
% of Net Assets	4.60%	6.30%
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.85%
Interest Rate	11.70%	12.21%
Maturity Date	Jul. 27, 2027	Jul. 27, 2027
Par Amount	$ 23,429	$ 24,188
Amortized Cost	23,210	23,901
Fair Value	$ 22,744	$ 23,813
% of Net Assets	5.40%	7.40%
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, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.35%
Interest Rate		11.76%
Maturity Date		Oct. 30, 2025
Par Amount		$ 2,241
Amortized Cost		2,186
Fair Value		$ 2,241
% of Net Assets		0.70%
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, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.60%
Interest Rate		12%
Maturity Date		Oct. 30, 2025
Par Amount		$ 275
Amortized Cost		262
Fair Value		$ 275
% of Net Assets		0.10%
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, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.35%
Interest Rate		11.73%
Maturity Date		Oct. 30, 2025
Par Amount		$ 16,049
Amortized Cost		15,840
Fair Value		$ 16,049
% of Net Assets		5%
Investment, Identifier [Axis]: OPCO Borrower 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]	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	11.28%
Maturity Date	Apr. 26, 2029
Par Amount	$ 20,935
Amortized Cost	20,867
Fair Value	$ 20,935
% of Net Assets	5%
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver Due 8/19/2027
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]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.60%
Interest Rate		6.60%
Maturity Date		Aug. 19, 2027
Amortized Cost		$ (10)
% of Net Assets		0%
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, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.60%
Interest Rate		11.95%
Maturity Date		Aug. 19, 2027
Par Amount		$ 21,200
Amortized Cost		21,117
Fair Value		$ 21,200
% of Net Assets		6.60%
Investment, Identifier [Axis]: Obra Capital, Inc, Revolver, Due 6/21/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%
Interest Rate	7.50%
Maturity Date	Jun. 21, 2029
Amortized Cost	$ (14)
Fair Value	$ (14)
% of Net Assets	0%
Investment, Identifier [Axis]: Obra Capital, Inc, Senior Secured First Lien Term Loan, Due 6/21/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%
Interest Rate	12.53%
Maturity Date	Jun. 21, 2029
Par Amount	$ 10,000
Amortized Cost	9,717
Fair Value	$ 9,717
% of Net Assets	2.30%
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC, Delayed Draw Term Loan, Due 11/13/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.76%
Interest Rate	11.56%	6.76%
Maturity Date	Nov. 13, 2029	Nov. 13, 2029
Par Amount	$ 67
Amortized Cost	65
Fair Value	$ 67
% of Net Assets	0%	0%
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC, Revolver, Due 11/13/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.76%
Interest Rate	6.50%	6.76%
Maturity Date	Nov. 13, 2029	Nov. 13, 2029
Amortized Cost	$ (11)	$ (13)
Fair Value		$ (13)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC, Senior Secured Term Loan, Due 11/13/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.76%
Interest Rate		12.13%
Maturity Date		Nov. 13, 2029
Par Amount		$ 13,466
Amortized Cost	$ 13,066	13,121
Fair Value		$ 13,121
% of Net Assets		4.10%
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC, Series A Preferred equity
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Equity investments	Equity investments
Par Amount	$ 74,513	$ 74,513
Amortized Cost	500	500
Fair Value	$ 500	$ 500
% of Net Assets	0.10%	0.10%
Investment, Identifier [Axis]: Palmdale Oil Company, LLC, Senior Secured Term Loan, Due 10/2/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.75%
Interest Rate	11.92%	12.13%
Maturity Date	Oct. 02, 2029	Oct. 02, 2029
Par Amount	$ 24,813	$ 25,000
Amortized Cost	24,181	24,269
Fair Value	$ 24,813	$ 24,269
% of Net Assets	5.90%	7.50%
Investment, Identifier [Axis]: Prisma Graphic, LLC Revolver 7/29/2027
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%
Interest Rate	6.50%
Maturity Date	Jul. 29, 2027
Amortized Cost	$ (25)
% of Net Assets	0%
Investment, Identifier [Axis]: Prisma Graphic, LLC Senior Secured First Lien Term Loan Due 7/29/2027
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%
Interest Rate	11.46%
Maturity Date	Jul. 29, 2027
Par Amount	$ 18,664
Amortized Cost	18,269
Fair Value	$ 18,664
% of Net Assets	4.40%
Investment, Identifier [Axis]: Proficium Holdings, LLC, Equity Investments, Common 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	$ 1,000,000
Amortized Cost	1,000
Fair Value	$ 1,807
% of Net Assets	0.50%
Investment, Identifier [Axis]: Proficium Purchaser, LLC Revolver 3/27/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%
Interest Rate	5.75%
Maturity Date	Mar. 27, 2029
Amortized Cost	$ (9)
% of Net Assets	0%
Investment, Identifier [Axis]: Proficium Purchaser, LLC Senior Secured Term Loan 3/27/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%
Interest Rate	10.54%
Maturity Date	Mar. 27, 2029
Par Amount	$ 11,850
Amortized Cost	(11,626)
Fair Value	$ 11,850
% of Net Assets	2.80%
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
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%	6.10%
Interest Rate	11.21%	11.52%
Maturity Date	Sep. 19, 2028	Sep. 19, 2028
Par Amount	$ 23,750	$ 24,688
Amortized Cost	23,196	24,002
Fair Value	$ 23,750	$ 24,688
% of Net Assets	5.60%	7.60%
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]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.75%	6.01%
Interest Rate	10.62%	11.36%
Maturity Date	Jun. 21, 2027	Jun. 21, 2027
Par Amount	$ 9,775	$ 9,850
Amortized Cost	9,719	9,778
Fair Value	$ 9,319	$ 9,738
% of Net Assets	2.20%	3%
Investment, Identifier [Axis]: Subsea Global Solutions, LLC, Revolver, Due 3/29/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7%
Minimum interest rate	11.95%
Maximum interest rate	12.30%
Maturity Date	Mar. 29, 2029
Par Amount	$ 375
Amortized Cost	353
Fair Value	$ 369
% of Net Assets	0.10%
Investment, Identifier [Axis]: Subsea Global Solutions, LLC, Senior Secured Term Loan, Due 3/29/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7%
Interest Rate	11.60%
Maturity Date	Mar. 29, 2029
Par Amount	$ 21,404
Amortized Cost	20,923
Fair Value	$ 21,270
% of Net Assets	5%
Investment, Identifier [Axis]: Synamedia Americas Holdings, Inc. Senior Secured Term Loan Due 12/5/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.75%
Interest Rate	12.35%
Maturity Date	Dec. 05, 2028
Par Amount	$ 9,588
Amortized Cost	9,293
Fair Value	$ 9,588
% of Net Assets	2.30%
Investment, Identifier [Axis]: Team Car Care, LLC, Senior Secured First Lien Term Loan, Due 6/28/2031
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	4.50%
Interest Rate	8.75%
Maturity Date	Jun. 28, 2031
Par Amount	$ 3,000
Amortized Cost	2,997
Fair Value	$ 2,997
% of Net Assets	0.70%
Investment, Identifier [Axis]: The Smilist DSO, LLC, Delayed Draw Term Loan, Due 4/4/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Minimum interest rate	10.60%
Maximum interest rate	11.29%
Maturity Date	Apr. 04, 2029
Par Amount	$ 2,188
Amortized Cost	2,157
Fair Value	$ 2,188
% of Net Assets	0.50%
Investment, Identifier [Axis]: The Smilist DSO, LLC, Revolver, Due 4/4/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	6%
Maturity Date	Apr. 04, 2029
Amortized Cost	$ (6)
% of Net Assets	0%
Investment, Identifier [Axis]: The Smilist DSO, LLC, Senior Secured First Lien Term Loan, Due 4/4/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	10.60%
Maturity Date	Apr. 04, 2029
Par Amount	$ 6,598
Amortized Cost	6,508
Fair Value	$ 6,598
% of Net Assets	1.60%
Investment, Identifier [Axis]: TouchFuse, LLC, Delayed Draw Term Loan, Due 11/22/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.60%
Interest Rate	6.25%	6.60%
Maturity Date	Nov. 22, 2028	Nov. 22, 2028
Amortized Cost	$ (9)	$ (11)
Fair Value		$ (11)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: TouchFuse, LLC, Revolver, Due 11/22/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.60%
Interest Rate	6.25%	11.96%
Maturity Date	Nov. 22, 2028	Nov. 22, 2028
Par Amount		$ 160
Amortized Cost	$ (19)	138
Fair Value		$ 138
% of Net Assets	0%	0%
Investment, Identifier [Axis]: TouchFuse, LLC, Senior Secured Term Loan, 11/22/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.60%
Interest Rate	11.64%	11.97%
Maturity Date	Nov. 22, 2028	Nov. 22, 2028
Par Amount	$ 21,285	$ 21,446
Amortized Cost	(20,888)	20,974
Fair Value	$ 21,285	$ 20,974
% of Net Assets	5.10%	6.50%
Investment, Identifier [Axis]: Transnetwork LLC, Senior Secured First Lien Term Loan, Due 12/29/2030
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.50%
Interest Rate	10.10%
Maturity Date	Dec. 29, 2030
Par Amount	$ 4,963
Amortized Cost	4,874
Fair Value	$ 4,963
% of Net Assets	1.20%
Investment, Identifier [Axis]: Trulite Holding Corp., Senior Secured Term Loan, Due 3/1/2030
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6%
Interest Rate	11.25%
Maturity Date	Mar. 01, 2030
Par Amount	$ 4,938
Amortized Cost	(4,848)
Fair Value	$ 4,938
% of Net Assets	1.20%
Investment, Identifier [Axis]: UFS, LLC, Revolver, Due 10/2/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.76%
Maximum, Spread Above Reference Rate	6.50%
Interest Rate		6.76%
Maximum interest rate	6.50%
Maturity Date	Oct. 02, 2028	Oct. 02, 2028
Amortized Cost	$ (8)	$ (9)
% of Net Assets	0%	0%
Investment, Identifier [Axis]: UFS, LLC, Senior Secured Term Loan, Due 10/2/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%	6.76%
Interest Rate	11.36%	12.11%
Maturity Date	Oct. 02, 2028	Oct. 02, 2028
Par Amount	$ 23,760	$ 23,940
Amortized Cost	23,237	23,314
Fair Value	$ 23,760	$ 23,940
% of Net Assets	5.60%	7.40%
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]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.25%	6.35%
Interest Rate	5.25%	6.35%
Maturity Date	Dec. 13, 2028	Dec. 13, 2028
Amortized Cost	$ (9)	$ (10)
% of Net Assets	0%	0%
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]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.25%	6.35%
Interest Rate	10.66%	11.68%
Maturity Date	Dec. 13, 2028	Dec. 13, 2028
Par Amount	$ 17,388	$ 17,388
Amortized Cost	17,080	17,025
Fair Value	$ 17,388	$ 17,388
% of Net Assets	4.10%	5.40%
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	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.51%
Interest Rate	11.79%	11.89%
Maturity Date	Jul. 26, 2027	Jul. 26, 2027
Par Amount	$ 24,498	$ 24,684
Amortized Cost	24,470	24,620
Fair Value	$ 24,498	$ 24,684
% of Net Assets	5.80%	7.60%
Investment, Identifier [Axis]: Veradata Holdings, LLC, Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Technology & Telecommunications
Investment, Type [Extensible Enumeration]	Equity investments
Par Amount	$ 250
Amortized Cost	250
Fair Value	$ 310
% of Net Assets	0.10%
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]	Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.85%
Interest Rate	11.20%	12.21%
Maturity Date	Nov. 01, 2028	Nov. 01, 2028
Par Amount	$ 738	$ 746
Amortized Cost	727	732
Fair Value	$ 731	$ 746
% of Net Assets	0.20%	0.20%
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]	Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.85%
Interest Rate	6.25%	6.85%
Maturity Date	Nov. 01, 2028	Nov. 01, 2028
Amortized Cost	$ (3)	$ (4)
Fair Value	$ (3)
% 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]	Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.25%	6.85%
Interest Rate	11.46%	12.20%
Maturity Date	Nov. 01, 2028	Nov. 01, 2028
Par Amount	$ 18,363	$ 18,562
Amortized Cost	18,142	18,299
Fair Value	$ 18,179	$ 18,562
% of Net Assets	4.30%	5.70%
Investment, Identifier [Axis]: Virtual Technologies Group, LLC, Equity Investment, Series A Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Par Amount	$ 1,000,000
Amortized Cost	1,000
Fair Value	$ 1,040
% of Net Assets	0.20%
Investment, Identifier [Axis]: Virtual Technologies Group, LLC, Equity Investment, Special Incentive Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Technology & Telecommunications
Investment, Type [Extensible Enumeration]	Equity investments
Par Amount	$ 138,408
Fair Value	$ 14
% of Net Assets	0%
Investment, Identifier [Axis]: Virtual Technologies Group, LLC, Revolver, Due 4/23/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%
Interest Rate	12.35%
Maturity Date	Apr. 23, 2029
Par Amount	$ 347
Amortized Cost	338
Fair Value	$ 347
% of Net Assets	0.10%
Investment, Identifier [Axis]: Virtual Technologies Group, LLC, Senior Secured First Lien Term Loan, Due 4/23/2029
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	7.50%
Interest Rate	12.35%
Maturity Date	Apr. 23, 2029
Par Amount	$ 3,975
Amortized Cost	3,903
Fair Value	$ 3,975
% of Net Assets	0.90%
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]	Transportation & Logistics	Transportation & Logistics
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.75%	6.85%
Interest Rate	11.70%	12.21%
Maturity Date	Jul. 13, 2027	Jul. 13, 2027
Par Amount	$ 17,750	$ 18,500
Amortized Cost	17,544	18,228
Fair Value	$ 17,706	$ 17,594
% of Net Assets	4.20%	5.40%
Investment, Identifier [Axis]: W Services Group, LLC, Delayed Draw Term Loan, Due 9/24/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	5.50%
Interest Rate	5.50%
Maturity Date	Sep. 24, 2029
Amortized Cost	$ (5)
Fair Value	$ (5)
% of Net Assets	0%
Investment, Identifier [Axis]: W Services Group, LLC, Revolver, Due 9/24/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	5.50%
Interest Rate	5.50%
Maturity Date	Sep. 24, 2029
Amortized Cost	$ (10)
Fair Value	$ (10)
% of Net Assets	0%
Investment, Identifier [Axis]: W Services Group, LLC, Senior Secured First Lien Term Loan, Due 9/24/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Type [Extensible Enumeration]	Debt investments
Spread Above Reference Rate	5.50%
Interest Rate	10.10%
Maturity Date	Sep. 24, 2029
Par Amount	$ 10,000
Amortized Cost	9,801
Fair Value	$ 9,801
% of Net Assets	2.30%
Investment, Identifier [Axis]: YNWA Finco LLC Senior Secured Term Loan Due 8/18/2027
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	3.25%
Interest Rate	8.21%
Maturity Date	Aug. 18, 2027
Par Amount	$ 9,958
Amortized Cost	9,958
Fair Value	$ 7,278
% of Net Assets	1.70%
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, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate		6.36%
Interest Rate	11.87%	11.72%
Maturity Date	Nov. 13, 2029	Aug. 18, 2027
Par Amount	$ 13,365	$ 9,688
Amortized Cost		9,688
Fair Value	$ 13,365	$ 8,706
% of Net Assets	3.20%	2.70%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Class A Membership Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Equity investments	Equity investments
Par Amount	$ 6,831	$ 6,831
Amortized Cost	1,000	1,000
Fair Value	$ 786	$ 912
% of Net Assets	0.20%	0.30%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Revolver, Due 6/30/2028
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]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	6.50%
Minimum, Spread Above Reference Rate		0.066%
Maximum, Spread Above Reference Rate	5.50%	5.50%
Minimum interest rate	10.24%	0.1195%
Maximum interest rate	10.29%	14%
Maturity Date	Jun. 30, 2028	Jun. 30, 2028
Par Amount	$ 195	$ 180
Amortized Cost	187	171
Fair Value	$ 195	$ 180
% of Net Assets	0%	0.10%
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
Investment, Industry Sector [Extensible Enumeration]	Healthcare	Healthcare
Investment, Type [Extensible Enumeration]	Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Spread Above Reference Rate	5.50%	6.60%
Interest Rate		11.98%
Minimum interest rate	10.46%
Maximum interest rate	10.88%
Maturity Date	Jun. 30, 2028	Jun. 30, 2028
Par Amount	$ 13,104	$ 9,950
Amortized Cost	12,927	9,773
Fair Value	$ 13,104	$ 9,950
% of Net Assets	3.10%	3.10%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 238,454	$ 105,753
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	76,869	71,293
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	134,447	136,548
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	129,741	116,155
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	160,310	133,197
Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value		466,123
Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	9,972
Warrants
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	145	145
Fair Value	13	$ 145
Cash Equivalents
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Cash equivalents for amortized cost	10,859	$ 26,361
Cash equivalents for fair value	$ 10,859	$ 26,361
% of cash equivalents	2.60%	8.20%
Investment
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Amortized Cost	$ 737,431	$ 558,902
Fair Value	$ 739,821	$ 562,946
% of Net Assets	175.60%	174%
Investment | Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Amortized Cost	$ 728,031	$ 553,507
Fair Value	$ 729,331	$ 557,695
% of Net Assets	173.10%	172.40%
Investment | Debt investments | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Variable Interest Rate, Type [Extensible Enumeration]		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Amortized Cost	$ 231,982	$ 103,806
Fair Value	$ 234,882	$ 105,753
% of Net Assets	55.80%	32.60%
Investment | Debt investments | Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Amortized Cost	$ 77,863	$ 71,736
Fair Value	$ 76,869	$ 71,293
% of Net Assets	18.20%	22%
Investment | Debt investments | Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Amortized Cost	$ 126,999	$ 131,394
Fair Value	$ 124,565	$ 131,636
% of Net Assets	29.50%	40.90%
Investment | Debt investments | Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Amortized Cost	$ 131,682	$ 114,656
Fair Value	$ 133,083	$ 115,961
% of Net Assets	31.60%	35.80%
Investment | Debt investments | Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Amortized Cost	$ 159,505	$ 131,915
Fair Value	$ 159,932	$ 133,052
% of Net Assets	38%	41.10%
Investment | Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 9,255	$ 5,250
Fair Value	$ 10,477	$ 5,106
% of Net Assets	2.50%	1.60%
Investment | Equity investments | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Amortized Cost	$ 2,505
Fair Value	$ 3,572
% of Net Assets	0.90%
Investment | Equity investments | Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 5,000	$ 5,000
Fair Value	$ 5,176	$ 4,912
% of Net Assets	1.20%	1.50%
Investment | Equity investments | Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 1,250
Fair Value	$ 1,364
% of Net Assets	0.30%
Investment | Warrants | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost		$ 145
Fair Value		$ 145
% of Net Assets		0%
Investment | Warrants | Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 145
Fair Value	$ 13
% of Net Assets	0%

CONSOLIDATED SCHEDULE OF INVE_2

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) $ in Thousands	Sep. 30, 2024 USD ($)
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Net Assets	$ 421,285
Minimum qualifying assets percentage	70%
Aggregate fair value of non-qualifying securities	$ 9,588
Non qualifying assets percentage	1.20%
Prime rate
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Interest Rate	8%
1M S
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Interest Rate	5.16%
3M S
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Interest Rate	5.31%

Principal Business and Organiza

Principal Business and Organization	9 Months Ended
	Sep. 30, 2024
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. BCCI SPV-2, LLC (“SPV-2”) is a Delaware limited liability company that was formed on September 20, 2024. The Company has 100% ownership of SPV-2 and consolidates the results of SPV-2 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, 2024
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 subsidiaries, SPV-1 and SPV-2, which are special purpose vehicles 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, 2024. 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 or close of transactions. 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, 2024, 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, 2024, amendment fee income of $398 and $567, respectively, and prepayment premiums of $13 and $238, respectively, 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, 2023, amendment fee income of $41 and prepayment premiums of $100 have been recorded, all of which are included in other income in the consolidated statements of operations. 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, 2024, $213 and $419 PIK interest has been recorded, respectively. For the three and nine months ended September 30, 2023, zero and $4 PIK interest has been recorded, respectively. 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, 2023, 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, 2023. The 2022 and 2023 tax years 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 From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements upon adoption. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740).” This ASU requires additional disaggregation of income taxes paid, specific rate reconciliation categories, and disaggregation within those categories if a defined quantitative threshold is met. The ASU is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2023-09 on its consolidated financial statements.

Agreements and Related Party Tr

Agreements and Related Party Transactions	9 Months Ended
	Sep. 30, 2024
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, 2024, the Company incurred expenses of $249 and $641, 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. 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, 2024 and December 31, 2023, $249 and $164, respectively, was payable to the Administrator and is included in the Due to Affiliates line on the consolidated statements of assets and liabilities. 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, 2024, the Investment Adviser earned a base management fee of $1,534 and $4,306, respectively. For the three and nine months ended September 30, 2023, the Investment Adviser earned a base management fee of $870 and $2,397, respectively. As of September 30, 2024 and December 31, 2023, base management fees of $1,534 and $1,042, 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. On November 7, 2023, the Investment Adviser purchased 48,077 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 2, 2024, the Investment Adviser purchased 47,619 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, 2024, the Company incurred directors’ fees of $75 and $225, respectively. For the three and nine months ended September 30, 2023, the Company incurred directors’ fees of $75 and $225, respectively. As of September 30, 2024 and December 31, 2023, directors’ fees of $165 and $210, 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. For the nine months ended September 30, 2024, the Company has allocable participation in co-investments based on exemptive order from the following investments: Adswerve, Inc., Athlete Buyer, LLC, Cartridge Technologies, LLC, Contract Datascan LP, CSG Buyer, Inc., Elevator Intermediate Holdings, Inc., Everest AcquisitionCo, LLC, GPI Acquisition Co., Inc., Legacy Restoration, LLC, MAPS Buyer, Inc., Medical Management Holdings, LLC, Obra Capital, Inc., Palmdale Oil Company, LLC, P3 Acquisition Holdings, Proficium Purchaser LLC, Sandlot Buyer, LLC, Subsea Global Solutions, LLC, Synamedia Americas Holdings, Inc., Team Car Care, LLC, The Smilist DSO, LLC, TouchFuse, LLC, Trulite Holding Corp., UFS, LLC, Veradata Holdings, LLC, Virtual Technologies Group, LLC, W Services Group, LLC and Zavation Medical Products, LLC. Other For the nine months ended September 30, 2024, Brightwood Loan Services LLC served as administrative agent for the following investments: Cartridge Technologies, LLC, Contract Datascan LP, CSG Buyer, Inc., Elevator Intermediate Holdings, Inc., Essence Communications Inc., Everest AcquisitionCo, LLC, GPI Acquisition Co., Inc., IAM Acquisition LLC, MAPS Buyer, Inc., Medical Management Holdings, LLC, John C. Cassidy Air Conditioning, Inc., KKSP Precision Machining LLC, North Acquisition LLC, OPCO Borrower LLC, P3 Acquisition Holdings, LLC, Proficium Purchaser LLC, Subsea Global Solutions, LLC, TouchFuse, LLC, UFS, LLC, Vehicle Management Services LLC, Veradata Holdings, LLC, VHL Logistics, Inc., Virtual Technologies Group, LLC, Voice Comm, LLC, W Services Group, LLC, and YNWA Finco LLC.

Investment Portfolio

Investment Portfolio	9 Months Ended
	Sep. 30, 2024
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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 433,949 ​ $ 433,906 58.7 % Senior Secured Term Loan ​ ​ 255,351 ​ ​ 256,725 34.7 % Delayed Draw Term Loan ​ ​ 26,085 ​ ​ 26,665 3.6 % Revolver ​ ​ 12,646 ​ ​ 12,035 1.6 % Common Units ​ ​ 4,255 ​ ​ 5,033 0.7 % Preferred Units ​ ​ 5,000 ​ ​ 5,444 0.7 % Warrants ​ ​ 145 ​ ​ 13 0.0 % ​ ​ $ 737,431 ​ $ 739,821 ​ 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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 320,774 ​ $ 323,088 57.4 % Senior Secured Term Loan ​ 208,134 ​ 209,893 37.3 % Delayed Draw Term Loan ​ 20,531 ​ 21,072 3.7 % Revolver ​ ​ 4,068 ​ ​ 3,642 ​ 0.7 % Common Units ​ ​ 1,250 ​ ​ 1,106 ​ 0.2 % Preferred Units ​ ​ 4,000 ​ ​ 4,000 ​ 0.7 % Warrants ​ 145 ​ 145 0.0 % Total ​ $ 558,902 ​ $ 562,946 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. The 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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 238,454 32.2 % Transportation & Logistics ​ ​ 160,310 21.7 % Technology & Telecommunications ​ ​ 134,447 18.2 % Healthcare ​ ​ 129,741 17.5 % Franchising ​ ​ 76,869 10.4 % ​ ​ $ 739,821 ​ 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, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio Healthcare ​ $ 136,548 24.3 % Transportation & Logistics ​ 133,197 23.7 % Technology & Telecommunications ​ 116,155 20.6 % Business Services ​ ​ 105,753 ​ 18.8 % Franchising ​ 71,293 12.7 % Total ​ $ 562,946 100.0 % ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2024
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, 2024, the Company’s investments were categorized as follows in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 433,906 ​ $ — ​ $ — ​ $ 433,906 Senior Secured Term Loan ​ ​ 256,725 ​ ​ — ​ ​ — ​ ​ 256,725 Delayed Draw Term Loan ​ ​ 26,665 ​ ​ — ​ ​ — ​ ​ 26,665 Revolver ​ ​ 12,035 ​ ​ — ​ ​ — ​ ​ 12,035 Common Units ​ ​ 5,033 ​ ​ — ​ ​ — ​ ​ 5,033 Preferred Units ​ ​ 5,444 ​ ​ — ​ ​ — ​ ​ 5,444 Warrants ​ ​ 13 ​ ​ — ​ ​ — ​ ​ 13 Total investments ​ ​ 739,821 ​ ​ — ​ ​ — ​ ​ 739,821 Cash equivalents ​ ​ 10,859 ​ ​ 10,859 ​ ​ — ​ ​ — Total investments and cash equivalents ​ $ 750,680 ​ $ 10,859 ​ $ — ​ $ 739,821 ​ As of December 31, 2023, the Company’s investments were categorized as follows in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Description Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 323,088 ​ $ — ​ $ — ​ $ 323,088 Senior Secured Term Loan ​ ​ 209,893 ​ ​ — ​ ​ — ​ ​ 209,893 Delayed Draw Term Loan ​ ​ 21,072 ​ ​ — ​ ​ — ​ ​ 21,072 Revolver ​ ​ 3,642 ​ ​ — ​ ​ — ​ ​ 3,642 Common Units ​ ​ 1,106 ​ ​ — ​ ​ — ​ ​ 1,106 Preferred Units ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ 4,000 Warrants ​ ​ 145 ​ ​ — ​ ​ — ​ ​ 145 Total investments ​ ​ 562,946 ​ ​ — ​ ​ — ​ ​ 562,946 Cash equivalents ​ ​ 26,361 ​ ​ 26,361 ​ ​ — ​ ​ — Total investments and cash equivalents ​ $ 589,307 ​ $ 26,361 ​ $ — ​ $ 562,946 ​ The following is a reconciliation for the nine months ended September 30, 2024, of investments for which significant unobservable inputs (Level 3) were used in determining fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2024 ​ ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Secured ​ Delayed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lien Term ​ Term ​ Draw ​ ​ ​ ​ Common ​ Preferred ​ ​ ​ ​ ​ ​ ​ Loan Loan Term Loan Revolver Units Units Warrants Total Fair value at beginning of period ​ $ 323,088 ​ $ 209,893 ​ $ 21,072 ​ $ 3,642 ​ $ 1,106 ​ $ 4,000 ​ $ 145 ​ $ 562,946 Purchases ​ ​ 140,228 ​ ​ 54,586 ​ ​ 7,761 ​ ​ 13,782 ​ ​ 3,005 ​ ​ 1,000 ​ ​ — ​ ​ 220,362 Accretion of discount (amortization of premium) ​ ​ 1,797 ​ ​ 1,204 ​ ​ 220 ​ ​ 158 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,379 Sales and repayments ​ ​ (28,898) ​ ​ (8,904) ​ ​ (2,426) ​ ​ (5,403) ​ ​ — ​ ​ — ​ ​ — ​ ​ (45,631) Unrealized gain (loss) ​ ​ (2,356) ​ ​ (387) ​ ​ 38 ​ ​ (183) ​ ​ 922 ​ ​ 444 ​ ​ (132) ​ ​ (1,654) Paid in-kind interest ​ ​ 47 ​ ​ 333 ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ — ​ ​ 419 Net transfers in or out of Level 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value at end of period ​ $ 433,906 ​ $ 256,725 ​ $ 26,665 ​ $ 12,035 ​ $ 5,033 ​ $ 5,444 ​ $ 13 ​ $ 739,821 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date ​ $ (2,356) ​ $ (387) ​ $ 38 ​ $ (183) ​ $ 922 ​ $ 444 ​ $ (132) ​ $ (1,654) ​ 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, 2024. ​ 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 ​ $ 40 ​ $ — ​ $ — ​ $ 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 valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of September 30, 2024, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Range (Weighted Average) ** Debt investments $ 655,579 Discounted Cash Flows Discount Rate 6.90% - 17.12% (10.69%) ​ ​ $ 7,278 ​ Enterprise Value ​ Revenue Multiple ​ 1.00x - 1.20x (1.10x) ​ ​ $ 24,384 ​ Public Quoted ​ Broker Quote ​ N/A Equity investments ​ $ 9,972 ​ Enterprise Value ​ EBITDA Multiple ​ 2.25x - 12.25x (8.30x) Warrants ​ $ 13 ​ Enterprise Value ​ EBITDA Multiple ​ 7.25x - 8.25x (7.75x) * 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. ** Unobservable inputs were weighted by the relative fair value of the instruments. Certain of the Fund’s Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Company, including recent acquisitions, third-party transactions, or quotations. As a result, fair value assets of approximately $42,595 have been excluded from the preceding table. ​ The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Range (Weighted Average) ** Debt investments ​ $ 466,123 Discounted Cash Flows Discount Rate 6.50% - 16.50% (11.14%) Equity investments ​ $ 912 Discounted Cash Flows Discount Rate 9.75% - 11.75% (10.75%) ​ ​ $ 4,606 ​ Enterprise Value ​ EBITDA Multiple ​ 10.00x - 13.50x (12.42x) * 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. ** Unobservable inputs were weighted by the relative fair value of the instruments. Certain of the Fund’s Level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Company, including recent acquisitions, third-party transactions, or quotations. As a result, fair value assets of approximately $92,217 have been excluded from the preceding table.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
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, 2024 and December 31, 2023, the Company’s asset coverage was 220% and 228%, respectively. As of September 30, 2024 and December 31, 2023, the Company was in compliance with the terms and covenants of its borrowings. CNB Revolving Credit Facility : per 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, 2024 and December 31, 2023, the unamortized deferred financing costs related to the facility was $83 and $353, respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities. As of September 30, 2024 and December 31, 2023, there was $100,000 and $73,000 undrawn portion, respectively, on the line of credit provided by City National Bank. As of September 30, 2024 and December 31, 2023, the total outstanding balance under the credit agreement was $0 and $27,000, respectively, and this carrying value approximates fair value. BCCI SPV-1 Credit Facility : Initial facility amount committed is $100,000 and may be increased up to a total maximum facility amount of $350,000 until Commitment Terminal Date upon request, subject to availability under the borrowing base. The maturity date is 24 months after the last day of the Revolving Period. Revolving Period means the period commencing on the effective date and ending on Commitment Termination Date. Commitment Termination Date is the earliest of (a) March 30, 2026, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). 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 total 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 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 total facility amount committed to $175,000. On December 8, 2023, SPV-1, requested facility amount increase in accordance with the credit 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 of KeyBank National Association increased to $150,000 from $100,000. This increased the total facility amount committed to $225,000. On January 23, 2024, SPV-1, entered into a second 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 commitment with respect to the new lender, Bank OZK, is $75,000, $50,000 of which was transferred from KeyBank National Association. This increased the total facility amount committed to $250,000. On February 6, 2024, SPV-1, entered into a third 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 commitment with respect to the new lender, Fifth Third Bank, National Association, is $55,000. The commitment with respect to the existing lender KeyBank National Association increased by $5,000. This increased the total facility amount committed to $310,000. On February 23, 2024, SPV-1, entered into an assignment 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 commitment with respect to the new lender, Bank of Hope, is $15,000, $5,000 of which was transferred from KeyBank National Association. The commitment with respect to the new lender, Wilmington Savings Fund Society, FSB, is $10,000. This increased the total facility amount committed to $330,000. On March 8, 2024, 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, Mitsubishi HC Capital America, is $20,000. This increased the total facility amount committed to $350,000. On August 29, 2024, SPV-1, entered into a fourth amendment to credit 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. Commitment Termination Date is updated to the earliest of (a) August 27, 2027, (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). Therefore, the maturity date is extended to August 27, 2029. Costs incurred in connection with obtaining the 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, 2024 and December 31, 2023, the unamortized deferred financing costs related to the facility was $4,064 and $2,027, respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities. As of September 30, 2024 and December 31, 2023, there was $0 undrawn portion on the line of credit provided under this credit facility. As of September 30, 2024 and December 31, 2023, the total outstanding balance under the credit agreement was $350,000 and $225,000, respectively, and this carrying value approximates fair value. As of September 30, 2024 and December 31, 2023, the interest payable on line of credit related to CNB Revolving Credit Facility and SPV-1 Credit Facility was $7,456 and $4,054, respectively. The following table shows the expenses incurred by the Company related to CNB Revolving Credit Facility and SPV-1 Credit Facility for the three and nine months ended September 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ 2024 2023 ​ Interest expense on line of credit ​ $ 7,293 ​ $ 3,216 ​ Amortization of deferred financing costs ​ $ 265 ​ $ 146 ​ Weighted average interest rate ​ ​ 8.57 % ​ 7.90 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Interest expense on line of credit ​ $ 20,669 ​ $ 6,804 ​ Amortization of deferred financing costs ​ $ 829 ​ $ 380 ​ Weighted average interest rate ​ ​ 8.57 % ​ 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, 2024, the Company incurred fees of $0, which are shown as interest expense on loans on the Consolidated Statements of Operations. 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, 2024 and December 31, 2023, $0 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 30, 2024 and December 31, 2023, the Company had a loan payable balance of $0 to Macquarie. No loans were held as collateral against the loan payable to Macquarie as of September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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. An investment that has unfunded commitments might have a negative cost or negative market value due to capitalized discount. 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. 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, 2024 and December 31, 2023, refer to the table below and the Consolidated Schedules of Investments. The following table details the Company’s unfunded commitments as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment BP Loenbro Holdings, Inc. Revolver ​ $ 734 BP Loenbro Holdings, Inc. Delayed Draw Term Loan ​ ​ 1,835 Cartridge Technologies, LLC ​ Revolver ​ ​ 500 Contract Datascan, LP ​ Revolver ​ ​ 200 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 ​ ​ 1,617 ESN Venture Holdings, LLC Revolver ​ ​ 578 Essence Communications Inc. Revolver ​ ​ 2,615 Everest AcquisitionCo, LLC Revolver ​ ​ 3,000 Everest AcquisitionCo, LLC Delayed Draw Term Loan ​ ​ 4,553 Firebirds Buyer, LLC Revolver ​ ​ 345 Firebirds Buyer, LLC ​ Delayed Draw Term Loan ​ ​ 811 GPI Acquisition Co., Inc. ​ Revolver ​ ​ 500 Legacy Restoration LLC Delayed Draw Term Loan ​ ​ 11,000 Legacy Restoration LLC Revolver ​ ​ 960 MAPS Buyer, Inc. Revolver ​ ​ 500 Obra Capital Inc. Revolver ​ ​ 500 P3 Acquisition Holdings LLC Delayed Draw Term Loan ​ ​ 433 P3 Acquisition Holdings LLC ​ Revolver ​ ​ 500 Prisma Graphic, LLC ​ Revolver ​ ​ 1,241 Proficium Purchaser, LLC ​ Revolver ​ ​ 1,000 Subsea Global Solutions, LLC ​ Revolver ​ ​ 625 THE SMILIST DSO, LLC ​ Revolver ​ ​ 439 TouchFuse, LLC ​ Delayed Draw Term Loan ​ ​ 1,000 TouchFuse, LLC ​ Revolver ​ ​ 1,000 UFS, LLC ​ Revolver ​ ​ 1,000 Veradata Holdings, LLC ​ Revolver ​ ​ 250 VHL Parent, Inc. ​ Revolver ​ ​ 500 Virtual Technologies Group, LLC ​ Revolver ​ ​ 153 W Services Group, LLC ​ Delayed Draw Term Loan ​ ​ 500 W Services Group, LLC ​ Revolver ​ ​ 500 Zavation Medical Products, LLC ​ Revolver ​ ​ 671 Total Unfunded Commitments ​ ​ ​ $ 42,060 ​ The following table details the Company’s unfunded commitments as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Revolver ​ $ 1,652 Cartridge Technologies, LLC Revolver ​ 500 Contract Datascan, LP Revolver ​ 600 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ 3,309 ESN Venture Holdings, LLC Revolver ​ 367 Essence Communications Inc. Revolver ​ 7,115 Everest AcquisitionCo, LLC Delayed Draw Term Loan ​ 7,563 Everest AcquisitionCo, LLC Revolver ​ 3,000 Firebirds Buyer, LLC Delayed Draw Term Loan ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 405 North Haven USHC Acquisition, Inc. ​ Delayed Draw Term Loan ​ ​ 4,365 North Haven USHC Acquisition, Inc. ​ Revolver ​ ​ 826 OPCO Borrower LLC ​ Revolver ​ ​ 2,500 P3 Acquisition Holdings LLC ​ Delayed Draw Term Loan ​ ​ 500 P3 Acquisition Holdings LLC ​ Revolver ​ ​ 500 Elevator Intermediate Holdings, Inc. ​ Delayed Draw Term Loan ​ ​ 1,000 Elevator Intermediate Holdings, Inc. ​ Revolver ​ ​ 1,000 TouchFuse, LLC ​ Delayed Draw Term Loan ​ ​ 1,000 TouchFuse, LLC ​ Revolver ​ ​ 840 UFS, LLC ​ Revolver ​ ​ 1,000 Veradata Holdings, LLC ​ Revolver ​ ​ 250 VHL Logistics, Inc. ​ Revolver ​ ​ 500 Zavation Medical Products, LLC ​ Revolver ​ ​ 320 Total Unfunded Commitments ​ ​ ​ $ 39,923 ​

Net Assets

Net Assets	9 Months Ended
	Sep. 30, 2024
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. On November 7, 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. On January 2, 2024, the Company issued and sold 4,809,524 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, 2024 and December 31, 2023, the unfunded capital commitment from the investors was $0 and $50,500, of which $0 and $500, 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 11/27/2023 ​ 11/30/2023 ​ 12/14/2023 ​ $ 0.22 12/27/2023 ​ 12/29/2023 ​ 1/12/2024 ​ $ 0.34 5/21/2024 ​ 5/24/2024 ​ 6/7/2024 ​ $ 0.29 9/9/2024 ​ 9/12/2024 ​ 9/26/2024 ​ $ 0.34 ​ 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, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Three Months ended September 30, For Nine Months ended September 30, ​ ​ ​ 2024 2023 2024 2023 Net increase in net assets resulting from operations ​ $ 13,461 ​ $ 7,609 ​ $ 36,655 ​ $ 19,684 ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 39,108,673 (1) ​ 23,455,350 (2) 36,826,724 (3) ​ 20,608,534 (4) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.34 ​ $ 0.32 ​ $ 1.00 ​ $ 0.96 ​ (1) The weighted average shares outstanding for the three months ended September 30, 2024, are based on the average of outstanding shares as of June 30, 2024 and September 30, 2024. (2) 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. (3) The weighted average shares outstanding for the nine months ended September 30, 2024, are based on the average of outstanding shares as of December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024. (4) 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, 2024
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, 2023 and 2022 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Distributions paid from: ​ ​ ​ ​ Ordinary income ​ $ 26,023 ​ $ 1,137 Long term capital gain ​ — ​ ​ — Deferred income ​ 813 ​ ​ 75 Total distributions paid ​ $ 26,836 ​ $ 1,212 ​ The components of accumulated earnings (losses) on a tax basis for the year ended December 31, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Undistributed net investment income (loss) ​ $ (521) ​ $ (75) Accumulated net realized gain (loss) ​ — ​ ​ — Net unrealized investment appreciation (depreciation) ​ 4,044 ​ ​ 1,143 Total accumulated earnings ​ $ 3,523 ​ $ 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, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2023 2022 Tax cost of investments ​ $ 558,902 ​ $ 221,657 Gross unrealized appreciation ​ $ 7,174 ​ $ 1,143 Gross unrealized depreciation ​ (3,130) ​ ​ — Net unrealized investment appreciation (depreciation) ​ $ 4,044 ​ $ 1,143 ​ The following reconciles net increase in net assets resulting from operations to taxable income: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2022 Net increase in net assets resulting from operations ​ $ 28,924 ​ $ 2,280 Net change in unrealized (appreciation) depreciation on investments ​ (2,901) ​ ​ (1,143) Permanent book income and tax income differences ​ — ​ ​ — Temporary book income and tax income differences ​ (26) ​ ​ — Taxable income ​ $ 25,997 ​ $ 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. Such open tax years remain subject to examination and adjustment by tax authorities.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Nine Months ended September 30, ​ ​ 2024 2023 ​ Per share data: (1) ​ ​ ​ ​ ​ ​ ​ Net asset value at beginning of period ​ $ 10.22 ​ $ 10.07 ​ Results of operations (2) ​ ​ ​ ​ ​ ​ Net investment income (loss) ​ 1.04 ​ ​ 0.80 ​ Net change in unrealized appreciation (depreciation) ​ (0.04) ​ ​ 0.16 ​ Net increase (decrease) in net assets resulting from operations (2) ​ 1.00 ​ ​ 0.96 ​ Stockholder distributions from income ​ ​ (0.63) ​ ​ (0.45) ​ Capital share transactions ​ ​ ​ ​ ​ ​ Issuance of common shares (3) ​ 0.01 ​ ​ (0.07) ​ Reinvestment of stockholder distributions ​ 0.00 ​ ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ 0.01 ​ ​ (0.08) ​ Net asset value at end of period ​ $ 10.60 ​ $ 10.50 ​ Shares outstanding at end of period ​ 39,725,988 ​ ​ 26,123,092 ​ Total return (4) ​ 3.72 % ​ 4.27 % Ratio/Supplemental data: ​ ​ ​ ​ ​ ​ Net assets at end of period ​ $ 421,285 ​ $ 274,390 ​ Ratio of net investment income to average net assets (5) ​ 12.51 % ​ 9.46 % Ratio of net expenses to average net assets (5) ​ 9.30 % ​ 6.88 % Portfolio turnover (6) ​ ​ 6.41 % ​ 7.74 % Asset coverage ratio (7) ​ 220 % ​ 261 % (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 higher than the net asset value per share results in an increase in net asset value per share. (4) The total return for the nine months ended September 30, 2024 was calculated by taking the increase of net asset value per share from December 31, 2023 to September 30, 2024, 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, 2023. (5) Weighted average net assets are used for this calculation. Ratios for the period are annualized except for organization expenses. (6) Portfolio turnover for the period is not annualized. (7) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Share Transactions

Share Transactions	9 Months Ended
	Sep. 30, 2024
Share Transactions
Share Transactions	12. Share Transactions The following table summarizes the total shares issued for the three months ended September 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Shares Amount Shares Amount Balance at beginning of period ​ 38,491,359 ​ $ 392,413 ​ 20,787,609 ​ $ 207,490 Issuance of common shares — ​ — 4,855,769 ​ 50,500 Reinvestments of stockholder distributions 1,234,629 ​ 13,086 479,714 ​ 4,989 Balance at end of period 39,725,988 ​ $ 405,499 26,123,092 ​ $ 262,979 ​ The following table summarizes the total shares issued for the nine months ended September 30, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Shares Amount Shares Amount Balance at beginning of period 31,627,942 ​ $ 320,295 ​ 15,150,000 ​ $ 151,500 Issuance of common shares 4,809,524 ​ ​ 50,500 ​ 9,956,779 ​ ​ 101,000 Reinvestments of stockholder distributions 3,288,522 ​ ​ 34,704 ​ 1,016,313 ​ ​ 10,479 Balance at end of period 39,725,988 ​ $ 405,499 ​ 26,123,092 ​ $ 262,979 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	13. Subsequent Events On October 11, 2024, SPV-2, entered into a loan and servicing agreement, with SPV-2 as the borrower, Brightwood SPV Advisors, LLC, as the collateral manager, each of the lenders from time to time party hereto, as a lender, Webster Bank, N.A., as the collateral agent and administrative agent, U.S. Bank National Association as the document custodian and U.S. Bank Trust Company, National Association as the custodian. SPV-2 is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from SPV-2. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio. Initial facility amount committed is $75,000 and may be increased up to a total maximum facility amount of $200,000 until the commitment date is terminated upon request, subject to availability under the borrowing base. The scheduled maturity date is October 11, 2030.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,461	$ 7,609	$ 36,655	$ 19,684	$ 28,924	$ 2,280

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 subsidiaries, SPV-1 and SPV-2, which are special purpose vehicles 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, 2024. 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 or close of transactions. 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, 2024, 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, 2024, amendment fee income of $398 and $567, respectively, and prepayment premiums of $13 and $238, respectively, 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, 2023, amendment fee income of $41 and prepayment premiums of $100 have been recorded, all of which are included in other income in the consolidated statements of operations. 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, 2024, $213 and $419 PIK interest has been recorded, respectively. For the three and nine months ended September 30, 2023, zero and $4 PIK interest has been recorded, respectively.
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, 2023, 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, 2023. The 2022 and 2023 tax years 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 From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements upon adoption. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740).” This ASU requires additional disaggregation of income taxes paid, specific rate reconciliation categories, and disaggregation within those categories if a defined quantitative threshold is met. The ASU is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2023-09 on its consolidated financial statements.

Investment Portfolio (Tables)

Investment Portfolio (Tables)	9 Months Ended
	Sep. 30, 2024
Investment Portfolio
Summary of composition of investment portfolio at cost and fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 433,949 ​ $ 433,906 58.7 % Senior Secured Term Loan ​ ​ 255,351 ​ ​ 256,725 34.7 % Delayed Draw Term Loan ​ ​ 26,085 ​ ​ 26,665 3.6 % Revolver ​ ​ 12,646 ​ ​ 12,035 1.6 % Common Units ​ ​ 4,255 ​ ​ 5,033 0.7 % Preferred Units ​ ​ 5,000 ​ ​ 5,444 0.7 % Warrants ​ ​ 145 ​ ​ 13 0.0 % ​ ​ $ 737,431 ​ $ 739,821 ​ 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, 2023 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 320,774 ​ $ 323,088 57.4 % Senior Secured Term Loan ​ 208,134 ​ 209,893 37.3 % Delayed Draw Term Loan ​ 20,531 ​ 21,072 3.7 % Revolver ​ ​ 4,068 ​ ​ 3,642 ​ 0.7 % Common Units ​ ​ 1,250 ​ ​ 1,106 ​ 0.2 % Preferred Units ​ ​ 4,000 ​ ​ 4,000 ​ 0.7 % Warrants ​ 145 ​ 145 0.0 % Total ​ $ 558,902 ​ $ 562,946 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments.
Summary of investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 238,454 32.2 % Transportation & Logistics ​ ​ 160,310 21.7 % Technology & Telecommunications ​ ​ 134,447 18.2 % Healthcare ​ ​ 129,741 17.5 % Franchising ​ ​ 76,869 10.4 % ​ ​ $ 739,821 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio Healthcare ​ $ 136,548 24.3 % Transportation & Logistics ​ 133,197 23.7 % Technology & Telecommunications ​ 116,155 20.6 % Business Services ​ ​ 105,753 ​ 18.8 % Franchising ​ 71,293 12.7 % Total ​ $ 562,946 100.0 % ​

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value of Financial Instruments
Summary of investments categorized in the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2024 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 433,906 ​ $ — ​ $ — ​ $ 433,906 Senior Secured Term Loan ​ ​ 256,725 ​ ​ — ​ ​ — ​ ​ 256,725 Delayed Draw Term Loan ​ ​ 26,665 ​ ​ — ​ ​ — ​ ​ 26,665 Revolver ​ ​ 12,035 ​ ​ — ​ ​ — ​ ​ 12,035 Common Units ​ ​ 5,033 ​ ​ — ​ ​ — ​ ​ 5,033 Preferred Units ​ ​ 5,444 ​ ​ — ​ ​ — ​ ​ 5,444 Warrants ​ ​ 13 ​ ​ — ​ ​ — ​ ​ 13 Total investments ​ ​ 739,821 ​ ​ — ​ ​ — ​ ​ 739,821 Cash equivalents ​ ​ 10,859 ​ ​ 10,859 ​ ​ — ​ ​ — Total investments and cash equivalents ​ $ 750,680 ​ $ 10,859 ​ $ — ​ $ 739,821 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 Description Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 323,088 ​ $ — ​ $ — ​ $ 323,088 Senior Secured Term Loan ​ ​ 209,893 ​ ​ — ​ ​ — ​ ​ 209,893 Delayed Draw Term Loan ​ ​ 21,072 ​ ​ — ​ ​ — ​ ​ 21,072 Revolver ​ ​ 3,642 ​ ​ — ​ ​ — ​ ​ 3,642 Common Units ​ ​ 1,106 ​ ​ — ​ ​ — ​ ​ 1,106 Preferred Units ​ ​ 4,000 ​ ​ — ​ ​ — ​ ​ 4,000 Warrants ​ ​ 145 ​ ​ — ​ ​ — ​ ​ 145 Total investments ​ ​ 562,946 ​ ​ — ​ ​ — ​ ​ 562,946 Cash equivalents ​ ​ 26,361 ​ ​ 26,361 ​ ​ — ​ ​ — Total investments and cash equivalents ​ $ 589,307 ​ $ 26,361 ​ $ — ​ $ 562,946 ​
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, 2024 ​ ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Secured ​ Delayed ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lien Term ​ Term ​ Draw ​ ​ ​ ​ Common ​ Preferred ​ ​ ​ ​ ​ ​ ​ Loan Loan Term Loan Revolver Units Units Warrants Total Fair value at beginning of period ​ $ 323,088 ​ $ 209,893 ​ $ 21,072 ​ $ 3,642 ​ $ 1,106 ​ $ 4,000 ​ $ 145 ​ $ 562,946 Purchases ​ ​ 140,228 ​ ​ 54,586 ​ ​ 7,761 ​ ​ 13,782 ​ ​ 3,005 ​ ​ 1,000 ​ ​ — ​ ​ 220,362 Accretion of discount (amortization of premium) ​ ​ 1,797 ​ ​ 1,204 ​ ​ 220 ​ ​ 158 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,379 Sales and repayments ​ ​ (28,898) ​ ​ (8,904) ​ ​ (2,426) ​ ​ (5,403) ​ ​ — ​ ​ — ​ ​ — ​ ​ (45,631) Unrealized gain (loss) ​ ​ (2,356) ​ ​ (387) ​ ​ 38 ​ ​ (183) ​ ​ 922 ​ ​ 444 ​ ​ (132) ​ ​ (1,654) Paid in-kind interest ​ ​ 47 ​ ​ 333 ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ — ​ ​ 419 Net transfers in or out of Level 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value at end of period ​ $ 433,906 ​ $ 256,725 ​ $ 26,665 ​ $ 12,035 ​ $ 5,033 ​ $ 5,444 ​ $ 13 ​ $ 739,821 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date ​ $ (2,356) ​ $ (387) ​ $ 38 ​ $ (183) ​ $ 922 ​ $ 444 ​ $ (132) ​ $ (1,654) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 40 ​ $ — ​ $ — ​ $ 3,316
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, 2024, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Range (Weighted Average) ** Debt investments $ 655,579 Discounted Cash Flows Discount Rate 6.90% - 17.12% (10.69%) ​ ​ $ 7,278 ​ Enterprise Value ​ Revenue Multiple ​ 1.00x - 1.20x (1.10x) ​ ​ $ 24,384 ​ Public Quoted ​ Broker Quote ​ N/A Equity investments ​ $ 9,972 ​ Enterprise Value ​ EBITDA Multiple ​ 2.25x - 12.25x (8.30x) Warrants ​ $ 13 ​ Enterprise Value ​ EBITDA Multiple ​ 7.25x - 8.25x (7.75x) * 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. ** Unobservable inputs were weighted by the relative fair value of the instruments. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Range (Weighted Average) ** Debt investments ​ $ 466,123 Discounted Cash Flows Discount Rate 6.50% - 16.50% (11.14%) Equity investments ​ $ 912 Discounted Cash Flows Discount Rate 9.75% - 11.75% (10.75%) ​ ​ $ 4,606 ​ Enterprise Value ​ EBITDA Multiple ​ 10.00x - 13.50x (12.42x) * 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. ** Unobservable inputs were weighted by the relative fair value of the instruments.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Borrowings
Schedule of expenses incurred by the Company related to CNB Revolving Credit Facility and SPV-1 Credit Facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ 2024 2023 ​ Interest expense on line of credit ​ $ 7,293 ​ $ 3,216 ​ Amortization of deferred financing costs ​ $ 265 ​ $ 146 ​ Weighted average interest rate ​ ​ 8.57 % ​ 7.90 % ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Interest expense on line of credit ​ $ 20,669 ​ $ 6,804 ​ Amortization of deferred financing costs ​ $ 829 ​ $ 380 ​ Weighted average interest rate ​ ​ 8.57 % ​ 7.55 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies
Summary of unfunded commitments	The following table details the Company’s unfunded commitments as of September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment BP Loenbro Holdings, Inc. Revolver ​ $ 734 BP Loenbro Holdings, Inc. Delayed Draw Term Loan ​ ​ 1,835 Cartridge Technologies, LLC ​ Revolver ​ ​ 500 Contract Datascan, LP ​ Revolver ​ ​ 200 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 ​ ​ 1,617 ESN Venture Holdings, LLC Revolver ​ ​ 578 Essence Communications Inc. Revolver ​ ​ 2,615 Everest AcquisitionCo, LLC Revolver ​ ​ 3,000 Everest AcquisitionCo, LLC Delayed Draw Term Loan ​ ​ 4,553 Firebirds Buyer, LLC Revolver ​ ​ 345 Firebirds Buyer, LLC ​ Delayed Draw Term Loan ​ ​ 811 GPI Acquisition Co., Inc. ​ Revolver ​ ​ 500 Legacy Restoration LLC Delayed Draw Term Loan ​ ​ 11,000 Legacy Restoration LLC Revolver ​ ​ 960 MAPS Buyer, Inc. Revolver ​ ​ 500 Obra Capital Inc. Revolver ​ ​ 500 P3 Acquisition Holdings LLC Delayed Draw Term Loan ​ ​ 433 P3 Acquisition Holdings LLC ​ Revolver ​ ​ 500 Prisma Graphic, LLC ​ Revolver ​ ​ 1,241 Proficium Purchaser, LLC ​ Revolver ​ ​ 1,000 Subsea Global Solutions, LLC ​ Revolver ​ ​ 625 THE SMILIST DSO, LLC ​ Revolver ​ ​ 439 TouchFuse, LLC ​ Delayed Draw Term Loan ​ ​ 1,000 TouchFuse, LLC ​ Revolver ​ ​ 1,000 UFS, LLC ​ Revolver ​ ​ 1,000 Veradata Holdings, LLC ​ Revolver ​ ​ 250 VHL Parent, Inc. ​ Revolver ​ ​ 500 Virtual Technologies Group, LLC ​ Revolver ​ ​ 153 W Services Group, LLC ​ Delayed Draw Term Loan ​ ​ 500 W Services Group, LLC ​ Revolver ​ ​ 500 Zavation Medical Products, LLC ​ Revolver ​ ​ 671 Total Unfunded Commitments ​ ​ ​ $ 42,060 ​ The following table details the Company’s unfunded commitments as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Revolver ​ $ 1,652 Cartridge Technologies, LLC Revolver ​ 500 Contract Datascan, LP Revolver ​ 600 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ 3,309 ESN Venture Holdings, LLC Revolver ​ 367 Essence Communications Inc. Revolver ​ 7,115 Everest AcquisitionCo, LLC Delayed Draw Term Loan ​ 7,563 Everest AcquisitionCo, LLC Revolver ​ 3,000 Firebirds Buyer, LLC Delayed Draw Term Loan ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 405 North Haven USHC Acquisition, Inc. ​ Delayed Draw Term Loan ​ ​ 4,365 North Haven USHC Acquisition, Inc. ​ Revolver ​ ​ 826 OPCO Borrower LLC ​ Revolver ​ ​ 2,500 P3 Acquisition Holdings LLC ​ Delayed Draw Term Loan ​ ​ 500 P3 Acquisition Holdings LLC ​ Revolver ​ ​ 500 Elevator Intermediate Holdings, Inc. ​ Delayed Draw Term Loan ​ ​ 1,000 Elevator Intermediate Holdings, Inc. ​ Revolver ​ ​ 1,000 TouchFuse, LLC ​ Delayed Draw Term Loan ​ ​ 1,000 TouchFuse, LLC ​ Revolver ​ ​ 840 UFS, LLC ​ Revolver ​ ​ 1,000 Veradata Holdings, LLC ​ Revolver ​ ​ 250 VHL Logistics, Inc. ​ Revolver ​ ​ 500 Zavation Medical Products, LLC ​ Revolver ​ ​ 320 Total Unfunded Commitments ​ ​ ​ $ 39,923 ​

Net Assets (Tables)

Net Assets (Tables)	9 Months Ended
	Sep. 30, 2024
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 11/27/2023 ​ 11/30/2023 ​ 12/14/2023 ​ $ 0.22 12/27/2023 ​ 12/29/2023 ​ 1/12/2024 ​ $ 0.34 5/21/2024 ​ 5/24/2024 ​ 6/7/2024 ​ $ 0.29 9/9/2024 ​ 9/12/2024 ​ 9/26/2024 ​ $ 0.34 ​

Net Change in Net Assets Resu_2

Net Change in Net Assets Resulting from Operations per Share (Tables)	9 Months Ended
	Sep. 30, 2024
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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Three Months ended September 30, For Nine Months ended September 30, ​ ​ ​ 2024 2023 2024 2023 Net increase in net assets resulting from operations ​ $ 13,461 ​ $ 7,609 ​ $ 36,655 ​ $ 19,684 ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 39,108,673 (1) ​ 23,455,350 (2) 36,826,724 (3) ​ 20,608,534 (4) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.34 ​ $ 0.32 ​ $ 1.00 ​ $ 0.96 ​ (1) The weighted average shares outstanding for the three months ended September 30, 2024, are based on the average of outstanding shares as of June 30, 2024 and September 30, 2024. (2) 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. (3) The weighted average shares outstanding for the nine months ended September 30, 2024, are based on the average of outstanding shares as of December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024. (4) 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, 2024
Income Taxes
Schedule of tax character of distributions	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Distributions paid from: ​ ​ ​ ​ Ordinary income ​ $ 26,023 ​ $ 1,137 Long term capital gain ​ — ​ ​ — Deferred income ​ 813 ​ ​ 75 Total distributions paid ​ $ 26,836 ​ $ 1,212
Schedule of components of accumulated earnings (losses) on a tax basis	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 2022 Undistributed net investment income (loss) ​ $ (521) ​ $ (75) Accumulated net realized gain (loss) ​ — ​ ​ — Net unrealized investment appreciation (depreciation) ​ 4,044 ​ ​ 1,143 Total accumulated earnings ​ $ 3,523 ​ $ 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, ​ ​ 2023 2022 Tax cost of investments ​ $ 558,902 ​ $ 221,657 Gross unrealized appreciation ​ $ 7,174 ​ $ 1,143 Gross unrealized depreciation ​ (3,130) ​ ​ — Net unrealized investment appreciation (depreciation) ​ $ 4,044 ​ $ 1,143
Schedule of reconciliation of net increase in net assets resulting from operations to taxable income	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ ​ 2023 ​ 2022 Net increase in net assets resulting from operations ​ $ 28,924 ​ $ 2,280 Net change in unrealized (appreciation) depreciation on investments ​ (2,901) ​ ​ (1,143) Permanent book income and tax income differences ​ — ​ ​ — Temporary book income and tax income differences ​ (26) ​ ​ — Taxable income ​ $ 25,997 ​ $ 1,137

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2024
Financial Highlights
Schedule of financial highlights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Nine Months ended September 30, ​ ​ 2024 2023 ​ Per share data: (1) ​ ​ ​ ​ ​ ​ ​ Net asset value at beginning of period ​ $ 10.22 ​ $ 10.07 ​ Results of operations (2) ​ ​ ​ ​ ​ ​ Net investment income (loss) ​ 1.04 ​ ​ 0.80 ​ Net change in unrealized appreciation (depreciation) ​ (0.04) ​ ​ 0.16 ​ Net increase (decrease) in net assets resulting from operations (2) ​ 1.00 ​ ​ 0.96 ​ Stockholder distributions from income ​ ​ (0.63) ​ ​ (0.45) ​ Capital share transactions ​ ​ ​ ​ ​ ​ Issuance of common shares (3) ​ 0.01 ​ ​ (0.07) ​ Reinvestment of stockholder distributions ​ 0.00 ​ ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ 0.01 ​ ​ (0.08) ​ Net asset value at end of period ​ $ 10.60 ​ $ 10.50 ​ Shares outstanding at end of period ​ 39,725,988 ​ ​ 26,123,092 ​ Total return (4) ​ 3.72 % ​ 4.27 % Ratio/Supplemental data: ​ ​ ​ ​ ​ ​ Net assets at end of period ​ $ 421,285 ​ $ 274,390 ​ Ratio of net investment income to average net assets (5) ​ 12.51 % ​ 9.46 % Ratio of net expenses to average net assets (5) ​ 9.30 % ​ 6.88 % Portfolio turnover (6) ​ ​ 6.41 % ​ 7.74 % Asset coverage ratio (7) ​ 220 % ​ 261 % (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 higher than the net asset value per share results in an increase in net asset value per share. (4) The total return for the nine months ended September 30, 2024 was calculated by taking the increase of net asset value per share from December 31, 2023 to September 30, 2024, 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, 2023. (5) Weighted average net assets are used for this calculation. Ratios for the period are annualized except for organization expenses. (6) Portfolio turnover for the period is not annualized. (7) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Share Transactions (Tables)

Share Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Share Transactions
Summary of total shares issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, ​ ​ 2024 ​ 2023 ​ ​ Shares Amount Shares Amount Balance at beginning of period ​ 38,491,359 ​ $ 392,413 ​ 20,787,609 ​ $ 207,490 Issuance of common shares — ​ — 4,855,769 ​ 50,500 Reinvestments of stockholder distributions 1,234,629 ​ 13,086 479,714 ​ 4,989 Balance at end of period 39,725,988 ​ $ 405,499 26,123,092 ​ $ 262,979 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, ​ ​ 2024 ​ 2023 ​ Shares Amount Shares Amount Balance at beginning of period 31,627,942 ​ $ 320,295 ​ 15,150,000 ​ $ 151,500 Issuance of common shares 4,809,524 ​ ​ 50,500 ​ 9,956,779 ​ ​ 101,000 Reinvestments of stockholder distributions 3,288,522 ​ ​ 34,704 ​ 1,016,313 ​ ​ 10,479 Balance at end of period 39,725,988 ​ $ 405,499 ​ 26,123,092 ​ $ 262,979 ​

Principal Business and Organi_2

Principal Business and Organization (Details)	Sep. 30, 2024 director $ / shares	Sep. 20, 2024	Dec. 31, 2023 $ / shares	Mar. 15, 2023
Number of directors	5
Number of independent directors	3
Common stock, par value (in USD per share) | $ / shares	$ 0.01		$ 0.01
SPV-1
Ownership (as a percent)				100%
SPV-2
Ownership (as a percent)		100%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Transfers amount, assets, level 1 to level 2	$ 0		$ 0
Transfers amount, assets, level 2 to level 1	0		0
Transfers amount, assets, into level 3	0		0
Transfers amount, assets, out of level 3	0		0
Transfers amount, liabilities, level 1 to level 2	0		0
Transfers amount, liabilities, level 2 to level 1	0		0
Transfers amount, liabilities, into level 3	0		0
Transfers amount, liabilities, out of level 3	0		0
Amendment Fee Income	398	$ 41	567	$ 41
Fee income from prepayment premiums on loans and securities	13	100	238	100
PIK interest recorded	$ 213	$ 0	$ 419	$ 4
Uncertain tax positions					$ 0

Agreements and Related Party _2

Agreements and Related Party Transactions - Administration Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements and Related Party Transactions
Payable balances to Administrator	$ 249		$ 249		$ 164
Administration Agreement | Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Incurred expenses	249	$ 168	641	$ 624
Payable balances to Administrator	$ 249		$ 249		$ 164

Agreements and Related Party _3

Agreements and Related Party Transactions - Investment Advisory Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands										1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 02, 2024	Nov. 07, 2023	Sep. 26, 2023	Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Jul. 26, 2022	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agreements and Related Party Transactions
Base management fees											$ 1,534		$ 1,534		$ 1,042
Shares issued (in shares)	4,809,524	4,855,769		5,101,010	5,050,000		10,000,000
Proceeds from issuance of common shares	$ 50,500	$ 50,500		$ 50,500	$ 50,500		$ 100,000						50,500	$ 101,000
Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Shares issued (in shares)						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 (in shares)			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											1,534		1,534		$ 1,042
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											$ 1,534	$ 870	$ 4,306	$ 2,397
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 (in shares)	47,619	48,077	48,077	50,505	50,000				1,000	99,000
Share price (in dollars per share)									$ 10
Proceeds from issuance of common shares	$ 500	$ 500	$ 500	$ 500	$ 500					$ 990
Capital commitment (as a percent)	1%

Agreements and Related Party _4

Agreements and Related Party Transactions - Directors' Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
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	$ 75	225	$ 225
Directors' fees payable	$ 165		$ 165		$ 210

Investment Portfolio - Investme

Investment Portfolio - Investment Portfolio (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 737,431	$ 558,902
Fair Value	$ 739,821	$ 562,946
Percentage of portfolio (in percent)	100%	100%
Senior Secured First Lien Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 433,949	$ 320,774
Fair Value	$ 433,906	$ 323,088
Percentage of portfolio (in percent)	58.70%	57.40%
Senior Secured Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 255,351	$ 208,134
Fair Value	$ 256,725	$ 209,893
Percentage of portfolio (in percent)	34.70%	37.30%
Delayed Draw Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 26,085	$ 20,531
Fair Value	$ 26,665	$ 21,072
Percentage of portfolio (in percent)	3.60%	3.70%
Revolver
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 12,646	$ 4,068
Fair Value	$ 12,035	$ 3,642
Percentage of portfolio (in percent)	1.60%	0.70%
Common Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 4,255	$ 1,250
Fair Value	$ 5,033	$ 1,106
Percentage of portfolio (in percent)	0.70%	0.20%
Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 5,000	$ 4,000
Fair Value	$ 5,444	$ 4,000
Percentage of portfolio (in percent)	0.70%	0.70%
Warrants
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 145	$ 145
Fair Value	$ 13	$ 145
Percentage of portfolio (in percent)	0%	0%

Investment Portfolio - Invest_2

Investment Portfolio - Investment by Industry (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 739,821	$ 562,946
Percentage of portfolio (in percent)	100%	100%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 238,454	$ 105,753
Percentage of portfolio (in percent)	32.20%	18.80%
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 160,310	$ 133,197
Percentage of portfolio (in percent)	21.70%	23.70%
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 129,741	$ 116,155
Percentage of portfolio (in percent)	17.50%	20.60%
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 134,447	$ 136,548
Percentage of portfolio (in percent)	18.20%	24.30%
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 76,869	$ 71,293
Percentage of portfolio (in percent)	10.40%	12.70%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Total investments	$ 739,821	$ 562,946
Cash equivalents	10,859	26,361
Total investments and cash equivalents	750,680	589,307
Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Total investments	433,906	323,088
Senior Secured Term Loan
Fair Value of Financial Instruments
Total investments	256,725	209,893
Delayed Draw Term Loan
Fair Value of Financial Instruments
Total investments	26,665	21,072
Revolver
Fair Value of Financial Instruments
Total investments	12,035	3,642
Common Units
Fair Value of Financial Instruments
Total investments	5,033	1,106
Preferred Units
Fair Value of Financial Instruments
Total investments	5,444	4,000
Warrants
Fair Value of Financial Instruments
Total investments	13	145
Level 1
Fair Value of Financial Instruments
Cash equivalents	10,859	26,361
Total investments and cash equivalents	10,859	26,361
Level 3
Fair Value of Financial Instruments
Total investments	739,821	562,946
Total investments and cash equivalents	739,821	562,946
Level 3 | Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Total investments	433,906	323,088
Level 3 | Senior Secured Term Loan
Fair Value of Financial Instruments
Total investments	256,725	209,893
Level 3 | Delayed Draw Term Loan
Fair Value of Financial Instruments
Total investments	26,665	21,072
Level 3 | Revolver
Fair Value of Financial Instruments
Total investments	12,035	3,642
Level 3 | Common Units
Fair Value of Financial Instruments
Total investments	5,033	1,106
Level 3 | Preferred Units
Fair Value of Financial Instruments
Total investments	5,444	4,000
Level 3 | Warrants
Fair Value of Financial Instruments
Total investments	$ 13	$ 145

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period			$ 562,946	$ 222,800
Purchases			220,362	179,211
Accretion of discount (amortization of premium)			3,379	1,296
Sales and repayments			(45,631)	(25,788)
Unrealized gain (loss)			$ (1,654)	3,316
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]			Unrealized Gain (Loss), Investment and Derivative, Operating, after Tax
Paid in-kind interest			$ 419	4
Net transfers in or out of Level 3	$ 0	$ 0	0	0
Fair value at end of period	739,821	380,839	739,821	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			$ (1,654)	3,316
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Debt and Equity Securities, Gain (Loss)
Fair value assets, Level 1 to Level 2 transfers	0	0	$ 0	0
Fair value, assets, level 2 to level 1 transfers	0	0	0	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			323,088	173,883
Purchases			140,228	127,019
Accretion of discount (amortization of premium)			1,797	773
Sales and repayments			(28,898)	(16,079)
Unrealized gain (loss)			(2,356)	1,884
Paid in-kind interest			47	4
Fair value at end of period	433,906	287,484	433,906	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			(2,356)	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			209,893	48,285
Purchases			54,586	30,506
Accretion of discount (amortization of premium)			1,204	344
Sales and repayments			(8,904)	(3,980)
Unrealized gain (loss)			(387)	739
Paid in-kind interest			333
Fair value at end of period	256,725	75,894	256,725	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			(387)	739
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			21,072	(184)
Purchases			7,761	8,109
Accretion of discount (amortization of premium)			220	71
Sales and repayments			(2,426)	(20)
Unrealized gain (loss)			38	432
Fair value at end of period	26,665	8,408	26,665	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			38	432
Revolver
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period			3,642	566
Purchases			13,782	9,077
Accretion of discount (amortization of premium)			158	108
Sales and repayments			(5,403)	(5,709)
Unrealized gain (loss)			(183)	223
Paid in-kind interest			39
Fair value at end of period	12,035	4,265	12,035	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			(183)	223
Common Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period			1,106
Purchases			3,005
Unrealized gain (loss)			922
Fair value at end of period	5,033		5,033
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			922
Preferred Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period			4,000
Purchases			1,000
Unrealized gain (loss)			444
Fair value at end of period	5,444		5,444
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			444
Warrants
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period			145
Unrealized gain (loss)			(132)
Fair value at end of period	$ 13		13
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			$ (132)
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		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				40
Class A Preferred Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Purchases				3,500
Fair value at end of period		3,500		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		$ 1,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation Technique (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value of Financial Instruments
Fair Value	$ 739,821	$ 562,946
Excluded level 3 investments due to using unadjusted inputs that have not been internally developed
Fair Value of Financial Instruments
Fair Value	42,595	92,217
Debt investments
Fair Value of Financial Instruments
Fair Value		$ 466,123
Debt investments | Discounted Cash Flows
Fair Value of Financial Instruments
Fair Value	$ 655,579
Debt investments | Discounted Cash Flows | Discount Rate | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0690	0.0650
Debt investments | Discounted Cash Flows | Discount Rate | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	0.1712	0.1650
Debt investments | Discounted Cash Flows | Discount Rate | Weighted Average
Fair Value of Financial Instruments
Investments, Measurement Input	0.1069	0.1114
Debt investments | Enterprise Value
Fair Value of Financial Instruments
Fair Value	$ 7,278
Debt investments | Enterprise Value | Revenue Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0100
Debt investments | Enterprise Value | Revenue Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0120
Debt investments | Enterprise Value | Revenue Multiple | Weighted Average
Fair Value of Financial Instruments
Investments, Measurement Input	0.0110
Debt investments | Public Quoted
Fair Value of Financial Instruments
Fair Value	$ 24,384
Equity investments
Fair Value of Financial Instruments
Fair Value	$ 9,972
Equity investments | Discounted Cash Flows
Fair Value of Financial Instruments
Fair Value		$ 912
Equity investments | Discounted Cash Flows | Discount Rate | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input		0.0975
Equity investments | Discounted Cash Flows | Discount Rate | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input		0.1175
Equity investments | Discounted Cash Flows | Discount Rate | Weighted Average
Fair Value of Financial Instruments
Investments, Measurement Input		0.1075
Equity investments | Enterprise Value
Fair Value of Financial Instruments
Fair Value		$ 4,606
Equity investments | Enterprise Value | EBITDA Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0225	0.1000
Equity investments | Enterprise Value | EBITDA Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	0.1225	0.1350
Equity investments | Enterprise Value | EBITDA Multiple | Weighted Average
Fair Value of Financial Instruments
Investments, Measurement Input	0.0830	0.1242
Warrants
Fair Value of Financial Instruments
Fair Value	$ 13	$ 145
Warrants | Enterprise Value | EBITDA Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0725
Warrants | Enterprise Value | EBITDA Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0825
Warrants | Enterprise Value | EBITDA Multiple | Weighted Average
Fair Value of Financial Instruments
Investments, Measurement Input	0.0775

Borrowings - CNB Revolving Cred

Borrowings - CNB Revolving Credit Facility (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Dec. 23, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Borrowings
Asset coverage ratio		220%	261%	228%
Deferred financing costs		$ 4,147		$ 2,380
Outstanding balance		350,000		252,000
CNB Revolving Credit Facility
Borrowings
Maximum principal amount	$ 100,000
Per cent added to variable rate	2.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Deferred financing costs		83		353
Undrawn portion of line of credit		100,000		73,000
Outstanding balance		$ 0		$ 27,000

Borrowings - BCCI SPV 1 Credit

Borrowings - BCCI SPV 1 Credit Facility (Details) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

Mar. 08, 2024

Feb. 23, 2024

Feb. 06, 2024

Jan. 23, 2024

Dec. 08, 2023

Oct. 31, 2023

Oct. 04, 2023

Mar. 30, 2023

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Dec. 07, 2023

Borrowings

Deferred financing costs

$ 4,147

$ 2,380

Line of credit payable

350,000

252,000

Interest payable on line of credit

7,456

4,054

Issuance of common shares, net

$ 50,500

50,500

$ 101,000

CNB Revolving Credit Facility

Borrowings

Interest payable on line of credit

7,456

BCCI SPV-1 Credit Facility

Borrowings

Interest payable on line of credit

4,054

BCCI SPV-1 Credit Facility | Bank OZK

Borrowings

Commitment transferred from keybank national association

$ 50,000

BCCI SPV-1 Credit Facility | Fifth Third Bank, National Association

Borrowings

Issuance of common shares, net

$ 55,000

SPV-1 | KeyBank National Association

Borrowings

Maximum principal amount

5,000

Commitment fee

$ 310,000

Issuance of common shares, net

$ 5,000

SPV-1 | Bank OZK

Borrowings

Maximum principal amount

75,000

Increased the facility amount

$ 250,000

SPV-1 | Bank of Hope

Borrowings

Issuance of common shares, net

15,000

SPV-1 | Wilmington Savings Fund Society

Borrowings

Maximum principal amount

10,000

Commitment fee

$ 330,000

SPV-1 | Mitsubishi HC Capital America

Borrowings

Maximum principal amount

$ 20,000

Commitment fee

$ 350,000

SPV-1 | Optum Bank, Inc

Borrowings

Maximum principal amount

$ 20,000

Increased the facility amount

$ 175,000

SPV-1 | Credit Facility

Borrowings

Amount initially committed

$ 100,000

Maximum principal amount

$ 350,000

Maturity date

24 months

Undrawn portion of line of credit

0

0

Line of credit payable

350,000

225,000

SPV-1 | Credit Facility | KeyBank National Association

Borrowings

Maximum principal amount

$ 150,000

$ 100,000

Commitment fee

$ 225,000

SPV-1 | BCCI SPV-1 Credit Facility

Borrowings

Commitment fee

$ 155,000

Deferred financing costs

$ 4,064

$ 2,027

Borrowings - Expenses (Details)

Borrowings - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Borrowings
Interest expense on line of credit	$ 7,293	$ 3,216	$ 20,669	$ 6,804
Amortization of deferred financing costs	$ 265	$ 146	$ 829	$ 380
Weighted average interest rate	8.57%	7.90%	8.57%	7.55%

Borrowings - Loans Payable (Det

Borrowings - Loans Payable (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Borrowings
Interest expense on line of credit	$ 7,293	$ 3,216	$ 20,669	$ 6,804
Interest payable on line of credit	7,456		7,456		$ 4,054
Loans payable to Macquarie
Borrowings
Interest expense on line of credit	0	$ 0	0	$ 378
Interest payable on line of credit	0		0		0
Loans payable to Macquarie	$ 0		$ 0		$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
Unfunded Commitment	$ 42,060	$ 39,923
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment		1,652
Investment, Identifier [Axis]: BP Loenbro Holdings, Inc. - Revolver
Commitments and Contingencies
Unfunded Commitment	734
Investment, Identifier [Axis]: Bp Loenbro Holdings Inc. Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	1,835
Investment, Identifier [Axis]: Cartridge Technologies, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment		500
Investment, Identifier [Axis]: Catridge Technologies, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: Contract Datascan, LP-Revolver
Commitments and Contingencies
Unfunded Commitment	200	600
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	1,617	3,309
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	578	367
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]: 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	2,615	7,115
Investment, Identifier [Axis]: Everest AcquisitionCo, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	4,553	7,563
Investment, Identifier [Axis]: Everest AcquisitionCo, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	3,000	3,000
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	811	811
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	345	405
Investment, Identifier [Axis]: GPI Acquisition Co., Inc, Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: Legacy Restoration LLC - Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	11,000
Investment, Identifier [Axis]: Legacy Restoration LLC - Revolver
Commitments and Contingencies
Unfunded Commitment	960
Investment, Identifier [Axis]: MAPS Buyer, Inc, Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment		4,365
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment		826
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver
Commitments and Contingencies
Unfunded Commitment		2,500
Investment, Identifier [Axis]: Obra Capital Inc., Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	433	500
Investment, Identifier [Axis]: P3 Acquisition Holdings LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	500	500
Investment, Identifier [Axis]: Prisma Graphic LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	1,241
Investment, Identifier [Axis]: Proficium Purchaser, LLC - Revolver
Commitments and Contingencies
Unfunded Commitment	1,000
Investment, Identifier [Axis]: Subsea Global Solutions, LLC - Revolver
Commitments and Contingencies
Unfunded Commitment	625
Investment, Identifier [Axis]: THE SMILIST DSO, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	439
Investment, Identifier [Axis]: TouchFuse, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	1,000	1,000
Investment, Identifier [Axis]: TouchFuse, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	1,000	840
Investment, Identifier [Axis]: UFS, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	1,000	1,000
Investment, Identifier [Axis]: VHL Logistics, Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment		500
Investment, Identifier [Axis]: VHL Parent, Inc., Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: Veradata Holdings, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	250	250
Investment, Identifier [Axis]: Virtual Technologies Group, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	153
Investment, Identifier [Axis]: W Services Group LLC, Delayed Draw
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: W Services Group LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	500
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	$ 671	$ 320

Net Assets (Details)

Net Assets (Details) - USD ($) $ / shares in Units, $ in Thousands									9 Months Ended
	Jan. 02, 2024	Nov. 07, 2023	Sep. 26, 2023	Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Jun. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	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 (in shares)	4,809,524	4,855,769		5,101,010	5,050,000		10,000,000
Proceeds from issuance of common shares	$ 50,500	$ 50,500		$ 50,500	$ 50,500		$ 100,000		$ 50,500	$ 101,000
Investors' capital commitment												$ 353,500
Unfunded investors capital commitment									0		$ 50,500
Brightwood Capital Advisors, LLC
Net Assets
Shares issued (in shares)						99,000
Proceeds from issuance of common shares				$ 500	$ 500	$ 990
Investors' capital commitment	$ 500	$ 500										$ 3,500
Unfunded investors capital commitment									$ 0		$ 500
Chief Executive Officer and Chairman Of The Board
Net Assets
Shares issued (in shares)			4,855,769					1,000
Proceeds from issuance of common shares			$ 50,500					$ 10
Unfunded investors capital commitment			$ 500

Net Assets - Distributions decl

Net Assets - Distributions declared on shares of Company's common stock (Details) - $ / shares	Sep. 26, 2024	Jun. 07, 2024	Jan. 12, 2024	Dec. 14, 2023	Sep. 14, 2023	Jun. 09, 2023	Jan. 27, 2023
Q1 dividend of 2023
Subsidiary, Sale of Stock [Line Items]
Date Declared							Dec. 30, 2022
Record Date							Dec. 30, 2022
Payment Date							Jan. 27, 2023
Amount per Share							$ 0.08
Q2 dividend of 2023
Subsidiary, Sale of Stock [Line Items]
Date Declared						May 23, 2023
Record Date						May 26, 2023
Payment Date						Jun. 09, 2023
Amount per Share						$ 0.21
Q3 dividend of 2023
Subsidiary, Sale of Stock [Line Items]
Date Declared					Aug. 28, 2023
Record Date					Aug. 31, 2023
Payment Date					Sep. 14, 2023
Amount per Share					$ 0.24
Q4 dividend of 2023
Subsidiary, Sale of Stock [Line Items]
Date Declared				Nov. 27, 2023
Record Date				Nov. 30, 2023
Payment Date				Dec. 14, 2023
Amount per Share				$ 0.22
Q1 dividend of 2024
Subsidiary, Sale of Stock [Line Items]
Date Declared			Dec. 27, 2023
Record Date			Dec. 29, 2023
Payment Date			Jan. 12, 2024
Amount per Share			$ 0.34
Q2 dividend of 2024
Subsidiary, Sale of Stock [Line Items]
Date Declared		May 21, 2024
Record Date		May 24, 2024
Payment Date		Jun. 07, 2024
Amount per Share		$ 0.29
Q3 dividend of 2024
Subsidiary, Sale of Stock [Line Items]
Date Declared	Sep. 09, 2024
Record Date	Sep. 12, 2024
Payment Date	Sep. 26, 2024
Amount per Share	$ 0.34

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Net Change in Net Assets Resulting from Operations per Share
Net increase in net assets resulting from operations	$ 13,461	$ 7,609	$ 36,655	$ 19,684	$ 28,924	$ 2,280
Weighted average shares of common stock outstanding-basic	39,108,673	23,455,350	36,826,724	20,608,534
Weighted average shares of common stock outstanding- diluted	39,108,673	23,455,350	36,826,724	20,608,534
Net change in net assets resulting from operations per share-basic	$ 0.34	$ 0.32	$ 1	$ 0.96
Net change in net assets resulting from operations per share-diluted	$ 0.34	$ 0.32	$ 1	$ 0.96

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Distributions paid from:
Ordinary income	$ (13,553)	$ (6,967)	$ (38,309)	$ (16,368)	$ 26,023	$ 1,137
Deferred income					813	75
Total distributions paid	$ 13,086	$ 4,989	$ 23,951	$ 9,267	$ 26,836	$ 1,212

Income Taxes - Components of ac

Income Taxes - Components of accumulated earnings (losses) on a tax basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Undistributed net investment income (loss)	$ (521)	$ (75)
Net unrealized investment appreciation (depreciation)	4,044	1,143
Total accumulated earnings	$ 3,523	$ 1,068

Income Taxes - Aggregate unreal

Income Taxes - Aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Tax cost of investments	$ 558,902	$ 221,657
Gross unrealized appreciation	7,174	1,143
Gross unrealized depreciation	(3,130)
Net unrealized investment appreciation (depreciation)	$ 4,044	$ 1,143

Income Taxes - Reconciliation o

Income Taxes - Reconciliation 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Net Income (Loss)	$ 13,461	$ 7,609	$ 36,655	$ 19,684	$ 28,924	$ 2,280
Net change in unrealized (appreciation) depreciation on investments					(2,901)	(1,143)
Temporary book income and tax income differences					(26)
Taxable income					$ 25,997	$ 1,137

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Per share data:
Net asset value at beginning of period			$ 10.22	$ 10.07	$ 10.07
Results of operations
Net investment income (loss)	$ 0.35	$ 0.30	1.04	0.80
Net change in unrealized appreciation (depreciation)			(0.04)	0.16
Net increase (decrease) in net assets resulting from operations			1	0.96
Stockholder distributions from income			(0.63)	(0.45)
Capital share transactions
Issuance of common shares			0.01	(0.07)
Reinvestment of stockholder distributions			0	(0.01)
Net increase (decrease) in net assets resulting from capital share transactions			0.01	(0.08)
Net asset value at end of period	$ 10.60	$ 10.50	$ 10.60	$ 10.50	$ 10.22
Shares outstanding at end of period	39,725,988	26,123,092	39,725,988	26,123,092
Total return			3.72%	4.27%
Ratio/Supplemental data:
Net assets at end of period	$ 421,285	$ 274,390	$ 421,285	$ 274,390	$ 323,377	$ 407,824	$ 216,281	$ 152,494
Ratio of net investment income to average net assets			12.51%	9.46%
Ratio of net expenses to average net assets			9.30%	6.88%
Portfolio turnover			6.41%	7.74%
Asset coverage ratio			220%	261%	228%

Share Transactions - Summary of

Share Transactions - Summary of total shares issued (Details) - USD ($) $ in Thousands						3 Months Ended		9 Months Ended
	Jan. 02, 2024	Nov. 07, 2023	Jan. 30, 2023	Nov. 10, 2022	Sep. 26, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance at beginning of year (in shares)								31,627,942
Net assets, at beginning of period						$ 407,824	$ 216,281	$ 323,377	$ 152,494
Issuance of common shares (in shares)	4,809,524	4,855,769	5,101,010	5,050,000	10,000,000
Issuance of common shares							50,500	50,500	101,000
Reinvestments of stockholder distributions						$ 13,086	4,989	$ 34,704	10,479
Balance at end of year (in shares)						39,725,988		39,725,988
Net assets, at end of period						$ 421,285	$ 274,390	$ 421,285	$ 274,390
Common Stock
Balance at beginning of year (in shares)						38,491,359	20,787,609	31,627,942	15,150,000
Net assets, at beginning of period						$ 392,413	$ 207,490	$ 320,295	$ 151,500
Issuance of common shares (in shares)							4,855,769	4,809,524	9,956,779
Issuance of common shares							$ 50,500	$ 50,500	$ 101,000
Reinvestments of stockholder distributions (in shares)						1,234,629	479,714	3,288,522	1,016,313
Reinvestments of stockholder distributions						$ 13,086	$ 4,989	$ 34,704	$ 10,479
Balance at end of year (in shares)						39,725,988	26,123,092	39,725,988	26,123,092
Net assets, at end of period						$ 405,499	$ 262,979	$ 405,499	$ 262,979

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events - Credit Facility - SPV-2 $ in Thousands	Oct. 11, 2024 USD ($)
Subsequent Events
Amount initially committed	$ 75,000
Maximum principal amount	$ 200,000