Vista Credit Strategic Lending 10-Q2 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-56562
Entity Registrant Name	VISTA CREDIT STRATEGIC LENDING CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	88-1906598
Entity Address, Address Line One	50 Hudson Yards, Floor 77
Entity Address, State or Province	NY
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10001
City Area Code	(212)
Local Phone Number	804-9100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		8,261,347.705
Entity Central Index Key	0001919369
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments – non-controlled/non-affiliated, at fair value (amortized cost of $269,059 and $104,685, respectively)	$ 269,602,000	$ 104,869,000
Cash and cash equivalents	25,725,000	61,943,000	[1]
Restricted cash and cash equivalents	21,942,000	0
Interest and other income receivable from investments	1,106,000	362,000
Subscription receivable	1,581,000	0
Deferred offering costs	418,000	915,000
Prepaid expenses and other assets	$ 2,989,000	$ 1,188,000
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity
Expense support reimbursement (Note 4)	$ 3,000,000	$ 3,000,000
Total assets	326,363,000	172,277,000
Liabilities
Secured borrowings (Note 5)	156,250,000	77,250,000
Payable for investments purchased	2,503,000	13,871,000
Interest and credit facility fees payable (Note 5)	1,067,000	221,000
Administrative service fees payable (Note 4)	404,000	390,000
Management and incentive fees payable (Note 4)	$ 667,000	$ 117,000
Other Liability, Related Party, Type [Extensible Enumeration]	Affiliated Entity	Affiliated Entity
Due to Adviser (Note 4)	$ 3,334,000	$ 4,932,000
Distribution payable	554,000	0
Accrued expenses and other liabilities	563,000	819,000
Total liabilities	165,342,000	97,600,000
Commitments and contingencies (Note 6)
Net Assets (Note 8)
Common stock, $0.01 par value, 500,000,000.000 shares authorized, 8,188,088.785 and 3,809,576.503 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	82,000	38,000
Paid-in-capital in excess of par value	160,392,000	74,472,000
Total distributable earnings (loss)	547,000	167,000
Total net assets	161,021,000	74,677,000
Total liabilities and net assets	$ 326,363,000	$ 172,277,000
Net asset value per share (in dollar per share)	$ 19.67	$ 19.60

[1]The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 27, 2024	Jun. 03, 2024	May 10, 2024	Apr. 01, 2024	Mar. 26, 2024	Dec. 31, 2023	Dec. 20, 2023	Nov. 09, 2023	Oct. 10, 2023	Jun. 30, 2023	Jun. 16, 2023
Statement of Financial Position [Abstract]
Investment owned, cost	$ 269,059						$ 104,685
Common stock, par value (in dollar per share)	$ 0.01						$ 0.01
Common stock, shares authorized (in shares)	500,000,000						500,000,000
Common stock, shares issued (in shares)	8,188,088.785	2,033,553.635	15,997.968	34,351.145	253,146.256	2,040,816.328	3,809,576.503	1,500,000.001	2,250,000.002	58,326.5	1,250	1,250
Common stock, shares outstanding (in shares)	8,188,088.785						3,809,576.503

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment income:
Total investment income from non-controlled/non-affiliated investments	$ 6,454	$ 0	$ 9,974	$ 0
Expenses:
Interest expense and credit facility fees (Note 5)	2,638	0	4,163	0
Offering costs	640	0	1,269	0
Professional fees	477	0	916	0
Administrative service fees (Note 4)	404	0	807	0
Management fees (Note 4)	379	0	619	0
Other general and administrative expenses	333	0	697	0
Incentive fees (Note 4)	237	0	265	0
Directors fees	73	8	141	8
Insurance costs	62	12	123	12
Organization costs	0	804	0	1,093
Total expenses before expense support and waivers	5,243	824	9,000	1,113
Expense support and waivers (Note 4)	(313)	(824)	(626)	(1,113)
Net expenses after expense support and waivers	4,930	0	8,374	0
Net investment income (loss)	1,524	0	1,600	0
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments			358	0
Net realized and unrealized gain (loss) on investments	133	0	358	0
Net increase (decrease) in net assets resulting from operations	$ 1,657	$ 0	$ 1,958	$ 0
Per common share data:
Basic earnings (loss) per share (in dollar per share)	$ 0.27	$ 0	$ 0.39	$ 0
Diluted earnings (loss) per share (in dollar per share)	$ 0.27	$ 0	$ 0.39	$ 0
Basic weighted average shares outstanding (in shares)	6,194,767.666	206.040	5,056,847.904	241.935
Diluted weighted average shares outstanding (in shares)	6,194,767.666	206.040	5,056,847.904	241.935
Investment, Unaffiliated Issuer
Investment income:
Interest income	$ 6,337	$ 0	$ 9,715	$ 0
Other income	117	0	259	0
Total investment income from non-controlled/non-affiliated investments	6,454	0	9,974	0
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled/non-affiliated investments	$ 133	$ 0	$ 358	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)				3,809,576.503
Beginning balance	$ 114,978	$ 114,978	$ 0	$ 74,677	$ 0
Net investment income (loss)		1,524	0	1,600	0
Net realized and unrealized gain (loss) on investments		133	0	358	0
Net increase (decrease) in net assets resulting from operations		1,657	0	1,958	0
Shareholder distributions paid		(1,578)		(1,578)
Net increase (decrease) from shareholder distributions		(1,578)		(1,578)
Issuance of common stock	$ 1,682	45,951	25	85,951	25
Reinvestment of shareholder distributions, net		13		13
Net increase (decrease) in net assets resulting from capital share transactions		45,964	25	85,964	25
Total increase (decrease)		$ 46,043	$ 25	$ 86,344	$ 25
Ending balance (in shares)	253,146.256	8,188,088.785	1,250	8,188,088.785	1,250
Ending balance		$ 161,021	$ 25	$ 161,021	$ 25
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	5,850,392.831	5,850,392.831	0	3,809,576.503	0
Beginning balance	$ 59	$ 59	$ 0	$ 38	$ 0
Issuance of common stock (in shares)		2,337,049.004	1,250	4,377,865.332	1,250
Issuance of common stock		$ 23		$ 44
Reinvestment of shareholder distributions, net (in shares)		646.950		646.950
Net increase (decrease) in net assets resulting from capital share transactions (in shares)		2,337,695.954	1,250	4,378,512.282	1,250
Net increase (decrease) in net assets resulting from capital share transactions		$ 23		$ 44
Total increase (decrease)		$ 23		$ 44
Ending balance (in shares)		8,188,088.785	1,250	8,188,088.785	1,250
Ending balance		$ 82	$ 0	$ 82	$ 0
Paid in Capital in Excess of Par
Investment Company, Net Assets [Roll Forward]
Beginning balance	114,451	114,451	0	74,472	0
Issuance of common stock		45,928	25	85,907	25
Reinvestment of shareholder distributions, net		13		13
Net increase (decrease) in net assets resulting from capital share transactions		45,941	25	85,920	25
Total increase (decrease)		45,941	25	85,920	25
Ending balance		160,392	25	160,392	25
Distributable Earnings (Loss)
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 468	468	0	167	0
Net investment income (loss)		1,524		1,600
Net realized and unrealized gain (loss) on investments		133		358
Net increase (decrease) in net assets resulting from operations		1,657		1,958
Shareholder distributions paid		(1,578)		(1,578)
Net increase (decrease) from shareholder distributions		(1,578)		(1,578)
Total increase (decrease)		79		380
Ending balance		$ 547	$ 0	$ 547	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 1,958		$ 0
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Amortization of deferred offering costs	1,269		0
Amortization of deferred financing costs	448		0
Net accretion of discount on investments	(305)		0
Net change in unrealized (appreciation) depreciation on investments	(358)		0
Cost of investments purchased	(197,174)		0
Proceeds from repayments of investments	21,779		0
Payment-in-kind interest capitalized	(53)		0
Change in operating assets and liabilities:
Deferred offering costs	(772)		(566)
Expense support reimbursement	0		(1,717)
Prepaid expenses and other assets	2		(355)
Interest and other income receivable from investments	(731)		0
Due to Adviser	(1,598)		2,305
Management and incentive fees payable	550		0
Administrator service expense payable (Note 4)	14		0
Interest and credit facility fees payable (Note 5)	846		0
Accrued expenses and other liabilities	(257)		333
Net cash provided by (used in) operating activities	(174,382)		0
Cash flows from financing activities
Proceeds from issuance of common stock	84,369		25
Shareholder distributions paid	(1,012)		0
Borrowings on debt	247,000		0
Repayments on debt	(168,000)		0
Debt issuance costs paid	(2,251)		0
Net cash provided by (used in) financing activities	160,106		25
Net increase (decrease) in cash and cash equivalents and restriced cash and cash equivalents	(14,276)		25
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	61,943		0
Cash and cash equivalents and restricted cash and cash equivalents, end of period	47,667	[1]	25
Supplemental disclosures
Interest, including credit facility fees, paid during the period	3,317		0
Reinvestment of shareholder distributions	13		0
Shareholder distributions declared	$ 1,566		$ 0

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023		Jun. 30, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 25,725		$ 61,943	[1]
Restricted cash and cash equivalents	21,942		0
Total cash and cash equivalents and restricted cash and cash equivalents	$ 47,667	[2]	$ 61,943		$ 25	$ 0

[1]The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method[2] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

CONSOLIDATED SCHEDULE OF INVEST

CONSOLIDATED SCHEDULE OF INVESTMENTS (unaudited) - USD ($)		Jun. 30, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost		$ 269,059,000		$ 104,685,000
Fair Value		269,602,000		104,869,000
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents, Cost		47,667,000	[1]	61,943,000
Cash and Cash Equivalents, Cost		25,725,000		61,943,000	[2]
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents, Fair Value		$ 47,667,000
Cash and Cash Equivalents, Fair Value				$ 61,943,000
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents, % of Net Assets		29.60%
Cash and Cash Equivalents, % of Net Assets				82.90%
Investment Owned, Cost, Cash And Cash Equivalents, And Restricted Cash And Cash Equivalents, At Carrying Value	[1]	$ 316,726,000
Total Investments, Cash and Cash Equivalents, Cost	[2]			$ 166,628,000
Investment Owned, Fair Value And Cash And Cash Equivalents and Restricted Cash and Cash Equivalents, Fair Value		$ 317,269,000
Total Investments, Cash and Cash Equivalents, Fair Value				$ 166,812,000
Investment Owned And Cash And Cash Equivalents And Restricted Cash and Cash Equivalents, Net Assets, Percentage		197.10%
Total Investments, Cash and Cash Equivalents, % of Net Assets				223.30%
Investment, Unaffiliated Issuer
Schedule of Investments [Line Items]
Amortized Cost		$ 269,059,000	[1]	$ 104,685,000	[2]
Fair Value		$ 269,602,000		$ 104,869,000
% of Net Assets		167.50%		140.40%
Investment, Unaffiliated Issuer \| Debt Securities
Schedule of Investments [Line Items]
Amortized Cost		$ 264,307,000	[1]	$ 104,685,000	[2]
Fair Value		$ 264,849,000		$ 104,869,000
% of Net Assets		164.60%		140.40%
Investment, Unaffiliated Issuer \| Preferred equity
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 4,732,000
Fair Value		$ 4,733,000
% of Net Assets		2.90%
Investment, Unaffiliated Issuer \| Other equity
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 20,000
Fair Value		$ 20,000
% of Net Assets		0%
IT Services \| Investment, Unaffiliated Issuer
Schedule of Investments [Line Items]
Amortized Cost		$ 50,795,000	[1]	$ 36,120,000	[2]
Fair Value		$ 51,544,000		$ 36,150,000
% of Net Assets		32%		48.40%
Software \| Investment, Unaffiliated Issuer
Schedule of Investments [Line Items]
Amortized Cost		$ 125,840,000	[1]	$ 53,464,000	[2]
Fair Value		$ 125,548,000		$ 53,615,000
% of Net Assets		78%		71.70%
Investment, Identifier [Axis]: ASG III, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		6.50%	[3],[4],[5],[6],[7],[8],[9]	6.50%	[10],[11],[12],[13]
Interest Rate		11.83%	[3],[4],[5],[6],[7],[8],[9],[14],[15]	11.88%	[10],[11],[12],[13],[16],[17]
Par Amount/Units		$ 11,572,000	[3],[4],[5],[6],[7],[8],[9]	$ 8,392,000	[10],[11],[12],[13],[18]
Amortized Cost		11,290,000	[1],[3],[4],[5],[6],[7],[8],[9]	8,131,000	[2],[10],[11],[12],[13]
Fair Value		$ 11,373,000	[3],[4],[5],[6],[7],[8],[9]	$ 8,127,000	[10],[11],[12],[13]
% of Net Assets		7.10%	[3],[4],[5],[6],[7],[8],[9]	10.90%	[10],[11],[12],[13]
Investment, Identifier [Axis]: Acronis International
Schedule of Investments [Line Items]
Reference Rate and Spread		6.85%	[3],[5],[8],[19],[20],[21]	5.85%	[10],[11],[12],[22],[23],[24]
Interest Rate, PIK	[3],[5],[8],[19],[20],[21]	1%
Interest Rate		11.28%	[3],[4],[5],[6],[7],[8],[14],[15],[19],[20],[21]	11.29%	[10],[11],[12],[16],[17],[22],[23],[24]
Par Amount/Units		$ 20,053,000	[3],[4],[5],[6],[7],[8],[19],[20],[21]	$ 15,000,000	[10],[11],[12],[18],[22],[23],[24]
Amortized Cost		19,751,000	[1],[3],[4],[5],[6],[7],[8],[19],[20],[21]	14,746,000	[2],[10],[11],[12],[22],[23],[24]
Fair Value		$ 20,054,000	[3],[4],[5],[6],[7],[8],[19],[20],[21]	$ 14,737,000	[10],[11],[12],[22],[23],[24]
% of Net Assets		12.50%	[3],[4],[5],[6],[7],[8],[19],[20],[21]	19.70%	[10],[11],[12],[22],[23],[24]
Investment, Identifier [Axis]: Aptean, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		5.25%	[3],[4],[5],[6],[7],[9],[25]	5.50%	[10],[26]
Interest Rate		10.59%	[3],[4],[5],[6],[7],[9],[14],[15],[25]	10.86%	[10],[16],[17],[26]
Par Amount/Units		$ 19,804,000	[3],[4],[5],[6],[7],[9],[25]	$ 8,436,000	[10],[18],[26]
Amortized Cost		19,582,000	[1],[3],[4],[5],[6],[7],[9],[25]	8,298,000	[2],[10],[26]
Fair Value		$ 19,617,000	[3],[4],[5],[6],[7],[9],[25]	$ 8,447,000	[10],[26]
% of Net Assets		12.20%	[3],[4],[5],[6],[7],[9],[25]	11.30%	[10],[26]
Investment, Identifier [Axis]: Athenahealth Group, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		3.25%	[3],[4],[6],[7],[27]	3.25%	[10],[28]
Interest Rate		8.59%	[3],[4],[6],[7],[14],[15],[27]	8.61%	[10],[16],[17],[28]
Par Amount/Units		$ 9,937,000	[3],[4],[6],[7],[27]	$ 4,987,000	[10],[18],[28]
Amortized Cost		9,874,000	[1],[3],[4],[6],[7],[27]	4,938,000	[2],[10],[28]
Fair Value		$ 9,917,000	[3],[4],[6],[7],[27]	$ 4,973,000	[10],[28]
% of Net Assets		6.20%	[3],[4],[6],[7],[27]	6.70%	[10],[28]
Investment, Identifier [Axis]: Azurite Intermediate Holdings, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[5],[6],[7],[8],[9]	6.50%
Interest Rate	[3],[4],[5],[6],[7],[8],[9],[14],[15]	11.84%
Par Amount/Units	[3],[4],[5],[6],[7],[8],[9]	$ 13,184,000
Amortized Cost	[1],[3],[4],[5],[6],[7],[8],[9]	12,932,000
Fair Value	[3],[4],[5],[6],[7],[8],[9]	$ 12,915,000
% of Net Assets	[3],[4],[5],[6],[7],[8],[9]	8%
Investment, Identifier [Axis]: Banff Merger Sub, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		4.25%	[3],[4],[6],[7],[29]	4.25%	[10],[26]
Interest Rate		9.34%	[3],[4],[6],[7],[14],[15],[29]	9.21%	[10],[16],[17],[26]
Par Amount/Units		$ 6,498,000	[3],[4],[6],[7],[29]	$ 4,024,000	[10],[18],[26]
Amortized Cost		6,474,000	[1],[3],[4],[6],[7],[29]	4,029,000	[2],[10],[26]
Fair Value		$ 6,519,000	[3],[4],[6],[7],[29]	$ 4,059,000	[10],[26]
% of Net Assets		4%	[3],[4],[6],[7],[29]	5.40%	[10],[26]
Investment, Identifier [Axis]: Central Parent, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		3.25%	[3],[4],[6],[7],[29]	4%	[10],[28]
Interest Rate		8.58%	[3],[4],[6],[7],[14],[15],[29]	9.35%	[10],[16],[17],[28]
Par Amount/Units		$ 10,000,000	[3],[4],[6],[7],[29]	$ 5,000,000	[10],[18],[28]
Amortized Cost		10,024,000	[1],[3],[4],[6],[7],[29]	5,006,000	[2],[10],[28]
Fair Value		$ 9,884,000	[3],[4],[6],[7],[29]	$ 5,034,000	[10],[28]
% of Net Assets		6.10%	[3],[4],[6],[7],[29]	6.70%	[10],[28]
Investment, Identifier [Axis]: Diligent Corporation
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[5],[6],[7],[9],[25]	500%
Interest Rate	[3],[4],[5],[6],[7],[9],[14],[15],[25]	10.34%
Par Amount/Units	[3],[4],[5],[6],[7],[9],[25]	$ 14,961,000
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[25]	14,814,000
Fair Value	[3],[4],[5],[6],[7],[9],[25]	$ 14,836,000
% of Net Assets	[3],[4],[5],[6],[7],[9],[25]	9.20%
Investment, Identifier [Axis]: Enverus Holdings, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		5.50%	[3],[4],[5],[6],[7],[9],[25]	5.50%	[10],[11],[13],[30]
Interest Rate		10.84%	[3],[4],[5],[6],[7],[9],[14],[15],[25]	10.86%	[10],[11],[13],[16],[17],[30]
Par Amount/Units		$ 16,609,000	[3],[4],[5],[6],[7],[9],[25]	$ 9,990,000	[10],[11],[13],[18],[30]
Amortized Cost		16,358,000	[1],[3],[4],[5],[6],[7],[9],[25]	9,826,000	[2],[10],[11],[13],[30]
Fair Value		$ 16,445,000	[3],[4],[5],[6],[7],[9],[25]	$ 9,825,000	[10],[11],[13],[30]
% of Net Assets		10.20%	[3],[4],[5],[6],[7],[9],[25]	13.20%	[10],[11],[13],[30]
Investment, Identifier [Axis]: GoTo Group, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[6],[7],[29]	475%
Interest Rate	[3],[4],[6],[7],[14],[15],[29]	10.18%
Par Amount/Units	[3],[4],[6],[7],[29]	$ 14,148,000
Amortized Cost	[1],[3],[4],[6],[7],[29]	13,155,000
Fair Value	[3],[4],[6],[7],[29]	$ 12,556,000
% of Net Assets	[3],[4],[6],[7],[29]	7.80%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		6%	[4],[5],[6],[7],[9],[25]	6%	[10],[11],[13],[30]
Interest Rate		11.35%	[4],[5],[6],[7],[9],[14],[15],[25]	11.39%	[10],[11],[13],[16],[17],[30]
Par Amount/Units		$ 1,766,000	[4],[5],[6],[7],[9],[25]	$ 349,000	[10],[11],[13],[18],[30]
Amortized Cost		1,750,000	[1],[4],[5],[6],[7],[9],[25]	337,000	[2],[10],[11],[13],[30]
Fair Value		$ 1,735,000	[4],[5],[6],[7],[9],[25]	$ 306,000	[10],[11],[13],[30]
% of Net Assets		1.10%	[4],[5],[6],[7],[9],[25]	0.40%	[10],[11],[13],[30]
Investment, Identifier [Axis]: MH Sub I, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		4.25%	[3],[4],[6],[7],[27]	4.25%	[10],[28]
Interest Rate		9.59%	[3],[4],[6],[7],[14],[15],[27]	9.60%	[10],[16],[17],[28]
Par Amount/Units		$ 9,937,000	[3],[4],[6],[7],[27]	$ 4,987,000	[10],[18],[28]
Amortized Cost		9,782,000	[1],[3],[4],[6],[7],[27]	4,848,000	[2],[10],[28]
Fair Value		$ 9,939,000	[3],[4],[6],[7],[27]	$ 4,913,000	[10],[28]
% of Net Assets		6.20%	[3],[4],[6],[7],[27]	6.60%	[10],[28]
Investment, Identifier [Axis]: MRI Software, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		5.75%	[5],[6],[8],[9],[20]	5.50%	[10],[11],[12],[13]
Interest Rate	[5],[6],[8],[9],[14],[15],[20]	11.08%
Par Amount/Units		$ 2,102,000	[5],[6],[8],[9],[20]	$ 0	[10],[11],[12],[13],[18]
Amortized Cost		2,040,000	[1],[5],[6],[8],[9],[20]	(68,000)	[2],[10],[11],[12],[13]
Fair Value		$ 2,033,000	[5],[6],[8],[9],[20]	$ (125,000)	[10],[11],[12],[13]
% of Net Assets		1.30%	[5],[6],[8],[9],[20]	(0.20%)	[10],[11],[12],[13]
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - First-Lien Debt
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[5],[6],[7],[20],[29]	600%
Interest Rate	[3],[4],[5],[6],[7],[14],[15],[20],[29]	11.44%
Par Amount/Units	[3],[4],[5],[6],[7],[20],[29]	$ 15,893,000
Amortized Cost	[1],[3],[4],[5],[6],[7],[20],[29]	15,579,000
Fair Value	[3],[4],[5],[6],[7],[20],[29]	$ 15,575,000
% of Net Assets	[3],[4],[5],[6],[7],[20],[29]	9.70%
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - Other Equity
Schedule of Investments [Line Items]
Par Amount/Units	[5],[6],[20],[31]	$ 0
Amortized Cost	[1],[5],[6],[20],[31]	20,000
Fair Value	[5],[6],[20],[31]	$ 20,000
% of Net Assets	[5],[6],[20],[31]	0%
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - Preferred Equity
Schedule of Investments [Line Items]
Interest Rate	[5],[6],[14],[15],[20]	16%
Par Amount/Units	[5],[6],[20]	$ 4,800,000
Amortized Cost	[1],[5],[6],[20]	4,732,000
Fair Value	[5],[6],[20]	$ 4,733,000
% of Net Assets	[5],[6],[20]	2.90%
Investment, Identifier [Axis]: OEconnection LLC
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[5],[6],[7],[9],[25]	525%
Interest Rate	[3],[4],[5],[6],[7],[9],[14],[15],[25]	10.59%
Par Amount/Units	[3],[4],[5],[6],[7],[9],[25]	$ 19,499,000
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[25]	19,271,000
Fair Value	[3],[4],[5],[6],[7],[9],[25]	$ 19,249,000
% of Net Assets	[3],[4],[5],[6],[7],[9],[25]	12%
Investment, Identifier [Axis]: Perforce Software, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[6],[20],[27]	4.75%
Interest Rate	[3],[6],[14],[15],[20],[27]	10.09%
Par Amount/Units	[3],[6],[20],[27]	$ 10,000,000
Amortized Cost	[1],[3],[6],[20],[27]	9,952,000
Fair Value	[3],[6],[20],[27]	$ 10,008,000
% of Net Assets	[3],[6],[20],[27]	6.20%
Investment, Identifier [Axis]: Quartz Acquireco, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		2.75%	[3],[6],[20],[29]	3.50%	[10],[26]
Interest Rate		8.08%	[3],[6],[14],[15],[20],[29]	8.86%	[10],[16],[17],[26]
Par Amount/Units		$ 4,963,000	[3],[6],[20],[29]	$ 4,988,000	[10],[18],[26]
Amortized Cost		4,968,000	[1],[3],[6],[20],[29]	4,994,000	[2],[10],[26]
Fair Value		$ 4,972,000	[3],[6],[20],[29]	$ 5,009,000	[10],[26]
% of Net Assets		3.10%	[3],[6],[20],[29]	6.70%	[10],[26]
Investment, Identifier [Axis]: Redwood Services Group, LLC
Schedule of Investments [Line Items]
Reference Rate and Spread		6.25%	[3],[4],[5],[6],[7],[9],[20],[25]	6.25%	[10],[11],[13],[23],[30]
Interest Rate		11.69%	[3],[4],[5],[6],[7],[9],[14],[15],[20],[25]	11.70%	[10],[11],[13],[16],[17],[23],[30]
Par Amount/Units		$ 15,070,000	[3],[4],[5],[6],[7],[9],[20],[25]	$ 12,737,000	[10],[11],[13],[18],[23],[30]
Amortized Cost		14,788,000	[1],[3],[4],[5],[6],[7],[9],[20],[25]	12,497,000	[2],[10],[11],[13],[23],[30]
Fair Value		$ 15,032,000	[3],[4],[5],[6],[7],[9],[20],[25]	$ 12,441,000	[10],[11],[13],[23],[30]
% of Net Assets		9.30%	[3],[4],[5],[6],[7],[9],[20],[25]	16.70%	[10],[11],[13],[23],[30]
Investment, Identifier [Axis]: Renaissance Holding Corp.
Schedule of Investments [Line Items]
Reference Rate and Spread		4.25%	[3],[6],[20],[27]	4.75%	[10],[28]
Interest Rate		9.60%	[3],[6],[14],[15],[20],[27]	10.09%	[10],[16],[17],[28]
Par Amount/Units		$ 9,938,000	[3],[6],[20],[27]	$ 4,988,000	[10],[18],[28]
Amortized Cost		9,955,000	[1],[3],[6],[20],[27]	4,994,000	[2],[10],[28]
Fair Value		$ 9,942,000	[3],[6],[20],[27]	$ 5,012,000	[10],[28]
% of Net Assets		6.20%	[3],[6],[20],[27]	6.70%	[10],[28]
Investment, Identifier [Axis]: Rocket Software, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		4.75%	[3],[6],[20],[27]	4.75%	[10],[28]
Interest Rate		10.09%	[3],[6],[14],[15],[20],[27]	10.11%	[10],[16],[17],[28]
Par Amount/Units		$ 14,925,000	[3],[6],[20],[27]	$ 4,987,000	[10],[18],[28]
Amortized Cost		14,805,000	[1],[3],[6],[20],[27]	4,928,000	[2],[10],[28]
Fair Value		$ 15,006,000	[3],[6],[20],[27]	$ 4,910,000	[10],[28]
% of Net Assets		9.30%	[3],[6],[20],[27]	6.60%	[10],[28]
Investment, Identifier [Axis]: Softeon, Inc.
Schedule of Investments [Line Items]
Reference Rate and Spread		5.75%	[5],[6],[9],[20],[25]	5.75%	[10],[11],[13],[30]
Interest Rate		11.08%	[5],[6],[9],[14],[15],[20],[25]	11.10%	[10],[11],[13],[16],[17],[30]
Par Amount/Units		$ 12,469,000	[5],[6],[9],[20],[25]	$ 12,500,000	[10],[11],[13],[18],[30]
Amortized Cost		12,173,000	[1],[5],[6],[9],[20],[25]	12,188,000	[2],[10],[11],[13],[30]
Fair Value		$ 12,250,000	[5],[6],[9],[20],[25]	$ 12,198,000	[10],[11],[13],[30]
% of Net Assets		7.60%	[5],[6],[9],[20],[25]	16.30%	[10],[11],[13],[30]
Investment, Identifier [Axis]: SumUp Holdings Midco S.à r.l
Schedule of Investments [Line Items]
Reference Rate and Spread	[3],[4],[5],[6],[7],[9],[19],[32],[33]	650%
Interest Rate	[3],[4],[5],[6],[7],[9],[14],[15],[19],[32]	11.83%
Par Amount/Units	[3],[4],[5],[6],[7],[9],[19],[32],[33]	$ 10,127,000
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[19],[32],[33]	10,026,000
Fair Value	[3],[4],[5],[6],[7],[9],[19],[32],[33]	$ 10,000,000
% of Net Assets	[3],[4],[5],[6],[7],[9],[19],[32],[33]	6.20%
Investment, Identifier [Axis]: Zelis Healthcare Corporation
Schedule of Investments [Line Items]
Reference Rate and Spread		2.75%	[3],[6],[20],[29]	3.50%	[10],[26]
Interest Rate		8.09%	[3],[6],[14],[15],[20],[29]	8.97%	[10],[16],[17],[26]
Par Amount/Units		$ 4,988,000	[3],[6],[20],[29]	$ 4,987,000	[10],[18],[26]
Amortized Cost		4,964,000	[1],[3],[6],[20],[29]	4,993,000	[2],[10],[26]
Fair Value		$ 4,992,000	[3],[6],[20],[29]	$ 5,003,000	[10],[26]
% of Net Assets		3.10%	[3],[6],[20],[29]	6.70%	[10],[26]

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5, Borrowings). (19) Equity investments are non-income producing securities. The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business: As of June 30, 2024 Geography - % of Fair Value Amortized Cost Fair Value United States $ 239,282 88.9 % $ 239,548 88.9 % Switzerland 19,751 7.4 % 20,054 7.4 % Luxembourg 10,026 3.7 10,000 3.7 % Total $ 269,059 100.0 % $ 269,602 100.0 % (18) All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5, Borrowings). (19) Equity investments are non-income producing securities. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser under the direction of the Board of Directors (the “Board”) (see Note 3), pursuant to the Company’s valuation policy. Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount (in thousands) is presented for Other Equity. The Company uses GICS ® industry tier for classification of investments. All investments ultimately are focused in enterprise software, data and technology-enabled business sectors. The interest rate floor on these investments as of June 30, 2024 was 1.00%. Investments – non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Value Aptean, Inc. Delayed draw term loan 1/30/2031 $ 3,375 $ (25) Aptean, Inc. Revolver 1/30/2031 1,820 (14) ASG III, LLC Delayed draw term loan 10/31/2029 353 (5) ASG III, LLC Revolver 10/31/2029 1,325 (20) Azurite Intermediate Holdings, Inc. Delayed draw term loan 3/19/2031 4,395 (60) Azurite Intermediate Holdings, Inc. Revolver 3/19/2031 1,953 (27) Diligent Corporation Delayed draw term loan 8/4/2030 3,400 (21) Diligent Corporation Revolver 8/4/2030 1,657 (10) Enverus Holdings, Inc. Delayed draw term loan 12/24/2029 832 (7) Enverus Holdings, Inc. Revolver 12/24/2029 1,267 (11) Integrity Marketing Acquisition, LLC Delayed draw term loan 8/27/2026 3,228 (20) MRI Software, LLC Delayed draw term loan 2/10/2027 9,261 (58) MRI Software, LLC Revolver 2/10/2027 1,136 1 OEConnection, LLC Delayed draw term loan 4/22/2031 3,385 (34) OEConnection, LLC Revolver 4/22/2031 2,116 (21) Redwood Services Group, LLC Delayed draw term loan 6/15/2029 4,003 (69) Softeon, Inc. Delayed draw term loan 11/20/2030 3,333 (42) Softeon, Inc. Delayed draw term loan 11/20/2030 1,667 - Softeon, Inc. Revolver 11/20/2030 1,667 (21) SumUp Holdings Delayed draw term loan 4/25/2031 2,532 (25) Total unfunded commitments $ 52,705 $ (489) The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business: As of December 31, 2023 Geography - % of Fair Value Amortized Cost Fair Value United States $ 89,939 85.9 % $ 90,132 85.9 % Switzerland 14,746 14.1 14,737 14.1 Total $ 104,685 100.0 % $ 104,869 100.0 % These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser under the direction of the Board (see Note 3), pursuant to the Company’s valuation policy. The interest rate floor on these investments as of December 31, 2023 was 1.00%. Investments – non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Value ASG III, LLC Delayed draw term loan 10/31/2029 $ 3,533 $ (71) ASG III, LLC Revolver 10/31/2029 1,325 (27) Enverus Holdings, Inc. Delayed draw term loan 12/24/2029 500 (4) Enverus Holdings, Inc. Revolver 12/24/2029 760 (11) Integrity Marketing Acquisition, LLC Delayed draw term loan 8/27/2026 4,650 (40) MRI Software, LLC Delayed draw term loan 2/10/2027 11,364 (114) MRI Software, LLC Revolver 2/10/2027 1,136 (11) Redwood Services Group, LLC Delayed draw term loan 6/15/2029 2,063 (41) Softeon, Inc. Delayed draw term loan 11/20/2030 3,333 (58) Softeon, Inc. Delayed draw term loan 11/20/2030 1,667 4 Softeon, Inc. Revolver 11/20/2030 1,667 (29) Total unfunded commitments $ 31,998 $ (402) Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate (“SOFR”) or an alternate base rate (commonly based on the Federal Funds Rate (“F”) or the U.S. Prime Rate (“P”), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2024. Variable rate loans typically include an interest reference rate floor feature. For unsettled positions the interest rate does not include the base rate. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR or an alternate base rate (commonly based on F or P, which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. Variable rate loans typically include an interest reference rate floor feature. For unsettled positions the interest rate does not include the base rate. Unless otherwise indicated, all debt investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for debt investments. None of the Company’s investments are pledged as collateral, under one or more of its credit facilities unless otherwise indicated. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024, nonqualifying assets represented 9.44% of total assets as calculated in accordance with regulatory requirements. Loans include a credit spread adjustment of 0.10%. The headquarters of this portfolio company is located in Switzerland. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, nonqualifying assets represented. 8.82% of total assets as calculated in accordance with regulatory requirements. Loans include a credit spread adjustment of 0.10%. The headquarters of this portfolio company is located in Switzerland. The interest rate floor on these investments as of June 30, 2024 was 0.75%. There are no interest rate floors on these investments. The interest rate floor on these investments as of June 30, 2024 was 0.50%. The interest rate floor on these investments as of December 31, 2023 was 0.50%. There are no interest rate floors on these investments. The interest rate floor on these investments as of December 31, 2023 was 0.75%. Equity investments are non-income producing securities. The headquarters of this portfolio company is located in Luxembourg. The interest rate floor on these investments as of June 30, 2024 was 1.50%.

CONSOLIDATED SCHEDULE OF INVE_2

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2024		Dec. 31, 2023
Unfunded Commitment		$ 52,705,000		$ 31,998,000
Fair Value		$ (489,000)		$ (402,000)
Credit spread adjustment		0.10%		0.10%
Amortized Cost		$ 269,059,000		$ 104,685,000
Fair Value		269,602,000		104,869,000
Investment, Unaffiliated Issuer
Amortized Cost		269,059,000	[1]	104,685,000	[2]
Fair Value		269,602,000		104,869,000
UNITED STATES \| Investment, Unaffiliated Issuer
Amortized Cost		239,282,000		89,939,000
Fair Value		239,548,000		90,132,000
SWITZERLAND \| Investment, Unaffiliated Issuer
Amortized Cost		19,751,000		14,746,000
Fair Value		20,054,000		14,737,000
LUXEMBOURG \| Investment, Unaffiliated Issuer
Amortized Cost		10,026,000
Fair Value		10,000,000
Investment, Identifier [Axis]: ASG III, LLC
Amortized Cost		11,290,000	[1],[3],[4],[5],[6],[7],[8],[9]	8,131,000	[2],[10],[11],[12],[13]
Fair Value		11,373,000	[3],[4],[5],[6],[7],[8],[9]	8,127,000	[10],[11],[12],[13]
Investment, Identifier [Axis]: ASG III, LLC, Delayed Draw Term Loan
Unfunded Commitment		353,000		3,533,000
Fair Value		(5,000)		(71,000)
Investment, Identifier [Axis]: ASG III, LLC, Revolver
Unfunded Commitment		1,325,000		1,325,000
Fair Value		(20,000)		(27,000)
Investment, Identifier [Axis]: Acronis International
Amortized Cost		19,751,000	[1],[3],[4],[5],[6],[7],[8],[14],[15],[16]	14,746,000	[2],[10],[11],[12],[17],[18],[19]
Fair Value		$ 20,054,000	[3],[4],[5],[6],[7],[8],[14],[15],[16]	$ 14,737,000	[10],[11],[12],[17],[18],[19]
Investment, Identifier [Axis]: Acronis International, ASG III, LLC and MRI Software, LLC
Investment, interest rate, floor				1%
Investment, Identifier [Axis]: Acronis International, ASG III, LLC, Azurite Intermediate Holdings, Inc., and MRI Software, LLC
Investment, interest rate, floor		1%
Investment, Identifier [Axis]: Aptean, Inc.
Amortized Cost		$ 19,582,000	[1],[3],[4],[5],[6],[7],[9],[20]	$ 8,298,000	[2],[10],[21]
Fair Value		19,617,000	[3],[4],[5],[6],[7],[9],[20]	8,447,000	[10],[21]
Investment, Identifier [Axis]: Aptean, Inc., Delayed Draw Term Loan
Unfunded Commitment		3,375,000
Fair Value		(25,000)
Investment, Identifier [Axis]: Aptean, Inc., Revolver
Unfunded Commitment		1,820,000
Fair Value		(14,000)
Investment, Identifier [Axis]: Athenahealth Group, Inc.
Amortized Cost		9,874,000	[1],[3],[4],[6],[7],[22]	4,938,000	[2],[10],[23]
Fair Value		$ 9,917,000	[3],[4],[6],[7],[22]	$ 4,973,000	[10],[23]
Investment, Identifier [Axis]: Athenahealth Group, Inc., MH Sub I, LLC, Central Parent, Inc., Renaissance Holding Corp. and Rocket Software, Inc.
Investment, interest rate, floor				0.50%
Investment, Identifier [Axis]: Athenahealth Group, Inc., MH Sub I, LLC, Perforce Software, Inc., Renaissance Holding Corp., and Rocket Software, Inc.
Investment, interest rate, floor		0.50%
Investment, Identifier [Axis]: Azurite Intermediate Holdings, Inc.
Amortized Cost	[1],[3],[4],[5],[6],[7],[8],[9]	$ 12,932,000
Fair Value	[3],[4],[5],[6],[7],[8],[9]	12,915,000
Investment, Identifier [Axis]: Azurite Intermediate Holdings, Inc., Delayed Draw Term Loan
Unfunded Commitment		4,395,000
Fair Value		(60,000)
Investment, Identifier [Axis]: Azurite Intermediate Holdings, Inc., Revolver
Unfunded Commitment		1,953,000
Fair Value		(27,000)
Investment, Identifier [Axis]: Banff Merger Sub, Inc.
Amortized Cost		6,474,000	[1],[3],[4],[6],[7],[24]	$ 4,029,000	[2],[10],[21]
Fair Value		6,519,000	[3],[4],[6],[7],[24]	4,059,000	[10],[21]
Investment, Identifier [Axis]: Central Parent, Inc.
Amortized Cost		10,024,000	[1],[3],[4],[6],[7],[24]	5,006,000	[2],[10],[23]
Fair Value		9,884,000	[3],[4],[6],[7],[24]	5,034,000	[10],[23]
Investment, Identifier [Axis]: Diligent Corporation
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[20]	14,814,000
Fair Value	[3],[4],[5],[6],[7],[9],[20]	14,836,000
Investment, Identifier [Axis]: Diligent Corporation, Delayed Draw Term Loan
Unfunded Commitment		3,400,000
Fair Value		(21,000)
Investment, Identifier [Axis]: Diligent Corporation, Revolver
Unfunded Commitment		1,657,000
Fair Value		(10,000)
Investment, Identifier [Axis]: Enverus Holdings, Inc.
Amortized Cost		16,358,000	[1],[3],[4],[5],[6],[7],[9],[20]	9,826,000	[2],[10],[11],[13],[25]
Fair Value		16,445,000	[3],[4],[5],[6],[7],[9],[20]	9,825,000	[10],[11],[13],[25]
Investment, Identifier [Axis]: Enverus Holdings, Inc., Delayed Draw Term Loan
Unfunded Commitment		832,000		500,000
Fair Value		(7,000)		(4,000)
Investment, Identifier [Axis]: Enverus Holdings, Inc., Revolver
Unfunded Commitment		1,267,000		760,000
Fair Value		(11,000)		(11,000)
Investment, Identifier [Axis]: GoTo Group, Inc.
Amortized Cost	[1],[3],[4],[6],[7],[24]	13,155,000
Fair Value	[3],[4],[6],[7],[24]	12,556,000
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC
Amortized Cost		1,750,000	[1],[4],[5],[6],[7],[9],[20]	337,000	[2],[10],[11],[13],[25]
Fair Value		1,735,000	[4],[5],[6],[7],[9],[20]	306,000	[10],[11],[13],[25]
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, Delayed Draw Term Loan
Unfunded Commitment		3,228,000		4,650,000
Fair Value		(20,000)		$ (40,000)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, Enverus Holdings, Inc., Redwood Services Group, LLC, and Softeon, Inc.
Investment, interest rate, floor				0.75%
Investment, Identifier [Axis]: MH Sub I, LLC
Amortized Cost		9,782,000	[1],[3],[4],[6],[7],[22]	$ 4,848,000	[2],[10],[23]
Fair Value		9,939,000	[3],[4],[6],[7],[22]	4,913,000	[10],[23]
Investment, Identifier [Axis]: MRI Software, LLC
Amortized Cost		2,040,000	[1],[5],[6],[8],[9],[15]	(68,000)	[2],[10],[11],[12],[13]
Fair Value		2,033,000	[5],[6],[8],[9],[15]	(125,000)	[10],[11],[12],[13]
Investment, Identifier [Axis]: MRI Software, LLC, Delayed Draw Term Loan
Unfunded Commitment		9,261,000		11,364,000
Fair Value		(58,000)		(114,000)
Investment, Identifier [Axis]: MRI Software, LLC, Revolver
Unfunded Commitment		1,136,000		1,136,000
Fair Value		1,000		(11,000)
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - First-Lien Debt
Amortized Cost	[1],[3],[4],[5],[6],[7],[15],[24]	15,579,000
Fair Value	[3],[4],[5],[6],[7],[15],[24]	15,575,000
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - Other Equity
Amortized Cost	[1],[5],[6],[15],[26]	20,000
Fair Value	[5],[6],[15],[26]	20,000
Investment, Identifier [Axis]: Metropolis Technologies, Inc. - Preferred Equity
Amortized Cost	[1],[5],[6],[15]	4,732,000
Fair Value	[5],[6],[15]	4,733,000
Investment, Identifier [Axis]: OEConnection, LLC, Delayed Draw Term Loan
Unfunded Commitment		3,385,000
Fair Value		(34,000)
Investment, Identifier [Axis]: OEConnection, LLC, Revolver
Unfunded Commitment		2,116,000
Fair Value		(21,000)
Investment, Identifier [Axis]: OEconnection LLC
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[20]	19,271,000
Fair Value	[3],[4],[5],[6],[7],[9],[20]	$ 19,249,000
Investment, Identifier [Axis]: OEconnection LLC, Integrity Marketing Acquisition, LLC, Redwood Services Group, LLC, Enverus Holdings, Inc., Diligent Corporation, Aptean, Inc., and Softeon, Inc.
Investment, interest rate, floor		0.75%
Investment, Identifier [Axis]: Perforce Software, Inc.
Amortized Cost	[1],[3],[6],[15],[22]	$ 9,952,000
Fair Value	[3],[6],[15],[22]	10,008,000
Investment, Identifier [Axis]: Quartz Acquireco, LLC
Amortized Cost		4,968,000	[1],[3],[6],[15],[24]	4,994,000	[2],[10],[21]
Fair Value		4,972,000	[3],[6],[15],[24]	5,009,000	[10],[21]
Investment, Identifier [Axis]: Redwood Services Group, LLC
Amortized Cost		14,788,000	[1],[3],[4],[5],[6],[7],[9],[15],[20]	12,497,000	[2],[10],[11],[13],[18],[25]
Fair Value		15,032,000	[3],[4],[5],[6],[7],[9],[15],[20]	12,441,000	[10],[11],[13],[18],[25]
Investment, Identifier [Axis]: Redwood Services Group, LLC, Delayed Draw Term Loan
Unfunded Commitment		4,003,000		2,063,000
Fair Value		(69,000)		(41,000)
Investment, Identifier [Axis]: Renaissance Holding Corp.
Amortized Cost		9,955,000	[1],[3],[6],[15],[22]	4,994,000	[2],[10],[23]
Fair Value		9,942,000	[3],[6],[15],[22]	5,012,000	[10],[23]
Investment, Identifier [Axis]: Rocket Software, Inc.
Amortized Cost		14,805,000	[1],[3],[6],[15],[22]	4,928,000	[2],[10],[23]
Fair Value		15,006,000	[3],[6],[15],[22]	4,910,000	[10],[23]
Investment, Identifier [Axis]: Softeon, Inc.
Amortized Cost		12,173,000	[1],[5],[6],[9],[15],[20]	12,188,000	[2],[10],[11],[13],[25]
Fair Value		12,250,000	[5],[6],[9],[15],[20]	12,198,000	[10],[11],[13],[25]
Investment, Identifier [Axis]: Softeon, Inc., Delayed Draw Term Loan 1
Unfunded Commitment		3,333,000		3,333,000
Fair Value		(42,000)		(58,000)
Investment, Identifier [Axis]: Softeon, Inc., Delayed Draw Term Loan 2
Unfunded Commitment		1,667,000		1,667,000
Fair Value		0		4,000
Investment, Identifier [Axis]: Softeon, Inc., Revolver
Unfunded Commitment		1,667,000		1,667,000
Fair Value		$ (21,000)		(29,000)
Investment, Identifier [Axis]: SumUp Holdings Midco S.à r.l
Investment, interest rate, floor		1.50%
Amortized Cost	[1],[3],[4],[5],[6],[7],[9],[14],[27],[28]	$ 10,026,000
Fair Value	[3],[4],[5],[6],[7],[9],[14],[27],[28]	10,000,000
Investment, Identifier [Axis]: SumUp Holdings, Delayed Draw Term Loan
Unfunded Commitment		2,532,000
Fair Value		(25,000)
Investment, Identifier [Axis]: Zelis Healthcare Corporation
Amortized Cost		4,964,000	[1],[3],[6],[15],[24]	4,993,000	[2],[10],[21]
Fair Value		$ 4,992,000	[3],[6],[15],[24]	$ 5,003,000	[10],[21]
Assets \| Asset Concentration Risk \| Nonqualifying Asset
Concentration risk, percentage		9.44%		8.82%
Investment Owned, At Amortized Cost \| Geographic Concentration Risk \| Investment, Unaffiliated Issuer
Concentration risk, percentage		100%		100%
Investment Owned, At Amortized Cost \| Geographic Concentration Risk \| UNITED STATES \| Investment, Unaffiliated Issuer
Concentration risk, percentage		88.90%		85.90%
Investment Owned, At Amortized Cost \| Geographic Concentration Risk \| SWITZERLAND \| Investment, Unaffiliated Issuer
Concentration risk, percentage		7.40%		14.10%
Investment Owned, At Amortized Cost \| Geographic Concentration Risk \| LUXEMBOURG \| Investment, Unaffiliated Issuer
Concentration risk, percentage		3.70%
Investment Owned, At Fair Value \| Geographic Concentration Risk \| Investment, Unaffiliated Issuer
Concentration risk, percentage		100%		100%
Investment Owned, At Fair Value \| Geographic Concentration Risk \| UNITED STATES \| Investment, Unaffiliated Issuer
Concentration risk, percentage		88.90%		85.90%
Investment Owned, At Fair Value \| Geographic Concentration Risk \| SWITZERLAND \| Investment, Unaffiliated Issuer
Concentration risk, percentage		7.40%		14.10%
Investment Owned, At Fair Value \| Geographic Concentration Risk \| LUXEMBOURG \| Investment, Unaffiliated Issuer
Concentration risk, percentage		3.70%

[1] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method. All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5, Borrowings). (19) Equity investments are non-income producing securities. The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business: As of June 30, 2024 Geography - % of Fair Value Amortized Cost Fair Value United States $ 239,282 88.9 % $ 239,548 88.9 % Switzerland 19,751 7.4 % 20,054 7.4 % Luxembourg 10,026 3.7 10,000 3.7 % Total $ 269,059 100.0 % $ 269,602 100.0 % (18) All or a portion of these investments are being secured as collateral in relation to the DB Credit Facility (as defined in Note 5, Borrowings). (19) Equity investments are non-income producing securities. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser under the direction of the Board of Directors (the “Board”) (see Note 3), pursuant to the Company’s valuation policy. Unless otherwise indicated, all investments held by the Company (the “Company” includes the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in U.S. dollars and headquartered in the United States. All investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount (in thousands) is presented for all debt investment and preferred equity. Unit amount (in thousands) is presented for Other Equity. The Company uses GICS ® industry tier for classification of investments. All investments ultimately are focused in enterprise software, data and technology-enabled business sectors. The interest rate floor on these investments as of June 30, 2024 was 1.00%. Investments – non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Value Aptean, Inc. Delayed draw term loan 1/30/2031 $ 3,375 $ (25) Aptean, Inc. Revolver 1/30/2031 1,820 (14) ASG III, LLC Delayed draw term loan 10/31/2029 353 (5) ASG III, LLC Revolver 10/31/2029 1,325 (20) Azurite Intermediate Holdings, Inc. Delayed draw term loan 3/19/2031 4,395 (60) Azurite Intermediate Holdings, Inc. Revolver 3/19/2031 1,953 (27) Diligent Corporation Delayed draw term loan 8/4/2030 3,400 (21) Diligent Corporation Revolver 8/4/2030 1,657 (10) Enverus Holdings, Inc. Delayed draw term loan 12/24/2029 832 (7) Enverus Holdings, Inc. Revolver 12/24/2029 1,267 (11) Integrity Marketing Acquisition, LLC Delayed draw term loan 8/27/2026 3,228 (20) MRI Software, LLC Delayed draw term loan 2/10/2027 9,261 (58) MRI Software, LLC Revolver 2/10/2027 1,136 1 OEConnection, LLC Delayed draw term loan 4/22/2031 3,385 (34) OEConnection, LLC Revolver 4/22/2031 2,116 (21) Redwood Services Group, LLC Delayed draw term loan 6/15/2029 4,003 (69) Softeon, Inc. Delayed draw term loan 11/20/2030 3,333 (42) Softeon, Inc. Delayed draw term loan 11/20/2030 1,667 - Softeon, Inc. Revolver 11/20/2030 1,667 (21) SumUp Holdings Delayed draw term loan 4/25/2031 2,532 (25) Total unfunded commitments $ 52,705 $ (489) The following table shows the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which is not always indicative of the primary source of the portfolio company’s business: As of December 31, 2023 Geography - % of Fair Value Amortized Cost Fair Value United States $ 89,939 85.9 % $ 90,132 85.9 % Switzerland 14,746 14.1 14,737 14.1 Total $ 104,685 100.0 % $ 104,869 100.0 % These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser under the direction of the Board (see Note 3), pursuant to the Company’s valuation policy. The interest rate floor on these investments as of December 31, 2023 was 1.00%. Investments – non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Value ASG III, LLC Delayed draw term loan 10/31/2029 $ 3,533 $ (71) ASG III, LLC Revolver 10/31/2029 1,325 (27) Enverus Holdings, Inc. Delayed draw term loan 12/24/2029 500 (4) Enverus Holdings, Inc. Revolver 12/24/2029 760 (11) Integrity Marketing Acquisition, LLC Delayed draw term loan 8/27/2026 4,650 (40) MRI Software, LLC Delayed draw term loan 2/10/2027 11,364 (114) MRI Software, LLC Revolver 2/10/2027 1,136 (11) Redwood Services Group, LLC Delayed draw term loan 6/15/2029 2,063 (41) Softeon, Inc. Delayed draw term loan 11/20/2030 3,333 (58) Softeon, Inc. Delayed draw term loan 11/20/2030 1,667 4 Softeon, Inc. Revolver 11/20/2030 1,667 (29) Total unfunded commitments $ 31,998 $ (402) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024, nonqualifying assets represented 9.44% of total assets as calculated in accordance with regulatory requirements. Loans include a credit spread adjustment of 0.10%. The headquarters of this portfolio company is located in Switzerland. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any nonqualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, nonqualifying assets represented. 8.82% of total assets as calculated in accordance with regulatory requirements. Loans include a credit spread adjustment of 0.10%. The headquarters of this portfolio company is located in Switzerland. The interest rate floor on these investments as of June 30, 2024 was 0.75%. There are no interest rate floors on these investments. The interest rate floor on these investments as of June 30, 2024 was 0.50%. The interest rate floor on these investments as of December 31, 2023 was 0.50%. There are no interest rate floors on these investments. The interest rate floor on these investments as of December 31, 2023 was 0.75%. Equity investments are non-income producing securities. The headquarters of this portfolio company is located in Luxembourg. The interest rate floor on these investments as of June 30, 2024 was 1.50%.

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Vista Credit Strategic Lending Corp. (the “Company”) is incorporated under the laws of the State of Maryland and was formed on March 15, 2022, its date of inception (“Inception Date”). The Company is structured as a closed-end management investment company. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company intends to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Vista Credit BDC Management, L.P. (the “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 Adviser also intends to provide the administrative services necessary for the Company to operate pursuant to an administration agreement (the “Administration Agreement"). The Adviser is a wholly owned subsidiary of VEP Group, LLC (together with its affiliates, including Vista Credit Partners, L.P., “Vista”). The Company is conducting a private offering (the “Private Offering”) of its shares of common stock to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the “1933 Act”) and outside the United States in accordance with Regulation S or Regulation D under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. The Company is a privately placed, perpetual-life BDC, which is a BDC whose shares are not listed for trading on a stock exchange or other securities market. Each investor in the Private Offering will make a capital commitment (a “Capital Commitment”) to purchase shares of common stock of the Company pursuant to a subscription agreement entered into with the Company. If investors’ Capital Commitments are not fully funded at the time such Commitments are accepted, such investors will be required to fund drawdowns to purchase the Company’s shares up to the amount of their respective Capital Commitments on an as-needed basis each time the Company delivers a notice to the investors. The Company anticipates funding investments utilizing proceeds from the Private Offering. On June 16, 2023, the Adviser purchased 1,250 shares of the Company’s common stock at $20.00 per share. On September 8, 2023, the Company began accepting subscription agreements from third-party investors acquiring shares of the Company’s common stock in the Private Offering.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim periods presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024. Use of Estimates The preparation of the 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 financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. Consolidation As provided under ASC 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, BDC CA Lender, LLC, VCSL Funding 1 LLC (“VCSL Funding 1”) and VCSL Funding 2 LLC. All significant intercompany balances and transactions have been eliminated. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments as presented in the accompanying Consolidated Statements of Operations reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash and cash equivalents are denominated in U.S. dollars and are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. As of June 30, 2024 and December 31, 2023, the Company had $21,942 and $0 balances related to restricted cash. Revenue Recognition Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates is accrued, and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. For the three and six months ended June 30, 2024, the Company earned $31 and $51 of PIK interest income, respectively. For the three and six months ended June 30, 2023, the Company earned $0 and $0 of PIK interest income, respectively. Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of June 30, 2024 or December 31, 2023. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2024, the Company earned $117 and $259, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2023, the Company earned $0 and $0, respectively, in other income. Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rates are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity. Organization and Offering Costs Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitations described below. These costs consist primarily of legal fees and other fees of organizing the Company. Costs associated with the Private Offering of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the commencement of operations. These costs consist primarily of legal fees and other fees incurred in connection with the Private Offering. For the three and six months ended June 30, 2024, the Company incurred $0 and $0 of organization costs and $50 and $146 of offering costs, and amortized $640 and $1,269 of offering costs, respectively. For the three and six months ended June 30, 2023, the Company incurred $804 and $1,093 of organization costs and $930 and $1,190 of offering costs, and amortized $0 and $0 of offering costs, respectively. Refer to Note 4 for further details on the Expense Support and Conditional Reimbursement Agreement. Deferred Financing Costs Interest expense and unused commitment fees on the Company’s borrowings are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Deferred financing costs include capitalized fees and other incremental costs related to the closing or amendments on the Company’s borrowings. Amortization of deferred financing costs are computed on a straight-line basis over the estimated average life of the borrowings. The unamortized balance of such costs is included i n prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liab ilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, the Company had $2,707 and $921 of deferred financing costs, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2024 were $229 and $448, respectively. Amortization expense for deferred financing costs for the three and six months ended June 30, 2023 were $0 and $0, respectively. Expenses The Company is responsible for software costs, insurance costs and other expenses related to the Company’s operations. Such expenses, including expenses incurred by the Adviser on behalf of the Company, are generally expected to be reimbursed by the Company. Costs incurred for annual subscriptions and insurance policies are generally recorded as a deferred charge and are amortized using the straight-line method over the term of the subscription or policy period. Deferred costs related to the Company’s director and officers liability insurance are presented in prepaid expenses and other assets on the Company’s Consolidated Statement of Assets and Liabilities. Income Taxes The Company intends to elect to be treated as a RIC under the Code. 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 stockholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. 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. Functional Currency The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars. Earnings per Common Share The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities. Recent Accounting Standards Updates In November 2023, the FASB issued Accounting Standard Updated (“ASU”) 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”), which affects all public entities that are required to report segment information. The amendments in ASU 2023-07 clarify that a public entity that has a single reportable segment is required to provide all the disclosures required by the amendments. The effective date for the amendments in ASU 2023-07 are for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
FAIR VALUE MEASUREMENTS	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company applies fair value accounting in accordance with the terms of ASC 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. 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 observable input that is significant to the fair value measurement. The 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 Adviser, as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. In addition to using the above inputs in investment valuations, the Adviser will apply a valuation policy approved by the Board of Directors (the “Board”) that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three and six months ended June 30, 2024, there was one transfer from level 3 to level 2 that was a result of changes in the observability of significant inputs for this one portfolio company. For the three and six months ended June 30, 2023, there were no transfers between levels. The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2024 and December 31, 2023. As of June 30, 2024 Level 1 Level 2 Level 3 Total Assets First-lien debt $ - $ 93,735 $ 171,114 $ 264,849 Preferred equity - - 4,733 4,733 Other equity - - 20 20 Total $ - $ 93,735 $ 175,867 $ 269,602 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets First-lien debt $ - $ 47,359 $ 57,510 $ 104,869 Total $ - $ 47,359 $ 57,510 $ 104,869 The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments that continue to be held are as follows: Financial Assets Financial Assets First-Lien Preferred Equity and Other Equity Total First-Lien Preferred Equity and Other Equity Total Balance, beginning of period $ 108,676 $ - $ 108,676 $ 57,510 $ - $ 57,510 Purchases 80,067 4,753 84,820 130,846 4,753 135,599 Paydowns (8,411) - (8,411) (8,411) - (8,411) Accretion of discount 100 - 100 159 - 159 PIK interest 51 - 51 53 - 53 Net change in unrealized appreciation (depreciation) 581 - 581 907 - 907 Transfers out of Level 3 (9,950) - (9,950) (9,950) - (9,950) Balance, end of period $ 171,114 $ 4,753 $ 175,867 $ 171,114 $ 4,753 $ 175,867 There was no investment activity f or the three and six months ended June 30, 2023 . For the three and six months ended June 30, 2024, the net change in unrealized appreciation (depreciation) included in earnings related to first-lien debt investments and preferred equity and other equity that continue to be held at the reporting date included in net change in unrealized appreciation (depreciation) on investments on the Consolidated Statements of Operations was $581 and $0 and $907 and $0, respectively. The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3: The Company’s Board has appointed the Adviser as its valuation designee, in accordance with Rule 2a-5 under the 1940 Act. The fair value is determined by the Adviser’s valuation committee, subject to oversight by the Board, consistent with a documented valuation policy and consistently applied valuation process. In connection with that determination, investment valuations will be prepared using ranges of valuations obtained from independent valuation firms, and/or proprietary models depending on the materiality of the investments, the availability of information on the Company’s investments and the type of investment being valued, all in accordance with the Company’s valuation policy. Determination of fair value involves subjective judgments and estimates. As part of the valuation process, the factors that may be taken into account in determining the fair value of the Company’s investments include, as relevant: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser’s valuation committee will consider whether the pricing indicated by the external event corroborates its valuation. Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company. Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis. Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The discount rate to be used is determined using an average of two market-based methodologies. Investments in debt securities may also be valued using consensus pricing. The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2024 : Range Fair Value as of June Valuation Significant Low High Weighted First-lien debt $ 171,114 Yield Analysis Discount Rate 10.1 % 17.1 % 11.7 % Preferred equity 4,733 Yield Analysis Discount Rate 17.0 % 19.7 % 17.2 % Other equity 20 Market Approach EBITDA Multiple 17.5x 19.9x 18.7x Total investments $ 175,867 The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of December 31, 2023 : Range Fair Value as of December Valuation Significant Low High Weighted First-lien debt $ 47,810 Yield Analysis Discount Rate 10.9 % 12.7 % 11.5 % 9,700 Recent Transactions Transaction Price 98.50 99.25 98.50 Total first-lien debt $ 57,510 The significant unobservable inputs used in the fair value measurement of the Company’s investments in first lien debt securities are discount rates and transaction prices. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transaction prices in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the performance multiple, which may include a revenue multiple, EBITDA multiple, or forward-looking metrics. The multiple is used to estimate the enterprise value of the underlying investment. An increase or decrease in the multiple would result in an increase or decrease, respectively, in the fair value. Financial Instruments Disclosed but Not Carried at Fair Value The following table presents the carrying value and fair value of the Company’s secured borrowings disclosed but not carried at fair value as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured borrowings $ 156,250 $ 156,250 $ 77,250 $ 77,250 Total borrowings $ 156,250 $ 156,250 $ 77,250 $ 77,250 Secured borrowings as of June 30, 2024 and December 31, 2023 consist of borrowings under the SMBC Credit Facility and the DB Credit Facility (each as defined in Note 5, Borrowings) which closed on November 17, 2023, and June 26, 2024, respectively. Given there were no material market movements in credit spreads from November 17, 2023 through June 30, 2024 and given the underlying interest rate on any secured borrowing is based on an underlying index that resets on a periodic basis, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Investment Advisory Agreement On June 16, 2023, the Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Adviser, pursuant to which the Adviser will manage the Company’s investment program and related activities. For providing these services, the Adviser will receive fees from the Company consisting of two components: (1) a Management Fee and (2) an Incentive Fee (both as described below). The cost of the Management Fee and the Incentive Fee will ultimately be borne by the Company’s stockholders. No Management Fee or Incentive Fee was payable to the Adviser until the commencement of investment activities. Without payment of any penalty, the Company will have the right to terminate the Investment Advisory Agreement upon 60 days’ written notice. The Management Fee will be payable quarterly in arrears at an annual rate of 1.25% of the Company’s net asset value as of the last day of the immediately preceding quarter. 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. In addition, the Management Fee for any partial quarter shall be appropriately prorated. For the purposes of the Investment Advisory Agreement, net assets mean the Company’s total assets less indebtedness and before taking into account any incentive fees payable during the period. The Management Fee incurred for the three and six months ended June 30, 2024 was $379 and $619, respectively. The Incentive Fee will consist of two components: the investment income component (the “Investment Income Incentive Fee”), and the capital gains component (the “Capital Gains Incentive Fee”). The two components are independent of each other, with the result that one component may be payable even if the other is not. (i) Investment Income Incentive Fee The Investment Income Incentive Fee is calculated quarterly in arrears based on pre-incentive fee net investment income for the immediately preceding calendar quarter. “Pre-incentive fee net investment income” means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus operating expenses for the calendar quarter (including the Management Fee, expenses payable to the Adviser under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK and zero-coupon securities), accrued income that the Company may not have received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of 1.25% per quarter (5.0% annualized). The Company will pay the Adviser an Investment Income Incentive Fee in each calendar quarter as follows: • No Investment Income Incentive Fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized); • 100% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.43% (5.72% annualized). This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.43%) is referred to as the “catch-up”; and • 12.5% of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.43% (5.72% annualized). For the three and six months ended June 30, 2024, the Company earned an Investment Income Incentive Fee of $220 and $220, respectively. There was no Investment Income Incentive Fee earned in the prior comparable periods. (ii) Capital Gains Incentive Fee The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from initial drawdown through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis less the aggregate amount of any previously paid capital gains incentive fees. The Company will accrue, but will not pay, a Capital Gains Incentive Fee with respect to unrealized appreciation because a Capital Gains Incentive Fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain. For the three and six months ended June 30, 2024, the Company incurred a Capital Gains Incentive Fee of $17 and $45, respectively, none of which is contractually payable under the terms of the Investment Advisory Agreement. There was no Capital Gains Incentive Fee earned in the prior comparable periods. Notwithstanding the foregoing, if the Company is required by U.S. GAAP to record an investment at its fair value as of the time of acquisition instead of at the actual amount paid for such investment (including, for example, as a result of the application of the asset acquisition method of accounting), then solely for the purposes of calculating the capital gains incentive fee, the “accreted or amortized cost basis” of an investment shall be an amount (the “Contractual Cost Basis”) equal to (1) (x) the actual amount paid by the Company for such investment plus (y) any amounts recorded in the Company’s financial statements as required by U.S. GAAP that are attributable to the accretion of such investment plus (z) any other adjustments made to the cost basis included in the Company’s financial statements, including payment-in-kind interest or additional amounts funded (net of repayments) minus (2) any amounts recorded in the Company’s financial statements as required by U.S. GAAP that are attributable to the amortization of such investment, whether such calculated Contractual Cost Basis is higher or lower than the fair value of such investment (as determined in accordance with U.S. GAAP) at the time of acquisition. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant period. For the three and six months ended June 30, 2024 , $379 and $619 of Management Fees were incurred, respectively, and $379 remains payable as of June 30, 2024 . For the three and six months ended June 30, 2024 , $237 and $265 of Incentive Fees were incurred, respectively, and the cumulative Incentive Fee payable is $288 as of June 30, 2024. Administration Agreement On June 16, 2023, the Company entered into the Administration Agreement with its Adviser. Pursuant to the Administration Agreement, the Adviser will perform, or oversee the performance of, administrative services, which includes, but is not limited to, providing office facilities, equipment and office services, maintaining financial records, preparing reports to stockholders and the Board and reports filed with the SEC, managing the payment of expenses, providing significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance, assisting the Company in determining and publishing (as necessary or appropriate) the Company’s net asset value and overseeing the preparation and filing of the Company’s tax returns and the performance of administrative and professional services rendered by others, which could include employees of the Adviser or its affiliates. The Company will reimburse the Adviser (and/or one or more of its affiliates) costs and expenses incurred by the Adviser for services performed for the Company pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate and/or to a third party and the Company will reimburse the Adviser (or its affiliate(s)) for any services performed for us by such affiliate or third party. To the extent that the Adviser outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Adviser. The Company will bear its allocable portion of the costs of the compensation, benefits, administrative expenses (including travel expenses in accordance with the Adviser’s travel and expense policy) and related overhead expenses of the Company’s officers who provide operational, administrative, legal, compliance, finance and accounting services hereunder, their respective staffs and other professionals who are employed by any of the Adviser’s affiliates that provide services to the Company, and who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company shall reimburse the Adviser (or its affiliate(s)) for an allocable portion of the compensation (including benefits) and overhead paid by the Adviser (or its affiliate(s)) to such individuals. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. For th e three and six months ended June 30, 2024, the Company incurred $404 and $807, respectively, in administrative service fees under the Administration Agreement. For t he three and six months ended June 30, 2023, the Company incurred $0 and $0, respectively, in administrative service fees under the Administration Agreement. Fees incurred under the Administration Agreement are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023 , $404 and $390, respectively, was unpaid and included in administrative service fees payable in the accompanying Consolidated Statements of Assets and Liabilities. Expense Support and Conditional Reimbursement Agreement The Company has entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain of the Company’s expenses on the Company’s behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest expense or distribution and/or servicing fees of the Company. Any Expense Payment that the Adviser has elected to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such election was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to, or on behalf of, the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” Reimbursement Payments are conditioned on (i) a distribution level (exclusive of return of capital and declared special dividends or special distributions, if any) equal to, or greater than, the rate at the time of the reimbursement, (ii) an operating expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) that is lower than the expense ratio (excluding any interest expense, organizational and offering expenses, Management or Incentive Fee) at the time of the expense reimbursement and (iii) a distribution level (exclusive of return of capital, if any) equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. As of June 30, 2024 and December 31, 2023 , $3,000 and $3,000, respectively, of the Company’s expenses are subject to the Expense Support Agreement and $334 and $1,932, respectively, of the Company’s expenses that are not subject to the Expense Support Agreement are presented as Due to Adviser on the Company’s Consolidated Statements of Assets and Liabilities. The follow table presents a summary of the Expense Payments and Reimbursement Payments since the Inception Date: As of Expense Payments Reimbursement Unreimbursed June 30, 2024 $ 3,000 $ - $ 3,000 December 31, 2023 3,000 - 3,000 Board of Directors The Board currently consists of five members, three of whom are Independent Directors. The Board has established a Nominating and Corporate Governance Committee and an Audit Committee of the Board, and may establish additional committees in the future. For the three and six months ended June 30, 2024 , the Company incurred $73 and $141 , respectively, in fees and expenses associated with its Independent Directors’ services on the Board and its committees. For the three and six months ended June 30, 2023 , the Company incurred $8 and $8 , respectively, in fees and expenses associated with its Independent Directors’ services on the Board and its committees. These fees are included in directors fees in the accompanying Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, $62 and $59, respectively, was unpaid and included in accrued expenses and other liabilities in the accompanying Consolidated Statements of Assets and Liabilities. Capital Commitments Total capital commitments as of June 30, 2024 and December 31, 2023, include a $50,000 capital commitment from VHG Capital, L.P., an entity affiliated with the Company and the Adviser. During the three and six months ended June 30, 2024 , VHG Capital, L.P. purchased 171,076.915 and 389,761.425 shares of common stock, respectively, for a total purchase price of $3,365 and $7,651, respectively .

BORROWINGS

BORROWINGS	6 Months Ended
BORROWINGS	Jun. 30, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of June 30, 2024 and December 31, 2023, asset coverage was 203.1% and 196.7%, respectively . SMBC Credit Facility On November 14, 2023, the Company entered into a revolving credit facility (the “SMBC Credit Facility”) with Sumitomo Mitsui Banking Corporation (“SMBC”). The SMBC Credit Facility provides for, among other things, a $200,000 revolving credit facility with a stated maturity date of November 14, 2025 . Borrowings under the SMBC Credit Facility may be base rate loans, eurocurrency loans or risk-free rate loans (i.e., loans bearing interest based on the Secured Overnight Financing Rate (“SOFR”) or the Sterling Overnight Interbank Average Rate (“SONIA”)). For any base rate loan, the applicable margin will be 1.60% plus the highest of (a) the federal funds rate plus 50 basis points ( 0.50% ); (b) the prime rate; or (c) except during any period during which the applicable SOFR rate is unavailable, the applicable SOFR rate in effect on such day plus 105 basis points ( 1.05% ). Eurocurrency rate loans, daily simple SOFR loans, daily simple SONIA loans and term SOFR loans will accrue interest at a rate equal to one-month Euro Interbank Offered Rate (“EURIBOR”), SOFR, or SONIA or one-month term SOFR, respectively, plus, in each case, 2.60% . The Company will pay to SMBC an unused commitment fee, payable quarterly, equal to 0.35% per annum of the average unused portion of available borrowings under the SMBC Credit Facility. The Company’s obligations under the SMBC Credit Facility are secured by (i) its ability to call capital from its investors, (ii) the capital commitments and capital contributions of such investors and (iii) the bank accounts to which such capital contributions are funded into by the Company’s investors. The Company has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the SMBC Credit Facility are subject to the leverage restrictions contained in the 1940 Act. The Company was in compliance with all covenants and other requirements as of June 30, 2024 and December 31, 2023. DB Credit Facility On June 26, 2024 (the “Effective Date”), the Company entered into a loan financing and servicing agreement (the “DB Credit Facility”) by and among VCSL Funding 1 LLC, a direct wholly-owned subsidiary of the Company, as borrower, the Company, as equityholder and as servicer, Deutsche Bank AG, New York Branch, as facility agent, State Street Bank and Trust Company, as collateral agent and as collateral custodian, and each of the lenders, other agents and securitization subsidiaries that are parties thereto from time to time. Pursuant to the DB Credit Facility, the lenders have agreed to extend a revolving credit facility to VCSL Funding 1 in an aggregate principal amount of up to $200,000 as of the Effective Date. The period during which VCSL Funding 1 may request drawdowns under the DB Credit Facility (the “Revolving Period”) commenced on the Effective Date and will continue through June 26, 2027 unless there is an earlier termination or event of default. The DB Credit Facility will mature on the earliest of (i) two years from the last day of the Revolving Period, (ii) the date on which the Company ceases to exist or (iii) the occurrence of an event of default. During the Revolving Period, borrowings under the DB Credit Facility will bear interest at a floating rate equal to the base rate plus 2.40% per annum. Following expiration of the Revolving Period, the interest rate on outstanding borrowings under the DB Credit Facility will equal the base rate plus 2.90% per annum for the remaining term of the DB Credit Facility. The base rate under the DB Credit Facility is the three-month secured overnight funding rate (“Term SOFR”). A facility agent fee is payable to the facility agent each quarter and is calculated based on the aggregate commitments outstanding each day during the preceding collection period at a rate of 1/360 of 0.25% of the aggregate commitments on each day. The DB Credit Facility is secured by all of the assets held by VCSL Funding 1. VCSL Funding 1 has made customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The borrowings of the Company, including under the DB Credit Facility, are subject to the leverage restrictions contained in the 1940 Act. VCSL Funding 1 was in compliance with all covenants and other requirements as of June 30, 2024 . The Company’s debt obligations consisted of the following as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Total Facility Borrowings Unused Portion (1) Amount Available (2) SMBC Credit Facility $ 200,000 $ 56,250 $ 143,750 $ 126,651 DB Credit Facility 200,000 100,000 100,000 33,042 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations. As of December 31, 2023 Total Facility Borrowings Unused Portion (1) Amount Available (2) SMBC Credit Facility $ 200,000 $ 77,250 $ 122,750 $ 115,874 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations. For the three and six months ended June 30, 2024 and 2023, the components of interest expense and credit facility fees were as follows: For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest expense $ 2,317 $ - $ 3,499 $ - Facility unused commitment fee 92 - 216 - Amortization of deferred financing costs 229 - 448 - Total interest expense and credit facility fees $ 2,638 $ - $ 4,163 $ - Cash paid for interest expense $ 2,202 $ - $ 3,317 $ - Average principal debt outstanding $ 115,854 $ - $ 87,294 $ - . As of June 30, 2024 and December 31, 2023, the components of interest and credit facility fees payable were as follows: As of June 30, 2024 December 31, 2023 Interest expense payable $ 976 $ 221 Unused commitment fee payable 91 - Total interest expense and credit facility fees payable $ 1,067 $ 221 Weighted average interest rate (1) 7.92 % 8.24 % (1) Weighted average interest rate as of June 30, 2024 and December 31, 2023. All underlying interest rates contracts as of June 30, 2024 and December 31, 2023 are based on floating SOFR rates. Excludes facility unused commitment fees and amortization of deferred financing costs.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2024 or December 31, 2023, for any such exposure. A summary of significant contractual payment obligations was as follows as of June 30, 2024 : Payments Due by Period As of June 30, 2024 Total Less Than 1 to 3 3 to 5 More Than SMBC Credit Facility $ 56,250 $ - $ 56,250 $ - $ - DB Credit Facility 100,000 - - 100,000 - The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of June 30, 2024 and December 31, 2023 : Par Value as of June 30, 2024 December 31, 2023 Delayed draw loan commitments $ 39,764 $ 27,110 Revolving loan commitments 12,941 4,888 Total unfunded commitments $ 52,705 $ 31,998 On June 20, 2023, the Adviser entered into a facility agreement (the “Facility Agreement”) with a subsidiary of Cliffwater Corporate Lending Fund (the “Financing Provider”), an independent third party, to allow the Company to acquire portfolio investments (“Warehoused Assets”) by purchasing all or a portion of certain loans, together with any unfunded commitments therein and/or equity instruments owned and held by the Financing Provider pursuant to the terms and provisions of the Facility Agreement (the “Warehousing Transaction”). Pursuant to the Facility Agreement, the Company may have requested the Financing Provider to acquire Warehoused Assets as it designated from time to time, which the Financing Provider could approve or reject in its sole and absolute discretion. The Facility Agreement terminated on June 30, 2024. Subject to certain conditions, the Facility Agreement created a forward obligation of the Financing Provider to sell and required the Adviser to cause the Company to purchase, all or a portion of certain Warehoused Assets owned and held by the Financing Provider. The obligation to purchase such Warehoused Assets was conditional upon satisfying certain conditions, including that the Company had received capital commitments in an aggregate amount of at least $250 million and the Board had approved accepting such commitments (the “Capital Condition”). The Capital Condition was satisfied as of September 30, 2023. The Financing Provider received, prior to any settlement date related to a purchase of Warehoused Assets, all principal proceeds, interest, fees and other cash (other than original issue discounts and certain upfront and other similar or one-time fees (“OID and Fees”)) accruing on any Warehoused Asset that was earned, accrued, paid or payable in respect of such Warehoused Asset. Following the settlement date, any Warehoused Asset shall be solely for the benefit of the Company. Under the Facility Agreement, loans (other than unfunded commitments that remain unfunded as of the settlement date of the Warehouse Transaction) were purchased at a value (the “Loan Purchase Price”) equal to (a) the initial principal amount, plus (b) any incremental principal amount of any loan as may be increased from time to time as the result of the capitalization of “payment-in-kind” interest under such loan plus (c) the amount of any uncapitalized “payment-in-kind” interest under such loan through the settlement date minus (d) any principal repayment amount, minus (e) the product of (i) OID and Fees paid or deemed paid on account of such loan, times (ii) the number of days from and including the settlement date of such loan to and excluding the 36-month anniversary of the initial purchase of the loan, divided by (iii) the number of days from and including the initial purchase date of such loan to and excluding the 36-month anniversary of the initial purchase of the loan. With respect to any remaining unfunded commitment that remains unfunded at the settlement date, the purchase price shall be a dollar amount equal to 0.25% of the amount of such unfunded commitment. Under the Facility Agreement, equity instruments were purchased based on an agreed-upon methodology (the “Equity Purchase Price, and together with the Loan Purchase Price, the “Purchase Price”). As additional consideration, with respect to any Warehoused Asset that is a loan, remaining unfunded commitment or any portion of the foregoing held by the Facility Provider for greater than or equal to nine months (such date, the “Incremental Pricing Date”), the Company may have paid, at the time of purchase, an additional amount, depending on the Facility Provider’s holding period of such Warehoused Asset beyond the Incremental Pricing Date, of the par value or unfunded amount, as applicable, of such loan, such remaining unfunded commitment or such portion of the foregoing. The Company has agreed to reimburse the Adviser for reasonable and documented fees and disbursements of outside legal counsel to the Financing Provider in connection with the preparation and negotiation of this Facility Agreement in an amount not to exceed $35. During the three and six months ended June 30, 2024, $0 and $0 of outside legal expenses were incurred, respectively.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	6 Months Ended
FINANCIAL HIGHLIGHTS	Jun. 30, 2024
Investment Company [Abstract]
FINANCIAL HIGHLIGHTS	FINANCIAL HIGHLIGHTS The following is a schedule of consolidated financial highlights for the six months ended June 30, 2024 . Financial highlights are not required for the six months ended June 30, 2023 as the Company had not commenced operations and had no non-affiliated shareholders. For the Six Months Per Share Data: Net asset value per share, beginning of period $ 19.60 Net investment income (loss) (1) 0.32 Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments (2) 0.01 Net increase (decrease) in net assets resulting in operations 0.33 Shareholder distributions from net investment income (0.26) Net asset value per share, end of period $ 19.67 Number of shares outstanding, end of period 8,188,088.785 Total return based on net asset value (3) 1.67 % Net assets, end of period $ 161,021 Ratio to average net assets (4): Expenses before incentive fees and waivers and reimbursements of expenses 7.47 % Expenses before incentive fees, after waivers and reimbursements of expenses 6.94 % Expenses after incentive fees, before waivers and reimbursements of expenses 7.70 % Expenses after incentive fees and waivers and reimbursements of expenses 7.16 % Net investment income (loss) 1.37 % Interest expense and credit facility fees 3.56 % Ratio/Supplemental Data: Asset coverage, end of period 203.05 % Portfolio turnover 11.78 % Total committed capital, end of period $ 499,740 Ratio of total contributed capital to total committed capital, end of period 32.44 % Weighted-average shares outstanding 5,056,847.904 (1) Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. (2) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period. (3) Total return is based on the change in net asset value per common share during the year plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. The total return has not been annualized. (4) These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.

NET ASSETS

NET ASSETS	6 Months Ended
NET ASSETS	Jun. 30, 2024
Equity [Abstract]
NET ASSETS	NET ASSETS The Company has the authority to issue 500,000,000 shares of common stock at $0.01 per share par value. As of June 30, 2024 and December 31, 2023, the Company had $362,626 and $423,833, respectively, of uncalled capital commitments from Stockholders, $25,000 of which is contingent on the Company receiving additional capital commitments, ensuring that at all times, the aggregate commitments of an individual investor does not exceed 24.99% of the Company’s aggregate commitments, and $34,187 and $41,838, respectively, of which is from entities affiliated with or related to the Adviser. Shares issued and outstanding as of June 30, 2024 and December 31, 2023 were 8,188,088.785 and 3,809,576.503, respectively. During the three and six months ended June 30, 2023, 1,250 shares were issued. The following table summarizes activity in the number of shares outstanding from the Inception Date through June 30, 2024: Date Shares Issued Proceeds Received Issuance Price per Share 6/16/2023 1,250.000 $ 25 $20.00 10/10/2023 58,326.500 1,167 $20.00 11/9/2023 2,250,000.002 45,000 $20.00 12/20/2023 1,500,000.001 30,000 $20.00 3/26/2024 2,040,816.328 40,000 $19.60 4/1/2024 253,146.256 4,962 $19.60 5/10/2024 34,351.145 675 $19.65 6/3/2024 15,997.968 315 $19.69 6/27/2024 2,033,553.635 40,000 (1) $19.67 (1) $1,581 of proceeds is receivable as of June 30, 2024 and included as a Subscription Receivable on the Consolidated Statements of Assets and Liabilities. The following table summarizes the Company's distributions declared from the Inception Date through June 30, 2024: Declared Date Record Date Payment Date Dividends per Share 5/1/2024 5/2/2024 5/6/2024 $0.02 5/30/2024 5/31/2024 6/5/2024 $0.15 6/24/2024 6/25/2024 7/8/2024 $0.09 The following table reflects the shares issued pursuant to the dividend reinvestment program from the Inception Date through June 30, 2024: Declared Date Record Date Payment Date Shares Issued 5/1/2024 5/2/2024 5/6/2024 39.206 5/30/2024 5/31/2024 6/5/2024 607.744 The Company computes earnings per share in accordance with ASC 260. Basic earnings per share was calculated by dividing net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of shares outstanding for the period. Basic and diluted earnings per share was as follows: For the Three Months For the Three Months For the Six Months For the Six Months Net increase (decrease) in net assets resulting from operations $ 1,657 $ - $ 1,958 $ - Weighted average shares outstanding 6,194,767.666 206.040 5,056,847.904 241.935 Basic and diluted earnings (loss) per share $ 0.27 $ - $ 0.39 $ -

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date the consolidated financial statements were available to be issued. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below. On July 3, 2024, the Company issued 72,818 shares of the Company’s common stock and received aggregate proceeds of approximately $1,682.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 1,657	$ 0	$ 1,958	$ 0

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”). Interim financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6 or 10 of Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim periods presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.
Use of Estimates	Use of Estimates The preparation of the 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 financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. Actual results could differ from those estimates.
Consolidation	Consolidation
Investments	Investments
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. treasury notes) with original maturities of three months or less. Cash and cash equivalents are denominated in U.S. dollars and are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Restricted cash and cash equivalents include amounts that are collected and are held by trustees who have been appointed as custodians of the assets securing certain of the Company’s financing transactions. Restricted cash and cash equivalents are held by the trustees for payment of interest expense and principal on the outstanding borrowings or reinvestment into new assets. As of June 30, 2024 and December 31, 2023, the Company had $21,942 and $0 balances related to restricted cash.
Revenue Recognition	Revenue Recognition Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rates is accrued, and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. For the three and six months ended June 30, 2024, the Company earned $31 and $51 of PIK interest income, respectively. For the three and six months ended June 30, 2023, the Company earned $0 and $0 of PIK interest income, respectively. Loans are generally placed on non-accrual status when interest and/or principal payments become materially past due and there is reasonable doubt that principal or interest will be collected in full. Recognition of interest income of that loan will be ceased until all principal and interest is current through payment or until a restructuring occurs, such that the interest income is deemed to be collectible. However, the Company remains contractually entitled to this interest. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Company’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value or is in the process of collection. Accrued interest is written off when it becomes probable that the interest will not be collected, and the amount of uncollectible interest can be reasonably estimated. The Company did not have any loans on non-accrual status as of June 30, 2024 or December 31, 2023. Other income may include income such as consent, waiver, amendment, unused, underwriting, arranger and prepayment fees associated with the Company’s investment activities as well as any fees for managerial assistance services rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. The Company may receive fees for guaranteeing the outstanding debt of a portfolio company. Such fees are amortized into other income over the life of the guarantee. The unamortized amount, if any, is included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. For the three and six months ended June 30, 2024, the Company earned $117 and $259, respectively, in other income, primarily from unused fees. For the three and six months ended June 30, 2023, the Company earned $0 and $0, respectively, in other income. Dividend income on preferred equity is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent a preferred equity contains PIK provisions, PIK dividends, computed at the contractual rates are accrued and recorded as dividend income and added to the principal balance of the preferred equity. PIK dividends added to the principal balance are generally collected upon redemption of the equity.
Organization and Offering Costs	Organization and Offering Costs Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitations described below. These costs consist primarily of legal fees and other fees of organizing the Company. Costs associated with the Private Offering of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the commencement of operations. These costs consist primarily of legal fees and other fees incurred in connection with the Private Offering.
Deferred Financing Costs	Deferred Financing Costs Interest expense and unused commitment fees on the Company’s borrowings are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations. Deferred financing costs include capitalized fees and other incremental costs related to the closing or amendments on the Company’s borrowings. Amortization of deferred financing costs are computed on a straight-line basis over the estimated average life of the borrowings. The unamortized balance of such costs is included i n prepaid expenses and other assets in the accompanying Consolidated Statements of Assets and Liab ilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Consolidated Statements of Operations.
Expenses	Expenses
Income Taxes	Income Taxes The Company intends to elect to be treated as a RIC under the Code. 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 stockholders as dividends. Therefore, no provision for federal income taxes is recorded in the consolidated financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must also annually distribute dividends for U.S. federal income tax purposes to its stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of its investment company taxable income, determined without regard to any deduction for dividends paid. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. 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.
Functional Currency	Functional Currency
Earnings per Common Share	Earnings per Common Share The Company computes earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share reflects the assumed conversion of all dilutive securities.
Recent Accounting Standards Updates	Recent Accounting Standards Updates In November 2023, the FASB issued Accounting Standard Updated (“ASU”) 2023-07, Segment Reporting (Topic 280) (“ASU 2023-07”), which affects all public entities that are required to report segment information. The amendments in ASU 2023-07 clarify that a public entity that has a single reportable segment is required to provide all the disclosures required by the amendments. The effective date for the amendments in ASU 2023-07 are for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Investments Measured at Fair Value on Recurring Basis	The following tables summarize the Company’s investments measured at fair value on a recurring basis by the above fair value hierarchy levels as of June 30, 2024 and December 31, 2023. As of June 30, 2024 Level 1 Level 2 Level 3 Total Assets First-lien debt $ - $ 93,735 $ 171,114 $ 264,849 Preferred equity - - 4,733 4,733 Other equity - - 20 20 Total $ - $ 93,735 $ 175,867 $ 269,602 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets First-lien debt $ - $ 47,359 $ 57,510 $ 104,869 Total $ - $ 47,359 $ 57,510 $ 104,869
Schedule of Level 3 Input Reconciliation	The changes in the Company’s investments at fair value for which the Company has used Level 3 inputs to determine fair value and net change in unrealized appreciation (depreciation) included in earnings for Level 3 investments that continue to be held are as follows: Financial Assets Financial Assets First-Lien Preferred Equity and Other Equity Total First-Lien Preferred Equity and Other Equity Total Balance, beginning of period $ 108,676 $ - $ 108,676 $ 57,510 $ - $ 57,510 Purchases 80,067 4,753 84,820 130,846 4,753 135,599 Paydowns (8,411) - (8,411) (8,411) - (8,411) Accretion of discount 100 - 100 159 - 159 PIK interest 51 - 51 53 - 53 Net change in unrealized appreciation (depreciation) 581 - 581 907 - 907 Transfers out of Level 3 (9,950) - (9,950) (9,950) - (9,950) Balance, end of period $ 171,114 $ 4,753 $ 175,867 $ 171,114 $ 4,753 $ 175,867
Schedule of Fair Value Inputs and Valuation Techniques	The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of June 30, 2024 : Range Fair Value as of June Valuation Significant Low High Weighted First-lien debt $ 171,114 Yield Analysis Discount Rate 10.1 % 17.1 % 11.7 % Preferred equity 4,733 Yield Analysis Discount Rate 17.0 % 19.7 % 17.2 % Other equity 20 Market Approach EBITDA Multiple 17.5x 19.9x 18.7x Total investments $ 175,867 The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of December 31, 2023 : Range Fair Value as of December Valuation Significant Low High Weighted First-lien debt $ 47,810 Yield Analysis Discount Rate 10.9 % 12.7 % 11.5 % 9,700 Recent Transactions Transaction Price 98.50 99.25 98.50 Total first-lien debt $ 57,510
Schedule of Carrying Values and Fair Values of Debt	The following table presents the carrying value and fair value of the Company’s secured borrowings disclosed but not carried at fair value as of June 30, 2024 and December 31, 2023: As of June 30, 2024 As of December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Secured borrowings $ 156,250 $ 156,250 $ 77,250 $ 77,250 Total borrowings $ 156,250 $ 156,250 $ 77,250 $ 77,250

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of the Expense Payments and Reimbursement Payments	The follow table presents a summary of the Expense Payments and Reimbursement Payments since the Inception Date: As of Expense Payments Reimbursement Unreimbursed June 30, 2024 $ 3,000 $ - $ 3,000 December 31, 2023 3,000 - 3,000

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
BORROWINGS (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The Company’s debt obligations consisted of the following as of June 30, 2024 and December 31, 2023: As of June 30, 2024 Total Facility Borrowings Unused Portion (1) Amount Available (2) SMBC Credit Facility $ 200,000 $ 56,250 $ 143,750 $ 126,651 DB Credit Facility 200,000 100,000 100,000 33,042 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations. As of December 31, 2023 Total Facility Borrowings Unused Portion (1) Amount Available (2) SMBC Credit Facility $ 200,000 $ 77,250 $ 122,750 $ 115,874 (1) The unused portion is the amount upon which commitment fees are based. (2) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and borrowing base calculations. For the three and six months ended June 30, 2024 and 2023, the components of interest expense and credit facility fees were as follows: For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest expense $ 2,317 $ - $ 3,499 $ - Facility unused commitment fee 92 - 216 - Amortization of deferred financing costs 229 - 448 - Total interest expense and credit facility fees $ 2,638 $ - $ 4,163 $ - Cash paid for interest expense $ 2,202 $ - $ 3,317 $ - Average principal debt outstanding $ 115,854 $ - $ 87,294 $ - .
Schedule of Components of Interest and Credit Facilities Payable	As of June 30, 2024 and December 31, 2023, the components of interest and credit facility fees payable were as follows: As of June 30, 2024 December 31, 2023 Interest expense payable $ 976 $ 221 Unused commitment fee payable 91 - Total interest expense and credit facility fees payable $ 1,067 $ 221 Weighted average interest rate (1) 7.92 % 8.24 % (1) Weighted average interest rate as of June 30, 2024 and December 31, 2023. All underlying interest rates contracts as of June 30, 2024 and December 31, 2023 are based on floating SOFR rates. Excludes facility unused commitment fees and amortization of deferred financing costs.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Payment Obligations	A summary of significant contractual payment obligations was as follows as of June 30, 2024 : Payments Due by Period As of June 30, 2024 Total Less Than 1 to 3 3 to 5 More Than SMBC Credit Facility $ 56,250 $ - $ 56,250 $ - $ - DB Credit Facility 100,000 - - 100,000 -
Schedule For Financial Support For Nonconsolidated Entity	The Company had the following unfunded commitments to fund delayed draw and revolving senior secured loans as of June 30, 2024 and December 31, 2023 : Par Value as of June 30, 2024 December 31, 2023 Delayed draw loan commitments $ 39,764 $ 27,110 Revolving loan commitments 12,941 4,888 Total unfunded commitments $ 52,705 $ 31,998

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Jun. 30, 2024
Investment Company [Abstract]
Schedule Of Consolidated Financial Highlights	The following is a schedule of consolidated financial highlights for the six months ended June 30, 2024 . Financial highlights are not required for the six months ended June 30, 2023 as the Company had not commenced operations and had no non-affiliated shareholders. For the Six Months Per Share Data: Net asset value per share, beginning of period $ 19.60 Net investment income (loss) (1) 0.32 Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments (2) 0.01 Net increase (decrease) in net assets resulting in operations 0.33 Shareholder distributions from net investment income (0.26) Net asset value per share, end of period $ 19.67 Number of shares outstanding, end of period 8,188,088.785 Total return based on net asset value (3) 1.67 % Net assets, end of period $ 161,021 Ratio to average net assets (4): Expenses before incentive fees and waivers and reimbursements of expenses 7.47 % Expenses before incentive fees, after waivers and reimbursements of expenses 6.94 % Expenses after incentive fees, before waivers and reimbursements of expenses 7.70 % Expenses after incentive fees and waivers and reimbursements of expenses 7.16 % Net investment income (loss) 1.37 % Interest expense and credit facility fees 3.56 % Ratio/Supplemental Data: Asset coverage, end of period 203.05 % Portfolio turnover 11.78 % Total committed capital, end of period $ 499,740 Ratio of total contributed capital to total committed capital, end of period 32.44 % Weighted-average shares outstanding 5,056,847.904 (1) Net investment income (loss) per share was calculated as net investment income (loss) for the period divided by the weighted average number of shares outstanding for the period. (2) Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period. (3) Total return is based on the change in net asset value per common share during the year plus the declared dividends on shares, assuming reinvestment of dividends in accordance with the dividend reinvestment plan, divided by the beginning net asset value for the year. The total return has not been annualized. (4) These ratios to average net assets have not been annualized. Average net assets are computed using the net assets at the end of each quarter of the reporting period.

NET ASSETS (Tables)

NET ASSETS (Tables)	6 Months Ended
NET ASSETS (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Stock by Class	The following table summarizes activity in the number of shares outstanding from the Inception Date through June 30, 2024: Date Shares Issued Proceeds Received Issuance Price per Share 6/16/2023 1,250.000 $ 25 $20.00 10/10/2023 58,326.500 1,167 $20.00 11/9/2023 2,250,000.002 45,000 $20.00 12/20/2023 1,500,000.001 30,000 $20.00 3/26/2024 2,040,816.328 40,000 $19.60 4/1/2024 253,146.256 4,962 $19.60 5/10/2024 34,351.145 675 $19.65 6/3/2024 15,997.968 315 $19.69 6/27/2024 2,033,553.635 40,000 (1) $19.67 (1)
Schedule of Dividends and Distributions	The following table summarizes the Company's distributions declared from the Inception Date through June 30, 2024: Declared Date Record Date Payment Date Dividends per Share 5/1/2024 5/2/2024 5/6/2024 $0.02 5/30/2024 5/31/2024 6/5/2024 $0.15 6/24/2024 6/25/2024 7/8/2024 $0.09 The following table reflects the shares issued pursuant to the dividend reinvestment program from the Inception Date through June 30, 2024: Declared Date Record Date Payment Date Shares Issued 5/1/2024 5/2/2024 5/6/2024 39.206 5/30/2024 5/31/2024 6/5/2024 607.744
Schedule of Earnings Per Share, Basic and Diluted	The Company computes earnings per share in accordance with ASC 260. Basic earnings per share was calculated by dividing net increase (decrease) in net assets resulting from operations attributable to the Company by the weighted-average number of shares outstanding for the period. Basic and diluted earnings per share was as follows: For the Three Months For the Three Months For the Six Months For the Six Months Net increase (decrease) in net assets resulting from operations $ 1,657 $ - $ 1,958 $ - Weighted average shares outstanding 6,194,767.666 206.040 5,056,847.904 241.935 Basic and diluted earnings (loss) per share $ 0.27 $ - $ 0.39 $ -

ORGANIZATION (Details)

ORGANIZATION (Details) - Affiliated Entity - Private Offereing	Jun. 16, 2023 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares) \| shares	1,250
Sale of stock, price per share (in dollar per share) \| $ / shares	$ 20

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Restricted cash and cash equivalents	$ 21,942		$ 21,942		$ 0
Interest income paid in kind	31	$ 0	51	$ 0
Organization costs	0	804	0	1,093
Offering costs incurred	50	930	146	1,190
Offering costs	640	0	1,269	0
Deferred financing costs	2,707		2,707		$ 921
Amortization of deferred financing costs	229	0	448	0
Investment, Unaffiliated Issuer
Product Information [Line Items]
Other income	$ 117	$ 0	$ 259	$ 0

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Investments Measured at Fair Value on Recurring Basis (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) transfer	Jun. 30, 2023 USD ($) transfer	Jun. 30, 2024 USD ($) transfer	Jun. 30, 2023 USD ($) transfer	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of transfers out of level 3 \| transfer	1	0	1	0
Fair Value	$ 269,602,000	$ 0	$ 269,602,000	$ 0	$ 104,869,000
First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	264,849,000		264,849,000		104,869,000
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	4,733,000		4,733,000
Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	20,000		20,000
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0		0
Level 1 \| First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0		0
Level 1 \| Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0
Level 1 \| Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	93,735,000		93,735,000		47,359,000
Level 2 \| First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	93,735,000		93,735,000		47,359,000
Level 2 \| Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0
Level 2 \| Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	0		0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	175,867,000		175,867,000		57,510,000
Level 3 \| First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	171,114,000		171,114,000		$ 57,510,000
Level 3 \| Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	4,733,000		4,733,000
Level 3 \| Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 20,000		$ 20,000

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Level 3 Input Reconciliation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Non-controlled/non-affiliated investments		Non-controlled/non-affiliated investments
Fair Value	$ 269,602,000	$ 0	$ 269,602,000	$ 0	$ 104,869,000
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	108,676,000		57,510,000
Purchases	84,820,000		135,599,000
Paydowns	(8,411,000)		(8,411,000)
Accretion of discount	100,000		159,000
PIK interest	51,000		53,000
Net change in unrealized appreciation (depreciation)	581,000		907,000
Transfers out of Level 3	(9,950,000)		(9,950,000)
Balance, end of period	175,867,000		175,867,000
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	581,000	$ 0	907,000	$ 0
First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	108,676,000		57,510,000
Purchases	80,067,000		130,846,000
Paydowns	(8,411,000)		(8,411,000)
Accretion of discount	100,000		159,000
PIK interest	51,000		53,000
Net change in unrealized appreciation (depreciation)	581,000		907,000
Transfers out of Level 3	(9,950,000)		(9,950,000)
Balance, end of period	171,114,000		171,114,000
Preferred Equity and Other Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	0		0
Purchases	4,753,000		4,753,000
Paydowns	0		0
Accretion of discount	0		0
PIK interest	0		0
Net change in unrealized appreciation (depreciation)	0		0
Transfers out of Level 3	0		0
Balance, end of period	$ 4,753,000		$ 4,753,000

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Fair Value Inputs and Valuation Techniques (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 269,602,000	$ 104,869,000	$ 0
First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	264,849,000	104,869,000
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	4,733,000
Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	20,000
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	175,867,000	57,510,000
Level 3 \| First-lien debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	171,114,000	57,510,000
Level 3 \| First-lien debt \| Yield Analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 171,114,000	$ 47,810,000
Level 3 \| First-lien debt \| Yield Analysis \| Low \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.101	0.109
Level 3 \| First-lien debt \| Yield Analysis \| High \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.171	0.127
Level 3 \| First-lien debt \| Yield Analysis \| Weighted Average \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.117	0.115
Level 3 \| First-lien debt \| Recent Transactions
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value		$ 9,700,000
Level 3 \| First-lien debt \| Recent Transactions \| Low \| Transaction Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input		98.50
Level 3 \| First-lien debt \| Recent Transactions \| High \| Transaction Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input		99.25
Level 3 \| First-lien debt \| Recent Transactions \| Weighted Average \| Transaction Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input		98.50
Level 3 \| Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 4,733,000
Level 3 \| Preferred equity \| Yield Analysis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 4,733,000
Level 3 \| Preferred equity \| Yield Analysis \| Low \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.170
Level 3 \| Preferred equity \| Yield Analysis \| High \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.197
Level 3 \| Preferred equity \| Yield Analysis \| Weighted Average \| Discount Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.172
Level 3 \| Other equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 20,000
Level 3 \| Other equity \| Market Approach
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value	$ 20,000
Level 3 \| Other equity \| Market Approach \| Low \| EBITDA Multiple
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.175
Level 3 \| Other equity \| Market Approach \| High \| EBITDA Multiple
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.199
Level 3 \| Other equity \| Market Approach \| Weighted Average \| EBITDA Multiple
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment company, investment owned, measurement input	0.187

FAIR VALUE MEASUREMENTS - Sch_4

FAIR VALUE MEASUREMENTS - Schedule of Carrying Values and Fair Values of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	$ 156,250	$ 77,250
Carrying Value \| Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	156,250	77,250
Fair Value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	156,250	77,250
Fair Value \| Line of Credit
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	$ 156,250	$ 77,250

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	Jun. 16, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fee expense		$ 379,000	$ 0	$ 619,000	$ 0
Incentive fee expense		237,000	0	265,000	0
Administrative service fees		404,000	0	807,000	0
Administrative service fee payable		404,000		404,000		$ 390,000
Other receivables		3,000,000		3,000,000		3,000,000
Directors fees		73,000	8,000	141,000	8,000
Capital commitment				499,740,000
Affiliated Entity
Related Party Transaction [Line Items]
Unreimbursed expense payments		$ 334,000		334,000		1,932,000
Affiliated Entity \| VHG Capital, L.P.
Related Party Transaction [Line Items]
Capital commitment				$ 50,000,000		50,000,000
Affiliated Entity \| VHG Capital, L.P. \| Private Offering
Related Party Transaction [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		171,076.915		389,761.425
Total purchase price of common stock		$ 3,365,000		$ 7,651,000
Related Party
Related Party Transaction [Line Items]
Directors fees payable		62,000		62,000		59,000
Investment Advisory Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Agreement termination written notice period	60 days
Management and service fees, base rate	1.25%
Investment income, incentive fee		220,000	0	220,000	0
Management fee payable		379,000		379,000
Incentive fee payable		288,000		288,000
Investment Management Agreement - Incentive Rate, Quarterly Hurdle Rate \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	1.25%
Investment Management Agreement - Incentive Rate, Annualized Hurdle Rate \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	5%
Investment Management Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	100%
Investment Management Agreement - Incentive Rate, Quarterly Catch-Up Threshold \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	1.43%
Investment Management Agreement - Incentive Rate, Annualized Catch-Up Threshold \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	5.72%
Investment Management Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	12.50%
Investment Management Agreement - Incentive Rate, Realized Capital Gains \| Affiliated Entity
Related Party Transaction [Line Items]
Management and service fees, incentive rate	12.50%
Incentive fee expense		17,000	$ 0	$ 45,000	$ 0
Administration Agreement \| Affiliated Entity
Related Party Transaction [Line Items]
Agreement termination written notice period	60 days
Expense Support Agreement - Expense Payment \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, term				45 days
Expense Support Agreement - Excess Operating Funds Payment \| Affiliated Entity
Related Party Transaction [Line Items]
Related party transaction, term				3 years
Unreimbursed expense payments		$ 3,000,000		$ 3,000,000		$ 3,000,000

RELATED PARTY TRANSACTIONS - Ex

RELATED PARTY TRANSACTIONS - Expense Payments and Reimbursement Payments (Details) - Affiliated Entity - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Unreimbursed Expense Payments	$ 334	$ 1,932
Expense Support Agreement - Excess Operating Funds Payment
Related Party Transaction [Line Items]
Expense Payments Incurred by Adviser	3,000	3,000
Reimbursement Payments to Adviser	0	0
Unreimbursed Expense Payments	$ 3,000	$ 3,000

BORROWINGS - Narrative (Details

BORROWINGS - Narrative (Details) - USD ($)			6 Months Ended
BORROWINGS - Narrative (Details) - USD ($)	Jun. 26, 2024	Nov. 14, 2023	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Asset coverage ratio			203.05%	196.70%
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 200,000,000	$ 200,000,000	$ 200,000,000
Line of credit facility, unused capacity, commitment fee percentage		0.35%
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.60%
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		1.05%
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit \| EURIBOR, SOFR, Or SONIA Or One-Month Term SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		2.60%
Revolving Credit Facility \| DB Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 200,000,000		$ 200,000,000
Line of credit facility, commitment fee percentage			0.00069%
Revolving Credit Facility \| DB Credit Facility - During Revolving Period \| Line of Credit \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.40%
Revolving Credit Facility \| DB Credit Facility - Following Expiration Of Revolving Period \| Line of Credit \| Base Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.90%

BORROWINGS - Schedule of SMBC C

BORROWINGS - Schedule of SMBC Credit Facilities (Details) - USD ($)	Jun. 30, 2024	Jun. 26, 2024	Dec. 31, 2023	Nov. 14, 2023
Line of Credit Facility [Line Items]
Borrowings Outstanding	$ 156,250,000		$ 77,250,000
Revolving Credit Facility \| SMBC Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Total Facility	200,000,000		200,000,000	$ 200,000,000
Borrowings Outstanding	56,250,000		77,250,000
Unused Portion	143,750,000		122,750,000
Amount Available	126,651,000		$ 115,874,000
Revolving Credit Facility \| DB Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Total Facility	200,000,000	$ 200,000,000
Borrowings Outstanding	100,000,000
Unused Portion	100,000,000
Amount Available	$ 33,042,000

BORROWINGS - Schedule of Line o

BORROWINGS - Schedule of Line of Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 2,317	$ 0	$ 3,499	$ 0
Facility unused commitment fee	92	0	216	0
Amortization of deferred financing costs	229	0	448	0
Total interest expense and credit facility fees	2,638	0	4,163	0
Cash paid for interest expense	2,202	0	3,317	0
Average principal debt outstanding	$ 115,854	$ 0	$ 87,294	$ 0
Weighted average interest rate	7.92%		7.92%		8.24%

BORROWINGS - Schedule of Compon

BORROWINGS - Schedule of Components of Interest and Credit Facilities Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense payable	$ 976	$ 221
Unused commitment fee payable	91	0
Total interest expense and credit facility fees payable	$ 1,067	$ 221
Weighted average interest rate	7.92%	8.24%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)		3 Months Ended		6 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Jun. 20, 2023 USD ($)	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 investment	Jun. 30, 2024 USD ($) investment	Jun. 30, 2023 investment	Dec. 31, 2023 USD ($) investment
Gain Contingencies [Line Items]
Loss contingency accrual		$ 0		$ 0		$ 0
Investment company, committed capital threshold amount	$ 250,000,000
Investment company, unfunded commitment purchase price percentage	0.25%
Reimbursement of fees threshold amount	$ 35,000
Number of portfolio companies, investments purchased \| investment		0	0	1	0
Purchased debt investments				$ 6,557,000
Amortized Cost		$ 269,059,000		269,059,000		$ 104,685,000
Financing Provider
Gain Contingencies [Line Items]
Number of portfolio companies, investments held \| investment						2
Amortized Cost						$ 9,609,000
Affiliated Entity
Gain Contingencies [Line Items]
Legal fees		$ 0		$ 0

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Contractual Payment Obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
SMBC Credit Facility
Gain Contingencies [Line Items]
Total	$ 56,250
Less Than 1 Year	0
1 to 3 Years	56,250
3 to 5 Years	0
More Than 5 Years	0
DB Credit Facility
Gain Contingencies [Line Items]
Total	100,000
Less Than 1 Year	0
1 to 3 Years	0
3 to 5 Years	100,000
More Than 5 Years	$ 0

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total unfunded commitments	$ 52,705	$ 31,998
Delayed draw loan commitments
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total unfunded commitments	39,764	27,110
Revolving loan commitments
Financial Support for Nonconsolidated Legal Entity [Line Items]
Total unfunded commitments	$ 12,941	$ 4,888

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning balance (in dollars per share)			$ 19.60
Net investment income (loss) (in dollars per share)			0.32
Net realized gains (loss) and change in unrealized appreciation (depreciation) on investments (in dollars per share)			0.01
Net investment income (loss) (in dollars per share)			0.33
Shareholder distributions from net investment income (in dollars per share)			(0.26)
Net asset value, ending balance (in dollars per share)	$ 19.67		$ 19.67		$ 19.60
Number of shares outstanding, end of period (in shares)	8,188,088.785		8,188,088.785		3,809,576.503
Total return based on net asset value			1.67%
Net assets, end of period	$ 161,021		$ 161,021
Ratio to average net assets:
Expenses before incentive fees and waivers and reimbursements of expenses			7.47%
Expenses before incentive fees, after waivers and reimbursements of expenses			6.94%
Expenses after incentive fees, before waivers and reimbursements of expenses			0.0770
Expenses after incentive fees and waivers and reimbursements of expenses			7.16%
Net investment income (loss)			1.37%
Interest expense and credit facility fees			3.56%
Ratio/Supplemental Data:
Asset coverage, end of period	203.05%		203.05%		196.70%
Portfolio turnover			11.78%
Total committed capital, end of period			$ 499,740
Ratio of total contributed capital to total committed capital, end of period			32.44%
Weighted-average shares outstanding, Basic (in shares)	6,194,767.666	206.040	5,056,847.904	241.935
Weighted-average shares outstanding, Diluted (in shares)	6,194,767.666	206.040	5,056,847.904	241.935

NET ASSETS - Narrative (Details

NET ASSETS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Jun. 27, 2024	Jun. 03, 2024	May 10, 2024	Apr. 01, 2024	Mar. 26, 2024	Dec. 31, 2023	Dec. 20, 2023	Nov. 09, 2023	Oct. 10, 2023	Jun. 30, 2023	Jun. 16, 2023
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000						500,000,000
Common stock, par value (in dollar per share)	$ 0.01						$ 0.01
Uncalled capital commitments	$ 362,626						$ 423,833
Contingent uncalled capital commitments	$ 25,000						$ 25,000
Committed capital, customer concentration threshold	24.99%						24.99%
Common stock, shares issued (in shares)	8,188,088.785	2,033,553.635	15,997.968	34,351.145	253,146.256	2,040,816.328	3,809,576.503	1,500,000.001	2,250,000.002	58,326.5	1,250	1,250
Common stock, shares outstanding (in shares)	8,188,088.785						3,809,576.503
Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Uncalled capital commitments	$ 34,187						$ 41,838

NET ASSETS - Schedule of Stock

NET ASSETS - Schedule of Stock by Class (Details) - USD ($) $ / shares in Units, $ in Thousands										6 Months Ended
	Jun. 27, 2024	Jun. 03, 2024	May 10, 2024	Apr. 01, 2024	Mar. 26, 2024	Dec. 20, 2023	Nov. 09, 2023	Oct. 10, 2023	Jun. 16, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Equity [Abstract]
Shares Issued (in shares)	2,033,553.635	15,997.968	34,351.145	253,146.256	2,040,816.328	1,500,000.001	2,250,000.002	58,326.5	1,250	8,188,088.785	1,250	3,809,576.503
Proceeds Received	$ 40,000	$ 315	$ 675	$ 4,962	$ 40,000	$ 30,000	$ 45,000	$ 1,167	$ 25	$ 84,369	$ 25
Issuance Price per Share (in dollars per share)	$ 19.67	$ 19.69	$ 19.65	$ 19.60	$ 19.60	$ 20	$ 20	$ 20	$ 20
Subscription receivable										$ 1,581		$ 0

NET ASSETS - Schedule of Compan

NET ASSETS - Schedule of Company Distribution (Details) - $ / shares	Jun. 24, 2024	May 30, 2024	May 01, 2024
Equity [Abstract]
Dividends, per share, declared (in dollar per share)	$ 0.09	$ 0.15	$ 0.02
Shares issued (in shares)		607.744	39.206

NET ASSETS - Schedule of Earnin

NET ASSETS - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,657	$ 0	$ 1,958	$ 0
Basic weighted average shares outstanding (in shares)	6,194,767.666	206.040	5,056,847.904	241.935
Diluted weighted average shares outstanding (in shares)	6,194,767.666	206.040	5,056,847.904	241.935
Basic earnings (loss) per share (in dollar per share)	$ 0.27	$ 0	$ 0.39	$ 0
Diluted earnings (loss) per share (in dollar per share)	$ 0.27	$ 0	$ 0.39	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended		6 Months Ended
	Jul. 30, 2024	Jul. 03, 2024	Jun. 24, 2024	May 30, 2024	May 01, 2024	Apr. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Issuance of common stock						$ 1,682	$ 45,951	$ 25	$ 85,951	$ 25
Dividends, per share, declared (in dollar per share)			$ 0.09	$ 0.15	$ 0.02
Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock (in shares)		72,818
Dividends, per share, declared (in dollar per share)	$ 0.09