PGIM Private Credit Fund 10-Q12 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 12, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Transition Report	false
Entity File Number	814-01582
Entity Registrant Name	PGIM Private Credit Fund
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-1771414
Entity Address, Address Line One	655 Broad Street
Entity Address, City or Town	Newark
Entity Address State Or Province	NJ
Entity Address, Postal Zip Code	07102-4410
City Area Code	973
Local Phone Number	802-5032
Title of 12(b) Security	None
Trading Symbol	PGIM
Security Exchange Name	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001923622
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class I Shares
Document Information
Entity Common Stock, Shares Outstanding		4,604,794
Class S Shares
Document Information
Entity Common Stock, Shares Outstanding		440
Class D Shares
Document Information
Entity Common Stock, Shares Outstanding		443

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Investments at fair value	[1]	Non- affiliated investments	Non- affiliated investments
Non-affiliated investments (cost of $129,318 and $100,588, respectively)(1)	[1]	$ 129,664	$ 101,019
Cash and cash equivalents		3,219	16,079
Foreign currency, at value (cost of $754 and $197, respectively)		756	199
Interest receivable from non-affiliated investments		1,099	584
Deferred financing costs		1,039	1,159
Receivable for investments sold		180	21
Unrealized appreciation on OTC forward foreign currency exchange contracts		243	0
Due from Manager		$ 207	$ 1,273
Other Receivable, after Allowance for Credit Loss, Current, Related Party, Type [Extensible Enumeration]		srt:ManagementMember	srt:ManagementMember
Other assets		$ 6	$ 40
Total assets		136,413	120,374
LIABILITIES
Debt (Note 6)		20,400	0
Distribution payable (Note 8)		1,027	12,093
Unrealized depreciation on OTC forward foreign currency exchange contracts		27	282
Professional fees payable		207	962
Pricing fees payable		157	105
Interest payable		218	98
Custodian and accounting fees payable		158	74
Transfer agent's fees payable		0	14
Affiliated transfer agent's fees payable		4	2
Payable for investments purchased		541	0
Accrued expense and other liabilities		61	45
Total liabilities		22,800	13,675
Commitments and contingencies (Note 7)
NET ASSETS
Common Shares, $0.001 par value (unlimited shares authorized; 4,564,597 and 4,323,128 shares issued and outstanding, respectively)		5	4
Paid in capital in excess of par		112,588	106,610
Total distributable earnings/(accumulated losses)		1,020	85
Total net assets		113,613	106,699
Total liabilities and net assets		$ 136,413	$ 120,374

[1] Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) £ in Thousands, $ in Thousands	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Cost \| $	$ 129,318	$ 100,588
Foreign currency at cost \| $	$ 754	$ 197
Common shares of beneficial interest (in per share) \| $ / shares	$ 0.001	$ 0.001
Common shares, shares issued	4,564,597	4,323,128
Common shares, shares outstanding	4,564,597	4,323,128
Class I Shares
Common shares of beneficial interest (in per share) \| $ / shares	$ 0.001	$ 0.001
Net assets \| $	$ 113,591	$ 106,679
Common shares, shares issued	4,563,721	4,322,364
Common shares, shares outstanding	4,563,721	4,322,364
Net Asset Value Per Share \| $ / shares	$ 24.89	$ 24.68
Class S Shares
Common shares of beneficial interest (in per share) \| $ / shares	$ 0.001	$ 0.001
Net assets \| $	$ 11	$ 10
Common shares, shares issued	437	382
Common shares, shares outstanding	437	382
Net Asset Value Per Share \| $ / shares	$ 25.34	$ 25.13
Class D Shares
Common shares of beneficial interest (in per share) \| $ / shares	$ 0.001	$ 0.001
Net assets	$ 11	$ 10
Common shares, shares issued	439	382
Common shares, shares outstanding	439	382
Net Asset Value Per Share \| $ / shares	$ 25.33	$ 25.13

Statements of Operations

Statements of Operations - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
Statements of Operations - USD ($) $ in Thousands		Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023
Investment income
Interest income		$ 3,768		$ 2,109	$ 7,231		$ 2,674
Dividend income		61		488	181		528
Fee income		50		0	109		0
Total investment income		$ 3,879		$ 2,597	$ 7,521		$ 3,202
Investments at fair value		Non- affiliated investments	[1]	Non- affiliated investments	Non- affiliated investments	[1]	Non- affiliated investments
Expenses
Professional fees		$ 821		$ 201	$ 1,396		$ 226
Interest expense		449		0	700		0
Management fees (Note 3)		349		0	685		0
Income based incentive fees (Note 3)		218		185	438		185
Capital gains incentive fees (Note 3)		35		0	69		0
Custodian and accounting fees		84		45	151		90
Blue sky fees		0		0	90		0
Trustees' fees		52		44	99		88
Transfer agent's fees and expenses (Note 3)	[2]	41		78	69		78
Pricing fees		25		27	52		27
Shareholders' reports		44		12	70		12
Servicing and distribution fees		0	[3]	0	0	[3]	0
Other general & administrative		26		3	54		19
Total expenses		2,144		595	3,873		725
Expense reimbursement (Note 3)		(953)		(285)	(1,748)		(363)
Incentive fees waived (Note 3)		(253)		(185)	(507)		(185)
Management fees waived (Note 3)		(349)		0	(685)		0
Net expenses		589		125	933		177
Net investment income (loss)		3,290		2,472	6,588		3,025
Net realized gain (loss):
Non-affiliated investments transactions		8		0	8		0
Forward foreign currency contracts transactions		73		(8)	(71)		(8)
Foreign currency transactions		(4)		(5)	5		7
Net realized gain (loss)		77		(13)	(58)		(1)
Net change in unrealized appreciation (depreciation):
Non-affiliated investments		160		34	(85)		113
Forward foreign currency contracts		41		20	498		9
Foreign currency		3		5	0	[3]	0
Net change in unrealized appreciation (depreciation)		204		59	413		122
Net realized and unrealized gain (loss)		281		46	355		121
Net increase (decrease) in net assets resulting from operations		3,571		2,518	6,943		3,146
Non- affiliated investments
Investment income
Interest income		3,768		2,109	7,231		2,674
Dividend income		58		488	178		528
Fee income		50		0	109		0
Affiliated investments
Investment income
Dividend income		$ 3		$ 0	3		$ 0
Class S Shares
Expenses
Net investment income (loss)					1
Class D Shares
Expenses
Net investment income (loss)					$ 1

[1] Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Affiliated expense	$ 7	$ 13
Non affiliated expense	0	0
Transfer agent's fees and expenses	$ 500	$ 500

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024		Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net investment income (loss)	$ 3,290		$ 2,472	$ 6,588	$ 3,025
Net realized gain (loss)	77		(13)	(58)	(1)
Net change in unrealized appreciation (depreciation)	204		59	413	122
Net increase (decrease) in net assets resulting from operations	3,571		2,518	6,943	3,146
Distributions to common shareholders
Distributions to common shareholders	(3,055)		0	(6,008)	0
Share transactions
Net increase (decrease) from share transactions	3,516		43,000	5,979	97,400
Total increase (decrease) in net assets	4,032		45,518	6,914	100,546
Net Assets, beginning of period			109,581	106,699	11,745
Net Assets, end of period	113,613		112,291	113,613	112,291
Class I Shares
Net investment income (loss)				6,006
Distributions to common shareholders
Distributions to common shareholders	(3,053)		0	(6,006)	0
Share transactions
Proceeds from shares sold	503		43,000	1,003	97,400
Distributions reinvested	3,013		0	4,974	0
Class S Shares
Net investment income (loss)				1
Distributions to common shareholders
Distributions to common shareholders	(1)		0	(1)	0
Share transactions
Distributions reinvested	0	[1]	0	1	0
Class D Shares
Net investment income (loss)				1
Distributions to common shareholders
Distributions to common shareholders	(1)		0	(1)	0
Share transactions
Distributions reinvested	$ 0	[1]	$ 0	$ 1	$ 0

[1]Less than $500

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended			12 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024		Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations			$ 6,943		$ 3,146
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments			85		(113)
Net unrealized (appreciation) depreciation on foreign currency forward contracts	$ (41)	$ (20)	(498)		(9)
Net realized (gain) loss on investments			(8)		0
Net accretion of discount and amortization of premium			(291)		(127)
Amortization of deferred financing costs	60	0	120		0
Purchases of investments			(32,117)		(66,920)
Proceeds from principal repayments			3,686		1,098
Changes in operating assets and liabilities:
Interest receivable from non-affiliated investments			(515)		(579)
Receivable for investments sold			(159)		(18)
Due from Manager			1,066		(60)
Other assets			34		1
Payable for investments purchased			541		0
Professional fees payable			(755)		63
Pricing fees payable			52		27
Interest payable			120		0
Custodian and accounting fees payable			84		90
Transfer agent's fees payable			(14)		27
Affiliated transfer agent's fees payable			2		0
Accrued expenses and other liabilities			16		(13)
Shareholders' reports payable			0		12
Net cash provided by (used in) operating activities			(21,608)		(63,375)
Cash flows from financing activities:
Borrowings of debt			29,300		0
Repayments of debt			(8,900)		0
Proceeds from issuance of Common Shares			1,003		97,400
Distributions paid in cash			(12,098)		0
Net cash provided by (used in) financing activities			9,305		97,400
Net increase (decrease) in cash and cash equivalents, including foreign currency			(12,303)		34,025
Effect of foreign exchange rate changes on cash and cash equivalents			0	[1]	0
Cash and cash equivalents, beginning of period			16,278		3,218	$ 3,218
Cash and cash equivalents, end of period, including foreign currency	$ 3,975	$ 37,243	3,975		37,243	$ 16,278
Supplemental information and non-cash activities:
Interest paid during the period			461		0
Distribution payable			1,027		0
Issuance of Common Shares in connection with distribution reinvestment plan			$ 4,976		$ 0

[1]Less than $500

Schedule of Investments

Schedule of Investments € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2024 USD ($)

Dec. 31, 2023 USD ($)

Jun. 30, 2024 EUR (€)

Jun. 30, 2024 GBP (£)

Jun. 30, 2024 AUD ($)

Jun. 30, 2023

Schedule of Investments

Investments at fair value

Non- affiliated investments

[1]

Non- affiliated investments

[1]

Non- affiliated investments

[1]

Non- affiliated investments

[1]

Non- affiliated investments

[1]

Non- affiliated investments

Cost

$ 129,318

$ 100,588

Fair Value

[1]

129,664

101,019

Total Portfolio Investments and Cash Equivalents, Cost

129,632

114,640

Total Portfolio Investments and Cash Equivalents, Fair Value

$ 129,978

$ 115,071

Total Portfolio Investments and Cash Equivalents, % of Net Assets

114.40%

107.85%

114.40%

First Lien Debt

Schedule of Investments

Cost

$ 129,318

$ 100,588

Fair Value

129,664

101,019

Cash Equivalents

Schedule of Investments

Total Portfolio Investments and Cash Equivalents, Cost

314

14,052

Total Portfolio Investments and Cash Equivalents, Fair Value

$ 314

$ 14,052

Total Portfolio Investments and Cash Equivalents, % of Net Assets

0.27%

13.17%

0.27%

Unobservable input

true

State Street Institutional US Government Money Market Fund

Schedule of Investments

Par Amount/ Units

$ 314

$ 14,052

Total Portfolio Investments and Cash Equivalents, Cost

314

14,052

Total Portfolio Investments and Cash Equivalents, Fair Value

$ 314

$ 14,052

Total Portfolio Investments and Cash Equivalents, % of Net Assets

0.27%

13.17%

0.27%

Unobservable input

true

UNITED STATES

Schedule of Investments

Cost

$ 106,162

$ 85,299

Fair Value

$ 106,494

$ 85,523

Investment, Identifier [Axis]: ADB Acquiror, Inc (Delayed Draw) Due 5/12/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

8.03%

7.65%

8.03%

Interest Rate

13.36%

13%

13.36%

Maturity Date

May 12, 2028

Par Amount/ Units

$ 1,545

$ 1,727

Cost

(33)

(41)

Fair Value

$ (28)

$ (35)

% of Net Assets

(0.03%)

Unobservable input

true

Investment, Identifier [Axis]: ADB Acquiror, Inc (Revolver) Due 5/12/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

8.03%

7.65%

8.03%

Interest Rate

13.36%

13%

13.36%

Maturity Date

May 12, 2028

Par Amount/ Units

$ 455

Cost

(10)

(11)

Fair Value

$ (8)

$ (9)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: ADB Acquiror, Inc Due 5/12/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

8.03%

7.65%

8.03%

Interest Rate

13.36%

13%

13.36%

Maturity Date

May 12, 2028

Par Amount/ Units

$ 5,218

$ 5,064

Cost

5,105

4,942

Fair Value

$ 5,123

$ 4,962

% of Net Assets

4.51%

4.65%

4.51%

Unobservable input

true

Investment, Identifier [Axis]: ADB Acquisition, LLC, Due 12/18/2025

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:AdbAcquisitionLlcMember

Investment, Type

us-gaap:SeniorNotesMember

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.76%

Interest Rate

12.11%

Maturity Date

Dec. 18, 2025

Par Amount/ Units

$ 2,767

Cost

2,733

Fair Value

$ 2,696

% of Net Assets

2.53%

Unobservable input

true

Investment, Identifier [Axis]: ADB Acquisition, LLC, Due 12/18/2025, One

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:AdbAcquisitionLlcMember

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.76%

Interest Rate

12.10%

12.14%

12.10%

Maturity Date

Dec. 18, 2025

Par Amount/ Units

$ 2,611

$ 520

Cost

2,587

509

Fair Value

$ 2,558

$ 507

% of Net Assets

2.25%

0.47%

2.25%

Unobservable input

true

Investment, Identifier [Axis]: ADB Acquisition, LLC, Due 12/18/2025, Two

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:AdbAcquisitionLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.76%

Interest Rate

12.09%

Maturity Date

Dec. 18, 2025

Par Amount/ Units

$ 496

Cost

488

Fair Value

$ 486

% of Net Assets

0.43%

Unobservable input

true

Investment, Identifier [Axis]: AOM Intermediate Holdco, LLC (Delayed Draw), Due 8/22/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AOM Intermediate Holdco, LLC

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

Interest Rate

12.25%

Interest rate, minimum

12.23%

Maturity Date

Aug. 22, 2028

Par Amount/ Units

$ 773

Cost

(16)

(18)

Fair Value

$ (13)

$ (15)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: AOM Intermediate Holdco, LLC (Revolver), Due 8/22/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AOM Intermediate Holdco, LLC

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

Interest Rate

12.23%

12.25%

12.23%

Interest rate, maximum

12.24%

Maturity Date

Aug. 22, 2028

Par Amount/ Units

$ 258

Cost

192

(6)

Fair Value

$ 193

$ (5)

% of Net Assets

0.17%

Unobservable input

true

Investment, Identifier [Axis]: AOM Intermediate Holdco, LLC. Due 8/22/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AOM Intermediate Holdco, LLC

ADB Acquiror, Inc

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

Interest Rate

12.23%

12.25%

12.23%

Maturity Date

Aug. 22, 2028

Par Amount/ Units

$ 3,334

$ 3,378

Cost

3,261

3,300

Fair Value

$ 3,276

$ 3,313

% of Net Assets

2.89%

3.10%

2.89%

Unobservable input

true

Investment, Identifier [Axis]: AgroFresh, Inc. (Delayed Draw), 3/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AgroFresh, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.96%

Maturity Date

Mar. 31, 2029

Par Amount/ Units

$ 707

Cost

689

Fair Value

$ 691

% of Net Assets

0.65%

Unobservable input

true

Investment, Identifier [Axis]: AgroFresh, Inc. (Revolver) , 3/31/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AgroFresh, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.35%

6.60%

6.35%

Interest Rate

11.69%

11.96%

11.69%

Maturity Date

Mar. 31, 2028

Par Amount/ Units

$ 566

Cost

525

410

Fair Value

$ 524

$ 412

% of Net Assets

0.46%

0.38%

0.46%

Unobservable input

true

Investment, Identifier [Axis]: AgroFresh, Inc., Due 3/31/2029, One

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AgroFresh, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

us-gaap:EurodollarMember

Spread Rate

6.60%

Interest Rate

10.65%

11.96%

10.65%

Maturity Date

Mar. 31, 2029

Par Amount/ Units

$ 5,165

€ 805

Cost

$ 852

5,029

Fair Value

$ 841

$ 5,048

% of Net Assets

0.74%

4.73%

0.74%

Unobservable input

true

Investment, Identifier [Axis]: AgroFresh, Inc., Due 3/31/2029, Two

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

AgroFresh, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

us-gaap:EurodollarMember

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.35%

7.25%

6.35%

Interest Rate

11.69%

11.19%

11.69%

Maturity Date

Mar. 31, 2029

Par Amount/ Units

$ 5,783

$ 817

Cost

5,644

863

Fair Value

$ 5,648

$ 881

% of Net Assets

4.97%

0.83%

4.97%

Unobservable input

true

Investment, Identifier [Axis]: Airedale Newco Limited (Revolver), Due, 12/21/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Airedale Newco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.25%

Interest Rate

11.45%

Maturity Date

Dec. 21, 2028

Par Amount/ Units | £

£ 781

Cost

$ (28)

Fair Value

$ (24)

% of Net Assets

(0.02%)

Unobservable input

true

Investment, Identifier [Axis]: Airedale Newco Limited, (Revolver), Due 12/22/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Airedale Newco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.25%

Interest Rate

11.44%

Maturity Date

Dec. 22, 2028

Par Amount/ Units

$ 781

Cost

(31)

Fair Value

$ (30)

% of Net Assets

(0.03%)

Unobservable input

true

Investment, Identifier [Axis]: Airedale Newco Limited, Due 12/22/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Airedale Newco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.25%

Interest Rate

11.44%

Maturity Date

Dec. 22, 2028

Par Amount/ Units

$ 5,313

Cost

6,548

Fair Value

$ 6,570

% of Net Assets

6.16%

Unobservable input

true

Investment, Identifier [Axis]: Airedale Newco Limited, Due, 12/21/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Airedale Newco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.25%

Interest Rate

11.45%

Maturity Date

Dec. 21, 2028

Par Amount/ Units | £

£ 5,047

Cost

$ 6,239

Fair Value

$ 6,229

% of Net Assets

5.48%

Unobservable input

true

Investment, Identifier [Axis]: Bluesun Consumer Brands, SL (Spain), Due, 2/26/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:BluesunConsumerBrandsS.l.SpainMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Household Products

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

5.75%

Interest Rate

9.68%

Maturity Date

Feb. 26, 2030

Par Amount/ Units | €

€ 3,111

Cost

$ 3,275

Fair Value

$ 3,253

% of Net Assets

2.86%

Unobservable input

true

Investment, Identifier [Axis]: CI(MG) Intermediate, LLC (Delayed Draw), 3/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

CI(MG) Intermediate, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.15%

Interest Rate

12.53%

Interest rate, minimum

12.47%

Interest rate, maximum

12.50%

Maturity Date

Mar. 24, 2028

Par Amount/ Units

$ 1,153

$ 1,155

Cost

869

(34)

Fair Value

$ 873

$ (34)

% of Net Assets

0.77%

(0.03%)

0.77%

Unobservable input

true

Investment, Identifier [Axis]: CI(MG) Intermediate, LLC (Revolver), 3/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

CI(MG) Intermediate, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.15%

Interest Rate

12.49%

12.53%

12.49%

Maturity Date

Mar. 24, 2028

Par Amount/ Units

$ 630

$ 257

Cost

580

(7)

Fair Value

$ 581

$ (7)

% of Net Assets

0.51%

(0.01%)

0.51%

Unobservable input

true

Investment, Identifier [Axis]: CI(MG) Intermediate, LLC, Due, 3/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

CI(MG) Intermediate, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.15%

Interest Rate

12.50%

12.53%

12.50%

Maturity Date

Mar. 24, 2028

Par Amount/ Units

$ 2,043

$ 2,053

Cost

1,990

1,993

Fair Value

$ 1,997

$ 1,993

% of Net Assets

1.76%

1.87%

1.76%

Unobservable input

true

Investment, Identifier [Axis]: Capital Construction, LLC (Delayed Draw), 10/22/2026

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Capital Construction, LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.35%

6.35%

5.35%

Interest Rate

10.68%

11.70%

10.68%

Maturity Date

Oct. 22, 2026

Par Amount/ Units

$ 1,247

$ 1,253

Cost

1,230

1,233

Fair Value

$ 1,236

% of Net Assets

1.09%

1.16%

1.09%

Unobservable input

true

Investment, Identifier [Axis]: Capital Construction, LLC (Revolver), Due 10/22/2026

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Capital Construction, LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.35%

6.35%

5.35%

Interest Rate

10.68%

11.69%

10.68%

Maturity Date

Oct. 22, 2026

Par Amount/ Units

$ 222

Cost

(3)

Fair Value

$ (2)

$ 19

% of Net Assets

0.02%

Unobservable input

true

Investment, Identifier [Axis]: Capital Construction, LLC, Due 10/22/2026

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Capital Construction, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.35%

Interest Rate

10.68%

Maturity Date

Oct. 22, 2026

Par Amount/ Units

$ 920

Cost

907

Fair Value

$ 911

% of Net Assets

0.80%

Unobservable input

true

Investment, Identifier [Axis]: Capital Construction, LLC, Due 10/22/2026, One

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Capital Construction, LLC

Investment, Type

us-gaap:SeniorNotesMember

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.35%

Interest Rate

11.69%

Maturity Date

Oct. 22, 2026

Par Amount/ Units

$ 925

Cost

909

Fair Value

$ 912

% of Net Assets

0.85%

Unobservable input

true

Investment, Identifier [Axis]: Certified Power, Inc Due 4/28/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:CertifiedPowerIncMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Trading Companies & Distributors

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.10%

Interest Rate

12.40%

12.49%

12.40%

Maturity Date

Apr. 28, 2028

Par Amount/ Units

$ 4,511

$ 4,534

Cost

4,406

4,416

Fair Value

$ 4,454

$ 4,433

% of Net Assets

3.92%

4.16%

3.92%

Unobservable input

true

Investment, Identifier [Axis]: Close The Loop Group USA, Inc, Due 10/26/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Close The Loop Group USA, Inc.

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.15%

6.90%

6.15%

Interest Rate

11.48%

12.25%

11.48%

Maturity Date

Oct. 26, 2029

Par Amount/ Units

$ 2,778

$ 2,814

Cost

2,726

2,757

Fair Value

$ 2,749

$ 2,769

% of Net Assets

2.42%

2.60%

2.42%

Unobservable input

true

Investment, Identifier [Axis]: Close The Loop Group USA, Inc. (Delayed Draw), Due 10/26/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:CloseLoopGroupUsaIncDelayedDrawMember

Investment, Type

us-gaap:SeniorNotesMember

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

Interest Rate

12.25%

Maturity Date

Oct. 26, 2029

Par Amount/ Units

$ 358

Cost

(7)

Fair Value

$ (6)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Close The Loop Group USA, Inc. (Revolver), Due 12/26/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Close The Loop Group USA, Inc.

pgim:CloseLoopGroupUsaIncRevolverMember

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.15%

6.90%

6.15%

Interest Rate

11.48%

12.25%

11.48%

Maturity Date

Dec. 26, 2029

Par Amount/ Units

$ 589

Cost

(11)

(12)

Fair Value

$ (6)

$ (9)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Delaware Valley Floral Group LLC (Revolver), Due 8/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Delaware Valley Floral Group LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Distributors

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.85%

6.23%

5.85%

Interest Rate

11.18%

11.57%

11.18%

Maturity Date

Aug. 24, 2028

Par Amount/ Units

$ 327

Cost

(6)

(7)

Fair Value

$ (5)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Delaware Valley Floral Group LLC, Due 8/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Delaware Valley Floral Group LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Distributors

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.85%

6.23%

5.85%

Interest Rate

11.18%

11.57%

11.18%

Maturity Date

Aug. 24, 2028

Par Amount/ Units

$ 603

$ 606

Cost

591

593

Fair Value

$ 594

$ 596

% of Net Assets

0.52%

0.56%

0.52%

Unobservable input

true

Investment, Identifier [Axis]: Entertainment Earth, LLC, Due 7/22/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:EntertainmentEarthLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Trading Companies & Distributors

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

8.65%

6.65%

8.65%

Interest Rate

13.98%

12%

13.98%

Maturity Date

Jul. 22, 2027

Par Amount/ Units

$ 2,886

$ 2,924

Cost

2,849

2,881

Fair Value

$ 2,796

$ 2,860

% of Net Assets

2.46%

2.68%

2.46%

Unobservable input

true

Investment, Identifier [Axis]: Eureka Entertainment, LLC (Revolver), Due 12/20/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Eureka Entertainment, LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Business Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

6.85%

6.90%

Spread Rate

6.85%

Interest Rate

12.21%

Interest rate, minimum

12.19%

Interest rate, maximum

12.25%

Maturity Date

Dec. 20, 2027

Par Amount/ Units

$ 319

Cost

Fair Value

$ 79

$ 78

% of Net Assets

0.07%

Unobservable input

true

Investment, Identifier [Axis]: Eureka Entertainment, LLC, Due 12/20/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Eureka Entertainment, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Business Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

6.85%

6.90%

Interest Rate

12.25%

12.21%

12.25%

Maturity Date

Dec. 20, 2027

Par Amount/ Units

$ 2,117

$ 2,128

Cost

2,083

2,090

Fair Value

$ 2,089

$ 2,097

% of Net Assets

1.84%

1.97%

1.84%

Unobservable input

true

Investment, Identifier [Axis]: Full Circle Fiber Operating LLC, Due 12/16/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:FullCircleFiberOperatingLlcMember

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.25%

Interest Rate

12.51%

12.43%

12.51%

Maturity Date

Dec. 16, 2027

Par Amount/ Units

$ 5,374

$ 5,444

Cost

5,280

5,336

Fair Value

$ 5,293

$ 5,352

% of Net Assets

4.66%

5.02%

4.66%

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Delayed Draw, Due, 11/17/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.10%

Maturity Date

Nov. 17, 2029

Par Amount/ Units

$ 563

Cost

(7)

Fair Value

$ (7)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Delayed Draw, Due, 11/19/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.08%

Maturity Date

Nov. 19, 2029

Par Amount/ Units

$ 563

Cost

(6)

Fair Value

$ (8)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Due, 11/17/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.10%

Maturity Date

Nov. 17, 2029

Par Amount/ Units

$ 2,066

Cost

2,015

Fair Value

$ 2,015

% of Net Assets

1.89%

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Due, 11/19/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.08%

Maturity Date

Nov. 19, 2029

Par Amount/ Units

$ 2,056

Cost

2,006

Fair Value

$ 2,028

% of Net Assets

1.78%

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Revolver, Due, 11/17/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.10%

Maturity Date

Nov. 17, 2029

Par Amount/ Units

$ 297

Cost

Fair Value

$ 72

% of Net Assets

0.07%

Unobservable input

true

Investment, Identifier [Axis]: HEF Safety Ultimate Holdings, LLC, Revolver, Due, 11/19/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

HEF Safety Ultimate Holdings, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.75%

Interest Rate

11.08%

Maturity Date

Nov. 19, 2029

Par Amount/ Units

$ 297

Cost

Fair Value

$ 75

% of Net Assets

0.07%

Unobservable input

true

Investment, Identifier [Axis]: HH Global Finance LTD, Due 2/25/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:HhGlobalFinanceLtdMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.18%

6.43%

6.18%

Interest Rate

11.50%

11.82%

11.50%

Maturity Date

Feb. 25, 2027

Par Amount/ Units

$ 3,000

Cost

2,965

2,959

Fair Value

$ 2,972

$ 2,968

% of Net Assets

2.62%

2.78%

2.62%

Unobservable input

true

Investment, Identifier [Axis]: Hoffmaster Group, Inc, Due, 2/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:HoffmasterGroupInc.Member

Investment, Type

First Lien Debt

Investment, Industry Sector

Paper & Forest Products

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.25%

Interest Rate

11.58%

Maturity Date

Feb. 24, 2028

Par Amount/ Units

$ 5,192

Cost

5,095

Fair Value

$ 5,119

% of Net Assets

4.51%

Unobservable input

true

Investment, Identifier [Axis]: Johns-Byrne LLC (Delayed Draw), Due 8/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Johns-Byrne LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.25%

Interest Rate

11.33%

11.60%

11.33%

Maturity Date

Aug. 31, 2029

Par Amount/ Units

$ 267

Cost

(6)

Fair Value

$ (4)

$ (5)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Johns-Byrne LLC (Revolver), Due 8/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Johns-Byrne LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.25%

Interest Rate

11.33%

11.60%

11.33%

Maturity Date

Aug. 31, 2029

Par Amount/ Units

$ 134

Cost

(3)

Fair Value

$ (2)

$ (3)

Unobservable input

true

Investment, Identifier [Axis]: Johns-Byrne LLC, Due 8/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Johns-Byrne LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.25%

Interest Rate

11.33%

11.60%

11.33%

Maturity Date

Aug. 31, 2029

Par Amount/ Units

$ 994

$ 999

Cost

972

975

Fair Value

$ 981

$ 979

% of Net Assets

0.86%

0.92%

0.86%

Unobservable input

true

Investment, Identifier [Axis]: Kandelium Group GmbH One, 11/22/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Kandelium Group GmbH

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.10%

6.22%

6.10%

Interest Rate

11.43%

11.59%

11.43%

Maturity Date

Nov. 22, 2030

Par Amount/ Units

$ 1,926

Cost

1,870

Fair Value

$ 1,881

$ 1,870

% of Net Assets

1.66%

1.75%

1.66%

Unobservable input

true

Investment, Identifier [Axis]: Kandelium Group GmbH, (Delayed Draw), Due, 11/22/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Kandelium Group GmbH

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.10%

6.22%

6.10%

Interest Rate

11.43%

11.59%

11.43%

Maturity Date

Nov. 22, 2030

Par Amount/ Units

$ 1,284

Cost

1,247

(19)

Fair Value

$ 1,254

$ (19)

% of Net Assets

1.11%

(0.02%)

1.11%

Unobservable input

true

Investment, Identifier [Axis]: Kandelium Group GmbH, Two, 11/22/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Kandelium Group GmbH

Investment, Type

First Lien Debt

Investment, Industry Sector

Chemicals

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

5.50%

Interest Rate

9.22%

9.55%

9.22%

Maturity Date

Nov. 22, 2030

Par Amount/ Units

$ 3,024

€ 3,024

Cost

$ 3,200

3,196

Fair Value

$ 3,162

$ 3,240

% of Net Assets

2.78%

3.04%

2.78%

Unobservable input

true

Investment, Identifier [Axis]: Knowledge Support Systems Inc, Due 11/17/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:KnowledgeSupportSystemsIncMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Software

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.75%

Interest Rate

12.10%

11.80%

12.10%

Maturity Date

Nov. 17, 2029

Par Amount/ Units

$ 1,663

Cost

1,629

1,626

Fair Value

$ 1,637

$ 1,627

% of Net Assets

1.44%

1.52%

1.44%

Unobservable input

true

Investment, Identifier [Axis]: Legend Buyer, Inc. (Revolver), Due 1/19/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Legend Buyer, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Environmental & Facilities Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.60%

5.85%

5.60%

Interest Rate

10.86%

11.03%

10.86%

Maturity Date

Jan. 19, 2029

Par Amount/ Units

$ 214

Cost

(4)

Fair Value

$ (3)

$ (4)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Legend Buyer, Inc., Due 1/19/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Legend Buyer, Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Environmental & Facilities Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.60%

5.85%

5.60%

Interest Rate

10.86%

11.03%

10.86%

Maturity Date

Jan. 19, 2029

Par Amount/ Units

$ 1,119

$ 1,123

Cost

1,097

1,099

Fair Value

$ 1,100

$ 1,104

% of Net Assets

0.97%

1.03%

0.97%

Unobservable input

true

Investment, Identifier [Axis]: MM Proton I, LLC, Due 5/29/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:MmProtonILlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.75%

Interest Rate

12.08%

Maturity Date

May 29, 2029

Par Amount/ Units

$ 6,788

Cost

6,689

Fair Value

$ 6,689

% of Net Assets

5.89%

Unobservable input

true

Investment, Identifier [Axis]: MajorKey Technologies Holdings LLC, Due 12/3/2026

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:MajorkeyTechnologiesHoldingsLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

IT Consulting & Other Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.26%

Interest Rate

11.57%

11.64%

11.57%

Maturity Date

Dec. 03, 2026

Par Amount/ Units

$ 2,422

$ 2,820

Cost

2,402

2,793

Fair Value

$ 2,406

$ 2,792

% of Net Assets

2.12%

2.62%

2.12%

Unobservable input

true

Investment, Identifier [Axis]: Medical Device Inc, Due 7/11/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Medical Device Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Equipment

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.93%

11.95%

11.93%

Maturity Date

Jul. 11, 2029

Par Amount/ Units

$ 1,604

$ 1,612

Cost

1,570

1,575

Fair Value

$ 1,576

$ 1,582

% of Net Assets

1.39%

1.48%

1.39%

Unobservable input

true

Investment, Identifier [Axis]: Medical Device Inc. (Revolver), Due 7/11/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Medical Device Inc.

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Equipment

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.93%

11.95%

11.93%

Maturity Date

Jul. 11, 2029

Par Amount/ Units

$ 202

Cost

(4)

(5)

Fair Value

$ (4)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Nest Bidco GMBH (Delayed Draw) (Germany), Due 1/16/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Nest Bidco GMBH

Investment, Type

First Lien Debt

Investment, Industry Sector

Aerospace & Defense

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

Interest Rate

9.72%

Maturity Date

Jan. 16, 2030

Par Amount/ Units | €

€ 877

Cost

$ (20)

Fair Value

$ (22)

% of Net Assets

(0.02%)

Unobservable input

true

Investment, Identifier [Axis]: Nest Bidco GMBH (Germany), due 1/16/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Nest Bidco GMBH

Investment, Type

First Lien Debt

Investment, Industry Sector

Aerospace & Defense

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

Interest Rate

9.72%

Maturity Date

Jan. 16, 2030

Par Amount/ Units | €

€ 3,246

Cost

$ 3,453

Fair Value

$ 3,395

% of Net Assets

2.99%

Unobservable input

true

Investment, Identifier [Axis]: Penncomp, LLC (Delayed Draw), 10/17/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Penncomp LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

IT Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.94%

11.96%

11.94%

Maturity Date

Oct. 17, 2028

Par Amount/ Units

$ 1,183

Cost

222

(13)

Fair Value

$ 227

$ (13)

% of Net Assets

0.20%

(0.01%)

0.20%

Unobservable input

true

Investment, Identifier [Axis]: Penncomp, LLC (Revolver), 10/17/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Penncomp LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

IT Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.94%

11.96%

11.94%

Maturity Date

Oct. 17, 2028

Par Amount/ Units

$ 148

Cost

(3)

Fair Value

$ (1)

$ (3)

Unobservable input

true

Investment, Identifier [Axis]: Penncomp, LLC, 10/17/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Penncomp LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

IT Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.60%

Interest Rate

11.94%

11.96%

11.94%

Maturity Date

Oct. 17, 2028

Par Amount/ Units

$ 3,700

$ 3,718

Cost

3,616

3,633

Fair Value

$ 3,672

$ 3,633

% of Net Assets

3.23%

3.40%

3.23%

Unobservable input

true

Investment, Identifier [Axis]: Pharmacy Partners Acquisition, LLC (Revolver), Due 2/28/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Pharmacy Partners Acquisition, LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.50%

Interest Rate

11.84%

Maturity Date

Feb. 28, 2029

Par Amount/ Units

$ 202

Cost

(3)

Fair Value

$ (3)

Unobservable input

true

Investment, Identifier [Axis]: Pharmacy Partners Acquisition, LLC, Due 2/28/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Pharmacy Partners Acquisition, LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Health Care Providers & Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.50%

Interest Rate

11.84%

Maturity Date

Feb. 28, 2029

Par Amount/ Units

$ 1,012

Cost

997

Fair Value

$ 997

% of Net Assets

0.88%

Unobservable input

true

Investment, Identifier [Axis]: Prestige Employee Administrators, LLC, Due 12/31/2025

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:PrestigeEmployeeAdministratorsLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.10%

6.15%

6.10%

Interest Rate

11.49%

11.50%

11.49%

Maturity Date

Dec. 31, 2025

Par Amount/ Units

$ 3,034

$ 3,082

Cost

3,012

3,052

Fair Value

$ 3,027

$ 3,073

% of Net Assets

2.66%

2.88%

2.66%

Unobservable input

true

Investment, Identifier [Axis]: Pryor Learning, LLC (Revolver), Due 2/28/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Pryor Learning, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Human Resource & Employment Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.85%

Interest Rate

12.19%

12.21%

12.19%

Maturity Date

Feb. 28, 2028

Par Amount/ Units

$ 203

Cost

(3)

(4)

Fair Value

$ (3)

Unobservable input

true

Investment, Identifier [Axis]: Pryor Learning, LLC, Due 2/28/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Pryor Learning, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Human Resource & Employment Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.85%

Interest Rate

12.19%

12.21%

12.19%

Maturity Date

Feb. 28, 2028

Par Amount/ Units

$ 1,800

$ 1,886

Cost

1,770

1,851

Fair Value

$ 1,775

$ 1,857

% of Net Assets

1.56%

1.74%

1.56%

Unobservable input

true

Investment, Identifier [Axis]: Quest Products, LLC, Due 6/19/2025

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:QuestProductsLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

pgim:PharmaceuticalsSectorMember

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.10%

Interest Rate

12.46%

Maturity Date

Jun. 19, 2025

Par Amount/ Units

$ 1,434

Cost

1,424

Fair Value

$ 1,426

% of Net Assets

1.34%

Unobservable input

true

Investment, Identifier [Axis]: Rochester Sensors, LLC (Revolver), Due 5/8/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:RochesterSensorsLlcRevolverMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Electronic Equipment, Instruments & Components

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

6.65%

6.90%

Interest Rate

12.23%

12%

12.23%

Maturity Date

May 08, 2028

Par Amount/ Units

$ 545

Cost

535

234

Fair Value

$ 537

$ 236

% of Net Assets

0.47%

0.22%

0.47%

Unobservable input

true

Investment, Identifier [Axis]: Rochester Sensors, LLC, Due 5/8/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Rochester Sensors, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Electronic Equipment, Instruments & Components

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.90%

6.65%

6.90%

Interest Rate

12.23%

12%

12.23%

Maturity Date

May 08, 2028

Par Amount/ Units

$ 6,660

$ 6,694

Cost

6,530

6,548

Fair Value

$ 6,553

$ 6,575

% of Net Assets

5.77%

6.16%

5.77%

Unobservable input

true

Investment, Identifier [Axis]: Safety Infrastructure Services Intermediate LLC (Revolver), Due 7/21/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Safety Infrastructure Services Intermediate LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.15%

Interest Rate

12.48%

12.50%

12.48%

Maturity Date

Jul. 21, 2028

Par Amount/ Units

$ 455

Cost

219

Fair Value

$ 222

$ 83

% of Net Assets

0.20%

0.08%

0.20%

Unobservable input

true

Investment, Identifier [Axis]: Safety Infrastructure Services Intermediate LLC, Due 7/21/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Safety Infrastructure Services Intermediate LLC

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.15%

Interest Rate

12.48%

12.50%

12.48%

Maturity Date

Jul. 21, 2028

Par Amount/ Units

$ 2,614

$ 2,168

Cost

2,563

2,124

Fair Value

$ 2,584

$ 2,133

% of Net Assets

2.27%

Unobservable input

true

Investment, Identifier [Axis]: Sail Energy, LLC (Delayed Draw), Due 1/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Sail Energy, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Gas Utilities

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.25%

Interest Rate

12.51%

12.18%

12.51%

Maturity Date

Jan. 24, 2028

Par Amount/ Units

$ 771

$ 780

Cost

759

768

Fair Value

$ 761

$ 771

% of Net Assets

0.67%

0.72%

0.67%

Unobservable input

true

Investment, Identifier [Axis]: Sail Energy, LLC (Revolver), Due 1/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Sail Energy, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Gas Utilities

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.25%

Interest Rate

12.51%

12.18%

12.51%

Maturity Date

Jan. 24, 2028

Par Amount/ Units

$ 381

Cost

(5)

(6)

Fair Value

$ (5)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Sail Energy, LLC, Due 1/24/2028

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Sail Energy, LLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Gas Utilities

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.25%

Interest Rate

12.51%

12.18%

12.51%

Maturity Date

Jan. 24, 2028

Par Amount/ Units

$ 1,146

$ 1,161

Cost

1,130

1,142

Fair Value

$ 1,132

$ 1,146

% of Net Assets

1.07%

Unobservable input

true

Investment, Identifier [Axis]: Studio Bidco B.V. (Delayed Draw) (Netherlands), Due 4/17/2031

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:StudioBidcoB.v.Member

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

6.25%

Interest Rate

9.97%

Maturity Date

Apr. 17, 2031

Par Amount/ Units | €

€ 122

Cost

$ (2)

Fair Value

$ (2)

Unobservable input

true

Investment, Identifier [Axis]: Studio Bidco B.V. (Netherlands), Due 4/17/2031

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:StudioBidcoB.v.Member

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:EurodollarMember

Spread Rate

6.25%

Interest Rate

9.97%

Maturity Date

Apr. 17, 2031

Par Amount/ Units | €

€ 326

Cost

$ 339

Fair Value

$ 339

% of Net Assets

0.30%

Unobservable input

true

Investment, Identifier [Axis]: Suja Merger Sub, LLC, Due 8/23/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:SujaMergerSubLlcMember

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Beverages

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.60%

Interest Rate

10.94%

10.96%

10.94%

Maturity Date

Aug. 23, 2027

Par Amount/ Units

$ 2,963

$ 2,978

Cost

2,936

2,947

Fair Value

$ 2,958

$ 2,961

% of Net Assets

2.60%

2.77%

2.60%

Unobservable input

true

Investment, Identifier [Axis]: TG Studios US, LLC (Delayed Draw), Due 4/6/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:TgStudiosUsLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.90%

Interest Rate

13.23%

Maturity Date

Apr. 06, 2029

Par Amount/ Units

$ 273

Cost

(7)

Fair Value

$ (6)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: TG Studios US, LLC, Due 4/6/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:TgStudiosUsLlcMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.90%

Interest Rate

13.23%

Maturity Date

Apr. 06, 2029

Par Amount/ Units

$ 5,000

Cost

4,879

Fair Value

$ 4,899

% of Net Assets

4.31%

Unobservable input

true

Investment, Identifier [Axis]: Tetris Bidco Limited, LLC, (Revolver), Due, 10/24/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Tetris Bidco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.75%

Interest Rate

11.95%

11.94%

11.95%

Maturity Date

Oct. 24, 2029

Par Amount/ Units

$ 263

£ 263

Cost

$ (9)

(9)

Fair Value

$ (5)

$ (9)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Tetris Bidco Limited, LLC, Due, 10/24/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Tetris Bidco Limited

Investment, Type

First Lien Debt

Investment, Industry Sector

Professional Services

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

pgim:SterlingOvernightIndexAverageMember

Spread Rate

6.75%

Interest Rate

11.95%

11.94%

11.95%

Maturity Date

Oct. 24, 2029

Par Amount/ Units

$ 2,149

£ 2,062

Cost

$ 2,441

2,543

Fair Value

$ 2,565

$ 2,660

% of Net Assets

2.26%

2.50%

2.26%

Unobservable input

true

Investment, Identifier [Axis]: Titan Home Improvement, LLC (Delayed Draw), Due 5/31/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Titan Home Improvement, LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Building Products

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

Interest Rate

11.35%

Maturity Date

May 31, 2030

Par Amount/ Units

$ 593

Cost

(6)

Fair Value

$ (6)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Titan Home Improvement, LLC (Revolver), Due 5/31/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Titan Home Improvement, LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Building Products

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

Interest Rate

11.35%

Maturity Date

May 31, 2030

Par Amount/ Units

$ 520

Cost

(10)

Fair Value

$ (10)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Titan Home Improvement, LLC, Due 5/31/2030

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Titan Home Improvement, LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Building Products

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

Interest Rate

11.35%

Maturity Date

May 31, 2030

Par Amount/ Units

$ 3,164

Cost

3,102

Fair Value

$ 3,102

% of Net Assets

2.74%

Unobservable input

true

Investment, Identifier [Axis]: Together Group Holdings PLC (Delayed Draw) Due 4/6/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Together Group Holdings PLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.90%

Interest Rate

13.26%

Maturity Date

Apr. 06, 2029

Par Amount/ Units

$ 273

Cost

(7)

Fair Value

$ (6)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: Together Group Holdings PLC Due 4/6/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

Together Group Holdings PLC

Investment, Type

First Lien Debt

Investment, Industry Sector

Media

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

7.90%

Interest Rate

13.26%

Maturity Date

Apr. 06, 2029

Par Amount/ Units

$ 5,000

Cost

4,868

Fair Value

$ 4,890

% of Net Assets

4.58%

Unobservable input

true

Investment, Identifier [Axis]: Toledo AcquisitionCo Inc., Due 8/21/2027

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:ToledoAcquisitioncoInc.Member

Investment, Type

First Lien Debt

us-gaap:SeniorNotesMember

First Lien Debt

Investment, Industry Sector

Containers & Packaging

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

6.65%

Interest Rate

11.97%

12.03%

11.97%

Maturity Date

Aug. 21, 2027

Par Amount/ Units

$ 2,962

$ 2,977

Cost

2,924

2,934

Fair Value

$ 2,914

$ 2,923

% of Net Assets

2.57%

2.74%

2.57%

Unobservable input

true

Investment, Identifier [Axis]: TriplePoint Acquisition Holdings LLC (Delayed Draw), Due 5/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

TriplePoint Acquisition Holdings LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.50%

Interest Rate

10.84%

Maturity Date

May 31, 2029

Par Amount/ Units

$ 1,119

Cost

(11)

Fair Value

$ (11)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: TriplePoint Acquisition Holdings LLC (Revolver), Due 5/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

TriplePoint Acquisition Holdings LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.50%

Interest Rate

10.84%

Maturity Date

May 31, 2029

Par Amount/ Units

$ 622

Cost

(12)

Fair Value

$ (12)

% of Net Assets

(0.01%)

Unobservable input

true

Investment, Identifier [Axis]: TriplePoint Acquisition Holdings LLC, Due 5/31/2029

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

TriplePoint Acquisition Holdings LLC [Member]

Investment, Type

First Lien Debt

Investment, Industry Sector

Construction & Engineering

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Spread Rate

5.50%

Interest Rate

10.84%

Maturity Date

May 31, 2029

Par Amount/ Units

$ 4,478

Cost

4,390

Fair Value

$ 4,390

% of Net Assets

3.86%

Investment, Identifier [Axis]: ZircoData Holdings Pty Ltd, Due 5/3/2026

Schedule of Investments

Investments at fair value

Non- affiliated investments

Investment, Issuer Name

pgim:ZircodataHoldingsPtyLtdMember

Investment, Type

First Lien Debt

Investment, Industry Sector

Commercial Services & Supplies

Investment, Issuer Geographic Region

UNITED STATES

Investment, Variable Interest Rate, Type

Base Rate [Member]

us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember

Base Rate [Member]

Spread Rate

7.25%

Interest Rate

11.75%

11.66%

11.75%

Maturity Date

May 03, 2026

Par Amount/ Units

$ 1,793

$ 1,731

Cost

$ 1,151

1,191

Fair Value

$ 1,145

$ 1,214

% of Net Assets

1.01%

1.14%

1.01%

Unobservable input

true

Non- affiliated investments

Schedule of Investments

Cost

$ 129,318

$ 100,588

Fair Value

$ 129,664

$ 101,019

% of Net Assets

114.13%

94.68%

114.13%

Unobservable input

true

Non- affiliated investments | First Lien Debt

Schedule of Investments

Cost

$ 129,318

$ 100,588

Fair Value

$ 129,664

$ 101,019

% of Net Assets

114.13%

94.68%

114.13%

Unobservable input

true

Non- affiliated investments | Aerospace & Defense | First Lien Debt

Schedule of Investments

Cost

$ 3,433

Fair Value

$ 3,373

% of Net Assets

2.97%

Unobservable input

true

Non- affiliated investments | Beverages | First Lien Debt

Schedule of Investments

Cost

$ 2,936

$ 2,947

Fair Value

$ 2,958

$ 2,961

% of Net Assets

2.60%

2.77%

2.60%

Unobservable input

true

Non- affiliated investments | Building Products | First Lien Debt

Schedule of Investments

Cost

$ 3,086

Fair Value

$ 3,086

% of Net Assets

2.72%

Non- affiliated investments | Business Services | First Lien Debt

Schedule of Investments

Cost

$ 2,161

$ 2,167

Fair Value

$ 2,168

$ 2,175

% of Net Assets

1.91%

2.04%

1.91%

Unobservable input

true

Non- affiliated investments | Chemicals | First Lien Debt

Schedule of Investments

Cost

$ 19,549

$ 18,555

Fair Value

$ 19,515

$ 18,663

% of Net Assets

17.18%

17.49%

17.18%

Unobservable input

true

Non- affiliated investments | Commercial Services & Supplies | First Lien Debt

Schedule of Investments

Cost

$ 6,662

Fair Value

$ 6,691

% of Net Assets

5.89%

Unobservable input

true

Non- affiliated investments | Construction & Engineering | First Lien Debt

Schedule of Investments

Cost

$ 17,638

$ 12,945

Fair Value

$ 17,655

$ 12,938

% of Net Assets

15.54%

12.13%

15.54%

Unobservable input

true

Non- affiliated investments | Containers & Packaging | First Lien Debt

Schedule of Investments

Cost

$ 6,602

$ 6,638

Fair Value

$ 6,632

$ 6,648

% of Net Assets

5.84%

6.23%

5.84%

Unobservable input

true

Non- affiliated investments | Distributors | First Lien Debt

Schedule of Investments

Cost

$ 585

$ 586

Fair Value

$ 589

$ 591

% of Net Assets

0.52%

0.55%

0.52%

Non- affiliated investments | Electronic Equipment, Instruments & Components | First Lien Debt

Schedule of Investments

Cost

$ 7,065

$ 6,782

Fair Value

$ 7,090

$ 6,811

% of Net Assets

6.24%

6.38%

6.24%

Non- affiliated investments | Environmental & Facilities Services | First Lien Debt

Schedule of Investments

Cost

$ 1,093

$ 1,095

Fair Value

$ 1,097

$ 1,100

% of Net Assets

0.96%

1.03%

0.96%

Non- affiliated investments | Gas Utilities | First Lien Debt

Schedule of Investments

Cost

$ 1,884

$ 1,904

Fair Value

$ 1,888

$ 1,912

% of Net Assets

1.66%

1.79%

1.66%

Non- affiliated investments | Health Care Equipment | First Lien Debt

Schedule of Investments

Cost

$ 1,566

$ 1,570

Fair Value

$ 1,572

$ 1,578

% of Net Assets

1.38%

1.48%

1.38%

Non- affiliated investments | Health Care Providers & Services | First Lien Debt

Schedule of Investments

Cost

$ 12,745

$ 4,890

Fair Value

$ 12,770

$ 4,918

% of Net Assets

11.24%

4.61%

11.24%

Non- affiliated investments | Household Products | First Lien Debt

Schedule of Investments

Cost

$ 3,275

Fair Value

$ 3,253

% of Net Assets

2.86%

Non- affiliated investments | Human Resource & Employment Services | First Lien Debt

Schedule of Investments

Cost

$ 1,767

$ 1,847

Fair Value

$ 1,772

$ 1,854

% of Net Assets

1.56%

1.74%

1.56%

Unobservable input

true

Non- affiliated investments | IT Consulting & Other Services | First Lien Debt

Schedule of Investments

Cost

$ 2,402

$ 2,793

Fair Value

$ 2,406

$ 2,792

% of Net Assets

2.12%

2.62%

2.12%

Non- affiliated investments | IT Services | First Lien Debt

Schedule of Investments

Cost

$ 3,835

$ 3,617

Fair Value

$ 3,898

$ 3,617

% of Net Assets

3.43%

3.39%

3.43%

Unobservable input

true

Non- affiliated investments | Media | First Lien Debt

Schedule of Investments

Cost

$ 8,309

$ 8,137

Fair Value

$ 8,349

$ 8,177

% of Net Assets

7.35%

7.66%

7.35%

Non- affiliated investments | Paper & Forest Products | First Lien Debt

Schedule of Investments

Cost

$ 5,095

Fair Value

$ 5,119

% of Net Assets

4.51%

Non- affiliated investments | Pharmaceuticals | First Lien Debt

Schedule of Investments

Cost

$ 1,424

Fair Value

$ 1,426

% of Net Assets

1.34%

Non- affiliated investments | Professional Services | First Lien Debt

Schedule of Investments

Cost

$ 8,746

$ 8,545

Fair Value

$ 8,896

$ 8,692

% of Net Assets

7.83%

8.15%

7.83%

Unobservable input

true

Non- affiliated investments | Software | First Lien Debt

Schedule of Investments

Cost

$ 1,629

$ 1,626

Fair Value

$ 1,637

$ 1,627

% of Net Assets

1.44%

1.52%

1.44%

Unobservable input

true

Non- affiliated investments | Trading Companies & Distributors | First Lien Debt

Schedule of Investments

Cost

$ 7,255

$ 7,297

Fair Value

$ 7,250

$ 7,293

% of Net Assets

6.38%

6.84%

6.38%

Non- affiliated investments | Commercial Services & Supplies | First Lien Debt

Schedule of Investments

Cost

$ 5,223

Fair Value

$ 5,246

% of Net Assets

4.92%

[1] Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

Schedule of Investments (Parent

Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments
Unfunded	$ 13,755	$ 13,523
Unfunded Commitment Fair Value	$ (218)	$ (263)
Interest-bearing money market fund yield	5.70%	5.22%
Non-qualifying assets as percentage of company's total assets	16.99%	12.94%
ADB Acquiror, Inc \| Revolving Credit Facility
Schedule of Investments
Unfunded	$ 455	$ 455
Unfunded Commitment Fair Value	(8)	(9)
ADB Acquiror, Inc \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	1,545	1,727
Unfunded Commitment Fair Value	(28)	(35)
AgroFresh, Inc. \| Revolving Credit Facility
Schedule of Investments
Unfunded	27	141
Unfunded Commitment Fair Value	(1)	(3)
Airedale Newco Limited \| Revolving Credit Facility
Schedule of Investments
Unfunded	994	993
Unfunded Commitment Fair Value	(24)	(30)
AOM Intermediate Holdco, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	60	258
Unfunded Commitment Fair Value	(1)	(5)
AOM Intermediate Holdco, LLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	773	773
Unfunded Commitment Fair Value	(13)	(15)
Capital Construction, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	222	200
Unfunded Commitment Fair Value	(2)	(3)
CI(MG) Intermediate, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	34	257
Unfunded Commitment Fair Value	(1)	(7)
CI(MG) Intermediate, LLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	254	1,155
Unfunded Commitment Fair Value	(6)	(34)
Close The Loop Group USA, Inc. \| Revolving Credit Facility
Schedule of Investments
Unfunded	589	589
Unfunded Commitment Fair Value	(6)	(9)
Close The Loop Group USA, Inc. \| Delayed Draw Term Loan
Schedule of Investments
Unfunded		358
Unfunded Commitment Fair Value		(6)
Delaware Valley Floral Group LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	327	327
Unfunded Commitment Fair Value	(5)	(5)
Eureka Entertainment, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	236	236
Unfunded Commitment Fair Value	(3)	(3)
HEF Safety Ultimate Holdings, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	218	218
Unfunded Commitment Fair Value	(3)	(7)
HEF Safety Ultimate Holdings, LLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	563	563
Unfunded Commitment Fair Value	(8)	(7)
Johns-Byrne LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	134	134
Unfunded Commitment Fair Value	(2)	(3)
Johns-Byrne LLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	267	267
Unfunded Commitment Fair Value	(4)	(5)
Kandelium Group GmbH [Member] \| Delayed Draw Term Loan
Schedule of Investments
Unfunded		1,284
Unfunded Commitment Fair Value		(19)
Legend Buyer, Inc. \| Revolving Credit Facility
Schedule of Investments
Unfunded	214	214
Unfunded Commitment Fair Value	(3)	(4)
Medical Device Inc. \| Revolving Credit Facility
Schedule of Investments
Unfunded	202	202
Unfunded Commitment Fair Value	(4)	(4)
Nest Bidco GMBH \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	954
Unfunded Commitment Fair Value	(22)
Penncomp LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	148	148
Unfunded Commitment Fair Value	(1)	(3)
Penncomp LLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	947	1,183
Unfunded Commitment Fair Value	(7)	(13)
Pharmacy Partners Acquisition, LLC [Member] \| Revolving Credit Facility
Schedule of Investments
Unfunded	202
Unfunded Commitment Fair Value	(3)
Pryor Learning, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	203	203
Unfunded Commitment Fair Value	(3)	(3)
Rent-All [Member] \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	131
Unfunded Commitment Fair Value	(2)
Rochester Sensors, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded		300
Unfunded Commitment Fair Value		(5)
Safety Infrastructure Services Intermediate LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	227	363
Unfunded Commitment Fair Value	(3)	(6)
Sail Energy, LLC \| Revolving Credit Facility
Schedule of Investments
Unfunded	381	381
Unfunded Commitment Fair Value	(5)	(5)
Tetris Bidco Limited \| Revolving Credit Facility
Schedule of Investments
Unfunded	321	321
Unfunded Commitment Fair Value	(5)	(9)
Titan Home Improvement, LLC [Member] \| Revolving Credit Facility
Schedule of Investments
Unfunded	520
Unfunded Commitment Fair Value	(10)
Titan Home Improvement, LLC [Member] \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	593
Unfunded Commitment Fair Value	(6)
Together Group Holdings PLC \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	273	273
Unfunded Commitment Fair Value	(6)	$ (6)
TriplePoint Acquisition Holdings LLC [Member] \| Revolving Credit Facility
Schedule of Investments
Unfunded	622
Unfunded Commitment Fair Value	(12)
TriplePoint Acquisition Holdings LLC [Member] \| Delayed Draw Term Loan
Schedule of Investments
Unfunded	1,119
Unfunded Commitment Fair Value	$ (11)

Schedule of Investments - Forwa

Schedule of Investments - Forward Foreign Currency Exchange Contracts € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2024 EUR (€)	Jun. 30, 2024 GBP (£)	Jun. 30, 2024 AUD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 AUD ($)
Forward Foreign Currency Exchange Contracts
Unrealized Appreciation (Depreciation)	$ 216	$ (282)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited Currency Purchased Settlement On 09/07/2024
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 880
Currency Sold \| €			€ 807
Settlement Date	Jul. 09, 2024
Unrealized Appreciation (Depreciation)	$ 15
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited Currency Purchased Settlement On 24/04/2026
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 359
Currency Sold \| €			326
Settlement Date	Apr. 24, 2026
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 08/07/2024
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 191
Currency Sold \| €			176
Settlement Date	Jul. 08, 2024
Unrealized Appreciation (Depreciation)	$ 2
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 09/07/2024, One
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 113
Currency Sold \| £				£ 104
Settlement Date	Jul. 09, 2024
Unrealized Appreciation (Depreciation)	$ 2
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 09/07/2024, Three
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 2,669
Currency Sold \| £				2,105
Settlement Date	Jul. 09, 2024
Unrealized Appreciation (Depreciation)	$ 8
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 09/07/2024, Two
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 3,539
Currency Sold \| €			3,246
Settlement Date	Jul. 09, 2024
Unrealized Appreciation (Depreciation)	$ 60
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 12/02/2025, One
Forward Foreign Currency Exchange Contracts
Currency Purchased					$ 12
Currency Sold	$ 8
Settlement Date	Feb. 12, 2025
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 12/02/2025, Two
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 1,163
Currency Sold					$ 1,774
Settlement Date	Feb. 12, 2025
Unrealized Appreciation (Depreciation)	$ (27)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 16/04/2024
Forward Foreign Currency Exchange Contracts
Settlement Date		Feb. 16, 2024
Unrealized Appreciation (Depreciation)		$ (63)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 27/02/2026
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 3,482
Currency Sold \| €			3,111
Settlement Date	Feb. 27, 2026
Unrealized Appreciation (Depreciation)	$ 53
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 28/11/2025
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 3,385	$ 3,385
Currency Sold \| €			€ 3,024			€ 3,024
Settlement Date	Nov. 28, 2025	Nov. 28, 2025
Unrealized Appreciation (Depreciation)	$ 65	$ (59)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement On 31/12/2025
Forward Foreign Currency Exchange Contracts
Currency Purchased	$ 6,601	$ 6,771
Currency Sold \| £				£ 5,180			£ 5,313
Settlement Date	Dec. 31, 2025	Dec. 31, 2025
Unrealized Appreciation (Depreciation)	$ 38	$ (24)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement on 08/01/2024, One
Forward Foreign Currency Exchange Contracts
Currency Purchased		$ 868
Currency Sold \| €						817
Settlement Date		Jan. 08, 2024
Unrealized Appreciation (Depreciation)		$ (36)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement on 08/01/2024, Two
Forward Foreign Currency Exchange Contracts
Currency Purchased		$ 8
Currency Sold \| €						€ 7
Settlement Date		Jan. 08, 2024
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement on 16/01/2024
Forward Foreign Currency Exchange Contracts
Currency Purchased		$ 2,696
Currency Sold \| £							£ 2,193
Settlement Date		Jan. 16, 2024
Unrealized Appreciation (Depreciation)		$ (100)
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Currency Purchased, Settlement on 16/02/2024
Forward Foreign Currency Exchange Contracts
Currency Purchased		$ 1,191
Currency Sold								$ 1,835

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization
Organization	Note 1. Organization PGIM Private Credit Fund (the “Company,” “we,” “us” or “our”) is a Delaware statutory trust formed on March 21, 2022. The Company currently invests and intends to continue investing primarily in privately placed floating rate leveraged (below investment grade) debt, including, but not limited to, senior secured, first lien, debt issuances in middle market companies primarily in the United States as well as up to 30% of its total assets in investments in other countries (primarily Canada, Europe, Australia and Latin America). The Company currently is majority-owned by Prudential Insurance Company of America (“PICA”), an affiliate of the Company and PGIM Investments LLC (“PGIM Investments,” or the “Manager” or the “Valuation Designee”). The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), effective May 5, 2023. The Company also intends to elect to be treated, and qualify annually, as a regulated investment company (“RIC”) for U.S. federal income tax purposes as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) upon filing of the tax return on its statutory due date, commencing with its initial taxable year ended December 31, 2023. The Company’s investment objective is to seek to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company intends to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. The Company considers private credit investments to include loans, bonds and other credit instruments that are issued in private offerings or issued by private companies. Under normal circumstances, it is expected that the Company will primarily be invested in privately originated and privately negotiated direct lending investments to U.S. middle market companies through (i) first lien senior secured loans (including club deals by a small group of investment firms), and (ii) with not more than 20% of total invested capital in senior secured second and third lien loans, and unsecured loans. The Company commenced its operations on December 13, 2022.

Accounting Policies

Accounting Policies	6 Months Ended
Accounting Policies	Jun. 30, 2024
Accounting Policies
Accounting Policies	Note 2. Accounting Policies Basis of Presentation The accompanying interim financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. The Company follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that may affect the amounts reported on the financial statements and accompanying notes. These financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results could differ from those estimates and assumptions included on the financial statements. Cash and Cash Equivalents Cash represents cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. The Company’s deposits are held at financial institutions with high credit-quality to minimize credit risk exposure. Cash equivalents consist of other highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents, other than open-end mutual funds, are carried at cost, which approximates fair value. The Company may invest in cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. Investments The Company values its investments in accordance with FASB ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. The Company is required to report its investments for which current market values are not readily available at fair value. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readily available market for these investments existed, and these differences could be material. See “Note 5. Fair Value Measurements.” The Company’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Valuation Designee. Pursuant to the Board’s delegation, the Valuation Designee has established a valuation committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Company to utilize independent valuation advisor services. The Valuation Designee will use reliable market quotations to value the Company’s investments when such market quotations are readily available. Debt and equity securities that are not publicly traded or whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by or under the direction of the Valuation Designee. Market quotations may be deemed not to represent fair value in certain circumstances where the Valuation Designee reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. If and when market quotations are deemed not to represent fair value, the Company typically utilizes independent third party valuation firms to assist in determining fair value. Accordingly, such investments go through a multi-step valuation process as described below. The Valuation Designee engages one or more independent valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain securities. In each case, independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets. With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Valuation Designee, subject to oversight by the Company’s Board, has approved a multi-step valuation process each month, as described below: · Valuation process begins with each portfolio company or investment being initially valued at cost. For Level 3 investments, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment. · The Valuation Designee discusses valuations and determines in good faith the fair value of each investment in the portfolio based in part on information from an independent valuation firm that is provided on a monthly basis in conjunction with the determination of the Net Asset Value (“NAV”) per share each month. · Valuation conclusions are discussed with and documented by the Valuation Designee, including whether a significant observable change has occurred since the most recent month-end with respect to an investment that requires an adjustment from the most recent monthly valuation. · The Board reviews valuations approved by the Valuation Designee at least quarterly. As part of the Company’s valuation process, the Valuation Designee will take into account relevant factors in determining the fair value of the Company’s investments without market quotations, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, (v) a comparison of the portfolio company’s securities to any similar publicly traded securities, and (vi) 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. The determinations of fair value may differ materially from the values that would have been used if a readily available market for these non-traded securities existed. Due to this uncertainty, fair value determinations may cause NAV on a given date to materially differ from the value that may ultimately realize upon the sale of one or more of the investments. The Board reviews the valuations of portfolio investments quarterly and, no less frequently than annually, the adequacy of policies and procedures regarding valuations and the effectiveness of their implementation. Foreign Currency Translation The books and records of the Company are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities—at the exchange rate as of the valuation date; and (ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets of the Company are presented at the foreign exchange rates and market values at the close of the period, the Company does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Company does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Company does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions. Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates. Foreign Currency Transactions Based on market conditions, the Company enters into foreign currency forward contracts (“forward contracts”) as a hedge against fluctuations in future foreign currency exchange rates. The Company may engage in foreign currency exchange transactions in connection with its investments in foreign instruments. The Company is not required to hedge its currency exposure, if any, and may choose not to do so. The Company generally will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward contracts to purchase or sell foreign currencies, including the payment of dividends and the settlement of transactions that otherwise might require untimely dispositions of Company investments. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Company’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. Master Netting Arrangements The Company is subject to various master agreements, or netting arrangements, with select counterparties. These are agreements which PGIM, Inc. (“PGIM” or the “Subadviser”) an indirect, wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential”), may have negotiated and entered into on behalf of the Company. A master netting arrangement between the Company and the counterparty permits the Company to offset amounts payable by the Company to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Company to cover the Company’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. The Company is a party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with certain counterparties that govern over-the-counter (“OTC”) derivative and foreign exchange contracts entered into from time to time. The ISDA Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreements, collateral posted to the Company is held in a segregated account by the Company’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Company is segregated by the Company’s custodian and identified in the Schedule of Investments, if any. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Company and the applicable counterparty. Collateral requirements are determined based on the Company’s net position with each counterparty. Termination events applicable to the Company may occur upon a decline in the Company’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Company’s counterparties to elect early termination could impact the Company’s future derivative activity. Revenue Recognition The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that investment. Realized gains and losses are based on the specific identification method. Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including original issue discount and upfront structuring fees (i.e., origination fees) received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2024, the Company recorded $3,768 and $7,231 (dollar amounts in thousands), respectively, in interest income. For the three and six months ended June 30, 2023, the Company recorded $2,109 and $2,674 (dollar amounts in thousands), respectively, in interest income. Dividend Income Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three and six months ended June 30, 2024, the Company recorded $61 and $181 (dollar amounts in thousands), respectively, in dividend income. For the three and six months ended June 30, 2023, the Company recorded $488 and $528 (dollar amounts in thousands), respectively, in dividend income. Fee Income The Company may receive various fees in the ordinary course of business such as for consents, waivers and amendments, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2024, the Company recorded $50 and $109 (dollar amounts in thousands), respectively, in fee income. For the three and six months ended June 30, 2023, there was no fee income recorded by the Company. Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Subadviser’s judgment, are likely to remain current. The Subadviser may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Organizational and Offering Costs The Manager has agreed to pay the Company’s organizational and offering expenses relating to the initial sale of common shares of beneficial interest, $0.001 par value per share (“Common Shares”), in the offering. The Company is not obligated to repay any such organizational and offering expenses paid by the Manager. Deferred Debt Issuance Costs Certain costs incurred in connection with the issuance of debt of the Company were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. Income Taxes The Company elected to be regulated as a BDC under the 1940 Act effective May 5, 2023. The Company also intends to elect to be treated, and qualify annually, as a RIC under the Code upon filing of the tax return on its statutory due date, commencing with its initial taxable year ended December 31, 2023. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long- term capital losses and (ii) its net tax-exempt income (if any). In addition, based on the federal excise tax distribution requirements applicable to RICs, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company and on which the Company paid corporate income tax is considered to have been distributed. The Company, at its discretion, may determine to carry forward taxable income or gain and pay the 4% excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Company will accrue excise tax on estimated undistributed taxable income and gain as required on an annual basis. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations, and interpretations thereof. The Company had no material uncertain tax positions as of June 30, 2024 or December 31, 2023. Allocation of Income, Expenses, Gains and Losses Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the net asset value of that class in relation to the net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly. Distributions To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on Company earnings, financial condition, maintenance of tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Company has adopted a distribution reinvestment plan, pursuant to which all cash dividends declared by the Board on behalf of shareholders who do not elect to receive their dividends in cash will be reinvested into additional Common Shares. As a result, if the Board authorizes, and the Company declares, cash dividend or other distribution, then shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares.

Fees, Expenses, Agreements and

Fees, Expenses, Agreements and Related Party Transactions	6 Months Ended
Fees, Expenses, Agreements and Related Party Transactions	Jun. 30, 2024
Fees, Expenses, Agreements and Related Party Transactions
Fees, Expenses, Agreements and Related Party Transactions	Note 3. Fees, Expenses, Agreements and Related Party Transactions PGIM Investments LLC, an indirect, wholly-owned subsidiary of Prudential and a registered investment adviser, is the Company’s investment manager. The Manager has engaged the Subadviser, an indirect, wholly-owned subsidiary of Prudential, as the Company’s subadviser. PGIM will provide day-to-day management of the Company’s portfolio primarily through its dedicated private credit asset management business unit, PGIM Private Capital (“PPC”) although the Manager is permitted to allocate portions of the Company’s portfolio to any of the business units within PGIM. The Company and the Manager have entered into an amended and restated management agreement (the “Management Agreement”) pursuant to which the Manager is entitled to receive a base management fee and an incentive fee. Management Fees The Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. Prior to the Company’s election of BDC status, the management fee was contractually set to zero. Accordingly, no fee was accrued during that time. Following the Company’s election of BDC status, net assets for the first applicable calendar month were measured from the date that the Company first publicly sold shares to a person or entity other than the Manager or its affiliates. Effective February 23, 2024, the Manager contractually agreed to waive its management fee in its entirety through December 31, 2024 (the “Waiver Period”). The Manager previously contractually agreed to waive its management fee in its entirety for one year from May 5, 2023, the effective date of the Company’s registration statement. Following the Waiver Period, the Manager will receive a management fee at an annual rate of 1.25% of the average daily value of the Company’s net assets. For the three and six months ended June 30, 2024, the Company accrued management fees of $349 and $685 (dollar amounts in thousands), respectively, all of which was subject to waiver by the Manager. As of June 30, 2024, there were no management fees payable by the Company. For the three and six months ended June 30, 2023, there were no management fees accrued or payable by the Company. Incentive Fees The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company’s income and a portion is based on a percentage of the Company’s realized capital gains. Incentive Fee Based on Income “Pre-Incentive Fee Net Investment Income Returns” represents either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees received from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred Shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Shareholders may be charged a fee on an income amount that is higher than the income they may ultimately receive. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Company’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). The Company will pay the Manager an incentive fee quarterly in arrears with respect to the Company’s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: ● No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% ( 5.0% annualized); ● 100% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% ( 5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Manager with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and ● 12.5% of the dollar amount of the Company’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% ( 5.72% annualized). Incentive Fee Based on Capital Gains The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals: ● 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains. The Manager has contractually agreed to waive its incentive fee in its entirety for the Waiver Period. The Manager previously contractually agreed to waive its incentive fee in its entirety for one year from May 5, 2023, the effective date of the Company’s registration statement. Prior to the Company’s election of BDC status, the incentive fee was contractually set to zero. Accordingly, no fee was incurred during that time. For the three and six months ended June 30, 2024, the Company accrued income based incentive fees of $218 and $438 (dollar amounts in thousands), respectively, all of which were subject to waiver by the Manager. As of June 30, 2024, there were no incentive fees payable by the Company. For the three and six months ended June 30, 2023, the Company accrued income based incentive fees of $185 and $185 (dollar amounts in thousands), respectively, all of which were subject to waiver by the Manager. For the three and six months ended June 30, 2024, the Company accrued capital gains incentive fees of $35 and $69 (dollar amounts in thousands), respectively, all of which were subject to waiver by the Manager. As of June 30, 2024, there were no capital gains incentive fees payable by the Company. For the three and six months ended June 30, 2023, there were no capital gains incentive fees recorded by the Company. Sub-Advisory Fee Pursuant to the amended and restated subadvisory agreement between the Manager and the Subadviser (the “Subadvisory Agreement”), the Subadvisor will receive an annual subadvisory fee, payable monthly in arrears by the Manager at an annual rate of 1.00% of the value of the Company’s net assets within the direct lending portion of the portfolio managed by the Subadviser as of the beginning of the first calendar day of the applicable month. For the first calendar month, net assets will be measured as the date that the Company first publicly sells shares to a person or entity other than the Manager or its affiliates. In addition, the Manager will pay the Subadviser a fee in the amount of 75% of the incentive fee received by the Manager from the Company pursuant to the Management Agreement. No subadvisory fee or incentive fee will be paid by the Company directly to the Subadviser. The Subadviser has contractually agreed to waive its portion of the management fees and incentive fees in their entirety for the Waiver Period. The Subadviser previously contractually agreed to waive its portion of the management fees and incentive fees in their entirety for one year from May 5, 2023, the effective date of the Company’s registration statement. Prior to the Company’s election of BDC status, the subadvisory fee was contractually set to zero. Accordingly, no subadvisory fee was payable by the Manager to the Subadviser for the three and six months ended June 30, 2024 and 2023. Under the Subadvisory Agreement, the Subadviser, subject to the supervision of the Manager, is responsible for managing the assets of the Company in accordance with the Company’s investment objective, investment program, and policies. The Subadviser determines what private credit and other instruments are purchased and sold for the Company and is responsible for obtaining and evaluating financial data relevant to the Company. The Manager continues to have responsibility for all investment advisory services pursuant to the Management Agreement and supervises the Subadviser’s performance of such services. Intermediary Manager Agreement The Company entered into an intermediary manager agreement with Prudential Investment Management Services, LLC (“PIMS” or the “Distributor”), an affiliate of the Manager, who will be principal underwriter and distributor of the Common Shares. The Distributor will be entitled to receive shareholder servicing and/or distribution fees with respect to the Class S and Class D Shares on an annualized basis as a percentage of the NAV for such class, subject to the inception of each class. The shareholder servicing and/or distribution fees will be paid monthly in arrears at an annual rate of 0.85% and 0.25% for Class S and D respectively, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month. No distribution and/or shareholder servicing fees will be paid with respect to Class I. For the three and six months ended June 30, 2024, the Company accrued servicing and/or distribution fees of less than $500 which were attributable to Class S and Class D Shares, respectively. For the three and six months ended June 30, 2023, the Company did not accrue servicing and/or distribution fees. Plan Administrator Prudential Mutual Company Services LLC (“PMFS” or the “Plan Administrator”) serves as the transfer and dividend disbursing agent of the Company. PMFS provides customary transfer agency services to the Company, including the handling of shareholder communications, the processing of shareholder transactions, the maintenance of shareholder account records, the payment of dividends and distributions, and related functions. PMFS is an affiliate of the Manager. SS&C GIDS, Inc., a corporation organized in the state of Delaware serves as the sub-transfer agent of the Company. For the three months ended June 30, 2024, the Company accrued transfer agent’s fees and expenses of $14, $8 and $19 (dollar amounts in thousands), and for the six months ended June 30, 2024, the Company accrued transfer agent’s fees and expenses of $22, $18 and $29 (dollar amounts in thousands) for Class I, Class S and Class D Shares, respectively. For the three and six months ended June 30, 2023, the Company accrued transfer agent’s fees and expenses of $78 and $78 (dollar amounts in thousands), respectively, for Class I Shares. As of June 30, 2024 and December 31, 2023, there were $4 and $16 (dollar amounts in thousands), respectively, of transfer agent’s fees payable by the Company. Expense Limitation and Reimbursement Agreement Pursuant to an expense limitation and reimbursement agreement by and among the Company and the Manager, for three years from May 5, 2023, the effective date of the Company’s registration statement (the “ELRA Period”), the Manager has contractually agreed to waive its fees and/or reimburse expenses of the Company so that the Company’s Specified Expenses (as defined below) will not exceed 0.50% of net assets (annualized). The Company has agreed to repay these amounts, when and if requested by the Manager, but only if and to the extent that Specified Expenses are less than 0.50% of net assets (annualized) (or, if a lower expense limit is then in effect, such lower limit) within three years after the date the Manager waived or reimbursed such fees or expenses. This arrangement cannot be terminated without the consent of the Company’s Board prior to the end of the ELRA Period. “Specified Expenses” includes all expenses incurred in the business of the Company, including organizational and offering costs (excluding the organizational and offering expenses relating to the initial sale of Class S, Class D and Class I Common Shares), with the following exceptions: (i) the management fee, (ii) the incentive fee, (iii) the shareholder servicing and/or distribution fee, (iv) brokerage costs or other investment-related out-of-pocket expenses, (v) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company), (vi) taxes, and (vii) extraordinary expenses (as determined in the sole discretion of the Manager). Prior to the Company’s election of BDC status, the Manager agreed to voluntarily enact the above-described expense limitation. Accordingly, such expense reimbursement is reflected on the Statements of Operations for the six months ended June 30, 2024 and 2023. Certain other expenses may be paid by the Manager, subject to the Manager’s sole discretion. The Company will not be required to repay such amounts to the Manager. The following table represents a summary of Expense Payments and the related Reimbursement Payments since the Company’s commencement of operations (dollar amounts in thousands): Expense Reimbursement Unreimbursed Effective Rate of Reimbursement Operating Payments by Payments to Expense Distribution per Eligibility Expense For the Quarters Ended Manager Manager Payments Common Share (1) Expiration Ratio (2) December 31, 2022 $ 89 $ — $ 89 0.00 % December 31, 2025 0.78 % March 31, 2023 78 — 78 0.00 % March 31, 2026 0.19 % June 30, 2023 285 — 285 0.00 % June 30, 2026 0.37 % September 30, 2023 1,029 — 1,029 0.00 % September 30, 2026 1.01 % December 31, 2023 1,227 — 1,227 10.94 % December 31, 2026 1.33 % March 31, 2024 795 — 795 10.90 % March 31, 2027 0.81 % June 30, 2024 953 — 953 10.85 % June 30, 2027 0.96 % $ 4,456 $ — $ 4,456 (1) The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s gross offering price per share as of each quarter ended. (2) The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, shareholder servicing and/or distribution fee, base management fee and incentive fees owed to the Manager, and interest expense, by the Company’s net assets as of each quarter end. PGIM Investments, PGIM, PIMS, PMFS, and PPC are indirect, wholly-owned subsidiaries of Prudential. Investment Transactions with Affiliates The Company’s existing investments were acquired with proceeds from purchases of the Company’s Class I Shares by PGIM Strategic Investments, Inc. Select investments, as footnoted in the Schedule of Investments, were purchased from the parent company of PGIM Strategic Investments, Inc. while the Company operated as a private fund. All other existing investments were originated with the portfolio company. For the investments purchased, the Company engaged an independent third-party valuation firm to assist in determining the fair value of these investments in accordance with the Company’s valuation procedures. For more information regarding the Company’s valuation procedures see “Note 2. Accounting Policies.” Investments were purchased from the parent company of PGIM Strategic Investments, Inc. on the below dates with aggregate fair values as follows: Date Fair Value (in thousands) March 13, 2023 $ 22,206 March 28, 2023 1,622 March 31, 2023 1,843 Effective June 14, 2024, the Company changed its overnight cash sweep vehicle from an unaffiliated money market fund to the PGIM Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as “Dividend income from affiliated investments.” Co-Investment Relief The Company has received exemptive relief that allows the Company to co-invest in certain transactions with certain affiliates of the Manager. The relief permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Manager and certain funds managed and controlled by the Manager and its affiliates, subject to certain terms and conditions. Pursuant to such order, the Company’s Board has established criteria (“Board Criteria”) clearly defining co-investment opportunities in which the Company will have the opportunity to participate with one or more other public or private PPC funds and managed accounts that target similar assets. If an investment falls within the Board Criteria, PPC must offer an opportunity for the Company to participate. The Company may participate or may not participate, depending on whether PPC determines that the investment is appropriate for the Company (e.g., based on investment strategy). If PPC determines that such investment is not appropriate for us, the investment will not be allocated to us, but PPC will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board at the next quarterly Board meeting.

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2024
Investments
Investments	Note 4. Investments As of June 30, 2024 and December 31, 2023, the composition of the Company’s investment portfolio at cost and fair value was as follows (dollar amounts in thousands): June 30, 2024 Percentage of Total Investments Cost Fair value at Fair Value First Lien Debt $ 129,318 $ 129,664 100.00 % Total $ 129,318 $ 129,664 100.00 % December 31, 2023 Percentage of Total Investments Cost Fair value at Fair Value First Lien Debt $ 100,588 $ 101,019 100.00 % Total $ 100,588 $ 101,019 100.00 % As of June 30, 2024 and December 31, 2023, the industry composition of investments at fair value was as follows: June 30, 2024 December 31, 2023 Chemicals 15.05 % 18.48 % Construction & Engineering 13.62 % 12.81 % Health Care Providers & Services 9.85 % 4.87 % Professional Services 6.86 % 8.61 % Media 6.44 % 8.10 % Trading Companies & Distributors 5.59 % 7.22 % Electronic Equipment, Instruments & Components 5.47 % 6.74 % Commercial Services & Supplies 5.16 % 5.19 % Containers & Packaging 5.11 % 6.58 % Paper & Forest Products 3.95 % — % IT Services 3.01 % 3.58 % Aerospace & Defense 2.60 % — % Household Products 2.51 % — % Building Products 2.38 % — % Beverages 2.28 % 2.93 % IT Consulting & Other Services 1.86 % 2.76 % Business Services 1.67 % 2.15 % Gas Utilities 1.46 % 1.89 % Human Resource & Employment Services 1.37 % 1.84 % Software 1.26 % 1.61 % Health Care Equipment 1.21 % 1.56 % Environmental & Facilities Services 0.84 % 1.09 % Distributors 0.45 % 0.58 % Pharmaceuticals — % 1.41 % Total 100.00 % 100.00 % As of June 30, 2024 and December 31, 2023, the geographic composition of investments at cost and fair value was as follows (dollar amounts in thousands): June 30, 2024 % of Total Investments at Country Cost Fair Value Fair Value United States $ 106,162 $ 106,494 82.13 % United Kingdom 8,643 8,765 6.76 % France 6,317 6,297 4.86 % Germany 3,433 3,373 2.60 % Spain 3,275 3,253 2.51 % Australia 1,151 1,145 0.88 % Netherlands 337 337 0.26 % Total $ 129,318 $ 129,664 100.00 % December 31, 2023 % of Total Investments at Country Cost Fair Value Fair Value United States $ 85,299 $ 85,523 84.66 % United Kingdom 9,051 9,191 9.10 % Australia 1,191 1,214 1.20 % France 5,047 5,091 5.04 % Total $ 100,588 $ 101,019 100.00 % As of June 30, 2024 and December 31, 2023, no loans in the portfolio were on non-accrual status. As of June 30, 2024 and December 31, 2023, on a fair value basis, all performing debt investments bore interest at a floating rate.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Measurements
Fair Value Measurements	Note 5. Fair Value Measurements The Company holds securities and other assets and liabilities that are fair valued on a monthly basis. The Company’s investments are valued monthly based on a number of factors, such as the type of investment. Various inputs determine how the Company’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed below and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement and Disclosures. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement. Such inputs are summarized in the three broad levels listed below. ● Level 1—unadjusted quoted prices generally in active markets for identical securities. ● Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs. ● Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures. The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s private credit investments’ fair valuations are classified as Level 3 in the fair value hierarchy. Such fair values are typically determined by utilizing the income approach and discounted cash flow methodology. When an enterprise value analysis or asset collateral analysis indicates there is sufficient coverage through the subject debt security, an income approach with a yield analysis is generally considered the most appropriate method to estimate fair value. In performing a yield analysis, the annual cash flows that a subject security is expected to generate over its remaining estimated holding period are first estimated. Projected cash flows are then converted to their present value equivalent utilizing a rate of return commensurate with the risk of achieving the cash flows, which results at an estimate of fair value. The discount rate can be derived considering the rate of return implied by the original transaction, adjusted for changes in both market spreads and credit-specific factors. Consistent with industry practices, the income approach incorporates subjective judgments regarding the capitalization or discount rate and projections of future cash flows. Newly acquired private credit investments may initially be valued at cost. Each private credit investment will then be valued monthly by an independent valuation advisor utilizing the methodology described above. Investments in open-end funds (other than exchange-traded funds) are valued at their NAVs as of the close of the New York Stock Exchange on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation. The following is a summary of the inputs used as of June 30, 2024 and December 31, 2023 in valuing such financial instruments (dollar amounts in thousands): June 30, 2024 Assets Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 129,664 $ 129,664 Cash Equivalents 314 — — 314 Total $ 314 $ — $ 129,664 $ 129,978 Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts* $ — $ 216 $ — $ 216 December 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 101,019 $ 101,019 Cash Equivalents 14,052 — — 14,052 Total $ 14,052 $ — $ 101,019 $ 115,071 Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts* $ — $ (282) $ — $ (282) * Represents derivative instruments not reflected in the Schedule of Investments, which are recorded at the unrealized appreciation (depreciation) on the instrument. The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value (dollar amounts in thousands): First Lien Debt - Total Investments Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Fair value, beginning of period $ 112,454 $ 101,019 Purchases of investments 17,731 32,117 Proceeds from principal repayments (814) (3,686) Accretion of discount/amortization of premium 125 291 Net realized gain (loss) 8 8 Net change in unrealized appreciation (depreciation) 160 (85) Fair value, end of period $ 129,664 $ 129,664 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 $ 160 $ (85) First Lien Debt - Total Investments Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Fair value, beginning of period $ 47,017 $ 8,486 Purchases of investments 28,259 66,920 Proceeds from principal repayments (861) (1,098) Accretion of discount/amortization of premium 99 127 Net realized gain (loss) — — Net change in unrealized appreciation (depreciation) 34 113 Fair value, end of period $ 74,548 $ 74,548 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023 $ 34 $ 113 The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (dollar amounts in thousands). Fair Value as of Range Directional Impact June 30, Valuation Approach/ Unobservable (Weighted on Fair Value 2024 (1) Methodology Input(s) Average)* from Input Increase** Assets: First Lien Debt $ 114,192 Income/Discounted Cash Flow Discount Rate 9.08% - 14.39% Decrease * Represents the weighted average of each significant unobservable input range at the investment level by fair value. ** Represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement. (1) As of June 30, 2024, included within the fair value of Level 3 assets of $129,664 is an amount of $15,472 for which the Manager did not develop the unobservable inputs (examples include recent transaction prices). Fair Value as of Range Directional Impact December 31, Valuation Approach/ Unobservable (Weighted on Fair Value 2023 (1) Methodology Input(s) Average)* from Input Increase** Assets: First Lien Debt $ 79,088 Income/Discounted Cash Flow Discount Rate 10.31% - 13.89% Decrease * Represents the weighted average of each significant unobservable input range at the investment level by fair value. ** Represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement. (1) As of December 31, 2023, included within the fair value of Level 3 assets of $101,019 is an amount of $21,931 for which the Manager did not develop the unobservable inputs (examples include recent transaction prices). The Company invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is foreign exchange contracts risk. See “Note 2. Accounting Policies” for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Company’s financial position and financial performance as reflected in the Statements of Assets and Liabilities and Statements of Operations is presented in the summary below. Fair value of derivative instruments as of June 30, 2024 as presented in the Statements of Assets and Liabilities (dollar amounts in thousands): Asset Derivatives Liability Derivatives Derivative not accounted for as Statement of Assets hedging instruments, Statement of Assets Fair and Liabilities Fair carried at fair value and Liabilities Location Value Location Value Foreign exchange contracts Unrealized appreciation on OTC forward foreign currency exchange contracts $ 243 Unrealized depreciation on OTC forward foreign currency exchange contracts $ 27 Fair value of derivative instruments as of December 31, 2023 as presented in the Statements of Assets and Liabilities (dollar amounts in thousands): Asset Derivatives Liability Derivatives Derivative not accounted for as Statement of Assets hedging instruments, Statement of Assets Fair and Liabilities Fair carried at fair value and Liabilities Location Value Location Value Foreign exchange contracts Unrealized appreciation on OTC forward foreign currency exchange contracts $ — Unrealized depreciation on OTC forward foreign currency exchange contracts $ 282 The effects of derivative instruments on the Statements of Operations for the three and six months ended June 30, 2024 are as follows (dollar amounts in thousands): Amount of Realized Gain (Loss) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Foreign exchange contracts $ 73 $ (71) Total $ 73 $ (71) Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Foreign exchange contracts $ 41 $ 498 Total $ 41 $ 498 The effects of derivative instruments on the Statements of Operations for the three and six months ended June 30, 2023 are as follows (dollar amounts in thousands): Amount of Realized Gain (Loss) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Foreign exchange contracts $ (8) $ (8) Total $ (8) $ (8) Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Foreign exchange contracts $ 20 $ 9 Total $ 20 $ 9 For the three and six months ended June 30, 2024, the Company’s average volume of derivative activities is as follows (dollar amounts in thousands): Average Volume of Derivative Activities* Three Months Ended Six Months Ended Derivative Contract Type June 30, 2024 June 30, 2024 Forward Foreign Currency Exchange Contracts - Sold (1) 22,540 20,000 Forward Foreign Currency Exchange Contracts - Purchased (1) 8 5 * Average volume is based on average quarter end balance as noted for the three and six months ended June 30, 2024. (1) Value at Settlement Date For the three and six months ended June 30, 2023, the Company’s average volume of derivative activities is as follows (dollar amounts in thousands): Average Volume of Derivative Activities* Three Months Ended Six Months Ended Derivative Contract Type June 30, 2023 June 30, 2023 Forward Foreign Currency Exchange Contracts - Sold (1) 2,194 1,455 * Average volume is based on average quarter end balance as noted for the three and six months ended June 30, 2023. (1) Value at Settlement Date Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements The Company invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below. Offsetting of OTC derivative assets and liabilities as of June 30, 2024 (dollar amounts in thousands): Gross Amounts of Gross Amounts of Net Amounts of Recognized Recognized Recognized Collateral Counterparty Assets (1) Liabilities (1) Assets/(Liabilities) Pledged/(Received) (2) Net Amount Macquarie Bank Limited $ 243 $ (27) $ 216 $ — $ 216 $ 243 $ (27) $ 216 $ — $ 216 (1) Includes unrealized appreciation/(depreciation) on forwards as represented on the Statement of Assets and Liabilities. (2) Collateral amount disclosed by the Company is limited to the Company’s OTC derivative exposure by counterparty. Offsetting of OTC derivative assets and liabilities as of December 31, 2023 (dollar amounts in thousands): Gross Amounts of Gross Amounts of Net Amounts of Recognized Recognized Recognized Collateral Counterparty Assets (1) Liabilities (1) Assets/(Liabilities) Pledged/(Received) (2) Net Amount Macquarie Bank Limited $ — $ (282) $ (282) $ — $ (282) $ — $ (282) $ (282) $ — $ (282) (1) Includes unrealized appreciation/(depreciation) on forwards as represented on the Statement of Assets and Liabilities. (2) Collateral amount disclosed by the Company is limited to the Company’s OTC derivative exposure by counterparty. Financial Instruments disclosed but not carried at fair value The following tables present the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2024 and December 31, 2023, and the level of each financial liability within the fair value hierarchy (dollar amounts in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility $ 20,400 $ 20,400 $ — $ — June 30, 2024 December 31, 2023 Level 1 $ — $ — Level 2 — — Level 3 20,400 — Total debt $ 20,400 $ —

Borrowings

Borrowings	6 Months Ended
Borrowings	Jun. 30, 2024
Borrowings
Borrowings	Note 6. Borrowings On October 30, 2023, the Company, entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) with Sumitomo Mitsui Banking Corporation. The Revolving Credit Facility is secured by substantially all of the assets in the Company’s portfolio, including cash and cash equivalents. The stated interest rate on the Revolving Credit Facility is determined pursuant to a formula-based calculation based on the gross borrowing base at the time, resulting in a stated interest rate, depending on the type of borrowing, of either (a) Term Secured Overnight Financing Rate plus a 10 basis point credit spread adjustment and an applicable margin equal to 2.125% per annum or 2.25% per annum, or (b) Alternate Base Rate plus a 10 basis point credit spread adjustment and an applicable margin equal to 1.125% per annum or 1.25% per annum in respect of USD borrowings and comparable rates in respect of non-USD borrowings. The initial principal amount of the Revolving Credit Facility is $150 million. The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Revolving Credit Facility to up to $350 million. All amounts outstanding under the Revolving Credit Facility must be repaid by the date that is five years after the closing date of the Revolving Credit Facility. As of June 30, 2024 and December 31, 2023, the Company had an aggregate amount of $20.4 million and $0 of debt outstanding and the asset coverage ratio was 656.9% and 0%, respectively. The Company is permitted, under specified conditions, to issue multiple classes of indebtedness and one class of Shares senior to the Common Shares if asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On November 8, 2022, the Company’s sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. In addition, while any senior securities remain outstanding, the Company will be required to make provisions to prohibit any dividend distribution to shareholders or the repurchase of such securities or Shares unless the Company meets the applicable asset coverage ratios at the time of the dividend distribution or repurchase. The Company also may be permitted to borrow amounts up to 5% of the value of the total assets for temporary or emergency purposes, which borrowings would not be considered senior securities. The Company’s debt obligations consisted of the following as of June 30, 2024 and December 31, 2023 (dollar amounts in thousands): June 30, 2024 December 31, 2023 Total Commitment $ 150,000 $ 150,000 Amount Outstanding (1) 20,400 — Unused Portion (2) 129,600 150,000 Amount Available (3) 66,509 65,881 (1) Amount outstanding on the Statements of Assets and Liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) The amount available reflects any limitations related to the credit facility’s borrowing base. The components of total interest expense were as follows (dollar amounts in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Borrowings interest expense $ 260 $ — $ 311 $ — Facility unused fee 129 — 269 — Amortization of financing costs and debt issuance costs 60 — 120 — Total interest expense $ 449 $ — $ 700 $ — Average debt borrowings $ 13,422 $ — $ 8,881 $ — Average interest rates on borrowings 7.66 % — 6.93 % — Senior Securities The following is information about the Company’s senior securities as of the dates indicated in the below table (dollar amounts in thousands): Asset Involuntary Total Amount Coverage per Liquidating Preference Average Market Class and Year Outstanding (1) Unit (2) Per Unit (3) Value Per Unit (4) Revolving Credit Facility June 30, 2024 $ 20,400 $ 7 — N/A March 31, 2024 6,700 17 — N/A December 31, 2023 — — — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission (“SEC”) expressly does not require this information to be disclosed for certain types of senior securities. (4) The Company’s senior securities are not registered for public trading.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies
Commitments and Contingencies	Note 7. Commitments and Contingencies The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which requires the Company to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2024 and December 31, 2023, the Company had unfunded delayed draw term loans and revolvers in the aggregate principal amount of $13,755 and $13,523 (dollar amounts in thousands), respectively. In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, the Company was not involved in any material legal proceedings.

Capital

Capital	6 Months Ended
Capital	Jun. 30, 2024
Capital
Capital	Note 8. Capital The Company is offering on a continuous basis its Common Shares. The Company intends to offer any combination of three classes of Common Shares—Class I Shares, Class S Shares and Class D Shares—with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares will equal the Company’s NAV per share, as of the effective date of the monthly share purchase date. This is a “best efforts” offering, which means that PIMS will use its best efforts to sell Shares, but is not obligated to purchase or sell any specific amount of Shares in this offering. In November 2023, PGIM Strategic Investments, Inc. transferred beneficial ownership of Class I Common Shares to PICA. As of June 30, 2024, the Company has 4,563,721, 437 and 439 of Class I, Class S and Class D Shares issued and outstanding, respectively, all of which is 99.07% owned by PICA. The following table summarizes transactions with respect to the Common Shares during the six months ended June 30, 2024 and 2023 (dollars in thousands except share amounts): June 30, 2024 Class I Class S Class D Shares Amount Shares Amount Shares Amount Shares/gross proceeds from the continuous public offerings 40,521 $ 1,003 — $ — — $ — Shares/gross proceeds from the private placements — — — — — — Share transfers between classes — — — — — — Reinvestment of distribution 200,836 4,974 55 1 57 1 Repurchased Shares — — — — — — Net Increase (decrease) 241,357 $ 5,977 55 $ 1 57 $ 1 June 30, 2023 Class I Class S * Class D * Shares Amount Shares Amount Shares Amount Shares/gross proceeds from the continuous public offerings 3,817,840 $ 97,400 — $ — — $ — Shares/gross proceeds from the private placements — — — — — — Share transfers between classes — — — — — — Reinvestment of distribution — — — — — — Repurchased Shares — — — — — — Net Increase (decrease) 3,817,840 $ 97,400 — $ — — $ — * Class S and Class D Shares commenced operations on July 3, 2023. Net Asset Value per Share The Company determines NAV for each class of Shares each month as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e., the prior month-end NAV). The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares during the six months ended June 30, 2024 and 2023: NAV Per Share For the Months Ended Class I Class S Class D January 2024 $ 24.70 $ 25.14 $ 25.14 February 2024 24.73 25.17 25.16 March 2024 24.78 25.22 25.21 April 2024 24.78 25.22 25.22 May 2024 24.82 25.26 25.25 June 2024 24.89 25.34 25.33 NAV Per Share For the Months Ended Class I Class S* Class D* January 2023 $ 25.31 $ — $ — February 2023 25.46 — — March 2023 25.61 — — April 2023 25.75 — — May 2023 25.98 — — June 2023 26.20 — — * Class S and Class D Shares commenced operations on July 3, 2023. Distributions To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on Company earnings, financial condition, maintenance of tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Board authorizes and declares monthly distribution amounts per share of Class I, Class S and Class D Common Shares. The following tables summarize the Company’s distributions declared during the six months ended June 30, 2024 (dollar amounts in thousands except per share): Class I Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.22500 $ 972 February 23, 2024 February 29, 2024 March 27, 2024 0.22500 986 March 22, 2024 March 28, 2024 April 26, 2024 0.22500 995 April 22, 2024 April 30, 2024 May 29, 2024 0.22500 1,009 May 22, 2024 May 31, 2024 June 26, 2024 0.22500 1,018 June 21, 2024 June 28, 2024 July 29, 2024 0.22500 1,026 Class S Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.20680 $ — * February 23, 2024 February 29, 2024 March 27, 2024 0.20680 — * March 22, 2024 March 28, 2024 April 26, 2024 0.20680 — * April 22, 2024 April 30, 2024 May 29, 2024 0.20680 — * May 22, 2024 May 31, 2024 June 26, 2024 0.20680 — * June 21, 2024 June 28, 2024 July 29, 2024 0.20680 — * Class D Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.22100 $ — * February 23, 2024 February 29, 2024 March 27, 2024 0.22100 — * March 22, 2024 March 28, 2024 April 26, 2024 0.22100 — * April 22, 2024 April 30, 2024 May 29, 2024 0.22100 — * May 22, 2024 May 31, 2024 June 26, 2024 0.22100 — * June 21, 2024 June 28, 2024 July 29, 2024 0.22100 — * * Less than $500 For the six months ended June 30, 2023, the Company did not make any distributions as a disregarded entity. Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan, pursuant to which all cash dividends declared by the Board on behalf of shareholders who do not elect to receive their dividends in cash as provided below will be reinvested into additional Common Shares. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Distributions on fractional Shares will be credited to each participating shareholder’s account to three decimal places. The following table reflects the Common Shares issued pursuant to the dividend reinvestment plan for the six months ended June 30, 2024: Class I Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 107 January 24, 2024 January 31, 2024 February 27, 2024 39,375 February 23, 2024 February 29, 2024 March 27, 2024 39,869 March 22, 2024 March 28, 2024 April 26, 2024 40,151 April 22, 2024 April 30, 2024 May 29, 2024 40,516 May 22, 2024 May 31, 2024 June 26, 2024 40,818 Class S Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 38 January 24, 2024 January 31, 2024 February 27, 2024 3 February 23, 2024 February 29, 2024 March 27, 2024 3 March 22, 2024 March 28, 2024 April 26, 2024 3 April 22, 2024 April 30, 2024 May 29, 2024 4 May 22, 2024 May 31, 2024 June 26, 2024 4 Class D Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 38 January 24, 2024 January 31, 2024 February 27, 2024 4 February 23, 2024 February 29, 2024 March 27, 2024 4 March 22, 2024 March 28, 2024 April 26, 2024 4 April 22, 2024 April 30, 2024 May 29, 2024 4 May 22, 2024 May 31, 2024 June 26, 2024 3 For the six months ended June 30, 2023, no Common Shares were issued pursuant to the distribution reinvestment plan. Character of Distributions The Company may fund its cash distributions to shareholders from any sources of funds available to us, including borrowings, subscription proceeds from Shares in the Company, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to us on account of investments in portfolio companies and fee and expense reimbursement waivers from the Manager, if any. Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on Common Shares during the six months ended June 30, 2024 (dollar amounts in thousands except per share): Class I Class S Class D Source of Distribution Per Share Amount Per Share Amount Per Share Amount Net investment income $ 1.35 $ 6,006 $ 1.24 $ 1 $ 1.33 $ 1 Net realized gains — — — — — — Distributions in excess of net investment income — — — — — — Share Repurchase Program The Company provides liquidity through a quarterly repurchase program pursuant to which it will offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of Shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of the Company’s shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended and Section 23 (c) of the 1940 Act. All Shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Shares. Any repurchases of the Manager’s and affiliate shares will be on the same terms and subject to the same limitations as other shareholders. Under the Company’s share repurchase program, to the extent the Company offers to repurchase Shares in any particular quarter, the Company expects to repurchase Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective Repurchase Date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. For the six months ended June 30, 2024, no share repurchases were completed by the Company.

Financial Highlights

Financial Highlights	6 Months Ended
Financial Highlights	Jun. 30, 2024
Financial Highlights
Financial Highlights	Note 9. Financial Highlights The following are the financial highlights for the six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 June 30, 2023 Class I Class I Per Share Operating Performance: (1) Net asset value, beginning of period $ 24.68 $ 25.09 Income from investment operations: Net investment income (loss) (2) 1.49 1.07 Net realized and unrealized gains (losses) 0.07 0.04 Net increase (decrease) in net investment operations 1.56 1.11 Distributions declared: From net investment income (1.35) — Total distributions declared (1.35) — Total increase (decrease) in net assets 0.21 1.11 Net asset value, end of period $ 24.89 $ 26.20 Total Return (3) 6.47 % 4.42 % Ratios and supplemental data: Net assets, end of period (000’s) $ 113,591 $ 112,291 Average number of Common Shares outstanding, end of period 4,420,478 2,820,182 Ratio of gross expenses to average net assets 7.01 % (7) 2.05 % (4) Ratio of waivers to average net assets (5.30) % (7) (1.55) % (4) Ratio of net expenses to average net assets 1.71 % (6)(7) 0.50 % (4) Ratio of net investment income (loss) to average net assets 12.07 % (7) 8.54 % (4) Portfolio turnover rate (5) 3.24 % 0 % Asset coverage ratio 656.91 % — % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) Annualized, with the exception of certain non-recurring expenses. (5) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short – term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (6) Includes interest expense from the Revolving Credit Facility of 1.21% and 0.00% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024 and 2023, respectively. (7) Annualized. For the Six Months Ended June 30, 2024 Class S (5) Per Share Operating Performance: (1) Net asset value, beginning of period $ 25.13 Income from investment operations: Net investment income (loss) (2) 1.39 Net realized and unrealized gains (losses) 0.06 Net increase (decrease) in net investment operations 1.45 Distributions declared: From net investment income (1.24) Total distributions declared (1.24) Total increase (decrease) in net assets 0.21 Net asset value, end of period $ 25.34 Total Return (3) 5.90 % Ratios and supplemental data: Net assets, end of period (000’s) $ 11 Average number of Common Shares outstanding, end of period 421 Ratio of gross expenses to average net assets (7) 359.20 % Ratio of waivers to average net assets (7) (356.64) % Ratio of net expenses to average net assets (6)(7) 2.56 % Ratio of net investment income (loss) to average net assets (7) 11.12 % Portfolio turnover rate (4) 3.24 % Asset coverage ratio 656.91 % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return does not consider the effects of sales loads, if any. Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (5) Class S commenced operation on July 3, 2023. (6) Includes interest expense from the Revolving Credit Facility of 1.21% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024. (7) Annualized. For the Six Months Ended June 30, 2024 Class D (5) Per Share Operating Performance: (1) Net asset value, beginning of period $ 25.13 Income from investment operations: Net investment income (loss) (2) 1.47 Net realized and unrealized gains (losses) 0.06 Net increase (decrease) in net investment operations 1.53 Distributions declared: From net investment income (1.33) Total distributions declared (1.33) Total increase (decrease) in net assets 0.20 Net asset value, end of period $ 25.33 Total Return (3) 6.21 % Ratios and supplemental data: Net assets, end of period (000’s) $ 11 Average number of Common Shares outstanding, end of period 423 Ratio of gross expenses to average net assets (7) 557.53 % Ratio of waivers to average net assets (7) (555.58) % Ratio of net expenses to average net assets (6)(7) 1.95 % Ratio of net investment income (loss) to average net assets (7) 11.70 % Portfolio turnover rate (4) 3.24 % Asset coverage ratio 656.91 % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return does not consider the effects of sales loads, if any. Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (5) Class D commenced operation on July 3, 2023. (6) Includes interest expense from the Revolving Credit Facility of 1.20% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024. (7) Annualized.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events
Subsequent Events	Note 10. Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2024, except as discussed below. On July 22, 2024, the Company declared a distribution of $0.22500 per Class I Share, $0.20680 per Class S Share, and $0.22100 per Class D Share which is payable on August 30, 2024 to shareholders of record as of July 29, 2024.

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 Income (Loss)	$ 3,571	$ 2,518	$ 6,943	$ 3,146

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

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying interim financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. The Company follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that may affect the amounts reported on the financial statements and accompanying notes. These financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results could differ from those estimates and assumptions included on the financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash represents cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. The Company’s deposits are held at financial institutions with high credit-quality to minimize credit risk exposure. Cash equivalents consist of other highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents, other than open-end mutual funds, are carried at cost, which approximates fair value. The Company may invest in cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment.
Investments	Investments The Company values its investments in accordance with FASB ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. The Company is required to report its investments for which current market values are not readily available at fair value. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readily available market for these investments existed, and these differences could be material. See “Note 5. Fair Value Measurements.” The Company’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Valuation Designee. Pursuant to the Board’s delegation, the Valuation Designee has established a valuation committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Company to utilize independent valuation advisor services. The Valuation Designee will use reliable market quotations to value the Company’s investments when such market quotations are readily available. Debt and equity securities that are not publicly traded or whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by or under the direction of the Valuation Designee. Market quotations may be deemed not to represent fair value in certain circumstances where the Valuation Designee reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. If and when market quotations are deemed not to represent fair value, the Company typically utilizes independent third party valuation firms to assist in determining fair value. Accordingly, such investments go through a multi-step valuation process as described below. The Valuation Designee engages one or more independent valuation firms based on a review of each firm’s expertise and relevant experience in valuing certain securities. In each case, independent valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such Level 3 categorized assets. With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Valuation Designee, subject to oversight by the Company’s Board, has approved a multi-step valuation process each month, as described below: · Valuation process begins with each portfolio company or investment being initially valued at cost. For Level 3 investments, the cost (purchase price adjusted for accreted original issue discount/amortized premium) or any recent comparable trade activity on the security investment shall be considered to reasonably approximate the fair value of the investment, provided that no material change has since occurred in the issuer’s business, significant inputs or the relevant environment. · The Valuation Designee discusses valuations and determines in good faith the fair value of each investment in the portfolio based in part on information from an independent valuation firm that is provided on a monthly basis in conjunction with the determination of the Net Asset Value (“NAV”) per share each month. · Valuation conclusions are discussed with and documented by the Valuation Designee, including whether a significant observable change has occurred since the most recent month-end with respect to an investment that requires an adjustment from the most recent monthly valuation. · The Board reviews valuations approved by the Valuation Designee at least quarterly. As part of the Company’s valuation process, the Valuation Designee will take into account relevant factors in determining the fair value of the Company’s investments without market quotations, many of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company, (ii) the nature and realizable value of any collateral, (iii) the portfolio company’s ability to make payments based on its earnings and cash flow, (iv) the markets in which the portfolio company does business, (v) a comparison of the portfolio company’s securities to any similar publicly traded securities, and (vi) 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. The determinations of fair value may differ materially from the values that would have been used if a readily available market for these non-traded securities existed. Due to this uncertainty, fair value determinations may cause NAV on a given date to materially differ from the value that may ultimately realize upon the sale of one or more of the investments. The Board reviews the valuations of portfolio investments quarterly and, no less frequently than annually, the adequacy of policies and procedures regarding valuations and the effectiveness of their implementation.
Foreign Currency Translation	Foreign Currency Translation The books and records of the Company are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis: (i) market value of investment securities, other assets and liabilities—at the exchange rate as of the valuation date; and (ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions. Although the net assets of the Company are presented at the foreign exchange rates and market values at the close of the period, the Company does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Company does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Company does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions. Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Company’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
Foreign Currency Transactions	Foreign Currency Transactions Based on market conditions, the Company enters into foreign currency forward contracts (“forward contracts”) as a hedge against fluctuations in future foreign currency exchange rates. The Company may engage in foreign currency exchange transactions in connection with its investments in foreign instruments. The Company is not required to hedge its currency exposure, if any, and may choose not to do so. The Company generally will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward contracts to purchase or sell foreign currencies, including the payment of dividends and the settlement of transactions that otherwise might require untimely dispositions of Company investments. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statements of Assets and Liabilities. The Company’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life.
Master Netting Arrangements	Master Netting Arrangements The Company is subject to various master agreements, or netting arrangements, with select counterparties. These are agreements which PGIM, Inc. (“PGIM” or the “Subadviser”) an indirect, wholly-owned subsidiary of Prudential Financial, Inc. (“Prudential”), may have negotiated and entered into on behalf of the Company. A master netting arrangement between the Company and the counterparty permits the Company to offset amounts payable by the Company to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Company to cover the Company’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. The Company is a party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with certain counterparties that govern over-the-counter (“OTC”) derivative and foreign exchange contracts entered into from time to time. The ISDA Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreements, collateral posted to the Company is held in a segregated account by the Company’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Company is segregated by the Company’s custodian and identified in the Schedule of Investments, if any. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Company and the applicable counterparty. Collateral requirements are determined based on the Company’s net position with each counterparty. Termination events applicable to the Company may occur upon a decline in the Company’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Company’s counterparties to elect early termination could impact the Company’s future derivative activity.
Revenue Recognition	Revenue Recognition The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that investment. Realized gains and losses are based on the specific identification method. Interest Income Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including original issue discount and upfront structuring fees (i.e., origination fees) received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. For the three and six months ended June 30, 2024, the Company recorded $3,768 and $7,231 (dollar amounts in thousands), respectively, in interest income. For the three and six months ended June 30, 2023, the Company recorded $2,109 and $2,674 (dollar amounts in thousands), respectively, in interest income. Dividend Income Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. For the three and six months ended June 30, 2024, the Company recorded $61 and $181 (dollar amounts in thousands), respectively, in dividend income. For the three and six months ended June 30, 2023, the Company recorded $488 and $528 (dollar amounts in thousands), respectively, in dividend income. Fee Income The Company may receive various fees in the ordinary course of business such as for consents, waivers and amendments, as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2024, the Company recorded $50 and $109 (dollar amounts in thousands), respectively, in fee income. For the three and six months ended June 30, 2023, there was no fee income recorded by the Company. Non-Accrual Income Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the 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 management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Subadviser’s judgment, are likely to remain current. The Subadviser may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.
Organizational and Offering Costs	Organizational and Offering Costs The Manager has agreed to pay the Company’s organizational and offering expenses relating to the initial sale of common shares of beneficial interest, $0.001 par value per share (“Common Shares”), in the offering. The Company is not obligated to repay any such organizational and offering expenses paid by the Manager.
Deferred Debt Issuance Costs	Deferred Debt Issuance Costs Certain costs incurred in connection with the issuance of debt of the Company were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments.
Income Taxes	Income Taxes The Company elected to be regulated as a BDC under the 1940 Act effective May 5, 2023. The Company also intends to elect to be treated, and qualify annually, as a RIC under the Code upon filing of the tax return on its statutory due date, commencing with its initial taxable year ended December 31, 2023. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long- term capital losses and (ii) its net tax-exempt income (if any). In addition, based on the federal excise tax distribution requirements applicable to RICs, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company and on which the Company paid corporate income tax is considered to have been distributed. The Company, at its discretion, may determine to carry forward taxable income or gain and pay the 4% excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Company will accrue excise tax on estimated undistributed taxable income and gain as required on an annual basis. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations, and interpretations thereof. The Company had no material uncertain tax positions as of June 30, 2024 or December 31, 2023.
Allocation of Income, Expenses, Gains and Losses	Allocation of Income, Expenses, Gains and Losses Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the net asset value of that class in relation to the net asset value of the Company. Expenses that are specific to a class of shares are allocated to such class directly.
Distributions	Distributions To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on Company earnings, financial condition, maintenance of tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to shareholders. The Company has adopted a distribution reinvestment plan, pursuant to which all cash dividends declared by the Board on behalf of shareholders who do not elect to receive their dividends in cash will be reinvested into additional Common Shares. As a result, if the Board authorizes, and the Company declares, cash dividend or other distribution, then shareholders who have not opted out of the distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares.

Fees, Expenses, Agreements an_2

Fees, Expenses, Agreements and Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Fees, Expenses, Agreements and Related Party Transactions
Schedule of expense payments and the related reimbursement payments	The following table represents a summary of Expense Payments and the related Reimbursement Payments since the Company’s commencement of operations (dollar amounts in thousands): Expense Reimbursement Unreimbursed Effective Rate of Reimbursement Operating Payments by Payments to Expense Distribution per Eligibility Expense For the Quarters Ended Manager Manager Payments Common Share (1) Expiration Ratio (2) December 31, 2022 $ 89 $ — $ 89 0.00 % December 31, 2025 0.78 % March 31, 2023 78 — 78 0.00 % March 31, 2026 0.19 % June 30, 2023 285 — 285 0.00 % June 30, 2026 0.37 % September 30, 2023 1,029 — 1,029 0.00 % September 30, 2026 1.01 % December 31, 2023 1,227 — 1,227 10.94 % December 31, 2026 1.33 % March 31, 2024 795 — 795 10.90 % March 31, 2027 0.81 % June 30, 2024 953 — 953 10.85 % June 30, 2027 0.96 % $ 4,456 $ — $ 4,456 (1) The effective rate of distribution per share is expressed as a percentage equal to the projected annualized distribution amount as of the end of the applicable period (which is calculated by annualizing the regular monthly cash distributions per share as of such date without compounding), divided by the Company’s gross offering price per share as of each quarter ended. (2) The operating expense ratio is calculated by dividing the quarterly operating expenses, less organizational and offering expenses, shareholder servicing and/or distribution fee, base management fee and incentive fees owed to the Manager, and interest expense, by the Company’s net assets as of each quarter end.
Schedule of aggregate fair value of transactions with affiliates	Date Fair Value (in thousands) March 13, 2023 $ 22,206 March 28, 2023 1,622 March 31, 2023 1,843

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2024
Investments
Summary of composition of the company's investment portfolio, industry composition, and geographic composition	As of June 30, 2024 and December 31, 2023, the composition of the Company’s investment portfolio at cost and fair value was as follows (dollar amounts in thousands): June 30, 2024 Percentage of Total Investments Cost Fair value at Fair Value First Lien Debt $ 129,318 $ 129,664 100.00 % Total $ 129,318 $ 129,664 100.00 % December 31, 2023 Percentage of Total Investments Cost Fair value at Fair Value First Lien Debt $ 100,588 $ 101,019 100.00 % Total $ 100,588 $ 101,019 100.00 % June 30, 2024 December 31, 2023 Chemicals 15.05 % 18.48 % Construction & Engineering 13.62 % 12.81 % Health Care Providers & Services 9.85 % 4.87 % Professional Services 6.86 % 8.61 % Media 6.44 % 8.10 % Trading Companies & Distributors 5.59 % 7.22 % Electronic Equipment, Instruments & Components 5.47 % 6.74 % Commercial Services & Supplies 5.16 % 5.19 % Containers & Packaging 5.11 % 6.58 % Paper & Forest Products 3.95 % — % IT Services 3.01 % 3.58 % Aerospace & Defense 2.60 % — % Household Products 2.51 % — % Building Products 2.38 % — % Beverages 2.28 % 2.93 % IT Consulting & Other Services 1.86 % 2.76 % Business Services 1.67 % 2.15 % Gas Utilities 1.46 % 1.89 % Human Resource & Employment Services 1.37 % 1.84 % Software 1.26 % 1.61 % Health Care Equipment 1.21 % 1.56 % Environmental & Facilities Services 0.84 % 1.09 % Distributors 0.45 % 0.58 % Pharmaceuticals — % 1.41 % Total 100.00 % 100.00 % As of June 30, 2024 and December 31, 2023, the geographic composition of investments at cost and fair value was as follows (dollar amounts in thousands): June 30, 2024 % of Total Investments at Country Cost Fair Value Fair Value United States $ 106,162 $ 106,494 82.13 % United Kingdom 8,643 8,765 6.76 % France 6,317 6,297 4.86 % Germany 3,433 3,373 2.60 % Spain 3,275 3,253 2.51 % Australia 1,151 1,145 0.88 % Netherlands 337 337 0.26 % Total $ 129,318 $ 129,664 100.00 % December 31, 2023 % of Total Investments at Country Cost Fair Value Fair Value United States $ 85,299 $ 85,523 84.66 % United Kingdom 9,051 9,191 9.10 % Australia 1,191 1,214 1.20 % France 5,047 5,091 5.04 % Total $ 100,588 $ 101,019 100.00 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2024
Fair Value Measurements
Summary of fair value hierarchy of financial instruments	The following is a summary of the inputs used as of June 30, 2024 and December 31, 2023 in valuing such financial instruments (dollar amounts in thousands): June 30, 2024 Assets Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 129,664 $ 129,664 Cash Equivalents 314 — — 314 Total $ 314 $ — $ 129,664 $ 129,978 Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts* $ — $ 216 $ — $ 216 December 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Debt $ — $ — $ 101,019 $ 101,019 Cash Equivalents 14,052 — — 14,052 Total $ 14,052 $ — $ 101,019 $ 115,071 Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts* $ — $ (282) $ — $ (282) * Represents derivative instruments not reflected in the Schedule of Investments, which are recorded at the unrealized appreciation (depreciation) on the instrument.
Summary of change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value	The following table presents the change in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value (dollar amounts in thousands): First Lien Debt - Total Investments Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Fair value, beginning of period $ 112,454 $ 101,019 Purchases of investments 17,731 32,117 Proceeds from principal repayments (814) (3,686) Accretion of discount/amortization of premium 125 291 Net realized gain (loss) 8 8 Net change in unrealized appreciation (depreciation) 160 (85) Fair value, end of period $ 129,664 $ 129,664 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2024 $ 160 $ (85) First Lien Debt - Total Investments Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Fair value, beginning of period $ 47,017 $ 8,486 Purchases of investments 28,259 66,920 Proceeds from principal repayments (861) (1,098) Accretion of discount/amortization of premium 99 127 Net realized gain (loss) — — Net change in unrealized appreciation (depreciation) 34 113 Fair value, end of period $ 74,548 $ 74,548 Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held as of June 30, 2023 $ 34 $ 113
Summary of quantitative information about the significant unobservable inputs of the company's level 3 financial instruments	The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (dollar amounts in thousands). Fair Value as of Range Directional Impact June 30, Valuation Approach/ Unobservable (Weighted on Fair Value 2024 (1) Methodology Input(s) Average)* from Input Increase** Assets: First Lien Debt $ 114,192 Income/Discounted Cash Flow Discount Rate 9.08% - 14.39% Decrease * Represents the weighted average of each significant unobservable input range at the investment level by fair value. ** Represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement. (1) As of June 30, 2024, included within the fair value of Level 3 assets of $129,664 is an amount of $15,472 for which the Manager did not develop the unobservable inputs (examples include recent transaction prices). Fair Value as of Range Directional Impact December 31, Valuation Approach/ Unobservable (Weighted on Fair Value 2023 (1) Methodology Input(s) Average)* from Input Increase** Assets: First Lien Debt $ 79,088 Income/Discounted Cash Flow Discount Rate 10.31% - 13.89% Decrease * Represents the weighted average of each significant unobservable input range at the investment level by fair value. ** Represents the directional change in the fair value of the Level 3 investments that would result in an increase from the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement. (1) As of December 31, 2023, included within the fair value of Level 3 assets of $101,019 is an amount of $21,931 for which the Manager did not develop the unobservable inputs (examples include recent transaction prices).
Summary of fair value of derivative instruments presented in Statements of Assets and Liabilities	Fair value of derivative instruments as of June 30, 2024 as presented in the Statements of Assets and Liabilities (dollar amounts in thousands): Asset Derivatives Liability Derivatives Derivative not accounted for as Statement of Assets hedging instruments, Statement of Assets Fair and Liabilities Fair carried at fair value and Liabilities Location Value Location Value Foreign exchange contracts Unrealized appreciation on OTC forward foreign currency exchange contracts $ 243 Unrealized depreciation on OTC forward foreign currency exchange contracts $ 27 Fair value of derivative instruments as of December 31, 2023 as presented in the Statements of Assets and Liabilities (dollar amounts in thousands): Asset Derivatives Liability Derivatives Derivative not accounted for as Statement of Assets hedging instruments, Statement of Assets Fair and Liabilities Fair carried at fair value and Liabilities Location Value Location Value Foreign exchange contracts Unrealized appreciation on OTC forward foreign currency exchange contracts $ — Unrealized depreciation on OTC forward foreign currency exchange contracts $ 282
Summary of effects of derivative instruments on the Statement of Operations	The effects of derivative instruments on the Statements of Operations for the three and six months ended June 30, 2024 are as follows (dollar amounts in thousands): Amount of Realized Gain (Loss) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Foreign exchange contracts $ 73 $ (71) Total $ 73 $ (71) Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Foreign exchange contracts $ 41 $ 498 Total $ 41 $ 498 The effects of derivative instruments on the Statements of Operations for the three and six months ended June 30, 2023 are as follows (dollar amounts in thousands): Amount of Realized Gain (Loss) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Foreign exchange contracts $ (8) $ (8) Total $ (8) $ (8) Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income Derivatives not accounted for as hedging instruments, carried at fair value Foreign currency exchange contract Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Foreign exchange contracts $ 20 $ 9 Total $ 20 $ 9
Schedule of company's average volume of derivative activities	For the three and six months ended June 30, 2024, the Company’s average volume of derivative activities is as follows (dollar amounts in thousands): Average Volume of Derivative Activities* Three Months Ended Six Months Ended Derivative Contract Type June 30, 2024 June 30, 2024 Forward Foreign Currency Exchange Contracts - Sold (1) 22,540 20,000 Forward Foreign Currency Exchange Contracts - Purchased (1) 8 5 * Average volume is based on average quarter end balance as noted for the three and six months ended June 30, 2024. (1) Value at Settlement Date For the three and six months ended June 30, 2023, the Company’s average volume of derivative activities is as follows (dollar amounts in thousands): Average Volume of Derivative Activities* Three Months Ended Six Months Ended Derivative Contract Type June 30, 2023 June 30, 2023 Forward Foreign Currency Exchange Contracts - Sold (1) 2,194 1,455 * Average volume is based on average quarter end balance as noted for the three and six months ended June 30, 2023. (1) Value at Settlement Date
Summary of offsetting of OTC derivative assets and liabilities	Offsetting of OTC derivative assets and liabilities as of June 30, 2024 (dollar amounts in thousands): Gross Amounts of Gross Amounts of Net Amounts of Recognized Recognized Recognized Collateral Counterparty Assets (1) Liabilities (1) Assets/(Liabilities) Pledged/(Received) (2) Net Amount Macquarie Bank Limited $ 243 $ (27) $ 216 $ — $ 216 $ 243 $ (27) $ 216 $ — $ 216 (1) Includes unrealized appreciation/(depreciation) on forwards as represented on the Statement of Assets and Liabilities. (2) Collateral amount disclosed by the Company is limited to the Company’s OTC derivative exposure by counterparty. Offsetting of OTC derivative assets and liabilities as of December 31, 2023 (dollar amounts in thousands): Gross Amounts of Gross Amounts of Net Amounts of Recognized Recognized Recognized Collateral Counterparty Assets (1) Liabilities (1) Assets/(Liabilities) Pledged/(Received) (2) Net Amount Macquarie Bank Limited $ — $ (282) $ (282) $ — $ (282) $ — $ (282) $ (282) $ — $ (282) (1) Includes unrealized appreciation/(depreciation) on forwards as represented on the Statement of Assets and Liabilities. (2) Collateral amount disclosed by the Company is limited to the Company’s OTC derivative exposure by counterparty.
Summary of carrying value and fair value of the Company's financial liabilities disclosed, but not carried, at fair value and the level of each financial liability within the fair value hierarchy	The following tables present the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2024 and December 31, 2023, and the level of each financial liability within the fair value hierarchy (dollar amounts in thousands): June 30, 2024 December 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Revolving Credit Facility $ 20,400 $ 20,400 $ — $ — June 30, 2024 December 31, 2023 Level 1 $ — $ — Level 2 — — Level 3 20,400 — Total debt $ 20,400 $ —

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
Borrowings (Tables)	Jun. 30, 2024
Borrowings
Schedule of debt obligations	The Company’s debt obligations consisted of the following as of June 30, 2024 and December 31, 2023 (dollar amounts in thousands): June 30, 2024 December 31, 2023 Total Commitment $ 150,000 $ 150,000 Amount Outstanding (1) 20,400 — Unused Portion (2) 129,600 150,000 Amount Available (3) 66,509 65,881 (1) Amount outstanding on the Statements of Assets and Liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) The amount available reflects any limitations related to the credit facility’s borrowing base.
Schedule of interest expense	The components of total interest expense were as follows (dollar amounts in thousands): For the Three Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Borrowings interest expense $ 260 $ — $ 311 $ — Facility unused fee 129 — 269 — Amortization of financing costs and debt issuance costs 60 — 120 — Total interest expense $ 449 $ — $ 700 $ — Average debt borrowings $ 13,422 $ — $ 8,881 $ — Average interest rates on borrowings 7.66 % — 6.93 % —
Schedule of Company's senior securities	The following is information about the Company’s senior securities as of the dates indicated in the below table (dollar amounts in thousands): Asset Involuntary Total Amount Coverage per Liquidating Preference Average Market Class and Year Outstanding (1) Unit (2) Per Unit (3) Value Per Unit (4) Revolving Credit Facility June 30, 2024 $ 20,400 $ 7 — N/A March 31, 2024 6,700 17 — N/A December 31, 2023 — — — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the Securities and Exchange Commission (“SEC”) expressly does not require this information to be disclosed for certain types of senior securities. (4) The Company’s senior securities are not registered for public trading.

Capital (Tables)

Capital (Tables)	6 Months Ended
Capital (Tables)	Jun. 30, 2024
Capital
Summary of common shares	The following table summarizes transactions with respect to the Common Shares during the six months ended June 30, 2024 and 2023 (dollars in thousands except share amounts): June 30, 2024 Class I Class S Class D Shares Amount Shares Amount Shares Amount Shares/gross proceeds from the continuous public offerings 40,521 $ 1,003 — $ — — $ — Shares/gross proceeds from the private placements — — — — — — Share transfers between classes — — — — — — Reinvestment of distribution 200,836 4,974 55 1 57 1 Repurchased Shares — — — — — — Net Increase (decrease) 241,357 $ 5,977 55 $ 1 57 $ 1 June 30, 2023 Class I Class S * Class D * Shares Amount Shares Amount Shares Amount Shares/gross proceeds from the continuous public offerings 3,817,840 $ 97,400 — $ — — $ — Shares/gross proceeds from the private placements — — — — — — Share transfers between classes — — — — — — Reinvestment of distribution — — — — — — Repurchased Shares — — — — — — Net Increase (decrease) 3,817,840 $ 97,400 — $ — — $ — * Class S and Class D Shares commenced operations on July 3, 2023.
Summary of net asset value per share	The following table presents each month-end NAV per share for Class I, Class S and Class D Common Shares during the six months ended June 30, 2024 and 2023: NAV Per Share For the Months Ended Class I Class S Class D January 2024 $ 24.70 $ 25.14 $ 25.14 February 2024 24.73 25.17 25.16 March 2024 24.78 25.22 25.21 April 2024 24.78 25.22 25.22 May 2024 24.82 25.26 25.25 June 2024 24.89 25.34 25.33 NAV Per Share For the Months Ended Class I Class S* Class D* January 2023 $ 25.31 $ — $ — February 2023 25.46 — — March 2023 25.61 — — April 2023 25.75 — — May 2023 25.98 — — June 2023 26.20 — — * Class S and Class D Shares commenced operations on July 3, 2023.
Summary of company's distribution declared	The following tables summarize the Company’s distributions declared during the six months ended June 30, 2024 (dollar amounts in thousands except per share): Class I Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.22500 $ 972 February 23, 2024 February 29, 2024 March 27, 2024 0.22500 986 March 22, 2024 March 28, 2024 April 26, 2024 0.22500 995 April 22, 2024 April 30, 2024 May 29, 2024 0.22500 1,009 May 22, 2024 May 31, 2024 June 26, 2024 0.22500 1,018 June 21, 2024 June 28, 2024 July 29, 2024 0.22500 1,026 Class S Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.20680 $ — * February 23, 2024 February 29, 2024 March 27, 2024 0.20680 — * March 22, 2024 March 28, 2024 April 26, 2024 0.20680 — * April 22, 2024 April 30, 2024 May 29, 2024 0.20680 — * May 22, 2024 May 31, 2024 June 26, 2024 0.20680 — * June 21, 2024 June 28, 2024 July 29, 2024 0.20680 — * Class D Declaration Date Record Date Payment Date Distribution Per Share Distribution Amount January 24, 2024 January 31, 2024 February 27, 2024 $ 0.22100 $ — * February 23, 2024 February 29, 2024 March 27, 2024 0.22100 — * March 22, 2024 March 28, 2024 April 26, 2024 0.22100 — * April 22, 2024 April 30, 2024 May 29, 2024 0.22100 — * May 22, 2024 May 31, 2024 June 26, 2024 0.22100 — * June 21, 2024 June 28, 2024 July 29, 2024 0.22100 — * * Less than $500 The following table reflects the Common Shares issued pursuant to the dividend reinvestment plan for the six months ended June 30, 2024: Class I Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 107 January 24, 2024 January 31, 2024 February 27, 2024 39,375 February 23, 2024 February 29, 2024 March 27, 2024 39,869 March 22, 2024 March 28, 2024 April 26, 2024 40,151 April 22, 2024 April 30, 2024 May 29, 2024 40,516 May 22, 2024 May 31, 2024 June 26, 2024 40,818 Class S Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 38 January 24, 2024 January 31, 2024 February 27, 2024 3 February 23, 2024 February 29, 2024 March 27, 2024 3 March 22, 2024 March 28, 2024 April 26, 2024 3 April 22, 2024 April 30, 2024 May 29, 2024 4 May 22, 2024 May 31, 2024 June 26, 2024 4 Class D Declaration Date Record Date Payment Date Shares Issued December 22, 2023 December 29, 2023 January 20, 2024 38 January 24, 2024 January 31, 2024 February 27, 2024 4 February 23, 2024 February 29, 2024 March 27, 2024 4 March 22, 2024 March 28, 2024 April 26, 2024 4 April 22, 2024 April 30, 2024 May 29, 2024 4 May 22, 2024 May 31, 2024 June 26, 2024 3
Schedule of net investment income and realized gains	The following tables present the sources of cash distributions on a U.S. GAAP basis that the Company has declared on Common Shares during the six months ended June 30, 2024 (dollar amounts in thousands except per share): Class I Class S Class D Source of Distribution Per Share Amount Per Share Amount Per Share Amount Net investment income $ 1.35 $ 6,006 $ 1.24 $ 1 $ 1.33 $ 1 Net realized gains — — — — — — Distributions in excess of net investment income — — — — — —

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
Financial Highlights (Tables)	Jun. 30, 2024
Financial Highlights
Summary of financial highlights	The following are the financial highlights for the six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 June 30, 2023 Class I Class I Per Share Operating Performance: (1) Net asset value, beginning of period $ 24.68 $ 25.09 Income from investment operations: Net investment income (loss) (2) 1.49 1.07 Net realized and unrealized gains (losses) 0.07 0.04 Net increase (decrease) in net investment operations 1.56 1.11 Distributions declared: From net investment income (1.35) — Total distributions declared (1.35) — Total increase (decrease) in net assets 0.21 1.11 Net asset value, end of period $ 24.89 $ 26.20 Total Return (3) 6.47 % 4.42 % Ratios and supplemental data: Net assets, end of period (000’s) $ 113,591 $ 112,291 Average number of Common Shares outstanding, end of period 4,420,478 2,820,182 Ratio of gross expenses to average net assets 7.01 % (7) 2.05 % (4) Ratio of waivers to average net assets (5.30) % (7) (1.55) % (4) Ratio of net expenses to average net assets 1.71 % (6)(7) 0.50 % (4) Ratio of net investment income (loss) to average net assets 12.07 % (7) 8.54 % (4) Portfolio turnover rate (5) 3.24 % 0 % Asset coverage ratio 656.91 % — % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) Annualized, with the exception of certain non-recurring expenses. (5) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short – term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (6) Includes interest expense from the Revolving Credit Facility of 1.21% and 0.00% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024 and 2023, respectively. (7) Annualized. For the Six Months Ended June 30, 2024 Class S (5) Per Share Operating Performance: (1) Net asset value, beginning of period $ 25.13 Income from investment operations: Net investment income (loss) (2) 1.39 Net realized and unrealized gains (losses) 0.06 Net increase (decrease) in net investment operations 1.45 Distributions declared: From net investment income (1.24) Total distributions declared (1.24) Total increase (decrease) in net assets 0.21 Net asset value, end of period $ 25.34 Total Return (3) 5.90 % Ratios and supplemental data: Net assets, end of period (000’s) $ 11 Average number of Common Shares outstanding, end of period 421 Ratio of gross expenses to average net assets (7) 359.20 % Ratio of waivers to average net assets (7) (356.64) % Ratio of net expenses to average net assets (6)(7) 2.56 % Ratio of net investment income (loss) to average net assets (7) 11.12 % Portfolio turnover rate (4) 3.24 % Asset coverage ratio 656.91 % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return does not consider the effects of sales loads, if any. Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (5) Class S commenced operation on July 3, 2023. (6) Includes interest expense from the Revolving Credit Facility of 1.21% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024. (7) Annualized. For the Six Months Ended June 30, 2024 Class D (5) Per Share Operating Performance: (1) Net asset value, beginning of period $ 25.13 Income from investment operations: Net investment income (loss) (2) 1.47 Net realized and unrealized gains (losses) 0.06 Net increase (decrease) in net investment operations 1.53 Distributions declared: From net investment income (1.33) Total distributions declared (1.33) Total increase (decrease) in net assets 0.20 Net asset value, end of period $ 25.33 Total Return (3) 6.21 % Ratios and supplemental data: Net assets, end of period (000’s) $ 11 Average number of Common Shares outstanding, end of period 423 Ratio of gross expenses to average net assets (7) 557.53 % Ratio of waivers to average net assets (7) (555.58) % Ratio of net expenses to average net assets (6)(7) 1.95 % Ratio of net investment income (loss) to average net assets (7) 11.70 % Portfolio turnover rate (4) 3.24 % Asset coverage ratio 656.91 % (1) Selected data for a Net Asset Value per share outstanding throughout the period. (2) Calculated based on average shares outstanding during the period. (3) Total return does not consider the effects of sales loads, if any. Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. (4) The Company’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. If such transactions were included, the Company’s portfolio turnover rate may be higher. (5) Class D commenced operation on July 3, 2023. (6) Includes interest expense from the Revolving Credit Facility of 1.20% which is being excluded from the Company’s contractual waiver for the six months ended June 30, 2024. (7) Annualized.

Organization (Details)

Organization (Details)	Jun. 30, 2024
Organization
Intended investment in private credit investments, as a percentage of total assets	80%
Intended investment in senior secured second and third lien loans, and unsecured loans, as a percentage of total invested capital	20%

Accounting Policies (Details)

Accounting Policies (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	Dec. 31, 2023
Accounting Policies
Interest income	$ 3,768	$ 2,109	$ 7,231	$ 2,674
Dividend income	61	488	181	528
Fee income	$ 50	$ 0	$ 109	$ 0
Common shares of beneficial interest (in per share)	$ 0.001		$ 0.001		$ 0.001
Percentage of nondeductible federal excise tax rate (in percent)			4%

Fees, Expenses, Agreements an_3

Fees, Expenses, Agreements and Related Party Transactions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) component	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fees, Expenses, Agreements and Related Party Transactions
Base Management Fees, accrued management fees	$ 349	$ 0	$ 685	$ 0
Incentive Fees, Accrued	218	185	438	185
Capital gains incentive fees payable or recorded	0	0	0	0
Capital gains incentive fees	35	0	69	0
Transfer agent's fees and expenses	500		500
Transfer agent's fees payable	$ 0		$ 0		$ 14
Scenario exceeding hurdle rat
Fees, Expenses, Agreements and Related Party Transactions
Hurdle rate of return, per quarter	1.25%		1.25%
Hurdle rate of return, per annum	5%		5%
Scenario exceeding hurdle rate but less than rate of return
Fees, Expenses, Agreements and Related Party Transactions
Percentage of rate of return per quarter	1.43%		1.43%
Catch up fee payable as a percentage of pre incentive fee	12.50%		12.50%
Manager \| Scenario exceeding hurdle rat
Fees, Expenses, Agreements and Related Party Transactions
Incentive Fee Payable , If Pre Investment income returns do not exceed hurdle rate			$ 0
Manager \| Scenario exceeding hurdle rate but less than rate of return
Fees, Expenses, Agreements and Related Party Transactions
Percentage of incentive fee payable	100%		100%
Percentage of rate of return per annum	5.72%		5.72%
Percentage of rate of return per quarter	1.43%		1.43%
Manager \| Scenario exceeding rate of return
Fees, Expenses, Agreements and Related Party Transactions
Percentage of incentive fee payable	12.50%		12.50%
Percentage of rate of return per annum	5.72%		5.72%
Percentage of rate of return per quarter	1.43%		1.43%
Class S Shares
Fees, Expenses, Agreements and Related Party Transactions
Accrued servicing and/or distribution fees	$ 500		$ 500
Class D Shares
Fees, Expenses, Agreements and Related Party Transactions
Accrued servicing and/or distribution fees	500		$ 500
Management Agreement
Fees, Expenses, Agreements and Related Party Transactions
Management fee base rate			1.25%
Base Management Fees rate, before the Fund's election of BDC status			0%
Base Management Fees, accrued or payable	0	0	$ 0	0
Base Management Fees, Waiver Period (in years)			1 year
Base Management Fees, accrued management fees	$ 349		$ 685
Incentive Fees, number of components \| component			2
Hurdle rate of return, per quarter	1.25%		1.25%
Hurdle rate of return, per annum	5%		5%
Incentive Fees, as a percentage of cumulative realized capital gains			12.50%
Incentive Fees, Waiver Period (in years)			1 year
Incentive Fees, before the Fund's election of BDC status			0%
Incentive Fees, Incurred			$ 0
Incentive Fees, payable	$ 0		0
Management Agreement \| Related Party \| Manager
Fees, Expenses, Agreements and Related Party Transactions
Incentive Fees, Accrued	218	185	$ 438	185
Subadvisory Agreement
Fees, Expenses, Agreements and Related Party Transactions
Incentive Fees, Waiver Period (in years)			1 year
Sub-Advisory Fee, annual rate			1%
Percent of incentive fee payable by Manager			75%
Advisory fee that will be paid directly to Subadviser	0		$ 0
Subadvisory Fees, before the Fund's election of BDC status			0%
Subadvisory fees, accrued or payable	0	0	$ 0	0
Intermediary Manager Agreement \| Class S Shares
Fees, Expenses, Agreements and Related Party Transactions
Shareholder servicing and/or distribution fees, Annual rate percentage			0.85%
Intermediary Manager Agreement \| Class D Shares
Fees, Expenses, Agreements and Related Party Transactions
Shareholder servicing and/or distribution fees, Annual rate percentage			0.25%
Intermediary Manager Agreement \| Class I Shares
Fees, Expenses, Agreements and Related Party Transactions
Shareholder servicing and/or distribution fees, Annual rate percentage			0%
Plan Administrator
Fees, Expenses, Agreements and Related Party Transactions
Transfer agent's fees payable	4		$ 4		$ 16
Plan Administrator \| Class S Shares
Fees, Expenses, Agreements and Related Party Transactions
Transfer agent's fees and expenses	8		18
Plan Administrator \| Class D Shares
Fees, Expenses, Agreements and Related Party Transactions
Transfer agent's fees and expenses	19		29
Plan Administrator \| Class I Shares
Fees, Expenses, Agreements and Related Party Transactions
Transfer agent's fees and expenses	$ 14	$ 78	$ 22	$ 78
Expense Limitation and Reimbursement Agreement
Fees, Expenses, Agreements and Related Party Transactions
ELRA Period (in years)			3 years
Specified expenses, as an annualized maximum percentage of net assets			0.50%

Fees, Expenses, Agreements an_4

Fees, Expenses, Agreements and Related Party Transactions - Expense Payments and the related Reimbursement Payments (Details) - USD ($) $ in Thousands	3 Months Ended							21 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024
Fees, Expenses, Agreements and Related Party Transactions
Expense Payments by Manager	$ 953	$ 795	$ 1,227	$ 1,029	$ 285	$ 78	$ 89	$ 4,456
Unreimbursed Expense Payments	$ 953	$ 795	$ 1,227	$ 1,029	$ 285	$ 78	$ 89	$ 4,456
Effective Rate of Distribution per Common Share	10.85%	10.90%	10.94%	0%	0%	0%	0%
Operating Expense Ratio	0.96%	0.81%	1.33%	1.01%	0.37%	0.19%	0.78%

Fees, Expenses, Agreements an_5

Fees, Expenses, Agreements and Related Party Transactions - Transactions with Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 28, 2023	Mar. 13, 2023
Fees, Expenses, Agreements and Related Party Transactions
Fair value	$ 1,843	$ 1,622	$ 22,206

Investments - Composition of th

Investments - Composition of the Company's investment portfolio at cost and fair value (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Investments
Cost		$ 129,318	$ 100,588
Fair Value	[1]	$ 129,664	$ 101,019
Percentage of Total Investments at Fair Value		100%	100%
First Lien Debt
Investments
Cost		$ 129,318	$ 100,588
Fair Value		$ 129,664	$ 101,019
Percentage of Total Investments at Fair Value		100%	100%

[1] Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

Investments - Industry composit

Investments - Industry composition of investments at fair value (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Investments
Percentage of Total Investments at Fair Value	100%	100%
Chemicals
Investments
Percentage of Total Investments at Fair Value	15.05%	18.48%
Construction & Engineering
Investments
Percentage of Total Investments at Fair Value	13.62%	12.81%
Health Care Providers & Services
Investments
Percentage of Total Investments at Fair Value	9.85%	4.87%
Professional Services
Investments
Percentage of Total Investments at Fair Value	6.86%	8.61%
Media
Investments
Percentage of Total Investments at Fair Value	6.44%	8.10%
Trading Companies & Distributors
Investments
Percentage of Total Investments at Fair Value	5.59%	7.22%
Electronic Equipment, Instruments & Components
Investments
Percentage of Total Investments at Fair Value	5.47%	6.74%
Commercial Services & Supplies
Investments
Percentage of Total Investments at Fair Value	5.16%	5.19%
Containers & Packaging
Investments
Percentage of Total Investments at Fair Value	5.11%	6.58%
Paper & Forest Products
Investments
Percentage of Total Investments at Fair Value	3.95%
IT Services
Investments
Percentage of Total Investments at Fair Value	3.01%	3.58%
Aerospace & Defense
Investments
Percentage of Total Investments at Fair Value	2.60%
Household products
Investments
Percentage of Total Investments at Fair Value	2.51%
Building Products
Investments
Percentage of Total Investments at Fair Value	2.38%
Beverages
Investments
Percentage of Total Investments at Fair Value	2.28%	2.93%
IT Consulting & Other Services
Investments
Percentage of Total Investments at Fair Value	1.86%	2.76%
Business Services
Investments
Percentage of Total Investments at Fair Value	1.67%	2.15%
Gas Utilities
Investments
Percentage of Total Investments at Fair Value	1.46%	1.89%
Human Resource & Employment Services
Investments
Percentage of Total Investments at Fair Value	1.37%	1.84%
Software
Investments
Percentage of Total Investments at Fair Value	1.26%	1.61%
Health Care Equipment
Investments
Percentage of Total Investments at Fair Value	1.21%	1.56%
Environmental & Facilities Services
Investments
Percentage of Total Investments at Fair Value	0.84%	1.09%
Distributors
Investments
Percentage of Total Investments at Fair Value	0.45%	0.58%
Pharmaceuticals
Investments
Percentage of Total Investments at Fair Value		1.41%

Investments - Geographic compos

Investments - Geographic composition of investments at cost and fair value (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Investments
Cost		$ 129,318	$ 100,588
Fair Value	[1]	$ 129,664	$ 101,019
% of Total Investments at Fair Value		100%	100%
United States
Investments
Cost		$ 106,162	$ 85,299
Fair Value		$ 106,494	$ 85,523
% of Total Investments at Fair Value		82.13%	84.66%
United Kingdom
Investments
Cost		$ 8,643	$ 9,051
Fair Value		$ 8,765	$ 9,191
% of Total Investments at Fair Value		6.76%	9.10%
France
Investments
Cost		$ 6,317	$ 5,047
Fair Value		$ 6,297	$ 5,091
% of Total Investments at Fair Value		4.86%	5.04%
Germany
Investments
Cost		$ 3,433
Fair Value		$ 3,373
% of Total Investments at Fair Value		2.60%
Spain
Investments
Cost		$ 3,275
Fair Value		$ 3,253
% of Total Investments at Fair Value		2.51%
Australia
Investments
Cost		$ 1,151	$ 1,191
Fair Value		$ 1,145	$ 1,214
% of Total Investments at Fair Value		0.88%	1.20%
Netherlands
Investments
Cost		$ 337
Fair Value		$ 337
% of Total Investments at Fair Value		0.26%

[1] Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments
Loans in the portfolio on non-accrual status	0	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair value hierarchy of financial instruments (Details) - USD ($) $ 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
Fair Value Measurements
First Lien Debt	$ 129,664		$ 129,664		$ 101,019
Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts	41	$ 20	498	$ 9
Recurring
Fair Value Measurements
First Lien Debt	129,664		129,664		101,019
Cash Equivalents	314		314		14,052
Total	129,978		129,978		115,071
Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts			216		(282)
Recurring \| Level 1
Fair Value Measurements
First Lien Debt	0		0		0
Cash Equivalents	314		314		14,052
Total	314		314		14,052
Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts			0		0
Recurring \| Level 2
Fair Value Measurements
First Lien Debt	0		0		0
Cash Equivalents	0		0		0
Total	0		0		0
Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts			216		(282)
Recurring \| Level 3
Fair Value Measurements
First Lien Debt	129,664		129,664		101,019
Cash Equivalents	0		0		0
Total	$ 129,664		129,664		101,019
Unrealized appreciation (depreciation) on OTC forward foreign currency exchange contracts			$ 0		$ 0

Fair Value Measurements - Chang

Fair Value Measurements - Change in the fair value of financial instruments (Details) - First Lien Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in fair value of financial instruments for which Level 3 inputs used to determine the fair value
Fair value, beginning of period	$ 112,454	$ 47,017	$ 101,019	$ 8,486
Purchases of investments	17,731	28,259	32,117	66,920
Proceeds from principal repayments	(814)	(861)	(3,686)	(1,098)
Accretion of discount/amortization of premium	125	99	291	127
Net realized gain (loss)	8		8
Net change in unrealized appreciation (depreciation)	160	34	(85)	113
Fair value, end of period	129,664	74,548	129,664	74,548
Net change in unrealized appreciation (depreciation) included in earnings related to financial instruments still held	$ 160	$ 34	$ (85)	$ 113

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative information about the significant unobservable inputs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Quantitative information about the significant unobservable inputs
First Lien Debt	$ 129,664	$ 101,019
Market/Cost \| Unadjusted Cost
Quantitative information about the significant unobservable inputs
First Lien Debt	15,472	21,931
Income/Discounted Cash Flow \| Discount Rate
Quantitative information about the significant unobservable inputs
First Lien Debt	$ 114,192	$ 79,088
Income/Discounted Cash Flow \| Discount Rate \| Minimum
Quantitative information about the significant unobservable inputs
Range (Weighted Average)	9.08%	10.31%
Income/Discounted Cash Flow \| Discount Rate \| Maximum
Quantitative information about the significant unobservable inputs
Range (Weighted Average)	14.39%	13.89%
Income/Discounted Cash Flow \| Discount Rate \| Weighted Average
Quantitative information about the significant unobservable inputs
Range (Weighted Average)	(11.86%)	(12.03%)

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair value of derivative instruments (Details) - Derivative not accounted for as hedging instruments - Foreign exchange contract - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair value of derivative instruments
Asset Derivatives	$ 243	$ 0
Liability Derivatives	$ 27	$ 282

Fair Value Measurements - Effec

Fair Value Measurements - Effects of derivative instruments on the Statement of Operations (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) fund	Jun. 30, 2023 USD ($) fund	Jun. 30, 2024 USD ($) fund	Jun. 30, 2023 USD ($) fund
Effects of derivative instruments on the Statement of Operations
Amount of Realized Gain (Loss) on Derivatives Recognized in Income	$ (4)	$ (5)	$ 5	$ 7
Foreign exchange contract
Effects of derivative instruments on the Statement of Operations
Sold \| fund	22,540		20,000
Purchased \| fund	8	2,194	5	1,455
Derivative not accounted for as hedging instruments
Effects of derivative instruments on the Statement of Operations
Amount of Realized Gain (Loss) on Derivatives Recognized in Income	$ 73	$ (8)	$ (71)	$ (8)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	41	20	498	9
Derivative not accounted for as hedging instruments \| Foreign exchange contract
Effects of derivative instruments on the Statement of Operations
Amount of Realized Gain (Loss) on Derivatives Recognized in Income	73	(8)	(71)	(8)
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income	$ 41	$ 20	$ 498	$ 9

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments/Transactions - Summary of Offsetting and Netting Arrangements (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Offsetting of OTC derivative assets and liabilities:
Gross Amounts of Recognized Assets	$ 243
Gross Amounts of Recognized Liabilities	(27)	$ (282)
Net Amounts of Recognized Assets/(Liabilities)	216	(282)
Collateral Pledged/(Received)	0	0
Net Amount	216	(282)
Macquarie Bank Limited
Offsetting of OTC derivative assets and liabilities:
Gross Amounts of Recognized Assets	243
Gross Amounts of Recognized Liabilities	(27)	(282)
Net Amounts of Recognized Assets/(Liabilities)	216	(282)
Collateral Pledged/(Received)	0	0
Net Amount	$ 216	$ (282)

Fair Value Measurements - Fin_2

Fair Value Measurements - Financial Instruments disclosed but not carried at fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	$ 20,400		$ 0
Revolving Credit Facility
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	20,400	$ 6,700	0
Carrying Value \| Revolving Credit Facility
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	20,400
Fair Value \| Revolving Credit Facility
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	20,400		0
Fair Value \| Revolving Credit Facility \| Level 1
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	0		0
Fair Value \| Revolving Credit Facility \| Level 2
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	0		0
Fair Value \| Revolving Credit Facility \| Level 3
Financial Instruments disclosed but not carried at fair value
Amount Outstanding	$ 20,400		$ 0

Borrowings - Revolving Credit F

Borrowings - Revolving Credit Facility (Details) - USD ($) $ in Thousands	Oct. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Nov. 08, 2022
Borrowings
Aggregate principal amount		$ 13,755		$ 13,523
Basis spread on variable rate (in percent)	10%
Amount Outstanding		$ 20,400		0
Asset coverage ratio		150%			150%
Borrowings permitted as percentage of net assets		5%
Revolving Credit Facility
Borrowings
Aggregate principal amount	$ 150,000
Maximum total commitments	$ 350,000	$ 150,000		150,000
Term of facility	5 years
Amount Outstanding		$ 20,400	$ 6,700	$ 0
Asset coverage ratio		656.90%		0%
Term Secured Overnight Financing \| Minimum
Borrowings
Effective percentage	2.125%
Term Secured Overnight Financing \| Maximum
Borrowings
Basis spread on variable rate (in percent)	2.25%
Alternate Base Rate \| Minimum
Borrowings
Effective percentage	1.125%
Alternate Base Rate \| Maximum
Borrowings
Basis spread on variable rate (in percent)	1.25%

Borrowings - Debt obligations (

Borrowings - Debt obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Oct. 30, 2023
Borrowings
Amount Outstanding	$ 20,400		$ 0
Revolving Credit Facility
Borrowings
Total Commitment	150,000		150,000	$ 350,000
Amount Outstanding	20,400	$ 6,700	0
Unused Portion	129,600		150,000
Amount Available	$ 66,509		$ 65,881

Borrowings - Interest Expense (

Borrowings - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Borrowings
Borrowings interest expense	$ 260	$ 0	$ 311	$ 0
Facility unused fee	129	0	269	0
Amortization of financing costs and debt issuance costs	60	0	120	0
Total interest expense	449	0	700	0
Average debt borrowings	$ 13,422	$ 0	$ 8,881	$ 0
Average interest rates on borrowings	7.66%	0%	6.93%	0%

Borrowings - Senior Securities

Borrowings - Senior Securities (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Borrowings
Amount Outstanding	$ 20,400,000		$ 0
Revolving Credit Facility
Borrowings
Amount Outstanding	$ 20,400,000	$ 6,700,000	$ 0
Asset Coverage per Unit	$ 7	$ 17	$ 0
Involuntary Liquidating Preference Per Unit	$ 0	$ 0	$ 0
Asset coverage amount	$ 1,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies
Aggregate principal amount	$ 13,755	$ 13,523

Capital (Details)

Capital (Details)	6 Months Ended	12 Months Ended
Capital (Details)	Jun. 30, 2024 item shares	Dec. 31, 2023 item shares
Class of Stock [Line Items]
Number of classes of Common Shares \| item	3	3
Common shares, shares issued	4,564,597	4,323,128
Common shares, shares outstanding	4,564,597	4,323,128
Class D Shares
Class of Stock [Line Items]
Common shares, shares issued	439	382
Common shares, shares outstanding	439	382
Class S Shares
Class of Stock [Line Items]
Common shares, shares issued	437	382
Common shares, shares outstanding	437	382
Class I Shares
Class of Stock [Line Items]
Common shares, shares issued	4,563,721	4,322,364
Common shares, shares outstanding	4,563,721	4,322,364
PGIM Strategic Investments, Inc.
Class of Stock [Line Items]
Ownership percent held	99.07%

Capital - Share Repurchase Prog

Capital - Share Repurchase Program (Details)	6 Months Ended
Capital - Share Repurchase Program (Details)	Jun. 30, 2024 shares
Capital
Share repurchase program as percentage of Common Shares outstanding	5%
Holding period of shares	1 year
Number of common shares repurchased	0

Capital - Common shares (Detail

Capital - Common shares (Details) - USD ($) $ / shares in Units, $ in Thousands													3 Months Ended		6 Months Ended
	May 31, 2024	May 22, 2024	Apr. 30, 2024	Apr. 22, 2024	Mar. 28, 2024	Mar. 22, 2024	Feb. 29, 2024	Feb. 23, 2024	Jan. 31, 2024	Jan. 24, 2024	Dec. 29, 2023	Dec. 22, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	May 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Feb. 28, 2023	Jan. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Class of Stock [Line Items]
Net Increase (decrease)													$ 113,613	$ 112,291	$ 113,613	$ 112,291		$ 106,699			$ 109,581			$ 11,745	$ 66,773
Common shares, shares outstanding													4,564,597		4,564,597			4,323,128
Common shares, shares issued													4,564,597		4,564,597			4,323,128
Net investment income													$ 3,290	$ 2,472	$ 6,588	3,025
Net realized gains, Amount															8	$ 0
Distribution reinvestment plan
Class of Stock [Line Items]
Common shares, shares issued														0		0
Class I Shares
Class of Stock [Line Items]
Shares/gross proceeds from the continuous public offerings													$ 503	$ 43,000	$ 1,003	$ 97,400
Common shares, shares outstanding													4,563,721		4,563,721			4,322,364
NAV	$ 24.82		$ 24.78				$ 24.73		$ 24.70				$ 24.89	$ 26.20	$ 24.89	$ 26.20	$ 24.78	$ 24.68	$ 25.98	$ 25.75	$ 25.61	$ 25.46	$ 25.31	$ 25.09
Declaration Date		May 22, 2024		Apr. 22, 2024		Mar. 22, 2024		Feb. 23, 2024		Jan. 24, 2024		Dec. 22, 2023
Record Date	May 31, 2024		Apr. 30, 2024		Mar. 28, 2024		Feb. 29, 2024		Jan. 31, 2024		Dec. 29, 2023
Shares Issued	40,818		40,516		40,151		39,869		39,375		107
Common shares, shares issued													4,563,721		4,563,721			4,322,364
Net investment income, per share															$ 1.35
Net investment income															$ 6,006
Net realized gains, per share															$ 0.07	0.04
Distributions in excess of net investment income, per share															$ 1.35	0
Class I Shares \| O 2024 M1 Dividends
Class of Stock [Line Items]
Declaration Date															Jan. 24, 2024
Record Date															Jan. 31, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 972
Class I Shares \| O 2024 M2 Dividends
Class of Stock [Line Items]
Declaration Date															Feb. 23, 2024
Record Date															Feb. 29, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 986
Class I Shares \| O 2024 M3 Dividends
Class of Stock [Line Items]
Declaration Date															Mar. 22, 2024
Record Date															Mar. 28, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 995
Class I Shares \| O 2024 M4 Dividends
Class of Stock [Line Items]
Declaration Date															Apr. 22, 2024
Record Date															Apr. 30, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 1,009
Class I Shares \| O 2024 M5 Dividends
Class of Stock [Line Items]
Declaration Date															May 22, 2024
Record Date															May 31, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 1,018
Class I Shares \| O 2024 M6 Dividends
Class of Stock [Line Items]
Declaration Date															Jun. 21, 2024
Record Date															Jun. 28, 2024
Distribution Per Share															$ 0.22500
Distribution Amount															$ 1,026
Class S Shares
Class of Stock [Line Items]
Common shares, shares outstanding													437		437			382
NAV	$ 25.26		$ 25.22				$ 25.17		$ 25.14				$ 25.34	0	$ 25.34	0	25.22	$ 25.13	0	0	0	0	0
Declaration Date		May 22, 2024		Apr. 22, 2024		Mar. 22, 2024		Feb. 23, 2024		Jan. 24, 2024		Dec. 22, 2023
Record Date	May 31, 2024		Apr. 30, 2024		Mar. 28, 2024		Feb. 29, 2024		Jan. 31, 2024		Dec. 29, 2023
Shares Issued	4		4		3		3		3		38
Common shares, shares issued													437		437			382
Net investment income, per share															$ 1.24
Net investment income															$ 1
Net realized gains, per share															$ 0.06
Distributions in excess of net investment income, per share															$ 1.24
Class S Shares \| O 2024 M1 Dividends
Class of Stock [Line Items]
Declaration Date															Jan. 24, 2024
Record Date															Jan. 31, 2024
Distribution Per Share															$ 0.20680
Class S Shares \| O 2024 M2 Dividends
Class of Stock [Line Items]
Declaration Date															Feb. 23, 2024
Record Date															Feb. 29, 2024
Distribution Per Share															$ 0.20680
Class S Shares \| O 2024 M3 Dividends
Class of Stock [Line Items]
Declaration Date															Mar. 22, 2024
Record Date															Mar. 28, 2024
Distribution Per Share															$ 0.20680
Class S Shares \| O 2024 M4 Dividends
Class of Stock [Line Items]
Declaration Date															Apr. 22, 2024
Record Date															Apr. 30, 2024
Distribution Per Share															$ 0.20680
Class S Shares \| O 2024 M5 Dividends
Class of Stock [Line Items]
Declaration Date															May 22, 2024
Record Date															May 31, 2024
Distribution Per Share															$ 0.20680
Class S Shares \| O 2024 M6 Dividends
Class of Stock [Line Items]
Declaration Date															Jun. 21, 2024
Record Date															Jun. 28, 2024
Distribution Per Share															$ 0.20680
Class D Shares
Class of Stock [Line Items]
Common shares, shares outstanding													439		439			382
NAV	$ 25.25		$ 25.22				$ 25.16		$ 25.14				$ 25.33	$ 0	$ 25.33	$ 0	$ 25.21	$ 25.13	$ 0	$ 0	$ 0	$ 0	$ 0
Declaration Date		May 22, 2024		Apr. 22, 2024		Mar. 22, 2024		Feb. 23, 2024		Jan. 24, 2024		Dec. 22, 2023
Record Date	May 31, 2024		Apr. 30, 2024		Mar. 28, 2024		Feb. 29, 2024		Jan. 31, 2024		Dec. 29, 2023
Shares Issued	3		4		4		4		4		38
Common shares, shares issued													439		439			382
Net investment income, per share															$ 1.33
Net investment income															$ 1
Net realized gains, per share															$ 0.06
Distributions in excess of net investment income, per share															$ 1.33
Class D Shares \| O 2024 M1 Dividends
Class of Stock [Line Items]
Declaration Date															Jan. 24, 2024
Record Date															Jan. 31, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Class D Shares \| O 2024 M2 Dividends
Class of Stock [Line Items]
Declaration Date															Feb. 23, 2024
Record Date															Feb. 29, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Class D Shares \| O 2024 M3 Dividends
Class of Stock [Line Items]
Declaration Date															Mar. 22, 2024
Record Date															Mar. 28, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Class D Shares \| O 2024 M4 Dividends
Class of Stock [Line Items]
Declaration Date															Apr. 22, 2024
Record Date															Apr. 30, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Class D Shares \| O 2024 M5 Dividends
Class of Stock [Line Items]
Declaration Date															May 22, 2024
Record Date															May 31, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Class D Shares \| O 2024 M6 Dividends
Class of Stock [Line Items]
Declaration Date															Jun. 21, 2024
Record Date															Jun. 28, 2024
Distribution Per Share															$ 0.22100
Distribution Amount															$ 0
Common Stock \| Class I Shares
Class of Stock [Line Items]
Shares/gross proceeds from the continuous public offerings															$ 1,003	$ 97,400
Shares/gross proceeds from the continuous public offerings (in shares)															40,521	3,817,840
Shares/gross proceeds from the private placements															$ 0	$ 0
Shares/gross proceeds from the private placements (in shares)															0	0
Share transfers between classes															$ 0	$ 0
Share transfers between classes (in shares)															0	0
Reinvestment of distribution															$ 4,974	$ 0
Reinvestment of distribution (in shares)															200,836	0
Repurchased Shares															$ 0	$ 0
Repurchased Shares (in shares)															0	0
Net Increase (decrease)													$ 5,977	$ 97,400	$ 5,977	$ 97,400
Common shares, shares outstanding													241,357	3,817,840	241,357	3,817,840
Common Stock \| Class S Shares
Class of Stock [Line Items]
Shares/gross proceeds from the continuous public offerings															$ 0	$ 0
Shares/gross proceeds from the continuous public offerings (in shares)															0	0
Shares/gross proceeds from the private placements															$ 0	$ 0
Shares/gross proceeds from the private placements (in shares)															0	0
Share transfers between classes															$ 0	$ 0
Share transfers between classes (in shares)															0	0
Reinvestment of distribution															$ 1	$ 0
Reinvestment of distribution (in shares)															55	0
Repurchased Shares															$ 0	$ 0
Repurchased Shares (in shares)															0	0
Net Increase (decrease)													$ 1	$ 0	$ 1	$ 0
Common shares, shares outstanding													55	0	55	0
Common Stock \| Class D Shares
Class of Stock [Line Items]
Shares/gross proceeds from the continuous public offerings															$ 0	$ 0
Shares/gross proceeds from the continuous public offerings (in shares)															0	0
Shares/gross proceeds from the private placements															$ 0	$ 0
Shares/gross proceeds from the private placements (in shares)															0	0
Share transfers between classes															$ 0	$ 0
Share transfers between classes (in shares)															0	0
Reinvestment of distribution															$ 1	$ 0
Reinvestment of distribution (in shares)															57	0
Repurchased Shares															$ 0	$ 0
Repurchased Shares (in shares)															0	0
Net Increase (decrease)													$ 1	$ 0	$ 1	$ 0
Common shares, shares outstanding													57	0	57	0

Financial Highlights (Details)

Financial Highlights (Details) $ / shares in Units, £ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Nov. 08, 2022
Ratios and supplemental data:
Asset coverage ratio	150%		150%		150%
Class I Shares
Per Share Operating Performance:
Net asset value, beginning of period	$ 24.68	$ 25.09
Income from investment operations:
Net investment income (loss)	1.49	1.07
Net realized and unrealized gains (losses)	0.07	0.04
Net increase (decrease) in net investment operations	1.56	1.11
From net investment income	(1.35)	0
Total distributions declared	(1.35)	0
Total increase (decrease) in net assets	0.21	1.11
Net asset value, end of period	$ 24.89	$ 26.20
Total Return	6.47%	4.42%
Ratios and supplemental data:
Net assets, end of period \| $	$ 113,591	$ 112,291		$ 106,679
Average number of Common Shares outstanding, end of period \| shares	4,420,478	2,820,182
Ratio of gross expenses to average net assets	7.01%	2.05%
Ratio of waivers to average net assets	(5.30%)	(1.55%)
Ratio of net expenses to average net assets	1.71%	0.50%
Ratio of net investment income (loss) to average net assets	12.07%	8.54%
Portfolio turnover rate	3.24%	0%
Asset coverage ratio	656.91%	0%	656.91%
Percentage of revolving credit facility	1.21%	0%	1.21%
Class S Shares
Per Share Operating Performance:
Net asset value, beginning of period	$ 25.13
Income from investment operations:
Net investment income (loss)	1.39
Net realized and unrealized gains (losses)	0.06
Net increase (decrease) in net investment operations	1.45
From net investment income	(1.24)
Total distributions declared	(1.24)
Total increase (decrease) in net assets	0.21
Net asset value, end of period	$ 25.34	$ 0
Total Return	(5.90%)
Ratios and supplemental data:
Net assets, end of period \| $	$ 11			10
Average number of Common Shares outstanding, end of period \| shares	421
Ratio of gross expenses to average net assets	359.20%
Ratio of waivers to average net assets	(356.64%)
Ratio of net expenses to average net assets	2.56%
Ratio of net investment income (loss) to average net assets	11.12%
Portfolio turnover rate	3.24%
Asset coverage ratio	656.91%		656.91%
Percentage of revolving credit facility	1.21%		1.21%
Class D Shares
Per Share Operating Performance:
Net asset value, beginning of period	$ 25.13
Income from investment operations:
Net investment income (loss)	1.47
Net realized and unrealized gains (losses)	0.06
Net increase (decrease) in net investment operations	1.53
From net investment income	(1.33)
Total distributions declared	(1.33)
Total increase (decrease) in net assets	0.20
Net asset value, end of period	$ 25.33	$ 0
Total Return	(6.21%)
Ratios and supplemental data:
Net assets, end of period	$ 11		£ 11	$ 10
Average number of Common Shares outstanding, end of period \| shares	423
Ratio of gross expenses to average net assets	557.53%
Ratio of waivers to average net assets	(555.58%)
Ratio of net expenses to average net assets	1.95%
Ratio of net investment income (loss) to average net assets	11.70%
Portfolio turnover rate	3.24%
Asset coverage ratio	656.91%		656.91%
Percentage of revolving credit facility	1.20%		1.20%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events	Jul. 22, 2024 $ / shares
Class S Shares
Subsequent Events
Dividends declared	$ 0.20680
Class D Shares
Subsequent Events
Dividends declared	0.22100
Class I Shares
Subsequent Events
Dividends declared	$ 0.22500