KKR FS Income Trust 10-Q 14 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	814-01620
Entity Registrant Name	KKR FS Income Trust
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0591692
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,457,385
Entity Central Index Key	0001930679
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands		Sep. 30, 2023		Dec. 31, 2022
Assets
Investments, at fair value (amortized cost—$162,107 and $6,698, respectively)		$ 165,194	[1]	$ 6,702	[2]
Cash		124,645		465
Foreign currency (amortized cost—$331 and $—, respectively)		325		0
Receivable for investments sold and repaid		1		0
Income receivable		916		62
Expense support receivable		436		289
Deferred financing costs		924		0
Prepaid expenses and other assets		0		53
Total assets		292,441		7,571
Liabilities
Payable for investments purchased		34,753		0
Debt	[3]	9,772		0
Shareholders distributions payable		2,030		0
Accrued capital gains incentive fee	[4]	404		0
Administrative services expense payable		473		0
Accrued accounting and administrative fees		13		3
Interest payable		34		0
Other accrued expenses and liabilities		888		339
Total liabilities		48,367		342
Commitments and contingencies	[5]
Series A Preferred Shares, $0.001 par value, unlimited shares authorized, 515 and 0 shares issued and outstanding, respectively; liquidation preference of 515 and 0, respectively		515		0
Shareholders’ equity
Common Shares, $0.01 par value, unlimited shares authorized, 8,457,385 and 280,000 Class I shares issued and outstanding, respectively		0		0
Capital in excess of par value		238,500		7,000
Retained earnings (accumulated deficit)		5,059		229
Total shareholders’ equity		243,559		7,229
Total liabilities, preferred shares and shareholders’ equity		$ 292,441		$ 7,571
Net asset value per share of common shares at period end (in dollars per share)		$ 28.80		$ 25.82
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[3]See Note 8 for a discussion of the Company’s financing arrangements.[4]See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees.[5]See Note 9 for a discussion of the Company’s commitments and contingencies.

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Amortized Cost	$ 162,107,000	$ 6,698,000
Foreign currency, cost	$ 331,000	$ 0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	515	0
Preferred stock, shares outstanding	515	0
Preferred stock, liquidation preference	$ 515	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued	8,457,385	280,000
Common stock, shares outstanding	8,457,385	280,000

Unaudited Consolidated Statemen

Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		8 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022		Sep. 30, 2023
Investment income
Interest income		$ 3,884	$ 30	$ 30	[1]	$ 4,586
Fee income		509	0	0	[1]	760
Dividend income		81	0	0	[1]	81
Total investment income		4,474	30	30	[1]	5,427
Operating expenses
Management fees		523	0	0	[1]	585
Subordinated income incentive fees	[2]	399	0	0	[1]	399
Capital gains incentive fees	[2]	203	0	0	[1]	404
Interest expense	[3]	292	0	0	[1]	292
Administrative services expense		357	0	0	[1]	499
Accounting and administrative fees		1	1	1	[1]	4
Insurance expense		92	0	0	[1]	329
Audit expense		200	0	0	[1]	332
Other general and administrative expenses		136	276	276	[1]	220
Total operating expenses		2,203	277	277	[1]	3,064
Management and incentive fee waivers	[2]	(922)	0	0	[1]	(984)
Expense waiver	[4]	0	(277)	(277)	[1]	(147)
Net expenses		1,281	0	0	[1]	1,933
Net investment income		3,193	30	30	[1],[5]	3,494
Realized and unrealized gain/loss
Net realized gain (loss) on investments		0	0	0	[6]	17
Net realized gain (loss) on foreign currency		(52)	0	0	[1]	(54)
Net change in unrealized appreciation (depreciation) on investments		1,335	(23)	(23)	[1]	3,083
Net change in unrealized appreciation (depreciation) on foreign currency		348	0	0	[1],[5]	351
Total net realized and unrealized gain (loss)		1,631	(23)	(23)	[1]	3,397
Net increase (decrease) in net assets resulting from operations		$ 4,824	$ 7	$ 7	[5],[6]	$ 6,891
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic		$ 0.94	$ 0.06	$ 0.06	[1]	$ 3.34
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted		$ 0.94	$ 0.06	$ 0.06	[1]	$ 3.34
Weighted average shares outstanding - basic		5,106,788	111,765	111,765	[1]	2,053,050
Weighted average shares outstanding - diluted		5,106,788	111,765	111,765	[1]	2,053,050
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022.[2]See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees and subordinated income incentive fees.[3]See Note 8 for a discussion of the Company’s financing arrangements.[4]See Note 4 for a discussion of the Company’s expense support and conditional reimbursement.[5]Represents the period from February 4, 2022 (Inception) through September 30, 2022[6]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Unaudited Consolidated Statem_2

Unaudited Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands		3 Months Ended					8 Months Ended		9 Months Ended
		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022		Sep. 30, 2022		Sep. 30, 2023
Operations
Net investment income (loss)		$ 3,193			$ 30		$ 30	[1],[2]	$ 3,494
Net realized gain (loss) on investments and foreign currency		(52)			0		0	[1]	(37)
Net change in unrealized appreciation (depreciation) on investments		1,335			(23)		(23)	[1],[3]	3,083
Net change in unrealized appreciation (depreciation) on foreign currency		348			0		0	[1],[2]	351
Net increase (decrease) in net assets resulting from operations		4,824			7		7	[1],[3]	6,891
Shareholder distributions
Net decrease in net assets resulting from shareholder distributions		(2,046)			0		0	[1]	(2,061)
Capital share transactions
Issuance of capital	[1]	150,000			3,000		3,000		231,500
Net increase (decrease) in net assets resulting from capital share transactions	[1]	150,000			3,000		3,000		231,500
Total increase (decrease) in net assets		152,778			3,007		3,007	[1]	236,330
Net assets at beginning of period		90,781		$ 7,229	0		0	[1]	7,229
Net assets at end of period		243,559	$ 90,781		3,007	[1]	3,007	[1]	243,559
Common Stock
Shareholder distributions
Distributions to preferred shareholders		(2,030)	$ 0	$ 0	0		0	[1]	(2,030)
Preferred Stock
Shareholder distributions
Distributions to preferred shareholders		$ (16)			$ 0		$ 0	[1]	$ (31)
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022[2]Represents the period from February 4, 2022 (Inception) through September 30, 2022.[3]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Unaudited Consolidated Statem_3

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended			8 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2022	[2]	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 4,824	$ 7		$ 7	[1]	$ 6,891
Purchases of investments				(2,429)		(156,127)
Proceeds from sales and repayments of investments				0		1,100
Net realized (gain) loss on investments	0	0		0		(17)
Net change in unrealized (appreciation) depreciation on investments	(1,335)	23		23	[1]	(3,083)
Accretion of discount				0		(365)
Amortization of deferred financing costs				0		56
Unrealized (gain)/loss on borrowings in foreign currency				0		(394)
(Increase) decrease in receivable for investments sold and repaid				0		(1)
(Increase) decrease in income receivable				(19)		(854)
(Increase) decrease in expense support receivable				(277)		(147)
(Increase) decrease in prepaid expenses and other assets				0		53
Increase (decrease) in payable for investments purchased				0		34,753
Increase (decrease) in accrued capital gains incentive fee				0		404
Increase (decrease) in administrative services expense payable				0		473
Increase (decrease) in accrued accounting and administrative fees				1		10
Increase (decrease) in interest payable				0		34
Increase (decrease) in other accrued expenses and liabilities				276		549
Net cash provided by (used in) operating activities				(2,418)		(116,665)
Cash flows from financing activities
Issuance of capital				3,000		231,500	$ 3,000
Issuance of preferred shares				0		515
Distributions to preferred shareholders				0		(31)
Borrowings under financing arrangements				0		33,030
Repayments under financing arrangements				0		(22,864)
Deferred financing costs paid				0		(980)
Net cash provided by (used in) financing activities				3,000		241,170
Total increase (decrease) in cash				582		124,505
Cash and foreign currency at beginning of period				0		465
Cash and foreign currency at end of period	$ 124,970	$ 582	[2]	582		124,970	$ 582	[2]
Supplemental disclosure
Interest paid during the period				$ 0		$ 202
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022[2]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Unaudited Consolidated Schedule

Unaudited Consolidated Schedule of Investments £ in Thousands, $ in Thousands	Sep. 30, 2023 USD ($) shares		Sep. 30, 2023 GBP (£) shares		Dec. 31, 2022 USD ($) shares
Amortized Cost	$ 162,107				$ 6,698
Fair Value	165,194	[1]			6,702	[2]
LIABILITIES AND PREFERRED SHARES IN EXCESS OF OTHER ASSETS	78,365	[1]			527	[2]
NET ASSETS	243,559	[1]			7,229	[2]
Net Senior Secured Loans—First Lien
Amortized Cost	153,435				2,634
Fair Value	156,450	[1]			2,646	[2]
Total Senior Secured Loans—First Lien
Amortized Cost	201,383				4,261
Fair Value	204,398	[1]			4,273	[2]
Unfunded Loan Commitments
Amortized Cost	(47,948)				(1,627)
Fair Value	(47,948)	[1]			(1,627)	[2]
Net Asset Based Finance
Amortized Cost	8,672				4,064
Fair Value	8,744	[1]			$ 4,056	[2]
Total Asset Based Finance
Amortized Cost	8,744
Fair Value	8,816	[1]
Unfunded Loan Commitments
Amortized Cost	(72)
Fair Value	$ (72)	[1]
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 1
Basis spread on variable rate	10%	[3],[4]	10%	[3],[4]
Floor	0%	[3],[4]	0%	[3],[4]
Principal Amount	$ 71	[4],[5]
Amortized Cost	71	[4]
Fair Value	$ 71	[1],[4]
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 2
Basis spread on variable rate	10%	[3],[4],[6]	10%	[3],[4],[6]
Floor	0%	[3],[4],[6]	0%	[3],[4],[6]
Principal Amount	$ 72	[4],[5],[6]
Amortized Cost	72	[4],[6]
Fair Value	$ 71	[1],[4],[6]
Investment, Identifier [Axis]: Australis Maritime II, Private Equity, Transportation
Number of shares | shares	333,021	[4],[5],[7]	333,021	[4],[5],[7]
Amortized Cost	$ 333	[4],[7]
Fair Value	$ 348	[1],[4],[7]
Investment, Identifier [Axis]: BDO USA PA, Commercial & Professional Services
Basis spread on variable rate	6%	[3],[8]	6%	[3],[8]
Floor	2%	[3],[8]	2%	[3],[8]
Principal Amount	$ 17,055	[5],[8]
Amortized Cost	16,759	[8]
Fair Value	$ 16,714	[1],[8]
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Diversified Financials
Basis spread on variable rate					3.93%	[9]
Floor					0%	[9]
Principal Amount					$ 985	[10]
Amortized Cost					985
Fair Value					$ 993	[2]
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Financial Services
Rate	22%	[3],[4]	22%	[3],[4]
Principal Amount	$ 985	[4],[5]
Amortized Cost	985	[4]
Fair Value	$ 986	[1],[4]
Investment, Identifier [Axis]: Bausch Health Cos Inc, Pharmaceuticals, Biotechnology & Life Sciences 1
Basis spread on variable rate	6.65%	[3],[4],[8]	6.65%	[3],[4],[8]
Floor	1%	[3],[4],[8]	1%	[3],[4],[8]
Principal Amount	$ 21,875	[4],[5],[8]
Amortized Cost	21,275	[4],[8]
Fair Value	$ 21,875	[1],[4],[8]
Investment, Identifier [Axis]: Bausch Health Cos Inc, Pharmaceuticals, Biotechnology & Life Sciences 2
Basis spread on variable rate	6.65%	[3],[4],[6],[8]	6.65%	[3],[4],[6],[8]
Floor	1%	[3],[4],[6],[8]	1%	[3],[4],[6],[8]
Principal Amount	$ 15,625	[4],[5],[6],[8]
Amortized Cost	15,625	[4],[6],[8]
Fair Value	$ 15,625	[1],[4],[6],[8]
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R07, Structured Mezzanine, Real Estate
Basis spread on variable rate					6.80%	[9],[11]
Floor					0%	[9],[11]
Principal Amount					$ 152	[10],[11]
Amortized Cost					155	[11]
Fair Value					$ 160	[2],[11]
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine, Real Estate
Basis spread on variable rate					5.60%	[9],[11]
Floor					0%	[9],[11]
Principal Amount					$ 103	[10],[11]
Amortized Cost					103	[11]
Fair Value					$ 104	[2],[11]
Investment, Identifier [Axis]: Drive Revel, Private Equity, Financial Services
Number of shares | shares	81,101	[4],[5],[7]	81,101	[4],[5],[7]
Amortized Cost	$ 89	[4],[7]
Fair Value	$ 86	[1],[4],[7]
Investment, Identifier [Axis]: Freddie Mac Structured Agency Credit Risk Debt Notes, Structured Mezzanine, Real Estate
Basis spread on variable rate					6%	[9],[11]
Floor					0%	[9],[11]
Principal Amount					$ 147	[10],[11]
Amortized Cost					147	[11]
Fair Value					$ 145	[2],[11]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 1
Basis spread on variable rate	6.75%	[3]	6.75%	[3]	6.75%	[9]
Floor	1%	[3]	1%	[3]	1%	[9]
Principal Amount	$ 4,947	[5]			$ 150	[10]
Amortized Cost	4,871				150
Fair Value	$ 4,947	[1]			$ 151	[2]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 2
Basis spread on variable rate	6.75%	[3],[6]	6.75%	[3],[6]	6.75%	[9],[12]
Floor	1%	[3],[6]	1%	[3],[6]	1%	[9],[12]
Principal Amount	$ 2,131	[5],[6]			$ 188	[10],[12]
Amortized Cost	2,131	[6]			188	[12]
Fair Value	$ 2,131	[1],[6]			$ 188	[2],[12]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 1
Basis spread on variable rate	6%	[3]	6%	[3]	6.50%	[9]
Floor	0.80%	[3]	0.80%	[3]	1%	[9]
Principal Amount	$ 3,138	[5]			$ 179	[10]
Amortized Cost	3,096				176
Fair Value	$ 3,133	[1]			$ 178	[2]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 2
Basis spread on variable rate	6.50%	[3]	6.50%	[3]	6.50%	[9],[12]
Floor	0.80%	[3]	0.80%	[3]	1%	[9],[12]
Principal Amount	$ 2,844	[5]			$ 179	[10],[12]
Amortized Cost	2,817				165	[12]
Fair Value	$ 2,844	[1]			$ 178	[2],[12]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 3
Basis spread on variable rate	6%	[3]	6%	[3]
Floor	0.80%	[3]	0.80%	[3]
Principal Amount	$ 12,418	[5]
Amortized Cost	12,249
Fair Value	$ 12,398	[1]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 4
Basis spread on variable rate	6%	[3],[6]	6%	[3],[6]
Floor	0.80%	[3],[6]	0.80%	[3],[6]
Principal Amount	$ 5,154	[5],[6]
Amortized Cost	5,154	[6]
Fair Value	$ 5,147	[1],[6]
Investment, Identifier [Axis]: KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods
Number of shares | shares	706,308	[4],[5]	706,308	[4],[5]	647,827	[10]
Amortized Cost	$ 706	[4]			$ 648
Fair Value	$ 729	[1],[4]			$ 648	[2]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 1
Basis spread on variable rate	6.25%	[3]	6.25%	[3]
Floor	0.80%	[3]	0.80%	[3]
Principal Amount	$ 166	[5]
Amortized Cost	149
Fair Value	$ 166	[1]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 2
Basis spread on variable rate	6.25%	[3]	6.25%	[3]
Floor	0.80%	[3]	0.80%	[3]
Principal Amount	$ 10,264	[5]
Amortized Cost	10,117
Fair Value	$ 10,289	[1]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 3
Basis spread on variable rate	6.25%	[3],[6]	6.25%	[3],[6]
Floor	0.80%	[3],[6]	0.80%	[3],[6]
Principal Amount	$ 1,078	[5],[6]
Amortized Cost	1,078	[6]
Fair Value	$ 1,078	[1],[6]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 4
Basis spread on variable rate	6.25%	[3],[6]	6.25%	[3],[6]
Floor	0.80%	[3],[6]	0.80%	[3],[6]
Principal Amount	$ 1,555	[5],[6]
Amortized Cost	1,533	[6]
Fair Value	$ 1,559	[1],[6]
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 1
Basis spread on variable rate	6.75%	[3]	6.75%	[3]	6.75%	[9]
Floor	1%	[3]	1%	[3]	1%	[9]
Principal Amount	$ 16,363	[5]			$ 189	[10]
Amortized Cost	16,002				175
Fair Value	$ 16,435	[1]			$ 186	[2]
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 2
Basis spread on variable rate	6.75%	[3],[6]	6.75%	[3],[6]	6.75%	[9],[12]
Floor	1%	[3],[6]	1%	[3],[6]	1%	[9],[12]
Principal Amount	$ 4,762	[5],[6]			$ 788	[10],[12]
Amortized Cost	4,762	[6]			788	[12]
Fair Value	$ 4,783	[1],[6]			$ 776	[2],[12]
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 1
Basis spread on variable rate	6.50%	[3],[8]	6.50%	[3],[8]
Floor	1%	[3],[8]	1%	[3],[8]
Principal Amount	$ 16,865	[5],[8]
Amortized Cost	16,622	[8]
Fair Value	$ 16,967	[1],[8]
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 2
Basis spread on variable rate	6.50%	[3],[6],[8]	6.50%	[3],[6],[8]
Floor	1%	[3],[6],[8]	1%	[3],[6],[8]
Principal Amount	$ 1,930	[5],[6],[8]
Amortized Cost	1,930	[6],[8]
Fair Value	$ 1,942	[1],[6],[8]
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 1
Basis spread on variable rate					6.50%	[9]
Floor					1%	[9]
Principal Amount					$ 772	[10]
Amortized Cost					760
Fair Value					$ 763	[2]
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 2
Basis spread on variable rate					6.50%	[9],[12]
Floor					1%	[9],[12]
Principal Amount					$ 220	[10],[12]
Amortized Cost					220	[12]
Fair Value					$ 217	[2],[12]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 1
Basis spread on variable rate	6.50%	[3],[8]	6.50%	[3],[8]	6.50%	[9]
Floor	0.80%	[3],[8]	0.80%	[3],[8]	0.80%	[9]
Principal Amount	$ 9,165	[5],[8]			$ 463	[10]
Amortized Cost	8,981	[8]			456
Fair Value	$ 9,211	[1],[8]			$ 456	[2]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 2
Basis spread on variable rate	6.50%	[3],[6],[8]	6.50%	[3],[6],[8]	6.50%	[9],[12]
Floor	0.80%	[3],[6],[8]	0.80%	[3],[6],[8]	0.80%	[9],[12]
Principal Amount	$ 861	[5],[6],[8]			$ 54	[10],[12]
Amortized Cost	845	[6],[8]			54	[12]
Fair Value	$ 861	[1],[6],[8]			$ 53	[2],[12]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 3
Basis spread on variable rate	6.50%	[3],[6],[8]	6.50%	[3],[6],[8]	6.50%	[9],[12]
Floor	0.80%	[3],[6],[8]	0.80%	[3],[6],[8]	0.80%	[9],[12]
Principal Amount	$ 241	[5],[6],[8]			$ 129	[10],[12]
Amortized Cost	241	[6],[8]			129	[12]
Fair Value	$ 242	[1],[6],[8]			$ 127	[2],[12]
Investment, Identifier [Axis]: PayPal Europe Sarl et Cie SCA, Private Equity, Financial Services
Number of shares | shares	65,922	[4],[5],[7]	65,922	[4],[5],[7]
Amortized Cost	$ 72	[4],[7]
Fair Value	$ 70	[1],[4],[7]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 1
Basis spread on variable rate	6.75%	[3]	6.75%	[3]	6.75%	[9]
Floor	0.80%	[3]	0.80%	[3]	0.80%	[9]
Principal Amount	$ 293	[5]			$ 930	[10]
Amortized Cost	266				930
Fair Value	$ 293	[1]			$ 930	[2]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 2
Basis spread on variable rate	6.75%	[3],[8]	6.75%	[3],[8]	6.75%	[9],[12]
Floor	0.80%	[3],[8]	0.80%	[3],[8]	0.80%	[9],[12]
Principal Amount	$ 24,376	[5],[8]			$ 70	[10],[12]
Amortized Cost	24,065	[8]			70	[12]
Fair Value	$ 24,862	[1],[8]			$ 70	[2],[12]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 3
Basis spread on variable rate	6.75%	[3],[6]	6.75%	[3],[6]
Floor	0.80%	[3],[6]	0.80%	[3],[6]
Principal Amount	$ 1,172	[5],[6]
Amortized Cost	1,172	[6]
Fair Value	$ 1,172	[1],[6]
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate
Rate					5.40%	[9],[11]
Principal Amount					$ 201	[10],[11]
Amortized Cost					167	[11]
Fair Value					$ 162	[2],[11]
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate Management & Development
Rate	5.40%	[3],[4],[13]	5.40%	[3],[4],[13]
Principal Amount	$ 201	[4],[5],[13]
Amortized Cost	167	[4],[13]
Fair Value	$ 174	[1],[4],[13]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 1
Rate					18%	[9]
Principal Amount					$ 147	[10]
Amortized Cost					100
Fair Value					$ 106	[2]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 2
Rate					8%	[9]
Principal Amount					$ 251	[10]
Amortized Cost					251
Fair Value					$ 248	[2]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 1
Rate	18%	[3],[4]	18%	[3],[4]
Principal Amount	$ 147	[4],[5]
Amortized Cost	102	[4]
Fair Value	$ 111	[1],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 2
Rate	8%	[3],[4]	8%	[3],[4]
Principal Amount	$ 251	[4],[5]
Amortized Cost	251	[4]
Fair Value	$ 247	[1],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 3
Rate	7.30%	[3],[4]	7.30%	[3],[4]
Principal Amount	$ 1,507	[4],[5]
Amortized Cost	1,507	[4]
Fair Value	$ 1,483	[1],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan, Real Estate
Rate					7.30%	[9]
Principal Amount					$ 1,507	[10]
Amortized Cost					1,508
Fair Value					$ 1,490	[2]
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 1
Basis spread on variable rate	6.50%	[3]	6.50%	[3]
Floor	1%	[3]	1%	[3]
Principal Amount	$ 6,504	[5]
Amortized Cost	6,292
Fair Value	$ 6,497	[1]
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 2
Basis spread on variable rate	6.75%	[3],[6]	6.75%	[3],[6]
Floor	1%	[3],[6]	1%	[3],[6]
Principal Amount	$ 9,805	[5],[6]
Amortized Cost	9,706	[6]
Fair Value	$ 9,884	[1],[6]
Investment, Identifier [Axis]: SunPower Financial, Private Equity, Financial Services
Number of shares | shares	161,479	[4],[5],[7]	161,479	[4],[5],[7]
Amortized Cost	$ 161	[4],[7]
Fair Value	$ 161	[1],[4],[7]
Investment, Identifier [Axis]: Synovus Financial Corp, Private Equity, Banks
Number of shares | shares	2,414,578	[4],[5]	2,414,578	[4],[5]
Amortized Cost	$ 2,415	[4]
Fair Value	$ 2,420	[1],[4]
Investment, Identifier [Axis]: TDC LLP, Preferred Equity, Financial Services 1
Rate	8%	[3],[4]	8%	[3],[4]
Principal Amount | £			£ 297	[4],[5]
Amortized Cost	$ 354	[4]
Fair Value	$ 364	[1],[4]
Investment, Identifier [Axis]: TDC LLP, Private Equity, Financial Services
Number of shares | shares	68,953	[4],[5],[7]	68,953	[4],[5],[7]
Amortized Cost	$ 87	[4],[7]
Fair Value	$ 84	[1],[4],[7]
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Commercial & Professional Services 1
Basis spread on variable rate	7%	[3],[4]	7%	[3],[4]
Floor	1.50%	[3],[4]	1.50%	[3],[4]
Principal Amount | £			£ 7,949	[4],[5]
Amortized Cost	$ 10,011	[4]
Fair Value	$ 9,709	[1],[4]
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Commercial & Professional Services 2
Basis spread on variable rate	7%	[3],[4],[6]	7%	[3],[4],[6]
Floor	1.50%	[3],[4],[6]	1.50%	[3],[4],[6]
Principal Amount | £			£ 2,895	[4],[5],[6]
Amortized Cost	$ 3,634	[4],[6]
Fair Value	$ 3,634	[1],[4],[6]
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 1
Rate	8.10%	[3],[4],[13]	8.10%	[3],[4],[13]
Principal Amount	$ 881	[4],[5],[13]
Amortized Cost	839	[4],[13]
Fair Value	$ 862	[1],[4],[13]
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 2
Rate	8.10%	[3],[4],[13]	8.10%	[3],[4],[13]
Principal Amount	$ 596	[4],[5],[13]
Amortized Cost	533	[4],[13]
Fair Value	$ 549	[1],[4],[13]
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[3]Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of September 30, 2023, the Secured Overnight Financing Rate, or “SF” or SOFR, was 5.40% and the Sterling Interbank Offered Rate, or SONIA or “SA”, was 5.19%.[4]The investment, or portion of the investment is not a qualifying asset under the Investment Company Act of 1940, or the 1940 Act, as amended. A business development company, or BDC, may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. As of September 30, 2023, 86.2% of the Company’s total assets represented qualifying assets.[5]Denominated in U.S. dollars unless otherwise noted.[6]Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.[7]Security is non-income producing.[8]Position or portion thereof unsettled as of September 30, 2023.[9]Certain variable rate securities in the Company’s portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. As of December 31, 2022, the Secured Overnight Financing Rate, or “SF” or SOFR, was 4.59%.[10]Denominated in U.S. dollars unless otherwise noted.[11]Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7).[12]Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding.[13]Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7).

Unaudited Consolidated Schedu_2

Unaudited Consolidated Schedule of Investments (Parenthetical)	Sep. 30, 2023		Dec. 31, 2022
Percent of net assets	67.80%	[1]	92.50%	[2]
Other assets in excess of liabilities percentage	32.20%	[1]	7.50%	[2]
Qualifying assets as a percent of total assets	86.20%
Secured Overnight Financing Rate (SOFR)
Variable rate	5.40%		4.59%
Sterling Interbank Offered Rate
Variable rate	5.19%
Net Senior Secured Loans—First Lien
Percent of net assets	64.20%	[1]	36.40%	[2]
Net Asset Based Finance
Percent of net assets	3.60%	[1]	56.10%	[2]
[1]Security may be an obligation of one or more entities affiliated with the named company.[2]Security may be an obligation of one or more entities affiliated with the named company.

Principal Business and Organiza

Principal Business and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization KKR FS Income Trust, or the Company, or K-FIT, is a specialty finance company, organized on February 4, 2022 as a Delaware statutory trust, that seeks to invest primarily in the debt securities of private middle market U.S. companies. The Company is externally managed by FS/KKR Advisor, LLC, or the Adviser, pursuant to an amended and restated investment advisory agreement, or the Advisory Agreement. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services pursuant to the terms of an administration agreement, or the Administration Agreement . The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company is a externally managed, non-diversified, closed-end management investment company that, on March 31, 2023, elected to be regulated as a BDC under the 1940 Act. The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company, or a RIC, under the Internal Revenue Code of 1986, as amended, or the Code. The Company has various wholly-owned subsidiaries, including special-purpose financing subsidiaries and subsidiaries through which it holds interests in portfolio companies. The unaudited consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of September 30, 2023 . All intercompany transactions have been eliminated in consolidation. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited financial statements as of and for the period ended December 31, 2022 included in Amendment No. 1 to the Company’s Registration Statement on Form 10, filed with the U.S. Securities and Exchange Commission, or the SEC, on May 26, 2023, or the Form 10. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 balance sheet and schedule of investments are derived from the Company’s audited financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies . Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation. Organizational and Offering: Organization and offering costs will only be borne by the Company upon the initial issuance of common shares of beneficial interest, or the Common Shares, to non-affiliated investors in the Company’s monthly closings for the Company’s continuous private offering of its Common Shares, or the Private Offering, in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. At such time, costs associated with the organization of the Company will be expensed. These expenses consist primarily of legal fees, audit fees and other costs of organizing the Company. In no event will the Company bear in excess of $1.5 million in organizational expenses; the Adviser has agreed to be responsible for any organizational expenses in excess of $1.5 million. Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and included as prepaid and other assets on the Statement of Assets and Liabilities and amortized over a twelve-month period from incurrence. As of September 30, 2023 and December 31, 2022, the Adviser has paid $2,333 and $1,541, respectively, in organizational and offering expenses, and will be subject to reimbursement as described above. The Company has no obligation to reimburse the Adviser for organizational and offering costs until the initial issuance of the Company’s Common Shares to non-affiliated investors in the monthly closings for the Company’s Private Offering. Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company’s election to be regulated as a BDC under the 1940 Act, or the BDC Election Date, equals 12.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income. The Adviser has agreed to waive the subordinated incentive fee on income through August 30, 2024. Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gain incentive fees previously paid by the Company. For purposes of calculating the incentive fee on capital gains under the Advisory Agreement, the cost basis for any investment as of the BDC Election Date will be deemed to be the most recently determined fair value for such investment as of the BDC Election Date, determined in accordance with the Adviser’s valuation policies and procedures. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period. The Company includes unrealized gains in the calculation of the capital gains incentive fee expense and related accrued capital gains incentive fee. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. Reclassifications: Certain amounts in the audited financial statements as of and for the three and nine months ended September 30, 2022 and the audited financial statements as of and for the year ended December 31, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2023 . Revenue Recognition : Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the nine months ended September 30, 2023 and 2022 , the Company recognized $614 and $0, respectively in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Income Taxes: Prior to making its BDC election, the Company was classified as a partnership for U.S. federal income tax purposes. As such, no provision has been made in the accompanying consolidated financial statements for federal, state or local income taxes of the partners. Each partner is individually responsible for reporting its share of the Company’s taxable income or loss. Interest and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. The Company intends to elect to be treated for U.S. federal income tax purposes for its first taxable year after the BDC election ending December 31, 2023, and intends to qualify annually thereafter, as a RIC under the Code.

Share Transactions

Share Transactions	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Share Transactions	Share Transactions Below is a summary of transactions with respect to shares of the Company’s Common Shares during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Shares Amount Shares Amount Gross Proceeds from Offering 8,177,385 $ 231,500 120,000 $ 3,000 Total Gross Proceeds 8,177,385 231,500 120,000 3,000 Commissions and Dealer Manager Fees — — — — Net Proceeds from Share Transactions 8,177,385 $ 231,500 120,000 $ 3,000 Series A Preferred Shares On April 3, 2023, the Company issued 515 shares of its preferred shares of beneficial interest, or Preferred Shares, designated as 12.0% Series A Cumulative Preferred Shares, par value $0.001 per share, or the Series A Preferred Shares, for $1,000 per share. Each individual investor in the Preferred Shares offering was entitled to purchase only one Series A Preferred Share. Each holder of Series A Preferred Shares is entitled to a liquidation preference of $1,000 per share, or the Liquidation Value, plus additional amounts as set forth in the Supplement to the Company’s Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares. With respect to distributions, including the payment of dividends and distribution of the Company’s assets upon dissolution, liquidation, or winding up, the Series A Preferred Shares are senior to all other classes and series of Common Shares, and rank on parity with any other class or series of Preferred Shares, whether such class or series is now existing or is created in the future, to the extent of the aggregate Liquidation Value and all accrued but unpaid dividends and any applicable redemption premium on the Series A Preferred Shares. Dividends on each Series A Preferred Share accrue on a daily basis at the rate of 12.0% per annum of the sum of the Liquidation Value thereof plus all accumulated and unpaid dividends thereon, from and including April 3, 2023 to and including the earlier of (1) the date of any liquidation, dissolution, or winding up of the Company or (2) the date on which such Series A Preferred Share is redeemed. Dividends will accrue whether or not they have been authorized or declared, whether or not the Company has earnings, and whether or not there are funds legally available for payment of dividends. The outstanding Series A Preferred Shares are subject to redemption at any time by notice of such redemption on a date selected by the Company for such redemption, such date being referred to as the Redemption Date. If the Company elects to cause the redemption of the Series A Preferred Shares, each Series A Preferred Share will be redeemed for a price, payable in cash on the Redemption Date, equal to 100% of such share’s Liquidation Value, plus all accrued and unpaid dividends to and including the Redemption Date, plus a redemption premium per share as follows: (1) until the date that is two years from the date of original issuance, $100; and (2) thereafter, no redemption premium. From and after the close of business on the Redemption Date, all dividends on the outstanding Series A Preferred Shares will cease to accrue, such shares will no longer be deemed to be outstanding, and all rights of the holders of such shares (except the right to receive the redemption price for such shares from us) will cease. See the Supplement to the Company’s Amended and Restated Declaration of Trust Relating to 12.0% Series A Cumulative Preferred Shares for more information relating to the Series A Preferred Shares. The Company classifies the Series A Preferred Stock as temporary equity outside of shareholders’ equity on its accompanying unaudited consolidated statement of assets and liabilities due to certain redemption features that are not solely within the Company's control. Status of Continuous Private Offering The Company is conducting the continuous Private Offering in reliance on exemptions from the registration requirements of the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. In connection with the Private Offering, the Company has entered into, and expects to continue to enter into, subscription agreements with investors. An investor will make a capital contribution pursuant to such subscription agreement and will become a common shareholder in the Company bound by the terms of the subscription agreement and the Company’s organizational documents. Discretionary Share Repurchase Program Beginning no later than the quarter ending March 31, 2024, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5% of the Common Shares outstanding (either by number of shares or aggregate net asset value, or NAV) as of the close of the previous calendar quarter. The Company’s Board of Trustees, or the Board, may amend or suspend the share repurchase program 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. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. 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, or the Exchange Act, and 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. Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, or the Valuation Date. If shareholders tender Common Shares in a tender offer with a Valuation Date that is within the 12-month period following the initial issue date of their tendered Common Shares, the Company may repurchase such Common Shares subject to an “early repurchase deduction” of 2% of the aggregate NAV of the Common Shares repurchased, or an Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining holders of Common Shares.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Compensation of the Investment Adviser Pursuant to the Advisory Agreement, commencing on and after the BDC Election Date, the Adviser is entitled to a base fee calculated at an annual rate of 1.25% of the average monthly value of the Company’s net assets and an incentive fee based on the Company’s performance. See Note 2 for a discussion of the capital gains and subordinated income incentive fees that the Adviser may be entitled to under the Advisory Agreement. The Adviser has agreed to waive the base fee and the subordinated incentive fee on income under the Advisory Agreement through August 30, 2024. Pursuant to the Administration Agreement, the Adviser oversees the Company’s day-to-day operations, including the provision of general ledger accounting, fund accounting, legal services, investor relations, certain government and regulatory affairs activities, and other administrative services. The Adviser also performs, or oversees the performance of, the Company’s corporate operations and required administrative services, which includes being responsible for the financial records that the Company is required to maintain and preparing reports for the Company’s shareholders and reports filed with the SEC. In addition, the Adviser assists the Company in calculating its NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. Pursuant to the Administration Agreement, the Company reimburses the Adviser for expenses necessary to perform services related to its administration and operations, including the Adviser’s allocable portion of the compensation and related expenses of certain personnel of Franklin Square Holdings, L.P., which does business as FS Investments, or FS Investments, and KKR Credit Advisers (US), LLC, or KKR Credit, providing administrative services to the Company on behalf of the Adviser. The Company reimburses the Adviser no less than monthly for all costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement. The Adviser allocates the cost of such services to the Company based on factors such as total assets, revenues, time allocations and/or other reasonable metrics. The Board reviews the methodology employed in determining how the expenses are allocated to the Company and the proposed allocation of administrative expenses among the Company and certain affiliates of the Adviser. The Board then assesses the reasonableness of such reimbursements for expenses allocated to the Company based on the breadth, depth and quality of such services as compared to the estimated cost to the Company of obtaining similar services from third-party service providers known to be available. In addition, the Board considers whether any single third-party service provider would be capable of providing all such services at comparable cost and quality. Finally, the Board compares the total amount paid to the Adviser for such services as a percentage of the Company’s net assets to the same ratio as reported by other comparable BDCs. The following table describes the fees and expenses accrued under the Advisory Agreement and the Administration Agreement, as applicable, during the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended Related Party September 30, September 30, Source Agreement Description 2023 2023 The Adviser Investment advisory agreement Base Management Fee (1) $ 523 $ 585 The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 203 $ 404 The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 399 $ 399 The Adviser Administration agreement Administrative Services Expenses (4) $ 357 $ 499 ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through August 30, 2024. As of September 30, 2023, no management fees were payable to the Adviser. (2) During the nine months ended September 30, 2023, the Company accrued capital gains incentive fees of  $404 based on the performance of its portfolio, of which $464 was based on unrealized appreciation and $(60) was based on realized gains net of unrealized depreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. (3) The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through August 30, 2024. As of September 30, 2023, no subordinated incentive fees on income were payable to the Adviser. (4) During the nine months ended September 30, 2023, $347 of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $146 for the nine months ended September 30, 2023. The Company paid $26 in administrative services expenses to the Adviser during the nine months ended September 30, 2023. Potential Conflicts of Interest The members of the senior management and investment teams of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Company does, or of investment vehicles managed by the same personnel. For example, the Adviser is the investment adviser to FS KKR Capital Corp., and the officers, managers and other personnel of the Adviser may serve in similar or other capacities for the investment advisers to future investment vehicles affiliated with FS Investments or KKR Credit. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated January 5, 2021, the SEC granted exemptive relief that permits the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with certain affiliates of the Adviser. Capital Commitments Affiliates of the Adviser have committed to invest an aggregate of $35 million in Common Shares, or the Seed Contribution, and will not transfer or otherwise dispose of their respective capital commitment or Common Shares without the Company’s prior written consent for a period ending on the third anniversary of the BDC Election Date. As of September 30, 2023, the full $35 million of capital commitments under the Seed Contribution had been called and funded. As of September 30, 2023, an additional $203.5 million of capital commitments from third-party private investors had been called and funded in connection with the Private Offering. Expense Support and Conditional Reimbursement The Company has entered into an Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, with the Adviser. The Adviser may elect to pay certain of our expenses on the Company’s behalf, including, but not limited to, organization and offering expenses and any of the Company’s expenses related to investor relations, outside legal counsel and other outside advisors and experts, finance, operations and administration, each, an Expense Payment, provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 90 days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess referred to as Excess Operating Funds), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company are referred to as a Reimbursement Payment. Available Operating Funds means the sum of (i) the Company’s net investment income (excluding organizational and offering costs and extraordinary expenses, taxes (including excise tax) and accrued capital gains incentive fees on unrealized appreciation) and (ii) the Company’s net capital gains. For nine months ended September 30, 2023 and year ended December 31, 2022 , the Adviser has agreed to pay $147 and $289, respectively, in Expense Payments, subject to reimbursement by the Company in accordance with the Expense Support Agreement. As of September 30, 2023, the conditions precedent to the Company’s obligation to reimburse the Adviser for such Expense Payments have not been met and management believes that the reimbursement to the Adviser is not probable. The following table reflects the amounts paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company: For the Three Months Ended Amount Expiration Date September 30, 2022 $ 276 September 30, 2025 December 31, 2022 13 December 31, 2025 March 31, 2023 147 March 31, 2026 June 30, 2023 — June 30, 2026 September 30, 2023 — September 30, 2026 Total $ 436

Distributions

Distributions	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Distributions	Distributions The following table reflects the cash distributions per share that we have declared on our Common Shares during the nine months ended September 30, 2023: Distribution For the Three Months Ended Per Share Amount Fiscal 2023 March 31, 2023 $ — $ — June 30, 2023 — — September 30, 2023 0.24 2,030 Total $ 0.24 $ 2,030 On September 26, 2023, the Company’s Board declared four regular monthly cash distributions of $0.24 per share on the Common Shares for each of September, October, November and December 2023. The September 2023 distribution was paid on October 27, 2023 to shareholders of record as of the close of business on September 29, 2023. The October 2023 distribution will be paid on or about November 28, 2023 to shareholders of record as of the close of business on October 31, 2023. The November 2023 distribution will be paid on or about December 27, 2023 to shareholders of record as of the close of business on November 30, 2023. The December 2023 distribution was originally approved to be paid on or about January 29, 2024 to shareholders of record as of the close of business on December 29, 2023. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. The timing and amount of any future distributions to shareholders are subject to applicable legal restrictions and the sole discretion of the Company’s Board. On November 12, 2023, the Board (i) rescinded the previously approved distribution of $0.24 per Common Share payable on or about January 29, 2024 to shareholders of record as of the close of business on December 29, 2023, and (ii) concurrently declared a distribution of $0.24 per Common Share payable on January 30, 2024 to shareholders of record as of the close of business on December 29, 2023. The distribution payable on January 30, 2024 will be paid to shareholders in cash or in Common Shares in accordance with such shareholder’s election under the Company’s distribution reinvestment plan. The Company may fund its cash distributions to shareholders from any sources of funds legally available to it, including proceeds from the sale of Common Shares in the Private Offering, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s shareholders. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all. As of September 30, 2023, the Company’s gross unrealized appreciation on a tax basis was $3,928. As of September 30, 2023, the Company’s gross unrealized depreciation on a tax basis was $490.

Investment Portfolio

Investment Portfolio	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Investment Portfolio	Investments Portfolio The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 (Unaudited) December 31, 2022 Amortized Cost (1) Fair Value Percentage of Portfolio Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 153,435 $ 156,450 94.7 % $ 2,634 $ 2,646 39.5 % Asset Based Finance 8,672 8,744 5.3 % 4,064 4,056 60.5 % Total $ 162,107 $ 165,194 100.0 % $ 6,698 $ 6,702 100.0 % ____________ (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of September 30, 2023, the Company did not “control” any of its portfolio companies and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act. The Company’s investment portfolio may contain loans and other unfunded arrangements that are in the form of lines of credit, revolving credit facilities, delayed draw credit facilities or other investments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. As of September 30, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $47,883. As of December 31, 2022, the Company had unfunded debt investments with aggregate unfunded commitments of $1,627. The Company maintains sufficient cash on hand and available capital in connection with undrawn commitments to fund such unfunded commitments should the need arise. For additional details regarding the Company’s unfunded debt investments, see the Company’s unaudited consolidated schedule of investments as of September 30, 2023 and the Company’s audited schedule of investments as of December 31, 2022. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2023 and December 31, 2022: September 30, 2023 (Unaudited) December 31, 2022 Industry Classification (1) Fair Value Percentage of Portfolio Fair Value Percentage of Portfolio Banks $ 2,420 1.5 % $ — — Capital Goods 30,901 18.7 % 1,729 25.8 % Commercial & Professional Services 52,091 31.5 % 627 9.4 % Consumer Services 6,576 4.0 % — — Consumer Staples Distribution & Retail 16,979 10.3 % 761 11.4 % Financial Services 1,751 1.1 % 993 14.8 % Insurance 18,368 11.1 % 177 2.6 % Pharmaceuticals, Biotechnology & Life Sciences 21,875 13.2 % — — Real Estate Management & Development 3,426 2.1 % 2,415 36.0 % Transportation 10,807 6.5 % — — Total $ 165,194 100.0 % $ 6,702 100.0 % ____________ (1) S&P Dow Jones recently updated the Global Industry Classification Standard, or GICS, structure. As a result, certain investments categorization as of December 31, 2022 have been updated to reflect their new classification in the above table, for comparability purposes.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1 : Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 : Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3 : Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As of September 30, 2023 and December 31, 2022 , the Company’s investments were categorized as follows in the fair value hierarchy: September 30, 2023 Valuation Inputs (Unaudited) December 31, 2022 Level 1—Price quotations in active markets $ — $ — Level 2—Significant other observable inputs 1,585 571 Level 3—Significant unobservable inputs 163,609 6,131 $ 165,194 $ 6,702 The Board is responsible for overseeing the valuation of the Company’s portfolio investments at fair value as determined in good faith pursuant to the Adviser’s valuation policy. The Board has designated the Adviser as the Company’s valuation designee, with day-to-day responsibility for implementing the portfolio valuation process set forth in the Adviser’s valuation policy. The Company’s investments will consist primarily of debt investments that were acquired directly from the issuer. Debt investments, for which broker quotes are not available, are valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, the borrower’s ability to adequately service its debt, prevailing interest rates for like investments, expected cash flows, call features, anticipated repayments and other relevant terms of the investments. Except as described below, all of the Company’s equity/other investments are also valued by independent valuation firms, which determine the fair value of such investments by considering, among other factors, contractual rights ascribed to such investments, as well as various income scenarios and multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in limited instances, book value or liquidation value. An investment that is newly issued and purchased near the date of the financial statements is valued at cost if the Adviser determines that the cost of such investment is the best indication of its fair value. Such investments described above are typically classified as Level 3 within the fair value hierarchy. Investments that are traded on an active public market are valued at their closing price as of the date of the financial statements and are classified as Level 1 within the fair value hierarchy. Except as described above, the Adviser typically values the Company’s other investments by using the midpoint of the prevailing bid and ask prices from dealers on the date of the relevant period end, which are provided by independent third-party pricing services and screened for validity by such services and are typically classified as Level 2 within the fair value hierarchy. The Adviser periodically benchmarks the bid and ask prices it receives from the third-party pricing services and/or dealers and independent valuation firms, as applicable, against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Adviser believes that these prices are reliable indicators of fair value. The Adviser reviewed and approved the valuation determinations made with respect to these investments in a manner consistent with the Adviser’s valuation policy. The following is a reconciliation for the nine months ended September 30, 2023 and for the period from February 4, 2022 (Inception) through September 30, 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value: For the Nine Months Ended September 30, 2023 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ 2,646 $ 3,485 $ 6,131 Accretion of discount (amortization of premium) 363 2 365 Net realized gain (loss) 1 — 1 Net change in unrealized appreciation (depreciation) 3,003 33 3,036 Purchases 150,849 3,906 154,755 Paid-in-kind interest — — — Sales and repayments (412) (267) (679) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 156,450 $ 7,159 $ 163,609 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 3,017 $ 33 $ 3,050 For the Period from February 4, 2022 (Inception) through September 30, 2022 Asset Based Finance Total Fair value at beginning of period $ — $ — Accretion of discount (amortization of premium) 0 0 Net realized gain (loss) — — Net change in unrealized appreciation (depreciation) 4 4 Purchases 1,857 1,857 Paid-in-kind interest — — Sales and repayments — — Transfers into Level 3 — — Transfers out of Level 3 — — Fair value at end of period $ 1,861 $ 1,861 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 4 $ 4 The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2023 and December 31, 2022 were as follows: Type of Investment Fair Value at September 30, 2023 (Unaudited) Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 141,794 Discounted Cash Flow Discount Rate 6.7% - 11.6% (10.5%) Decrease 4,947 Other (2) 9,709 Cost Asset Based Finance 6,758 Discounted Cash Flow Discount Rate 8.8% - 44.3% (14.6%) Decrease 401 Cost Total $ 163,609 Type of Investment Fair Value at December 31, 2022 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 1,263 Discounted Cash Flow Discount Rate 10.9% - 11.6% (11.1%) Decrease 1,384 Cost Asset Based Finance 2,836 Discounted Cash Flow Discount Rate 8.2% - 44.0% (14.3%) Decrease 648 Cost Total $ 6,131 __________ (1) Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Financing Arrangements

Financing Arrangements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements In accordance with the 1940 Act, the Company is allowed to borrow amounts such that its asset coverage, as calculated pursuant to the 1940 Act, equals at least 150% after such borrowing. As of September 30, 2023 , the aggregate amount outstanding of the senior securities issued by the Company was $10,287. As of September 30, 2023 , the Company’s asset coverage was 2,468%. The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2023 . For additional information regarding this financing arrangement, see Form 8-K filed with the SEC on July 24, 2023. As of September 30, 2023 (Unaudited) Arrangement Type of Arrangement Rate Amount Amount Maturity Date Senior Secured Revolving Credit Facility (1) Revolving Credit Facility SOFR+2.13% (2) $ 9,772 (3) $ 40,228 July 19, 2028 Total $ 9,772 $ 40,228 ___________ (1) The carrying amount outstanding under the facility approximates its fair value. (2) The benchmark rate is subject to a 0% floor. (3) Amount includes borrowing in pounds sterling. Pounds sterling balance outstanding of £8,000 has been converted to U.S dollars at an exchange rate of £1.00 to $1.22 as of September 30, 2023 to reflect total amount outstanding in U.S. dollars. For the nine months ended September 30, 2023, the components of total interest expense for the Company’s financing arrangement were as follows: Arrangement (1) Direct Interest Expense Amortization of Deferred Financing Costs Total Interest Expense Senior Secured Revolving Credit Facility (2) $ 236 $ 56 $ 292 Total $ 236 $ 56 $ 292 _____________________ (1) Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act. (2) Direct interest expense includes the effect of non-usage fees. The Company’s average borrowings and weighted average interest rate, including the effect of non-usage fees, for the nine months ended September 30, 2023 were $15,461 and 8.33%, respectively. As of September 30, 2023 , the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 8.79%. Under its financing arrangements, the Company has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar financing arrangements. The Company was in compliance with all covenants required by its financing arrangements as of September 30, 2023 . Senior Secured Revolving Credit Facility On July 19, 2023, the Company entered into a senior secured revolving credit agreement, or the Senior Secured Revolving Credit Facility, by and among the Company, as borrower, Sumitomo Mitsui Banking Corporation, as administrative agent, in such capacity, or the Administrative Agent, and the financial institutions party thereto, as lenders and issuing banks. The Senior Secured Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an initial aggregate amount of up to $50,000 with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to the greater of (i) $500,000 and (ii) 150% of the aggregate amount of commitments as of the most recent anniversary of July 19, 2023. The Senior Secured Revolving Credit Facility provides for the issuance of letters of credit up to the aggregate amount of commitments then available to be drawn thereunder and swingline loans in an aggregate principal amount at any time outstanding that will not exceed $10,000. Availability under the Senior Secured Revolving Credit Facility will terminate on the earlier of July 19, 2027, or the Commitment Termination Date, and the date of termination of the revolving commitments thereunder, and the outstanding loans under the Senior Secured Revolving Credit Facility will mature on July 19, 2028. The Senior Secured Revolving Credit Facility also requires mandatory prepayment of interest and principal upon certain events, including asset sales, extraordinary receipts, returns of capital, equity issuances, and incurrence of indebtedness, with certain exceptions and minimum amount thresholds. Borrowings under the Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. Amounts drawn under the Senior Secured Revolving Credit Facility in U.S. dollars will bear interest at either term SOFR plus 2.125%, or the prime rate plus 1.125%. The Company may elect either the term SOFR or prime rate at the time of drawdown, and loans denominated in U.S. dollars may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Senior Secured Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein plus 2.125%. During the period commencing on July 19, 2023 and ending on the earlier of the Commitment Termination Date and the date of termination of the revolving commitments under the Senior Secured Revolving Credit Facility, the Company will pay a commitment fee of 0.375% per annum (based on the immediately preceding quarter’s average usage) on the daily unused amount of the commitments then available thereunder. The Company also will be required to pay letter of credit participation fees and a fronting fee on the average daily amount of any lender’s exposure with respect to any letters of credit issued at the Company’s request under the Senior Secured Revolving Credit Facility. In connection with the Senior Secured Revolving Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. In addition, the Company must comply with the following financial covenants with respect to the Company and its consolidated subsidiaries: (a) the Company must maintain a minimum shareholders’ equity, measured as of each fiscal quarter end; and (b) the Company must maintain at all times a 150% asset coverage ratio. The Senior Secured Revolving Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the Administrative Agent, at the request of the required lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the Senior Secured Revolving Credit Facility immediately due and payable.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesOn August 2, 2022, the Company entered into a facility agreement, or the Facility Agreement, with Cliffwater Corporate Lending Fund, or the Financing Provider, an independent third-party, to acquire portfolio investments from time to time by purchasing all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and provisions of the Facility Agreement, or the Warehousing Transaction. The Facility Agreement creates a forward obligation of the Financing Provider to sell, and a forward obligation of the Company or its designee to purchase, all or a portion of certain investments owned and held by the Financing Provider at the Company’s or the Financing Provider’s request pursuant to the terms and conditions of the Facility Agreement. Prior to the date on which (i) an insolvency proceeding is commenced by the Company or (ii) an insolvency proceeding is commenced against the Company and is not dismissed or stayed within 60 days, such date, the Facility End Date, the Company’s obligation to purchase such investments is conditional upon satisfying certain conditions, including that the Company has called and received cash funding from subscriptions in an aggregate amount of at least $250,000, such condition, the Capital Condition. During the nine months ended September 30, 2023, the Company purchased investments, including unfunded commitments, with a cost of $162,325 from the Financing Provider. As of September 30, 2023 , $26,686 of these purchases are included in payable for investments purchased in the statement of assets and liabilities. As of September 30, 2023, the conditions precedent to the Company’s obligation to purchase any such investments have not been met. The Company did not hold any beneficial interest in the warehouse. The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Adviser has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material effect upon its financial condition or results of operations. Unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s balance sheet. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company has sufficient liquidity to fund these commitments. As of September 30, 2023 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Bausch Health Cos Inc $ 15,625 Individual FoodService 2,131 Integrity Marketing Group LLC 5,154 Lazer Logistics Inc 1,078 Lazer Logistics Inc 1,533 Lexitas Inc 4,762 Lipari Foods LLC 1,930 Magna Legal Services LLC 845 Magna Legal Services LLC 241 Radwell International LLC/PA 1,172 Spotless Brands LLC 9,706 TalkTalk Telecom Group Ltd 3,634 Asset Based Finance Altitude II IRL WH Borrower DAC, Revolver 72 Total $ 47,883 Unfunded Equity/Other commitments $ 12,921 __________ (1) May be commitments to one or more entities affiliated with the named company. As of September 30, 2023 , the Company’s debt commitments are comprised of $22,426 revolving credit facilities and $25,457 delayed draw term loans, which generally are used for acquisitions or capital expenditures and are subject to certain performance tests. Such unfunded debt commitments have a fair value representing unrealized appreciation (depreciation) of $246. The Company’s unfunded Equity/Other commitments generally require certain conditions to be met or actual approval from the Adviser prior to funding. While the Company does not expect to fund all of its unfunded commitments, there can be no assurance that it will not be required to do so. In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under such arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. The Company has no such guarantees outstanding at September 30, 2023 and December 31, 2022 .

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2023 : Nine Months Ended September 30, 2023 (Unaudited) Per Share Data: (1) Net asset value, beginning of period $ 25.82 Results of operations (2) Net investment income (loss) 1.70 Net realized gain (loss) and unrealized appreciation (depreciation) 2.29 Net increase (decrease) in net assets resulting from operations 3.99 Shareholder distributions (3) Distributions from net investment income (0.24) Net decrease in net assets resulting from shareholder distributions (0.24) Capital share transactions Issuance of Common Shares (4) (0.77) Net increase (decrease) in net assets resulting from capital share transactions (0.77) Net asset value, end of period $ 28.80 Shares outstanding, end of period 8,457,385 Total return based on net asset value (5) 12.47 % Ratio/Supplemental Data: Net assets, end of period $ 243,559 Ratio of net investment income to average net assets (6) 8.05 % Ratio of total operating expenses to average net assets (6) 7.06 % Ratio of waived expenses to average net assets (6) (2.60) % Ratio of net operating expenses to average net assets (6) 4.46 % Portfolio turnover (7) 1.98 % Total amount of senior securities outstanding, exclusive of treasury securities $ 10,287 Asset coverage per unit (8) 24.68 ____________________ (1) Per share data may be rounded in order to recompute the ending NAV per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period. (4) During the nine months ended September 30, 2023, the issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share. (5) The total return based on NAV for each period presented was calculated by taking the NAV per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the NAV per share at the beginning of the period. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders. (6) Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2023 are annualized, with the exception of capital gains incentive fees. Annualized ratios for the nine months ended September 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023. The following is a schedule of supplemental ratios for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 (Unaudited) Ratio of accrued capital gains incentive fees to average net assets 0.70 % Ratio of interest expense to average net assets 0.67 % (7) Portfolio turnover for the nine months ended September 30, 2023 is not annualized. (8) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events K-FIT AB-1 Revolving Credit Facility On October 10, 2023, K-FIT Finance AB-1 LLC, or K-FIT AB-1, a wholly-owned, special purpose financing subsidiary of the Company, entered into a revolving credit facility, or the K-FIT AB-1 Revolving Credit Facility, by and among K-FIT AB-1, as borrower, Ally Bank, as administrative agent and arranger, each of the lenders from time to time party thereto, and Computershare Trust Company, N.A., as collateral administrator and collateral custodian. The K-FIT AB-1 Revolving Credit Facility provides for, among other things, borrowings in U.S. dollars in an initial aggregate amount of up to $250,000, with an option for K-FIT AB-1 to elect at one or more times, subject to certain conditions, including the consent of Ally Bank, to increase the maximum committed amount up to $500,000. The revolving period during which K-FIT AB-1 is permitted to borrow, repay and re-borrow advances will terminate on October 10, 2026. Advances under the K-FIT AB-1 Revolving Credit Facility are subject to satisfaction of certain conditions, including maintenance of the required borrowing base. Any amounts borrowed under the K-FIT AB-1 Revolving Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on October 10, 2028. Borrowings under the K-FIT AB-1 Revolving Credit Facility accrue interest at a rate per annum equal to Daily 1M SOFR plus a spread of 2.75%. In addition, K-FIT AB-1 will pay a non-usage fee on the unused facility amount equal to (i) during the first three months after October 10, 2023, 0.50% on the average daily unused facility amount, and (ii) following the first three months after the Effective Date, between 0.50% and 1.00%, depending on the percentage of the unused facility amount. In connection with the K-FIT AB-1 Revolving Credit Facility, K-FIT AB-1 has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. In addition, after an initial specified period, K-FIT AB-1 must maintain an adjusted interest coverage ratio of at least 150%, measured as of the end of any fiscal quarter. The K-FIT AB-1 Revolving Credit Facility contains events of default customary for similar financing transactions of this type. Upon the occurrence of an event of default, Ally Bank may terminate the commitments and declare the outstanding advances and all other obligations under the K-FIT AB-1 Revolving Credit Facility immediately due and payable. During the continuation of an event of default, K-FIT AB-1 must pay interest at a default rate. K-FIT AB-1’s obligations to the lenders under the K-FIT AB-1 Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of K-FIT AB-1, including its portfolio of loans and debt securities, and a pledge by the Company of the equity in K-FIT AB-1. The obligations of K-FIT AB-1 under the K-FIT AB-1 Revolving Credit Facility are non-recourse to the Company; and the Company’s exposure under the K-FIT AB-1 Revolving Credit Facility is limited to the value of the Company's investment in K-FIT AB-1 and the equity of K-FIT AB-1.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		8 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022		Sep. 30, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 4,824	$ 7	$ 7	[1],[2]	$ 6,891
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022[2]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2 - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Apr. 03, 2023	Dec. 31, 2022
Cover [Abstract]
Entity Central Index Key	0001930679
Amendment Flag	false
Securities Act File Number	814-01620
Document Type	10-Q
Entity Registrant Name	KKR FS Income Trust
Entity Address, Address Line One	201 Rouse Boulevard
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19112
City Area Code	215
Local Phone Number	495-1150
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Financial Highlights [Abstract]
Senior Securities Amount	$ 10,287
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. We seek to meet our investment objectives by: • utilizing the experience and expertise of the management team of the Adviser; • employing a defensive investment approach focused on long-term credit performance and principal protection; • focusing primarily on debt investments in a broad array of private U.S. companies, including middle-market companies, which we define as companies with annual EBITDA of $50 million to $150 million at the time of investment; • investing primarily in established, stable enterprises with positive cash flows; and • maintaining rigorous portfolio monitoring in an attempt to anticipate and pre-empt negative credit events within our portfolio, such as an event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company. We pursue our investment objective by investing primarily in the debt of private middle market U.S. companies with a focus on originated transactions sourced through the network of the Adviser and its affiliates. We define direct originations as any investment where the Company’s investment adviser or its affiliates had negotiated the terms of the transaction beyond just the price, which, for example, may include negotiating financial covenants, maturity dates or interest rate terms. These directly originated transactions include participation in other originated transactions where there may be third parties involved, or a bank acting as an intermediary, for a closely held club, or similar transactions. Once we have invested a substantial amount of proceeds from the Private Offering, under normal circumstances and after we ramp up our portfolio, we expect that we will invest at least 60% of our total assets (net assets plus borrowings for investment purposes) in first lien, senior secured loans of private middle-market U.S. companies. We expect to also invest up to 30% of our total assets (net assets plus borrowings for investment purposes) in certain asset based finance investments, or ABF Investments, and, to a lesser extent, in subordinated loans of private U.S. companies. We expect downside protection to come in the form of investments backed by collateral and contractual rights negotiated with counterparties. Our ABF Investment strategy will focus on directly originated, private ABF Investments with a multi-sector investment approach that seeks the most attractive relative value and risk-adjusted returns (a measure of the excess return per unit of risk in an investment strategy) from investments across a range of sectors, such as Consumer/Mortgage Finance (e.g., auto loans), Contractual Cash Flows (e.g., royalties), Hard Assets (e.g., aircraft leasing) and Small-Medium Enterprises (e.g., real estate development lending), as well as instrument types, such as senior loans and junior capital. A majority of our ABF Investments is expected to be directly originated and proprietary, including through newly formed and/or existing lending and servicing platform businesses established by KKR Credit to access specific lending or servicing market opportunities that are otherwise difficult to access. In addition, a large majority of our ABF Investments is expected to be illiquid and otherwise not actively traded on an established market. We generally expect that the majority of our ABF Investments will not be eligible portfolio companies under the 1940 Act and, to the extent that such investments are not considered to be eligible portfolio companies, we will not treat the applicable ABF Investments as qualifying assets for purposes of Section 55(a) of the 1940 Act. Although we do not expect a significant portion of our portfolio to be comprised of subordinated loans, there is no limit on the amount of such loans in which we may invest. We may purchase interests in loans or make other debt investments, including investments in senior secured bonds, through secondary market transactions in the OTC market or directly from our target companies as primary market or directly originated investments. In connection with our debt investments, we may on occasion receive equity interests such as warrants or options as additional consideration. We may also purchase or otherwise acquire interests in the form of common or preferred equity or equity-related securities, such as rights and warrants that may be converted into or exchanged for common stock or other equity or the cash value of common stock or other equity, including through a co-investment with a financial sponsor or possibly the restructuring of an investment. In addition, a portion of our portfolio may be comprised of corporate bonds, structured products, other debt securities and derivatives, including total return swaps and credit default swaps. The Adviser will seek to tailor our investment focus as market conditions evolve. Depending on market conditions, we may increase or decrease our exposure to less senior portions of the capital structures of our portfolio companies or otherwise make opportunistic investments, such as where the market price of loans, bonds or other securities reflects a lower value than deemed warranted by the Adviser’s fundamental analysis. Such investment opportunities may occur due to general dislocations in the markets, a misunderstanding by the market of a particular company or an industry being out of favor with the broader investment community and may include event driven investments, anchor orders and structured products. To a lesser extent, we may also invest in syndicated loans, which will generally be liquid, and may be used for the purposes of maintaining liquidity for our discretionary share repurchase program and cash management, while also presenting an opportunity for attractive investment returns. Most of our investments will be in private U.S. companies, but (subject to compliance with BDCs’ requirement to invest at least 70% of its assets in private U.S. companies), we also expect to invest to some extent in European and other non-U.S. companies, but we do not expect to invest in emerging markets. We may invest in companies of any size or capitalization. Subject to the limitations of the 1940 Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt was originated and directly negotiated by the Adviser or KKR Credit, with our co-investment affiliates. From time to time, we may co-invest in certain privately negotiated investment transactions, including investments originated and directly negotiated by the Adviser or KKR Credit, with our co-investment affiliates. The first lien, senior secured loans and senior secured bonds in which we expect to invest generally have stated terms of three to seven years, and the subordinated debt investments that we expect to make (to a lesser extent) generally have stated terms of up to ten years, but the expected average life of such securities is generally three to four years. However, we may invest in loans and securities with any maturity or duration. Our debt investments may be rated by a NRSRO and, in such case, generally will carry a rating below investment grade (rated lower than “Baa3” by Moody’s or lower than “BBB-” by S&P), which are often referred to as “junk.” We may invest without limit in debt or other securities of any rating, as well as debt or other securities that have not been rated by a NRSRO.
NAV Per Share	$ 28.80		$ 25.82
Series A Preferred Stock [Member]
Financial Highlights [Abstract]
Preferred Stock Liquidating Preference		$ 1,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, for interim financial information and with the instructions for Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited financial statements as of and for the period ended December 31, 2022 included in Amendment No. 1 to the Company’s Registration Statement on Form 10, filed with the U.S. Securities and Exchange Commission, or the SEC, on May 26, 2023, or the Form 10. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The December 31, 2022 balance sheet and schedule of investments are derived from the Company’s audited financial statements as of and for the year ended December 31, 2022. The Company is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies under Financial Accounting Standards Board, or FASB, Accounting Standards Codification Topic 946, Financial Services—Investment Companies .
Use of Estimates	Use of Estimates: The preparation of the unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents: The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. All cash balances are maintained with high credit quality financial institutions, which are members of the Federal Deposit Insurance Corporation.
Organizational and Offering	Organizational and Offering: Organization and offering costs will only be borne by the Company upon the initial issuance of common shares of beneficial interest, or the Common Shares, to non-affiliated investors in the Company’s monthly closings for the Company’s continuous private offering of its Common Shares, or the Private Offering, in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, or the Securities Act, including the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. At such time, costs associated with the organization of the Company will be expensed. These expenses consist primarily of legal fees, audit fees and other costs of organizing the Company.Costs associated with the offering of Common Shares will be capitalized as deferred offering expenses and included as prepaid and other assets on the Statement of Assets and Liabilities and amortized over a twelve-month period from incurrence.
Subordinated Income Incentive Fee and Capital Gains Incentive Fee	Subordinated Income Incentive Fee: Pursuant to the terms of the Advisory Agreement, the Adviser may be entitled to receive a subordinated incentive fee on income. The subordinated incentive fee on income under the Advisory Agreement, which is calculated and payable quarterly in arrears commencing with the first full calendar quarter after the date of the Company’s election to be regulated as a BDC under the 1940 Act, or the BDC Election Date, equals 12.5% of the Company’s “pre-incentive fee net investment income” for the immediately preceding quarter (or portion thereof with respect to the quarter in which the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company’s net assets, equal to 1.25% per quarter, or an annualized hurdle rate of 5.0%. As a result, the Adviser will not earn this incentive fee for any quarter until the Company’s pre-incentive fee net investment income for such quarter exceeds the hurdle rate of 1.25%. Once the Company’s pre-incentive fee net investment income in any quarter exceeds the hurdle rate, the Adviser will be entitled to a “catch-up” fee equal to the amount of the pre-incentive fee net investment income in excess of the hurdle rate, until the Company’s pre-incentive fee net investment income for such quarter equals 1.43%, or 5.72% annually, of net assets. Thereafter, the Adviser will be entitled to receive 12.5% of pre-incentive fee net investment income. The Adviser has agreed to waive the subordinated incentive fee on income through August 30, 2024. Capital Gains Incentive Fee: Pursuant to the terms of the Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement) commencing with the end of the first calendar year in which the BDC Election Date occurs. This fee equals 12.5% of the Company’s incentive fee capital gains, which equals the Company’s realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any capital gain incentive fees previously paid by the Company. For purposes of calculating the incentive fee on capital gains under the Advisory Agreement, the cost basis for any investment as of the BDC Election Date will be deemed to be the most recently determined fair value for such investment as of the BDC Election Date, determined in accordance with the Adviser’s valuation policies and procedures. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.
Reclassifications	Reclassifications: Certain amounts in the audited financial statements as of and for the three and nine months ended September 30, 2022 and the audited financial statements as of and for the year ended December 31, 2022 may have been reclassified to conform to the classifications used to prepare the unaudited consolidated financial statements as of and for the three and nine months ended September 30, 2023 .
Revenue Recognition	Revenue Recognition : Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company records dividend income on the ex-dividend date. Distributions received from limited liability company, or LLC, and limited partnership, or LP, investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. Loan origination fees, original issue discount and market discount are capitalized and the Company accretes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. For the nine months ended September 30, 2023 and 2022 , the Company recognized $614 and $0, respectively in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Income Taxes	Income Taxes: Prior to making its BDC election, the Company was classified as a partnership for U.S. federal income tax purposes. As such, no provision has been made in the accompanying consolidated financial statements for federal, state or local income taxes of the partners. Each partner is individually responsible for reporting its share of the Company’s taxable income or loss. Interest and other income realized by the Company from non-U.S. sources and capital gains realized on the sale of securities of non-U.S. issuers may be subject to withholding and other taxes levied by the jurisdiction in which the income is sourced. The Company intends to elect to be treated for U.S. federal income tax purposes for its first taxable year after the BDC election ending December 31, 2023, and intends to qualify annually thereafter, as a RIC under the Code.
Fair Value of Financial Instruments	Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or would pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Company classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1 : Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 : Inputs that are quoted prices for similar assets or liabilities in active markets. Level 3 : Inputs that are unobservable for an asset or liability. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Share Transactions (Tables)

Share Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Common Stock Transactions	Below is a summary of transactions with respect to shares of the Company’s Common Shares during the nine months ended September 30, 2023 and 2022: Nine Months Ended September 30, 2023 2022 Shares Amount Shares Amount Gross Proceeds from Offering 8,177,385 $ 231,500 120,000 $ 3,000 Total Gross Proceeds 8,177,385 231,500 120,000 3,000 Commissions and Dealer Manager Fees — — — — Net Proceeds from Share Transactions 8,177,385 $ 231,500 120,000 $ 3,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Accrued Fees and Expenses and Amounts Subject to Reimbursement	The following table describes the fees and expenses accrued under the Advisory Agreement and the Administration Agreement, as applicable, during the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended Related Party September 30, September 30, Source Agreement Description 2023 2023 The Adviser Investment advisory agreement Base Management Fee (1) $ 523 $ 585 The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 203 $ 404 The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 399 $ 399 The Adviser Administration agreement Administrative Services Expenses (4) $ 357 $ 499 ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through August 30, 2024. As of September 30, 2023, no management fees were payable to the Adviser. (2) During the nine months ended September 30, 2023, the Company accrued capital gains incentive fees of  $404 based on the performance of its portfolio, of which $464 was based on unrealized appreciation and $(60) was based on realized gains net of unrealized depreciation. No capital gains incentive fees are actually payable by the Company with respect to unrealized gains unless and until those gains are actually realized. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. (3) The Adviser agreed to waive all subordinated incentive fees on income accrued under the Advisory Agreement through August 30, 2024. As of September 30, 2023, no subordinated incentive fees on income were payable to the Adviser. (4) During the nine months ended September 30, 2023, $347 of administrative services expenses related to the allocation of costs of administrative personnel for services rendered to the Company by the Adviser and the remainder related to other reimbursable expenses, including reimbursement of fees related to transactional expenses for prospective investments, such as fees and expenses associated with performing due diligence reviews of investments that do not close, often referred to as “broken deal” costs. Broken deal costs were $146 for the nine months ended September 30, 2023. The Company paid $26 in administrative services expenses to the Adviser during the nine months ended September 30, 2023. The following table reflects the amounts paid by the Adviser and subject to reimbursement by the Company under the Expense Support Agreement and the expiration for future possible reimbursements by the Company: For the Three Months Ended Amount Expiration Date September 30, 2022 $ 276 September 30, 2025 December 31, 2022 13 December 31, 2025 March 31, 2023 147 March 31, 2026 June 30, 2023 — June 30, 2026 September 30, 2023 — September 30, 2026 Total $ 436

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Investment Company, Distribution To Shareholders	The following table reflects the cash distributions per share that we have declared on our Common Shares during the nine months ended September 30, 2023: Distribution For the Three Months Ended Per Share Amount Fiscal 2023 March 31, 2023 $ — $ — June 30, 2023 — — September 30, 2023 0.24 2,030 Total $ 0.24 $ 2,030

Investment Portfolio (Tables)

Investment Portfolio (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Summary of the Composition of Investment Portfolio	The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of September 30, 2023 and December 31, 2022: September 30, 2023 (Unaudited) December 31, 2022 Amortized Cost (1) Fair Value Percentage of Portfolio Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 153,435 $ 156,450 94.7 % $ 2,634 $ 2,646 39.5 % Asset Based Finance 8,672 8,744 5.3 % 4,064 4,056 60.5 % Total $ 162,107 $ 165,194 100.0 % $ 6,698 $ 6,702 100.0 % ____________ (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of September 30, 2023 and December 31, 2022: September 30, 2023 (Unaudited) December 31, 2022 Industry Classification (1) Fair Value Percentage of Portfolio Fair Value Percentage of Portfolio Banks $ 2,420 1.5 % $ — — Capital Goods 30,901 18.7 % 1,729 25.8 % Commercial & Professional Services 52,091 31.5 % 627 9.4 % Consumer Services 6,576 4.0 % — — Consumer Staples Distribution & Retail 16,979 10.3 % 761 11.4 % Financial Services 1,751 1.1 % 993 14.8 % Insurance 18,368 11.1 % 177 2.6 % Pharmaceuticals, Biotechnology & Life Sciences 21,875 13.2 % — — Real Estate Management & Development 3,426 2.1 % 2,415 36.0 % Transportation 10,807 6.5 % — — Total $ 165,194 100.0 % $ 6,702 100.0 % ____________ (1) S&P Dow Jones recently updated the Global Industry Classification Standard, or GICS, structure. As a result, certain investments categorization as of December 31, 2022 have been updated to reflect their new classification in the above table, for comparability purposes.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	As of September 30, 2023 and December 31, 2022 , the Company’s investments were categorized as follows in the fair value hierarchy: September 30, 2023 Valuation Inputs (Unaudited) December 31, 2022 Level 1—Price quotations in active markets $ — $ — Level 2—Significant other observable inputs 1,585 571 Level 3—Significant unobservable inputs 163,609 6,131 $ 165,194 $ 6,702
Schedule of Reconciliation Fair Value, Assets	The following is a reconciliation for the nine months ended September 30, 2023 and for the period from February 4, 2022 (Inception) through September 30, 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value: For the Nine Months Ended September 30, 2023 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ 2,646 $ 3,485 $ 6,131 Accretion of discount (amortization of premium) 363 2 365 Net realized gain (loss) 1 — 1 Net change in unrealized appreciation (depreciation) 3,003 33 3,036 Purchases 150,849 3,906 154,755 Paid-in-kind interest — — — Sales and repayments (412) (267) (679) Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 156,450 $ 7,159 $ 163,609 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 3,017 $ 33 $ 3,050 For the Period from February 4, 2022 (Inception) through September 30, 2022 Asset Based Finance Total Fair value at beginning of period $ — $ — Accretion of discount (amortization of premium) 0 0 Net realized gain (loss) — — Net change in unrealized appreciation (depreciation) 4 4 Purchases 1,857 1,857 Paid-in-kind interest — — Sales and repayments — — Transfers into Level 3 — — Transfers out of Level 3 — — Fair value at end of period $ 1,861 $ 1,861 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 4 $ 4
Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value	The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of September 30, 2023 and December 31, 2022 were as follows: Type of Investment Fair Value at September 30, 2023 (Unaudited) Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 141,794 Discounted Cash Flow Discount Rate 6.7% - 11.6% (10.5%) Decrease 4,947 Other (2) 9,709 Cost Asset Based Finance 6,758 Discounted Cash Flow Discount Rate 8.8% - 44.3% (14.6%) Decrease 401 Cost Total $ 163,609 Type of Investment Fair Value at December 31, 2022 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 1,263 Discounted Cash Flow Discount Rate 10.9% - 11.6% (11.1%) Decrease 1,384 Cost Asset Based Finance 2,836 Discounted Cash Flow Discount Rate 8.2% - 44.0% (14.3%) Decrease 648 Cost Total $ 6,131 __________ (1) Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. (2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Financing Arrangements and Interest Expense	The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2023 . For additional information regarding this financing arrangement, see Form 8-K filed with the SEC on July 24, 2023. As of September 30, 2023 (Unaudited) Arrangement Type of Arrangement Rate Amount Amount Maturity Date Senior Secured Revolving Credit Facility (1) Revolving Credit Facility SOFR+2.13% (2) $ 9,772 (3) $ 40,228 July 19, 2028 Total $ 9,772 $ 40,228 ___________ (1) The carrying amount outstanding under the facility approximates its fair value. (2) The benchmark rate is subject to a 0% floor. (3) Amount includes borrowing in pounds sterling. Pounds sterling balance outstanding of £8,000 has been converted to U.S dollars at an exchange rate of £1.00 to $1.22 as of September 30, 2023 to reflect total amount outstanding in U.S. dollars. For the nine months ended September 30, 2023, the components of total interest expense for the Company’s financing arrangement were as follows: Arrangement (1) Direct Interest Expense Amortization of Deferred Financing Costs Total Interest Expense Senior Secured Revolving Credit Facility (2) $ 236 $ 56 $ 292 Total $ 236 $ 56 $ 292 _____________________ (1) Borrowings of each of the Company’s wholly-owned, special-purpose financing subsidiaries are considered borrowings of the Company for purposes of complying with the asset coverage requirements applicable to BDCs under the 1940 Act. (2) Direct interest expense includes the effect of non-usage fees.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	As of September 30, 2023 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Bausch Health Cos Inc $ 15,625 Individual FoodService 2,131 Integrity Marketing Group LLC 5,154 Lazer Logistics Inc 1,078 Lazer Logistics Inc 1,533 Lexitas Inc 4,762 Lipari Foods LLC 1,930 Magna Legal Services LLC 845 Magna Legal Services LLC 241 Radwell International LLC/PA 1,172 Spotless Brands LLC 9,706 TalkTalk Telecom Group Ltd 3,634 Asset Based Finance Altitude II IRL WH Borrower DAC, Revolver 72 Total $ 47,883 Unfunded Equity/Other commitments $ 12,921 __________ (1) May be commitments to one or more entities affiliated with the named company.

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Schedule of Investment Company, Financial Highlights	The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2023 : Nine Months Ended September 30, 2023 (Unaudited) Per Share Data: (1) Net asset value, beginning of period $ 25.82 Results of operations (2) Net investment income (loss) 1.70 Net realized gain (loss) and unrealized appreciation (depreciation) 2.29 Net increase (decrease) in net assets resulting from operations 3.99 Shareholder distributions (3) Distributions from net investment income (0.24) Net decrease in net assets resulting from shareholder distributions (0.24) Capital share transactions Issuance of Common Shares (4) (0.77) Net increase (decrease) in net assets resulting from capital share transactions (0.77) Net asset value, end of period $ 28.80 Shares outstanding, end of period 8,457,385 Total return based on net asset value (5) 12.47 % Ratio/Supplemental Data: Net assets, end of period $ 243,559 Ratio of net investment income to average net assets (6) 8.05 % Ratio of total operating expenses to average net assets (6) 7.06 % Ratio of waived expenses to average net assets (6) (2.60) % Ratio of net operating expenses to average net assets (6) 4.46 % Portfolio turnover (7) 1.98 % Total amount of senior securities outstanding, exclusive of treasury securities $ 10,287 Asset coverage per unit (8) 24.68 ____________________ (1) Per share data may be rounded in order to recompute the ending NAV per share. (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The per share data for distributions reflect the actual amount of distributions paid per share during the applicable period. (4) During the nine months ended September 30, 2023, the issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share. (5) The total return based on NAV for each period presented was calculated by taking the NAV per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the NAV per share at the beginning of the period. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders. (6) Weighted average net assets during the applicable period are used for this calculation. Ratios for the nine months ended September 30, 2023 are annualized, with the exception of capital gains incentive fees. Annualized ratios for the nine months ended September 30, 2023 are not necessarily indicative of the ratios that may be expected for the year ending December 31, 2023. The following is a schedule of supplemental ratios for the nine months ended September 30, 2023: Nine Months Ended September 30, 2023 (Unaudited) Ratio of accrued capital gains incentive fees to average net assets 0.70 % Ratio of interest expense to average net assets 0.67 % (7) Portfolio turnover for the nine months ended September 30, 2023 is not annualized. (8) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Organizational expenses	$ 1,500
Payments form adviser in organizational and offering expenses	2,333		$ 1,541
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue	$ 614	$ 0
Investment Advisory Agreement - Incentive Rate, Quarterly In Arrears | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	12.50%
Investment Advisory Agreement - Incentive Rate, Quarterly Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	1.25%
Investment Advisory Agreement - Incentive Rate, Annualized Hurdle Rate | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	5%
Investment Advisory Agreement - Incentive Rate, Quarterly Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	1.43%
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	5.72%
Investment Advisory Agreement - Incentive Rate, Realized Capital Gains | Related Party
Related Party Transaction [Line Items]
Incentive fee percentage	12.50%

Share Transactions - Schedule o

Share Transactions - Schedule of Common Stock Transactions (Details) - USD ($) $ in Thousands	8 Months Ended		9 Months Ended
	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds From Offering (in shares)			8,177,385	120,000
Gross Proceeds from Offering	$ 3,000		$ 231,500	$ 3,000
Commissions and Dealer Manager Fees (in shares)			0	0
Payments of Stock Issuance Costs			$ 0	$ 0
Net Proceeds from Share Transactions (in shares)			8,177,385	120,000
Net Proceeds from Share Transactions			$ 231,500	$ 3,000
IPO
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds From Offering (in shares)			8,177,385
Gross Proceeds from Offering			$ 231,500
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Share Transactions - Narrative

Share Transactions - Narrative (Details) - $ / shares		3 Months Ended	9 Months Ended
	Apr. 03, 2023	Mar. 31, 2024	Sep. 30, 2023
Discretionary Share Repurchase Program
Class of Stock [Line Items]
Early repurchase deduction			2%
Discretionary Share Repurchase Program | Forecast
Class of Stock [Line Items]
Common shares outstanding		5%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	515
Dividends	12%
Preferred stock, par value (in dollars per share)	$ 0.001
Share issued, price per share (in dollars per share)	1,000
Liquidation preference (in dollars per share)	$ 1,000
Redemption price as a percent of liquidation value	100%
Redemption term	2 years
Original issuance amount (in dollars per share)	$ 100
Series A Cumulative Preferred Shares
Class of Stock [Line Items]
Preferred stock, designated percentage	12%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		8 Months Ended		9 Months Ended	12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	[2]	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Period subject to expense reimbursement						3 years
Expense payments subject to reimbursement	[1]	$ 922	$ 0	$ 0		$ 984
Related Party
Related Party Transaction [Line Items]
Base management fee rate						1.25%
Capital committed						$ 35,000
Committed capital term of commitment						3 years
Related Party | Seed Contributions Called And Funded
Related Party Transaction [Line Items]
Capital committed						$ 35,000
Related Party | Third-party Private Investors Called And Funded
Related Party Transaction [Line Items]
Capital committed						$ 203,500
Related Party | Expense Support Agreement
Related Party Transaction [Line Items]
Committed capital term of commitment						90 days
Expense payments subject to reimbursement						$ 147	$ 289
[1]See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees and subordinated income incentive fees.[2]Represents the period from February 4, 2022 (Inception) through September 30, 2022.

Related Party Transactions - Fe

Related Party Transactions - Fees And Expenses Accrued (Details) - USD ($) $ in Thousands		3 Months Ended		8 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	[1]	Sep. 30, 2023
Related Party Transaction [Line Items]
Base Management Fee		$ 523	$ 0	$ 0		$ 585
Capital Gains Incentive Fee	[2]	203	0	0		404
Subordinated Incentive Fee on Income	[2]	399	0	0		399
Administrative Services Expenses		357	$ 0	$ 0		499
Related Party
Related Party Transaction [Line Items]
Base Management Fee		523				585
Capital Gains Incentive Fee		203				404
Subordinated Incentive Fee on Income		399				399
Administrative Services Expenses		$ 357				499
Allocation of costs of administrative personnel for services rendered						347
Broken deal cost						146
Payment for administrative services expenses						26
Related Party | Incentive Fee on Realized Gains
Related Party Transaction [Line Items]
Incentive fee expense (credit)						(60)
Related Party | Incentive Fee on Unrealized Gains
Related Party Transaction [Line Items]
Incentive fee expense (credit)						$ 464
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022.[2]See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees and subordinated income incentive fees.

Related Party Transactions - Ex

Related Party Transactions - Expense Support Agreement and Expiration for Future Possible Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended					15 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2023
Expense Support Agreement
Related Party Transaction [Line Items]
Expense support receivable	$ 0	$ 0	$ 147	$ 13	$ 276	$ 436

Distributions - Cash Distributi

Distributions - Cash Distributions (Details) - $ / shares	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)				$ 0.24
Common Stock
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)	$ 0.24	$ 0	$ 0	$ 0.24

Distributions- Narrative (Detai

Distributions- Narrative (Details) $ / shares in Units, $ in Thousands	Dec. 29, 2023 $ / shares	Nov. 30, 2023 $ / shares	Nov. 12, 2023 $ / shares	Oct. 31, 2023 $ / shares	Sep. 29, 2023 $ / shares	Sep. 30, 2023 USD ($)	Sep. 26, 2023 dividend
Investments, Owned, Federal Income Tax Note [Line Items]
Number of common stock, dividends, declared | dividend							4
Distributions declared per share (in dollars per share) | $ / shares					$ 0.24
Unrealized appreciation on a tax basis						$ 3,928
Unrealized depreciation on a tax basis						490
Aggregate cost of investments for income tax purposes						162,107
Aggregate net unrealized appreciation (depreciation) on investments on a tax basis						$ 3,087
Subsequent Event
Investments, Owned, Federal Income Tax Note [Line Items]
Common Stock, Dividends, Per Share, Rescinded | $ / shares			$ 0.24
Forecast
Investments, Owned, Federal Income Tax Note [Line Items]
Distributions declared per share (in dollars per share) | $ / shares	$ 0.24	$ 0.24		$ 0.24

Investment Portfolio - Composit

Investment Portfolio - Composition by Investment Type (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 162,107		$ 6,698
Fair Value	$ 165,194	[1]	$ 6,702	[2]
Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100%		100%
Net Senior Secured Loans—First Lien
Schedule of Investments [Line Items]
Amortized Cost	$ 153,435		$ 2,634
Fair Value	$ 156,450	[1]	$ 2,646	[2]
Net Senior Secured Loans—First Lien | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	94.70%		39.50%
Asset Based Finance
Schedule of Investments [Line Items]
Amortized Cost	$ 8,672		$ 4,064
Fair Value	$ 8,744	[1]	$ 4,056	[2]
Asset Based Finance | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	5.30%		60.50%
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.

Investment Portfolio - Narrativ

Investment Portfolio - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment Company [Abstract]
Unfunded equity/other commitments	$ 47,883	$ 1,627

Investment Portfolio - Compos_2

Investment Portfolio - Composition by Industry Sector (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Fair Value	$ 165,194	[1]	$ 6,702	[2]
Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100%		100%
Banks
Schedule of Investments [Line Items]
Fair Value	$ 2,420		$ 0
Banks | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.50%		0%
Capital Goods
Schedule of Investments [Line Items]
Fair Value	$ 30,901		$ 1,729
Capital Goods | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	18.70%		25.80%
Commercial & Professional Services
Schedule of Investments [Line Items]
Fair Value	$ 52,091		$ 627
Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	31.50%		9.40%
Consumer Services
Schedule of Investments [Line Items]
Fair Value	$ 6,576		$ 0
Consumer Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4%		0%
Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Fair Value	$ 16,979		$ 761
Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	10.30%		11.40%
Financial Services
Schedule of Investments [Line Items]
Fair Value	$ 1,751		$ 993
Financial Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.10%		14.80%
Insurance
Schedule of Investments [Line Items]
Fair Value	$ 18,368		$ 177
Insurance | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	11.10%		2.60%
Pharmaceuticals, Biotechnology & Life Sciences
Schedule of Investments [Line Items]
Fair Value	$ 21,875		$ 0
Pharmaceuticals, Biotechnology & Life Sciences | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	13.20%		0%
Real Estate Management & Development
Schedule of Investments [Line Items]
Fair Value	$ 3,426		$ 2,415
Real Estate Management & Development | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	2.10%		36%
Transportation
Schedule of Investments [Line Items]
Fair Value	$ 10,807		$ 0
Transportation | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	6.50%		0%
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 165,194	[1]	$ 6,702	[2]
Level 1—Price quotations in active markets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	0		0
Level 2—Significant other observable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	1,585		571
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 163,609		$ 6,131
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Roll Forward Level III (Details) - Total - USD ($) $ in Thousands	8 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 0	$ 6,131
Accretion of discount (amortization of premium)	0	365
Purchases	1,857	154,755
Paid-in-kind interest	0	0
Sales and repayments	0	(679)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,861	163,609
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	4	3,050
Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	1
Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	4	3,036
Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period		2,646
Accretion of discount (amortization of premium)		363
Purchases		150,849
Paid-in-kind interest		0
Sales and repayments		(412)
Transfers into Level 3		0
Transfers out of Level 3		0
Fair value at end of period		156,450
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date		3,017
Senior Secured Loans—First Lien | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)		1
Senior Secured Loans—First Lien | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)		3,003
Asset Based Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0	3,485
Accretion of discount (amortization of premium)	0	2
Purchases	1,857	3,906
Paid-in-kind interest	0	0
Sales and repayments	0	(267)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	1,861	7,159
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	4	33
Asset Based Finance | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	0	0
Asset Based Finance | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss)	$ 4	$ 33

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Sep. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 165,194	[1]	$ 6,702	[2]
Level 3—Significant unobservable inputs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	163,609		6,131
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 141,794		$ 1,263
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.067		0.109
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.116		0.116
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Range (Weighted Average) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.105		0.111
Level 3—Significant unobservable inputs | Senior Debt | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 4,947
Level 3—Significant unobservable inputs | Senior Debt | Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	9,709		$ 1,384
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 6,758		$ 2,836
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Range (Weighted Average) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.088		0.082
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Range (Weighted Average) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.443		0.44
Level 3—Significant unobservable inputs | Asset Based Finance | Discounted Cash Flow | Range (Weighted Average) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.146		0.143
Level 3—Significant unobservable inputs | Asset Based Finance | Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment fair value	$ 401		$ 648
[1]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.[2]See Note 7 for additional information regarding the fair value of the Company’s financial instruments.

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)			9 Months Ended
		Jul. 19, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term line of credit	[1]		$ 9,772,000	$ 0
Asset coverage per ratio			2,468%
Average outstanding amount			$ 15,461,000
Weighted average interest rate			8.33%
Effective interest rate percentage			8.79%
Revolving Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Initial aggregate amount		$ 50,000
Line of credit facility, accordion feature		$ 500,000
Accordion feature, percentage of aggregate commitments		150%
Basis spread on variable rate		2.125%
Commitment fee percentage		0.375%
Asset coverage per ratio		150%
Revolving Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.125%	2.13%
Revolving Credit Facility | Line of Credit | Senior Secured Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.125%
Letter of Credit | Line of Credit | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Initial aggregate amount		$ 10,000
[1]See Note 8 for a discussion of the Company’s financing arrangements.

Financing Arrangements - Outsta

Financing Arrangements - Outstanding Financing Arrangements (Details) £ in Thousands, $ in Thousands		9 Months Ended
	Jul. 19, 2023	Sep. 30, 2023 USD ($)	Sep. 30, 2023 GBP (£)
Debt Instrument [Line Items]
Amount Outstanding		$ 9,772
Amount Available		40,228
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%
Amount Outstanding		9,772	£ 8,000
Amount Available		$ 40,228
Floor on benchmark rate		0%
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility | GBP
Debt Instrument [Line Items]
Exchange rate		1.22	1.22
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.125%	2.13%

Financing Arrangements - Intere

Financing Arrangements - Interest Expense (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Short-Term Debt [Line Items]
Direct Interest Expense	$ 236
Amortization of Deferred Financing Costs	56
Total Interest Expense	292
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	236
Amortization of Deferred Financing Costs	56
Total Interest Expense	$ 292

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Aug. 02, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Long-term purchase commitment, termination insolvency proceeding period			60 days
Capital condition amount			$ 250,000
Payable for investments purchased	$ 34,753	$ 0
Unfunded commitments	47,883	$ 1,627
Debt Securities, Revolving Credit Facility
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	22,426
Debt Securities, Delayed Draw Term Loan
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	25,457
Debt Securities
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unrealized appreciation (depreciation) on unfunded commitments	246
Affiliated Entity
Financial Support for Nonconsolidated Legal Entity [Line Items]
Cost basis of investments purchase	162,325
Payable for investments purchased	$ 26,686

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 47,883	$ 1,627
Unfunded Equity/Other commitments	12,921
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	72
Investment, Identifier [Axis]: Bausch Health Cos Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	15,625
Investment, Identifier [Axis]: Individual FoodService
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	2,131
Investment, Identifier [Axis]: Integrity Marketing Group LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	5,154
Investment, Identifier [Axis]: Lazer Logistics Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,078
Investment, Identifier [Axis]: Lazer Logistics Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,533
Investment, Identifier [Axis]: Lexitas Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,762
Investment, Identifier [Axis]: Lipari Foods LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,930
Investment, Identifier [Axis]: Magna Legal Services LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	845
Investment, Identifier [Axis]: Magna Legal Services LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	241
Investment, Identifier [Axis]: Radwell International LLC/PA
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,172
Investment, Identifier [Axis]: Spotless Brands LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	9,706
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 3,634

Financial Highlights- Schedule

Financial Highlights- Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	[1]	Jun. 30, 2022	Feb. 03, 2022	[1]
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)	$ 25.82
Results of operations
Net investment income (loss) (in dollars per share)	1.70
Net realized gain (loss) and unrealized appreciation (depreciation) (in dollars per share)	2.29
Net increase (decrease) in net assets resulting from operations (in dollars per share)	3.99
Shareholder distributions
Distributions from net investment income (in dollars per share)	(0.24)
Net decrease in net assets resulting from shareholder distributions (in dollars per share)	(0.24)
Capital share transactions
Issuance of Common Shares (in dollars per share)	(0.77)
Net increase (decrease) in net assets resulting from capital share transactions (in dollars per share)	(0.77)
Net asset value, end of period (in dollars per share)	$ 28.80
Shares outstanding, end of period (in shares)	8,457,385		280,000
Total return based on net asset value	12.47%
Ratio/Supplemental Data:
Net assets, end of period	$ 243,559	$ 90,781	$ 7,229	$ 3,007		$ 0	$ 0
Ratio of net investment income to average net assets	8.05%
Ratio of total operating expenses to average net assets	7.06%
Ratio of waived expenses to average net assets	(2.60%)
Ratio of net operating expenses to average net assets	4.46%
Portfolio turnover	1.98%
Total amount of senior securities outstanding, exclusive of treasury securities	$ 10,287
Asset coverage per unit	2,468%
Ratio of accrued capital gains incentive fees to average net assets	0.70%
Ratio of interest expense to average net assets	0.67%
[1]Represents the period from February 4, 2022 (Inception) through September 30, 2022

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - K-FIT AB-1 Revolving Credit Facility - Line of Credit - Revolving Credit Facility	Oct. 10, 2023 USD ($)
Subsequent Event [Line Items]
Initial aggregate amount	$ 250,000,000
Line of credit facility, accordion feature, maximum borrowing capacity	$ 500,000,000
Minimum
Subsequent Event [Line Items]
Asset coverage per ratio	150%
First Three Months
Subsequent Event [Line Items]
Commitment fee percentage	0.50%
After Three Months | Minimum
Subsequent Event [Line Items]
Commitment fee percentage	0.50%
After Three Months | Maximum
Subsequent Event [Line Items]
Commitment fee percentage	1%
Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Basis spread on variable rate	2.75%