KKR FS Income Trust 10-K 13 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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
Title of 12(g) Security	Common Shares of Beneficial Interest, par value $0.01 per share
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		8,457,385
Documents Incorporated by Reference	None
Entity Central Index Key	0001930679
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands		Dec. 31, 2023		Dec. 31, 2022
Assets
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)		$ 263,930	[1],[2]	$ 6,702	[3],[4]
Cash		78,558		465
Foreign currency (amortized cost—$425 and $0, respectively)		433		0
Receivable for investments sold and repaid		210		0
Income receivable		3,204		62
Expense support receivable		436		289
Deferred financing costs		3,781		0
Prepaid expenses and other assets		184		53
Total assets		350,736		7,571
Liabilities
Payable for investments purchased		8,400		0
Debt	[5]	94,231		0
Shareholders distributions payable		2,030		0
Accrued capital gains incentive fee	[6]	390		0
Administrative services expense payable		174		0
Accrued accounting and administrative fees		43		3
Interest payable		445		0
Other accrued expenses and liabilities		614		339
Total liabilities		106,327		342
Commitments and contingencies	[7]
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		85		0
Capital in excess of par value		238,811		7,000
Retained earnings (accumulated deficit)		4,998		229
Total shareholders’ equity		243,894		7,229	[8]
Total liabilities, preferred shares and shareholders’ equity		$ 350,736		$ 7,571
Net asset value per share of common shares at period end (in dollars per share)		$ 28.84		$ 25.82
Investment, Unaffiliated Issuer
Assets
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)		$ 262,547		$ 6,702
Controlled/affiliated investments
Assets
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)		$ 1,383		$ 0
[1] See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. See Note 8 for a discussion of the Company’s financing arrangements. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains incentive fees. 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 ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2022		Dec. 31, 2023
Amortized Cost	$ 6,698	[1]	$ 260,461	[2]
Foreign currency, cost	$ 0		$ 425
Preferred stock, shares outstanding	0		515
Preferred stock, shares issued	0		515
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, liquidation preference	$ 0		$ 515
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares outstanding	280,000		8,457,385
Common stock, shares issued	280,000		8,457,385
Investment, Unaffiliated Issuer
Amortized Cost	$ 6,698		$ 259,157
Controlled/affiliated investments
Amortized Cost	$ 0		$ 1,304
[1] Security may be an obligation of one or more entities affiliated with the named company. Security may be an obligation of one or more entities affiliated with the named company.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		11 Months Ended		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2023
Investment income
Total investment income		$ 224	[1]	$ 13,744
Operating expenses
Management fees		0	[1]	1,345
Subordinated income incentive fees	[2]	0	[1]	1,218
Capital gains incentive fees	[2]	0	[1]	390
Interest expense	[3]	0	[1]	1,115
Administrative services expense		0	[1]	895
Accounting and administrative fees		3	[1]	59
Insurance expense		0	[1]	389
Audit expense		0	[1]	534
Other general and administrative expenses		286	[1]	391
Total operating expenses		289	[1]	6,336
Management and incentive fee waivers	[2]	0	[1]	(2,563)
Expense waiver	[4]	(289)	[1]	(147)
Net expenses		0	[1]	3,626
Net investment income before taxes		224	[1]	10,118
Excise taxes		0	[1]	73
Net investment income (loss)		224	[1],[5]	10,045
Realized and unrealized gain/loss
Non-controlled/unaffiliated investments		0	[6]	12
Net realized gain (loss) on foreign currency		0	[1]	10
Net change in unrealized gain (loss) on foreign currency		0	[1],[5]	(202)
Total net realized and unrealized gain (loss)		5	[1]	3,285
Net increase (decrease) in net assets resulting from operations		$ 229	[1],[5]	$ 13,330
Per share information—basic and diluted
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic		$ 1.46	[1]	$ 3.62
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted		$ 1.46	[1]	$ 3.62
Weighted average shares outstanding - basic		156,250	[1]	3,667,293
Weighted average shares outstanding - diluted		156,250	[1]	3,667,293
Investment, Unaffiliated Issuer
Investment income
Interest income		$ 130	[1]	$ 11,208
Fee income		94	[1]	2,354
Dividend and other income		0	[1]	154
Realized and unrealized gain/loss
Non-controlled/unaffiliated investments		0	[1]	12
Non-controlled/unaffiliated investments		5	[1]	3,386
Controlled/affiliated investments
Investment income
Fee income	[7]			0
Dividend and other income		0	[1]	28	[7]
Realized and unrealized gain/loss
Non-controlled/unaffiliated investments		0	[1]	0
Non-controlled/unaffiliated investments		$ 0	[1]	$ 79
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022. 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. See Note 8 for a discussion of the Company’s financing arrangements. See Note 4 for a discussion of the Company’s expense support and conditional reimbursement. Represents the period from February 4, 2022 (Inception) through December 31, 2022. Interest, fee and dividend and other income presented for the full year ended December 31, 2023.

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands		11 Months Ended		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2023
Operations
Net investment income (loss)		$ 224	[1],[2]	$ 10,045
Net realized gain (loss) on investments and foreign currency		0	[2]	22
Net change in unrealized appreciation (depreciation) on investments		5	[2],[3]	3,465
Net change in unrealized gain (loss) on foreign currency		0	[1],[2]	(202)
Net increase (decrease) in net assets resulting from operations		229	[1],[2]	13,330
Shareholder distributions
Net decrease in net assets resulting from shareholder distributions		0	[2]	(8,165)
Capital share transactions
Issuance of capital	[4]	7,000	[2]	231,500
Net increase (decrease) in net assets resulting from capital share transactions	[4]	7,000	[2]	231,500
Total increase (decrease) in net assets		7,229	[2]	236,665
Net assets at beginning of period	[2]	0		7,229
Net assets at end of period		7,229	[2]	243,894
Common Stock
Shareholder distributions
Distributions to preferred shareholders		0	[2]	(8,119)
Preferred Stock
Shareholder distributions
Distributions to preferred shareholders		$ 0	[2]	$ (46)
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022. Represents the period from February 4, 2022 (Inception) through December 31, 2022. See Note 3 for a discussion of the Company’s capital share transactions.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended		11 Months Ended		12 Months Ended
		Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022		Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations		$ 6,439	$ 395	$ 229	[1],[2]	$ 13,330
Purchases of investments				(6,696)	[3]	(261,461)
Paid-in-kind interest				0	[3]	(25)
Proceeds from sales and repayments of investments				1	[3]	8,298
Net realized (gain) loss on investments				0	[3]	(12)
Net change in unrealized (appreciation) depreciation on investments				(5)	[2],[3]	(3,465)
Accretion of discount				(2)	[3]	(563)
Amortization of deferred financing costs				0	[3]	256
Unrealized (gain)/loss on borrowings in foreign currency				0	[3]	166
(Increase) decrease in receivable for investments sold and repaid				0	[3]	(210)
(Increase) decrease in income receivable				(62)	[3]	(3,142)
(Increase) decrease in expense support receivable				(289)	[3]	(147)
(Increase) decrease in prepaid expenses and other assets				(53)	[3]	(131)
Increase (decrease) in payable for investments purchased				0	[3]	8,400
Increase (decrease) in accrued capital gains incentive fee				0	[3]	390
Increase (decrease) in administrative services expense payable				0	[3]	174
Increase (decrease) in accrued accounting and administrative fees				3	[3]	40
Increase (decrease) in interest payable				0	[3]	445
Increase (decrease) in other accrued expenses and liabilities				339	[3]	275
Net cash provided by (used in) operating activities				(6,535)	[3]	(237,382)
Cash flows from financing activities
Issuance of capital				7,000	[3]	231,500	$ 7,000
Issuance of preferred shares				0	[3]	515
Distributions to common shareholders				0	[3]	(6,089)
Distributions to preferred shareholders				0	[3]	(46)
Borrowings under financing arrangements				0	[3]	119,031
Repayments under financing arrangements				0	[3]	(24,966)
Deferred financing costs paid				0	[3]	(4,037)
Net cash provided by (used in) financing activities				7,000	[3]	315,908
Total increase (decrease) in cash				465	[3]	78,526
Cash and foreign currency at beginning of period	[3]		$ 465	0		465
Cash and foreign currency at end of period		$ 78,991		465	[3]	78,991	$ 465	[3]
Supplemental disclosure
Interest paid during the period				$ 0	[3]	$ 414
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022. Represents the period from February 4, 2022 (Inception) through December 31, 2022.

Consolidated Schedule of Invest

Consolidated Schedule of Investments £ in Thousands, $ in Thousands	Dec. 31, 2023 USD ($) shares		Dec. 31, 2023 GBP (£) shares	[1]	Dec. 31, 2022 USD ($) shares
Percent of net assets	108.20%	[1]	108.20%		92.50%	[2]
Amortized Cost	$ 260,461	[1]			$ 6,698	[2]
Fair Value	263,930	[1],[3]			6,702	[2],[4]
LIABILITIES AND PREFERRED SHARES IN EXCESS OF OTHER ASSETS	$ (20,036)	[1],[3]			$ 527	[2],[4]
Other assets in excess of liabilities percentage	(8.20%)	[1]	(8.20%)		7.50%	[2]
NET ASSETS	$ 243,894	[1],[3]			$ 7,229	[2],[4]
Net Senior Secured Loans—First Lien
Percent of net assets	83.80%	[1]	83.80%		36.40%	[2]
Amortized Cost	$ 201,782	[1]			$ 2,634	[2]
Fair Value	204,314	[1],[3]			2,646	[2],[4]
Total Senior Secured Loans—First Lien
Amortized Cost	250,284	[1]			4,261	[2]
Fair Value	252,816	[1],[3]			4,273	[2],[4]
Unfunded Loan Commitments
Amortized Cost	(48,502)	[1]			(1,627)	[2]
Fair Value	$ (48,502)	[1],[3]			(1,627)	[2],[4]
Subordinated Debt
Percent of net assets	0.40%	[1]	0.40%
Amortized Cost	$ 973	[1]			0
Fair Value	961	[1],[3]			$ 0
Funded, Subordinated Debt
Amortized Cost	1,458	[1]
Fair Value	1,446	[1],[3]
Unfunded, Subordinated Debt
Amortized Cost	(485)	[1]
Fair Value	$ (485)	[1],[3]
Net Asset Based Finance
Percent of net assets	24%	[1]	24%		56.10%	[2]
Amortized Cost	$ 57,706	[1]			$ 4,064	[2]
Fair Value	58,655	[1],[3]			4,056	[2],[4]
Total Asset Based Finance
Amortized Cost	81,105	[1]
Fair Value	82,054	[1],[3]
Unfunded Loan Commitments
Amortized Cost	(23,399)	[1]
Fair Value	$ (23,399)	[1],[3]
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 1
Basis spread on variable rate	10%	[1],[5],[6],[7]	10%	[5],[6],[7]
Floor	0%	[1],[5],[6],[7]	0%	[5],[6],[7]
Principal Amount	$ 71	[1],[5],[7],[8]
Amortized Cost	71	[1],[5],[7]
Fair Value	$ 71	[1],[3],[5],[7]
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 2
Basis spread on variable rate	10%	[1],[6],[7],[9]	10%	[6],[7],[9]
Floor	0%	[1],[6],[7],[9]	0%	[6],[7],[9]
Principal Amount	$ 71	[1],[7],[8],[9]
Amortized Cost	71	[1],[7],[9]
Fair Value	$ 71	[1],[3],[7],[9]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 1
Basis spread on variable rate	6.50%	[1],[5],[6]	6.50%	[5],[6]
Floor	1%	[1],[5],[6]	1%	[5],[6]
Principal Amount	$ 146	[1],[5],[8]
Amortized Cost	146	[1],[5]
Fair Value	$ 144	[1],[3],[5]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 2
Basis spread on variable rate	5%	[1],[5],[6],[10]	5%	[5],[6],[10]
Rate, PIK	200%	[1],[5],[6],[10]	200%	[5],[6],[10]
Floor	1%	[1],[5],[6],[10]	1%	[5],[6],[10]
Principal Amount	$ 22,408	[1],[5],[8],[10]
Amortized Cost	22,150	[1],[5],[10]
Fair Value	$ 22,128	[1],[3],[5],[10]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 2 | Maximum
Rate, PIK	200%	[1],[5],[6],[10]	200%	[5],[6],[10]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 3
Basis spread on variable rate	6.50%	[1],[6],[9]	6.50%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 1,682	[1],[8],[9]
Amortized Cost	1,682	[1],[9]
Fair Value	$ 1,661	[1],[3],[9]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 4
Basis spread on variable rate	5%	[1],[6],[9]	5%	[6],[9]
Rate, PIK	200%	[1],[6],[9]	200%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 4,264	[1],[8],[9]
Amortized Cost	4,264	[1],[9]
Fair Value	$ 4,211	[1],[3],[9]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 4 | Maximum
Rate, PIK	200%	[1],[6],[9]	200%	[6],[9]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 5
Rate, PIK	1,430%	[1],[5],[6]	1,430%	[5],[6]
Principal Amount	$ 996	[1],[5],[8]
Amortized Cost	973	[1],[5]
Fair Value	$ 972	[1],[3],[5]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 5 | Maximum
Rate, PIK	1,430%	[1],[5],[6]	1,430%	[5],[6]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 6
Rate, PIK	1,430%	[1],[6],[9]	1,430%	[6],[9]
Principal Amount	$ 485	[1],[8],[9]
Amortized Cost	485	[1],[9]
Fair Value	$ 474	[1],[3],[9]
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 6 | Maximum
Rate, PIK	1,430%	[1],[6],[9]	1,430%	[6],[9]
Investment, Identifier [Axis]: Australis Maritime II, Private Equity
Fair Value	$ 426				$ 0
Investment, Identifier [Axis]: Australis Maritime II, Private Equity, Transportation
Number of shares | shares	380,719	[1],[5],[7],[8],[11],[12]	380,719	[5],[7],[8],[11],[12]
Amortized Cost	$ 381	[1],[5],[7],[11],[12]
Fair Value	$ 426	[1],[3],[5],[7],[11],[12]
Investment, Identifier [Axis]: BDO USA PA, Commercial & Professional Services
Basis spread on variable rate	6%	[1],[5],[6],[10],[13]	6%	[5],[6],[10],[13]
Floor	2%	[1],[5],[6],[10],[13]	2%	[5],[6],[10],[13]
Principal Amount	$ 17,012	[1],[5],[8],[10],[13]
Amortized Cost	16,751	[1],[5],[10],[13]
Fair Value	$ 16,842	[1],[3],[5],[10],[13]
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Diversified Financials
Basis spread on variable rate					3.93%	[2],[14]
Floor					0%	[2],[14]
Principal Amount					$ 985	[2],[15]
Amortized Cost					985	[2]
Fair Value					$ 993	[2],[4]
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Financial Services
Rate	2,200%	[1],[5],[6],[7]	2,200%	[5],[6],[7]
Principal Amount	$ 788	[1],[5],[7],[8]
Amortized Cost	788	[1],[5],[7]
Fair Value	$ 785	[1],[3],[5],[7]
Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver, Pharmaceuticals, Biotechnology & Life Sciences 1
Basis spread on variable rate	6.65%	[1],[5],[6],[7]	6.65%	[5],[6],[7]
Floor	1%	[1],[5],[6],[7]	1%	[5],[6],[7]
Principal Amount	$ 21,875	[1],[5],[7],[8]
Amortized Cost	21,280	[1],[5],[7]
Fair Value	$ 21,875	[1],[3],[5],[7]
Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver, Pharmaceuticals, Biotechnology & Life Sciences 2
Basis spread on variable rate	6.65%	[1],[6],[7],[9]	6.65%	[6],[7],[9]
Floor	1%	[1],[6],[7],[9]	1%	[6],[7],[9]
Principal Amount	$ 15,625	[1],[7],[8],[9]
Amortized Cost	15,625	[1],[7],[9]
Fair Value	$ 15,625	[1],[3],[7],[9]
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R07, Structured Mezzanine, Real Estate
Basis spread on variable rate					6.80%	[2],[14],[16]
Floor					0%	[2],[14],[16]
Principal Amount					$ 152	[2],[15],[16]
Amortized Cost					155	[2],[16]
Fair Value					$ 160	[2],[4],[16]
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine, Real Estate
Basis spread on variable rate					5.60%	[2],[14],[16]
Floor					0%	[2],[14],[16]
Principal Amount					$ 103	[2],[15],[16]
Amortized Cost					103	[2],[16]
Fair Value					$ 104	[2],[4],[16]
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 1
Basis spread on variable rate	5.50%	[1],[5],[6]	5.50%	[5],[6]
Floor	0.80%	[1],[5],[6]	0.80%	[5],[6]
Principal Amount	$ 5,751	[1],[5],[8]
Amortized Cost	5,694	[1],[5]
Fair Value	$ 5,694	[1],[3],[5]
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 2
Basis spread on variable rate	5.50%	[1],[6],[9]	5.50%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 1,233	[1],[8],[9]
Amortized Cost	1,233	[1],[9]
Fair Value	$ 1,233	[1],[3],[9]
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 3
Basis spread on variable rate	5.50%	[1],[6],[9]	5.50%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 5,465	[1],[8],[9]
Amortized Cost	5,465	[1],[9]
Fair Value	$ 5,410	[1],[3],[9]
Investment, Identifier [Axis]: Drive Revel, Private Equity, Financial Services
Number of shares | shares	81,101	[1],[5],[7],[8],[11]	81,101	[5],[7],[8],[11]
Amortized Cost	$ 89	[1],[5],[7],[11]
Fair Value	$ 96	[1],[3],[5],[7],[11]
Investment, Identifier [Axis]: Freddie Mac Structured Agency Credit Risk Debt Notes, Structured Mezzanine, Real Estate
Basis spread on variable rate					6%	[2],[14],[16]
Floor					0%	[2],[14],[16]
Principal Amount					$ 147	[2],[15],[16]
Amortized Cost					147	[2],[16]
Fair Value					$ 145	[2],[4],[16]
Investment, Identifier [Axis]: Highgate Hotels Inc, Consumer Services 1
Basis spread on variable rate	5.50%	[1],[6],[10]	5.50%	[6],[10]
Floor	1%	[1],[6],[10]	1%	[6],[10]
Principal Amount	$ 6,368	[1],[8],[10]
Amortized Cost	6,306	[1],[10]
Fair Value	$ 6,305	[1],[3],[10]
Investment, Identifier [Axis]: Highgate Hotels Inc, Consumer Services 2
Basis spread on variable rate	5.50%	[1],[6],[9]	5.50%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 796	[1],[8],[9]
Amortized Cost	796	[1],[9]
Fair Value	$ 788	[1],[3],[9]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 1
Basis spread on variable rate	6%	[1],[5],[6],[10]	6%	[5],[6],[10]	6.75%	[2],[14]
Floor	1%	[1],[5],[6],[10]	1%	[5],[6],[10]	1%	[2],[14]
Principal Amount	$ 21,387	[1],[5],[8],[10]			$ 150	[2],[15]
Amortized Cost	20,975	[1],[5],[10]			150	[2]
Fair Value	$ 20,959	[1],[3],[5],[10]			$ 151	[2],[4]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 2
Basis spread on variable rate	6%	[1],[6],[9]	6%	[6],[9]	6.75%	[2],[14],[17]
Floor	1%	[1],[6],[9]	1%	[6],[9]	1%	[2],[14],[17]
Principal Amount	$ 1,731	[1],[8],[9]			$ 188	[2],[15],[17]
Amortized Cost	1,731	[1],[9]			188	[2],[17]
Fair Value	$ 1,696	[1],[3],[9]			$ 188	[2],[4],[17]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 3
Basis spread on variable rate	6%	[1],[6],[9]	6%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 1,764	[1],[8],[9]
Amortized Cost	1,764	[1],[9]
Fair Value	$ 1,729	[1],[3],[9]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 1
Basis spread on variable rate	6.50%	[1],[5],[6]	6.50%	[5],[6]	6.50%	[2],[14]
Floor	0.80%	[1],[5],[6]	0.80%	[5],[6]	1%	[2],[14]
Principal Amount	$ 2,837	[1],[5],[8]			$ 179	[2],[15]
Amortized Cost	2,810	[1],[5]			176	[2]
Fair Value	$ 2,837	[1],[3],[5]			$ 178	[2],[4]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 2
Basis spread on variable rate	6%	[1],[5],[6],[10]	6%	[5],[6],[10]	6.50%	[2],[14],[17]
Floor	0.80%	[1],[5],[6],[10]	0.80%	[5],[6],[10]	1%	[2],[14],[17]
Principal Amount	$ 20,657	[1],[5],[8],[10]			$ 179	[2],[15],[17]
Amortized Cost	20,456	[1],[5],[10]			165	[2],[17]
Fair Value	$ 20,616	[1],[3],[5],[10]			178	[2],[4],[17]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 3
Basis spread on variable rate	6.50%	[1],[6],[9]	6.50%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 4,525	[1],[8],[9]
Amortized Cost	4,525	[1],[9]
Fair Value	4,525	[1],[3],[9]
Investment, Identifier [Axis]: KKR Altitude II Offshore Aggregator LP, Partnership Interest
Fair Value	$ 957				$ 0
Investment, Identifier [Axis]: KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods
Number of shares | shares	922,641	[1],[5],[7],[8]	922,641	[5],[7],[8]	647,827	[2],[15]
Amortized Cost	$ 923	[1],[5],[7]			$ 648	[2]
Fair Value	$ 957	[1],[3],[5],[7]			$ 648	[2],[4]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 1
Basis spread on variable rate	5.50%	[1],[5],[6],[10]	5.50%	[5],[6],[10]
Floor	0.80%	[1],[5],[6],[10]	0.80%	[5],[6],[10]
Principal Amount	$ 1,119	[1],[5],[8],[10]
Amortized Cost	1,113	[1],[5],[10]
Fair Value	$ 1,096	[1],[3],[5],[10]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 2
Basis spread on variable rate	6.25%	[1],[5],[6],[10]	6.25%	[5],[6],[10]
Floor	0.80%	[1],[5],[6],[10]	0.80%	[5],[6],[10]
Principal Amount	$ 11,819	[1],[5],[8],[10]
Amortized Cost	11,655	[1],[5],[10]
Fair Value	$ 12,035	[1],[3],[5],[10]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 3
Basis spread on variable rate	6.25%	[1],[6],[9]	6.25%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 1,244	[1],[8],[9]
Amortized Cost	1,228	[1],[9]
Fair Value	$ 1,244	[1],[3],[9]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 4
Basis spread on variable rate	5.50%	[1],[6],[9]	5.50%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 2,877	[1],[8],[9]
Amortized Cost	2,877	[1],[9]
Fair Value	$ 2,818	[1],[3],[9]
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 1
Basis spread on variable rate	6.75%	[1],[5],[6],[10]	6.75%	[5],[6],[10]	6.75%	[2],[14]
Floor	1%	[1],[5],[6],[10]	1%	[5],[6],[10]	1%	[2],[14]
Principal Amount	$ 16,441	[1],[5],[8],[10]			$ 189	[2],[15]
Amortized Cost	16,093	[1],[5],[10]			175	[2]
Fair Value	$ 16,694	[1],[3],[5],[10]			$ 186	[2],[4]
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 2
Basis spread on variable rate	6.75%	[1],[6],[9]	6.75%	[6],[9]	6.75%	[2],[14],[17]
Floor	1%	[1],[6],[9]	1%	[6],[9]	1%	[2],[14],[17]
Principal Amount	$ 4,643	[1],[8],[9]			$ 788	[2],[15],[17]
Amortized Cost	4,643	[1],[9]			788	[2],[17]
Fair Value	$ 4,714	[1],[3],[9]			$ 776	[2],[4],[17]
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 1
Basis spread on variable rate	6.50%	[1],[5],[6],[10]	6.50%	[5],[6],[10]
Floor	1%	[1],[5],[6],[10]	1%	[5],[6],[10]
Principal Amount	$ 16,823	[1],[5],[8],[10]
Amortized Cost	16,553	[1],[5],[10]
Fair Value	$ 16,688	[1],[3],[5],[10]
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 2
Basis spread on variable rate	6.50%	[1],[6],[9]	6.50%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 1,930	[1],[8],[9]
Amortized Cost	1,930	[1],[9]
Fair Value	$ 1,915	[1],[3],[9]
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 1
Basis spread on variable rate					6.50%	[2],[14]
Floor					1%	[2],[14]
Principal Amount					$ 772	[2],[15]
Amortized Cost					760	[2]
Fair Value					$ 763	[2],[4]
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 2
Basis spread on variable rate					6.50%	[2],[14],[17]
Floor					1%	[2],[14],[17]
Principal Amount					$ 220	[2],[15],[17]
Amortized Cost					220	[2],[17]
Fair Value					$ 217	[2],[4],[17]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 1
Basis spread on variable rate	6.50%	[1],[6],[10]	6.50%	[6],[10]	6.50%	[2],[14]
Floor	0.80%	[1],[6],[10]	0.80%	[6],[10]	0.80%	[2],[14]
Principal Amount	$ 7,325	[1],[8],[10]			$ 463	[2],[15]
Amortized Cost	7,185	[1],[10]			456	[2]
Fair Value	$ 7,322	[1],[3],[10]			$ 456	[2],[4]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 2
Basis spread on variable rate	6.50%	[1],[5],[6]	6.50%	[5],[6]	6.50%	[2],[14],[17]
Floor	0.80%	[1],[5],[6]	0.80%	[5],[6]	0.80%	[2],[14],[17]
Principal Amount	$ 2,051	[1],[5],[8]			$ 54	[2],[15],[17]
Amortized Cost	2,013	[1],[5]			54	[2],[17]
Fair Value	$ 2,050	[1],[3],[5]			$ 53	[2],[4],[17]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 3
Basis spread on variable rate	6%	[1],[5],[6]	6%	[5],[6]	6.50%	[2],[14],[17]
Floor	0.80%	[1],[5],[6]	0.80%	[5],[6]	0.80%	[2],[14],[17]
Principal Amount	$ 124	[1],[5],[8]			$ 129	[2],[15],[17]
Amortized Cost	124	[1],[5]			129	[2],[17]
Fair Value	$ 122	[1],[3],[5]			$ 127	[2],[4],[17]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 4
Basis spread on variable rate	6.50%	[1],[6],[9]	6.50%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 861	[1],[8],[9]
Amortized Cost	845	[1],[9]
Fair Value	$ 861	[1],[3],[9]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 5
Basis spread on variable rate	6%	[1],[6],[9]	6%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 3,483	[1],[8],[9]
Amortized Cost	3,483	[1],[9]
Fair Value	$ 3,449	[1],[3],[9]
Investment, Identifier [Axis]: Optio Invest, Private Equity, Financial Services
Number of shares | shares	101,365	[1],[5],[7],[8],[11]	101,365	[5],[7],[8],[11]
Amortized Cost	$ 128	[1],[5],[7],[11]
Fair Value	$ 129	[1],[3],[5],[7],[11]
Investment, Identifier [Axis]: PayPal Europe Sarl et Cie SCA, Private Equity, Financial Services
Number of shares | shares	2,498,362	[1],[5],[7],[8],[11]	2,498,362	[5],[7],[8],[11]
Amortized Cost	$ 2,685	[1],[5],[7],[11]
Fair Value	$ 2,679	[1],[3],[5],[7],[11]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 1
Basis spread on variable rate	6.75%	[1],[5],[6]	6.75%	[5],[6]	6.75%	[2],[14]
Floor	0.80%	[1],[5],[6]	0.80%	[5],[6]	0.80%	[2],[14]
Principal Amount	$ 293	[1],[5],[8]			$ 930	[2],[15]
Amortized Cost	268	[1],[5]			930	[2]
Fair Value	$ 293	[1],[3],[5]			$ 930	[2],[4]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 2
Basis spread on variable rate	6.75%	[1],[5],[6],[10]	6.75%	[5],[6],[10]	6.75%	[2],[14],[17]
Floor	0.80%	[1],[5],[6],[10]	0.80%	[5],[6],[10]	0.80%	[2],[14],[17]
Principal Amount	$ 24,314	[1],[5],[8],[10]			$ 70	[2],[15],[17]
Amortized Cost	24,022	[1],[5],[10]			70	[2],[17]
Fair Value	$ 24,801	[1],[3],[5],[10]			$ 70	[2],[4],[17]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 3
Basis spread on variable rate	6.75%	[1],[6],[9]	6.75%	[6],[9]
Floor	0.80%	[1],[6],[9]	0.80%	[6],[9]
Principal Amount	$ 1,172	[1],[8],[9]
Amortized Cost	1,172	[1],[9]
Fair Value	$ 1,172	[1],[3],[9]
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate
Rate					5.40%	[2],[14],[16]
Principal Amount					$ 201	[2],[15],[16]
Amortized Cost					167	[2],[16]
Fair Value					$ 162	[2],[4],[16]
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate Management & Development
Rate	540%	[1],[5],[6],[7],[18]	540%	[5],[6],[7],[18]
Principal Amount	$ 201	[1],[5],[7],[8],[18]
Amortized Cost	167	[1],[5],[7],[18]
Fair Value	$ 180	[1],[3],[5],[7],[18]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 1
Rate					18%	[2],[14]
Principal Amount					$ 147	[2],[15]
Amortized Cost					100	[2]
Fair Value					$ 106	[2],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 2
Rate					8%	[2],[14]
Principal Amount					$ 251	[2],[15]
Amortized Cost					251	[2]
Fair Value					$ 248	[2],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 1
Rate	800%	[1],[5],[6],[7]	800%	[5],[6],[7]
Principal Amount	$ 251	[1],[5],[7],[8]
Amortized Cost	251	[1],[5],[7]
Fair Value	$ 246	[1],[3],[5],[7]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 2
Rate	1,800%	[1],[5],[6],[7]	1,800%	[5],[6],[7]
Principal Amount	$ 147	[1],[5],[7],[8]
Amortized Cost	103	[1],[5],[7]
Fair Value	$ 118	[1],[3],[5],[7]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan, Real Estate
Rate					7.30%	[2],[14]
Principal Amount					$ 1,507	[2],[15]
Amortized Cost					1,508	[2]
Fair Value					$ 1,490	[2],[4]
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan, Real Estate Management & Development
Rate	730%	[1],[5],[6],[7]	730%	[5],[6],[7]
Principal Amount	$ 1,507	[1],[5],[7],[8]
Amortized Cost	1,507	[1],[5],[7]
Fair Value	$ 1,489	[1],[3],[5],[7]
Investment, Identifier [Axis]: Shaw Development LLC, Capital Goods 1
Basis spread on variable rate	6%	[1],[6],[10]	6%	[6],[10]
Floor	0.50%	[1],[6],[10]	0.50%	[6],[10]
Principal Amount	$ 8,627	[1],[8],[10]
Amortized Cost	8,543	[1],[10]
Fair Value	$ 8,583	[1],[3],[10]
Investment, Identifier [Axis]: Shaw Development LLC, Capital Goods 2
Basis spread on variable rate	6%	[1],[6],[9]	6%	[6],[9]
Floor	0.50%	[1],[6],[9]	0.50%	[6],[9]
Principal Amount	$ 1,027	[1],[8],[9]
Amortized Cost	1,027	[1],[9]
Fair Value	$ 1,022	[1],[3],[9]
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 1
Basis spread on variable rate	6.50%	[1],[6],[10]	6.50%	[6],[10]
Floor	1%	[1],[6],[10]	1%	[6],[10]
Principal Amount	$ 6,488	[1],[8],[10]
Amortized Cost	6,286	[1],[10]
Fair Value	$ 6,509	[1],[3],[10]
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 2
Basis spread on variable rate	6.75%	[1],[6],[9]	6.75%	[6],[9]
Floor	1%	[1],[6],[9]	1%	[6],[9]
Principal Amount	$ 9,805	[1],[8],[9]
Amortized Cost	9,706	[1],[9]
Fair Value	$ 9,952	[1],[3],[9]
Investment, Identifier [Axis]: SunPower Financial, Private Equity, Financial Services
Number of shares | shares	161,479	[1],[5],[7],[8],[11]	161,479	[5],[7],[8],[11]
Amortized Cost	$ 161	[1],[5],[7],[11]
Fair Value	$ 196	[1],[3],[5],[7],[11]
Investment, Identifier [Axis]: Synovus Financial Corp, Private Equity, Banks
Number of shares | shares	2,086,357	[1],[5],[7],[8]	2,086,357	[5],[7],[8]
Amortized Cost	$ 2,086	[1],[5],[7]
Fair Value	$ 2,093	[1],[3],[5],[7]
Investment, Identifier [Axis]: TDC LLP, Preferred Equity, Financial Services
Rate	800%	[1],[5],[6],[7]	800%	[5],[6],[7]
Principal Amount | £			£ 948	[5],[7],[8]
Amortized Cost	$ 1,153	[1],[5],[7]
Fair Value	$ 1,215	[1],[3],[5],[7]
Investment, Identifier [Axis]: TDC LLP, Private Equity, Financial Services
Number of shares | shares	68,953	[1],[5],[7],[8]	68,953	[5],[7],[8]
Amortized Cost	$ 87	[1],[5],[7]
Fair Value	$ 89	[1],[3],[5],[7]
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Revolver, Commercial & Professional Services 1
Basis spread on variable rate	7%	[1],[5],[6],[7]	7%	[5],[6],[7]
Floor	1.50%	[1],[5],[6],[7]	1.50%	[5],[6],[7]
Principal Amount | £			£ 8,267	[5],[7],[8]
Amortized Cost	$ 10,429	[1],[5],[7]
Fair Value	$ 10,532	[1],[3],[5],[7]
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Revolver, Commercial & Professional Services 2
Basis spread on variable rate	7%	[1],[6],[7],[9]	7%	[6],[7],[9]
Floor	1.50%	[1],[6],[7],[9]	1.50%	[6],[7],[9]
Principal Amount | £			£ 2,576	[7],[8],[9]
Amortized Cost	$ 3,216	[1],[7],[9]
Fair Value	$ 3,216	[1],[3],[7],[9]
Investment, Identifier [Axis]: Vehicle Secured Funding Trust, Private Equity, Financial Services
Number of shares | shares	11,865,999	[1],[5],[7],[8],[11]	11,865,999	[5],[7],[8],[11]
Amortized Cost	$ 11,866	[1],[5],[7],[11]
Fair Value	$ 11,866	[1],[3],[5],[7],[11]
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 1
Rate	810%	[1],[5],[6],[7],[18]	810%	[5],[6],[7],[18]
Principal Amount	$ 596	[1],[5],[7],[8],[18]
Amortized Cost	533	[1],[5],[7],[18]
Fair Value	$ 558	[1],[3],[5],[7],[18]
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 2
Rate	810%	[1],[5],[6],[7],[18]	810%	[5],[6],[7],[18]
Principal Amount	$ 881	[1],[5],[7],[8],[18]
Amortized Cost	839	[1],[5],[7],[18]
Fair Value	$ 876	[1],[3],[5],[7],[18]
Investment, Identifier [Axis]: Virgin Pulse Inc, Software & Services
Basis spread on variable rate	5.75%	[1],[6],[10]	5.75%	[6],[10]
Rate, PIK	0%	[1],[6],[10]	0%	[6],[10]
Floor	0.80%	[1],[6],[10]	0.80%	[6],[10]
Principal Amount	$ 12,833	[1],[8],[10]
Amortized Cost	12,770	[1],[10]
Fair Value	$ 12,698	[1],[3],[10]
Investment, Identifier [Axis]: Virgin Pulse Inc, Software & Services | Maximum
Rate, PIK	250%	[1],[6],[10]	250%	[6],[10]
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 1
Basis spread on variable rate	5.75%	[1],[5],[6],[7]	5.75%	[5],[6],[7]
Floor	1%	[1],[5],[6],[7]	1%	[5],[6],[7]
Principal Amount	$ 2,179	[1],[5],[7],[8]
Amortized Cost	2,179	[1],[5],[7]
Fair Value	$ 2,179	[1],[3],[5],[7]
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 2
Basis spread on variable rate	5.75%	[1],[6],[7],[9]	5.75%	[6],[7],[9]
Floor	1%	[1],[6],[7],[9]	1%	[6],[7],[9]
Principal Amount	$ 4,487	[1],[7],[8],[9]
Amortized Cost	4,487	[1],[7],[9]
Fair Value	$ 4,487	[1],[3],[7],[9]
[1] Security may be an obligation of one or more entities affiliated with the named company. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 8). 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, 2023, the Secured Overnight Financing Rate, or SOFR or “SF”, was 5.33% and the Sterling Interbank Offered Rate, or SONIA or “SA”, was 5.21%. PIK means paid-in-kind. PIK income accruals may be adjusted based on the performance of the underlying investment. Variable rate securities with no floor rate use the respective benchmark rate in all cases. 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 December 31, 2023, 83.1% of the Company’s total assets represented qualifying assets. Denominated in U.S. dollars unless otherwise noted. Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding. Security or portion thereof held within K-FIT Finance AB-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT AB-1 Credit Facility (see Note 8). Security is non-income producing. Under the Investment Company Act of 1940, as amended, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” and deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the year ended December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions (1) Gross Reductions (2) Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income (3) Fee Income (3) Dividend and Other Income (3) Asset Based Finance Australis Maritime II, Private Equity $ — $ 381 $ — $ — $ 45 $ 426 $ — $ — $ — KKR Altitude II Offshore Aggregator LP, Partnership Interest — 931 (8) — 34 957 — — 28 Total $ — $ 1,312 $ (8) $ — $ 79 $ 1,383 $ — $ — $ 28 __________ (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Interest, fee and dividend and other income presented for the full year ended December 31, 2023. Position or portion thereof unsettled as of December 31, 2023. 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%. Denominated in U.S. dollars unless otherwise noted. Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7). Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding. Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7).

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		11 Months Ended		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2023
Qualifying assets as a percent of total assets				83.10%
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			$ 6,702
Non-controlled/unaffiliated investments		$ 0	[3]	12
Investment Owned, Fair Value, Ending Balance		6,702	[1],[2]	263,930	[4],[5]
Controlled/affiliated investments
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance				0
Gross Additions	[6]			1,312
Gross Reductions	[7]			(8)
Non-controlled/unaffiliated investments		0	[8]	0
Non-controlled/unaffiliated investments		0	[8]	79
Investment Owned, Fair Value, Ending Balance		0		1,383
Interest Income	[9]			0
Fee income	[9]			0
Dividend and other income		0	[8]	28	[9]
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			71
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver, Capital Goods 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[11],[12]			71
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10]			144
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[13]			22,128
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,661
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			4,211
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 5
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10]			972
Investment, Identifier [Axis]: Apex Service Partners LLC, Commercial & Professional Services 6
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			474
Investment, Identifier [Axis]: Australis Maritime II, Private Equity
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance				0
Gross Additions	[6]			381
Gross Reductions	[7]			0
Non-controlled/unaffiliated investments				0
Non-controlled/unaffiliated investments				45
Investment Owned, Fair Value, Ending Balance		0		426
Interest Income	[9]			0
Fee income	[9]			0
Dividend and other income	[9]			0
Investment, Identifier [Axis]: Australis Maritime II, Private Equity, Transportation
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14],[15]			426
Investment, Identifier [Axis]: BDO USA PA, Commercial & Professional Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[13],[16]			16,842
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Diversified Financials
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			993
Investment Owned, Fair Value, Ending Balance	[1],[2]	993
Investment, Identifier [Axis]: Bankers Healthcare Group LLC, Term Loan, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			785
Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver, Pharmaceuticals, Biotechnology & Life Sciences 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			21,875
Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver, Pharmaceuticals, Biotechnology & Life Sciences 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[11],[12]			15,625
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R07, Structured Mezzanine, Real Estate
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[17]			160
Investment Owned, Fair Value, Ending Balance	[1],[2],[17]	160
Investment, Identifier [Axis]: Connecticut Avenue Securities Trust 2022-R08, Structured Mezzanine, Real Estate
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[17]			104
Investment Owned, Fair Value, Ending Balance	[1],[2],[17]	104
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10]			5,694
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,233
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, Insurance 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			5,410
Investment, Identifier [Axis]: Drive Revel, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14]			96
Investment, Identifier [Axis]: Freddie Mac Structured Agency Credit Risk Debt Notes, Structured Mezzanine, Real Estate
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[17]			145
Investment Owned, Fair Value, Ending Balance	[1],[2],[17]	145
Investment, Identifier [Axis]: Highgate Hotels Inc, Consumer Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[13]			6,305
Investment, Identifier [Axis]: Highgate Hotels Inc, Consumer Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			788
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			151
Investment Owned, Fair Value, Ending Balance		151	[1],[2]	20,959	[4],[5],[10],[13]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			188
Investment Owned, Fair Value, Ending Balance		188	[1],[2],[18]	1,696	[4],[5],[12]
Investment, Identifier [Axis]: Individual FoodService, Capital Goods 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,729
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			178
Investment Owned, Fair Value, Ending Balance		178	[1],[2]	2,837	[4],[5],[10]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			178
Investment Owned, Fair Value, Ending Balance		178	[1],[2],[18]	20,616	[4],[5],[10],[13]
Investment, Identifier [Axis]: Integrity Marketing Group LLC, Insurance 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			4,525
Investment, Identifier [Axis]: KKR Altitude II Offshore Aggregator LP, Partnership Interest
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance				0
Gross Additions	[6]			931
Gross Reductions	[7]			(8)
Non-controlled/unaffiliated investments				0
Non-controlled/unaffiliated investments				34
Investment Owned, Fair Value, Ending Balance		0		957
Interest Income	[9]			0
Fee income	[9]			0
Dividend and other income	[9]			28
Investment, Identifier [Axis]: KKR Altitude II Offshore Aggregator LP, Partnership Interest, Capital Goods
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			648
Investment Owned, Fair Value, Ending Balance		648	[1],[2]	957	[4],[5],[10],[11]
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[13]			1,096
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[13]			12,035
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,244
Investment, Identifier [Axis]: Lazer Logistics Inc, Transportation 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			2,818
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			186
Investment Owned, Fair Value, Ending Balance		186	[1],[2]	16,694	[4],[5],[10],[13]
Investment, Identifier [Axis]: Lexitas Inc, Commercial & Professional Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			776
Investment Owned, Fair Value, Ending Balance		776	[1],[2],[18]	4,714	[4],[5],[12]
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[13]			16,688
Investment, Identifier [Axis]: Lipari Foods LLC, Consumer Staples Distribution & Retail 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,915
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			763
Investment Owned, Fair Value, Ending Balance	[1],[2]	763
Investment, Identifier [Axis]: Lipari Foods LLC, Food & Staples Retailing 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			217
Investment Owned, Fair Value, Ending Balance	[1],[2],[18]	217
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			456
Investment Owned, Fair Value, Ending Balance		456	[1],[2]	7,322	[4],[5],[13]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			53
Investment Owned, Fair Value, Ending Balance		53	[1],[2],[18]	2,050	[4],[5],[10]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			127
Investment Owned, Fair Value, Ending Balance		127	[1],[2],[18]	122	[4],[5],[10]
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 4
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			861
Investment, Identifier [Axis]: Magna Legal Services LLC, Commercial & Professional Services 5
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			3,449
Investment, Identifier [Axis]: Optio Invest, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14]			129
Investment, Identifier [Axis]: PayPal Europe Sarl et Cie SCA, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14]			2,679
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			930
Investment Owned, Fair Value, Ending Balance		930	[1],[2]	293	[4],[5],[10]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[18]			70
Investment Owned, Fair Value, Ending Balance		70	[1],[2],[18]	24,801	[4],[5],[10],[13]
Investment, Identifier [Axis]: Radwell International LLC/PA, Capital Goods 3
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,172
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2],[17]			162
Investment Owned, Fair Value, Ending Balance	[1],[2],[17]	162
Investment, Identifier [Axis]: SG Residential Mortgage Trust 2022-2, Structured Mezzanine, Real Estate Management & Development
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[19]			180
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			106
Investment Owned, Fair Value, Ending Balance	[1],[2]	106
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			248
Investment Owned, Fair Value, Ending Balance	[1],[2]	248
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			246
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Structured Mezzanine, Real Estate Management & Development 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			118
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan, Real Estate
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Beginning Balance	[1],[2]			1,490
Investment Owned, Fair Value, Ending Balance	[1],[2]	$ 1,490
Investment, Identifier [Axis]: Saluda Grade Alternative Mortgage Trust 2022-BC2, Term Loan, Real Estate Management & Development
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			1,489
Investment, Identifier [Axis]: Shaw Development LLC, Capital Goods 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[13]			8,583
Investment, Identifier [Axis]: Shaw Development LLC, Capital Goods 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			1,022
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[13]			6,509
Investment, Identifier [Axis]: Spotless Brands LLC, Consumer Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[12]			9,952
Investment, Identifier [Axis]: SunPower Financial, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14]			196
Investment, Identifier [Axis]: Synovus Financial Corp, Private Equity, Banks
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			2,093
Investment, Identifier [Axis]: TDC LLP, Preferred Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			1,215
Investment, Identifier [Axis]: TDC LLP, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			89
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Revolver, Commercial & Professional Services 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			10,532
Investment, Identifier [Axis]: TalkTalk Telecom Group Ltd, Revolver, Commercial & Professional Services 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[11],[12]			3,216
Investment, Identifier [Axis]: Vehicle Secured Funding Trust, Private Equity, Financial Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[14]			11,866
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[19]			558
Investment, Identifier [Axis]: Verus Securitization Trust 2023-5, Structured Mezzanine, Real Estate Management & Development 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11],[19]			876
Investment, Identifier [Axis]: Virgin Pulse Inc, Software & Services
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[13]			12,698
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 1
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[10],[11]			2,179
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver, Consumer Discretionary Distribution & Retail 2
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Investment Owned, Fair Value, Ending Balance	[4],[5],[11],[12]			$ 4,487
[1] See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. Represents the period from February 4, 2022 (Inception) through December 31, 2022. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. Represents the period from February 4, 2022 (Inception) through December 31, 2022. Interest, fee and dividend and other income presented for the full year ended December 31, 2023. Security or portion thereof is pledged as collateral supporting the amounts outstanding under the Senior Secured Revolving Credit Facility (see Note 8). 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 December 31, 2023, 83.1% of the Company’s total assets represented qualifying assets. Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding. Security or portion thereof held within K-FIT Finance AB-1 LLC and is pledged as collateral supporting the amounts outstanding under the K-FIT AB-1 Credit Facility (see Note 8). Security is non-income producing. Under the Investment Company Act of 1940, as amended, the Company generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of December 31, 2023, the Company held investments in portfolio companies of which it is deemed to be an “affiliated person” and deemed to “control”. The following table presents certain information with respect to investments in portfolio companies of which the Company was deemed to be an affiliated person and deemed to control for the year ended December 31, 2023: Portfolio Company Fair Value at December 31, 2022 Gross Additions (1) Gross Reductions (2) Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value at December 31, 2023 Interest Income (3) Fee Income (3) Dividend and Other Income (3) Asset Based Finance Australis Maritime II, Private Equity $ — $ 381 $ — $ — $ 45 $ 426 $ — $ — $ — KKR Altitude II Offshore Aggregator LP, Partnership Interest — 931 (8) — 34 957 — — 28 Total $ — $ 1,312 $ (8) $ — $ 79 $ 1,383 $ — $ — $ 28 __________ (1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. (3) Interest, fee and dividend and other income presented for the full year ended December 31, 2023. Position or portion thereof unsettled as of December 31, 2023. Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7). Security is an unfunded commitment. Reflects the stated spread at the time of commitment, but may not be the actual rate received upon funding. Security is classified as Level 1 or Level 2 in the Company’s fair value hierarchy (see Note 7).

Principal Business and Organiza

Principal Business and Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	Principal Business and Organization KKR FS Income Trust, or the Company, 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 an 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 consolidated financial statements include both the Company’s accounts and the accounts of its wholly-owned subsidiaries as of December 31, 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	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation : The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. 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 . The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission, or the SEC. Use of Estimates: The preparation of the 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 December 31, 2023 and December 31, 2022, the Adviser has paid $2,820 and $1,541, respectively, in organizational and offering expenses, 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. Valuation of Portfolio Investments and Determination of NAV Valuation of Portfolio Investments 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. As permitted by Rule 2a-5 of the 1940 Act, 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. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Adviser determines the fair value of the Company’s investment portfolio on at least a quarterly basis. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by the Adviser, in accordance with valuation policies approved by the Board. In connection with that determination, the Adviser will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services. With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below: • the Company’s quarterly fair valuation process begins by the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service; • the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in the Adviser’s valuation policy and communicates the information to the Adviser in the form of a valuation range for Level 3 assets; • the Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range; • the Adviser then provides the Board’s valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by the Adviser’s Board-reporting obligations; • the Board’s valuation committee meets with the Adviser to receive the relevant quarterly reporting from the Adviser and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and • following the completion of its fair value oversight activities, the valuation committee (with the assistance of the Adviser) provides the Board with a report regarding the quarterly valuation process. In circumstances where the Adviser deems appropriate, the Adviser’s internal valuation team values certain investments. When performing the internal valuations, the Adviser utilizes similar valuation techniques as an independent third-party pricing service would use. Such valuations are approved by an internal valuation committee of the Adviser, with oversight from the valuation committee of the Board, as described above. Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Company’s consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, the Adviser is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser or provided by any independent third-party valuation or pricing service that the Adviser deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Adviser and any independent third-party valuation services may consider when determining the fair value of the Company’s investments. The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach. Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Adviser may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model. Domestic and foreign fixed-income instruments and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Bank loans, including senior secured floating rate and fixed-rate loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been engaged by the Adviser, or, if such independent, third-party valuations are not available, by using broker quotations. Senior secured adjustable, variable or floating rate loans for which an active secondary market exists to a reliable degree will be valued at the bid price in the market for such loans, as provided by a loan pricing service. Directly originated loans are valued on an individual loan level. In doing so, the Adviser may engage an independent, third-party valuation agent, and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral and market developments. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. The value of swaps, including credit default swaps, total return swaps and interest rate swaps will be determined by obtaining at least one dealer quotation (including information from counterparties) or valuations from third-party pricing services. If no quotations or valuations are available, or if such quotations or valuations are believed to be unreliable, swaps will be fair valued pursuant to procedures adopted by the Adviser and overseen by the Board. Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments. For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used. The Company’s equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of the Company’s equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security. The Adviser will normally use pricing data for domestic or foreign equity securities received shortly after the close of the primary securities exchange on which such securities trade and does not normally take into account trading, clearances or settlements that take place after the close of the exchange. When the Company receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Adviser subsequently values these warrants or other equity securities received at their fair value. See Note 7 to the Company’s audited consolidated financial statements included herein for additional information regarding the fair value of the Company’s financial instruments. Determination of NAV The Company expects to determine its NAV for the Common Shares each month as of the last day of each calendar month, and in no event less frequently than quarterly. The NAV per share for the Company’s Common Shares is determined by dividing the value of total assets attributable to the Common Shares minus liabilities attributable to the Common Shares by the total number of Common Shares outstanding at the date as of which the determination is made. The Company will use the valuation procedures set forth above in order to determine the NAV, as applied by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act. Fair value pricing may require subjective determinations about the value of a security. If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when the Company’s NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures established by the Adviser and overseen by the Board. For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith by the Adviser under the supervision of the Board. Although the Adviser’s policy is intended to result in a calculation of the Company’s NAV that fairly reflects security values as of the time of pricing, the Company cannot ensure that fair values determined by the Adviser would accurately reflect the price that the Company could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Adviser when determining fair value may differ from the value that would be realized if the securities were sold. The NAV calculation is available generally within 20 business days after the end of the applicable month. Changes in the Company’s monthly NAV will reflect factors including, but not limited to, accruals for net portfolio income, interest expense and unrealized/realized gains (losses) on assets, any applicable organization and offering costs and any expense reimbursements. When the Adviser determines NAV as of a day that is not the last day of a calendar quarter in connection with a closing under the Private Offering, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter-end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Adviser’s valuation policy, pursuant to authority designated by the Board. Additionally, the Adviser may otherwise determine to update the most recent quarter-end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm. The most recently determined NAV per share for the Common Shares will be reported by the Company under cover of a Current Report on Form 8-K filed with the SEC. 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 agreed to extend the waiver of the Company’s base management fee and subordinated incentive fee on income through March 31, 2025. Previously, the Adviser had agreed to waive the base management fee and 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 year ended December 31, 2022 may have been reclassified to conform to the classifications used to prepare the consolidated financial statements as of and for the year ended December 31, 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 year ended December 31, 2023 and 2022 , the Company recognized $1,727 and $0, respectively in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts. Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency: Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. Net change in unrealized gains or losses on foreign currency reflects the change in the value of receivables or accruals during the reporting period due to the impact of foreign currency fluctuations. Distributions: Distributions to the Company’s shareholders are recorded as of the record date. Subject to the discretion of the Board and applicable legal restrictions, the Company intends to declare and pay such distributions on Common Shares on a monthly basis. Net realized capital gains, if any, are distributed or deemed distributed at least annually. 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 in tends to qualify annually thereafter, as a RIC under the Code. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements, as well as distribute to its shareholders, for each tax year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, determined without regard to any deduction for distributions paid. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any income that it distributes to its shareholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC tax status each tax year and to not pay any U.S. federal income taxes on income so distributed. The Company is also subject to nondeductible federal excise taxes if it does not distribute in respect of each calendar year an amount at least equal to the sum of 98% of net ordinary income, 98.2% of any capital gain net income, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. The Company accrued $73, and $0 in estimated excise taxes payable in respect of income received during the years ended December 31, 2023 , and 2022 , respectively. During the years ended December 31, 2023 , and 2022 , the Company paid $0, and $0, respectively, in excise and other taxes. The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax benefits or liabilities in the Company’s consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. During the years ended December 31, 2023 , and 2022 , the Company did not incur any interest or penalties. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years, and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s financial statements. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. Recent Accounting Pronouncements: In June 2022, the FASB issued ASU 2022-03, “ Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), ” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

Share Transactions

Share Transactions	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Shares Amount Shares Amount Gross Proceeds from Offering 8,177,385 $ 231,500 280,000 $ 7,000 Total Gross Proceeds 8,177,385 231,500 280,000 7,000 Commissions and Dealer Manager Fees — — — — Net Proceeds from Share Transactions 8,177,385 $ 231,500 280,000 $ 7,000 As of December 31, 2023, the Company had received capital commitments of $445,000 from investors in the Private Offering, and have called an aggregate of $238,500 in capital contributions in exchange for 8,457,385 in Class I shares in connection with such commitments, representing 53.6% of total capital commitments called. 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. The Company classifies the Series A Preferred Shares as temporary equity outside of shareholders’ equity on its accompanying 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 September 30, 2024, the Company intends to commence a share repurchase program in which it intends, subject to market conditions and the discretion of the Company’s Board of Trustees, or the Board, 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 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	12 Months Ended
	Dec. 31, 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 March 31, 2025. 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 year ended December 31, 2023: Year Ended Related Party December 31, Source Agreement Description 2023 2022 The Adviser Investment advisory agreement Base Management Fee (1) $ 1,345 $ — The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 390 $ — The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 1,218 $ — The Adviser Administration agreement Administrative Services Expenses (4) $ 895 $ — ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through March 31, 2025. As of December 31, 2023, no management fees were payable to the Adviser. (2) During the year ended December 31, 2023, the Company accrued capital gains incentive fees of  $390 based on the performance of its portfolio, of which $477 was based on unrealized appreciation and $(87) 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 March 31, 2025. As of December 31, 2023, no subordinated incentive fees on income were payable to the Adviser. (4) During the year ended December 31, 2023, $655 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 $241 for the year ended December 31, 2023. The Company paid $721 in administrative services expenses to the Adviser during the year ended December 31, 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 KKR FS Income Select, 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 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 December 31, 2023, the full $35 million of capital commitments under the Seed Contribution had been called and funded. As of December 31, 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 the Company’s expenses on its 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 the years ended December 31, 2023 and 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 December 31, 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 December 31, 2023 — December 31, 2026 Total $ 436

Distributions

Distributions	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Distributions	Distributions The following table reflects the cash distributions per share that the Company has declared on its Common Shares during the years ended December 31, 2023 and 2022: Distribution For the Year Ended December 31, 2023 Per Share Amount 2022 $ — $ — 2023 $ 0.96 $ 8,119 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 was paid on November 28, 2023 to shareholders of record as of the close of business on October 31, 2023. The November 2023 distribution was paid on 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. 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 January 2024 distribution was paid on January 30, 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. The January 2024 distribution was paid on January 30, 2024 to shareholders of record as of the close of business on December 29, 2023. 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. The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the year ended December 31, 2023: Year Ended December 31, 2023 Source of Distribution Distribution Amount Percentage Offering proceeds $ — — Borrowings — — Net investment income (1) 8,119 100 % Short-term capital gains proceeds from the sale of assets — — Long-term capital gains proceeds from the sale of assets — — Non-capital gains proceeds from the sale of assets — — Distributions on account of preferred and common equity — — Total $ 8,119 100 % ________________ (1) During the year ended December 31, 2023, 98.3% of the Company's gross investment income was attributable to cash income earned, 1.5% was attributable to non-cash accretion of discount and 0.2% was attributable to paid-in-kind, or PIK, interest. The Company’s net investment income on a tax basis for the year ended December 31, 2023 was $9,875. As of December 31, 2023 the Company had $2,120 of undistributed net investment income and $3,268 of accumulated capital gains on a tax basis. The Company’s undistributed net investment income on a tax basis may be adjusted following the filing of the Company’s tax returns. The adjustment is in general due to tax-basis income received by the Company differing from GAAP-basis income on account of certain collateralized securities and interests in partnerships and the reclassification of realized gains and losses upon the sale of certain collateralized securities held in its investment portfolio during such period. The difference between the Company’s GAAP-basis net investment income and its tax-basis net investment income is primarily due to the reclassification of unamortized original issue discount and prepayment fees recognized upon prepayment of loans from income for GAAP purposes to realized gains or deferred to future periods for tax purposes and the reversal of the capital gains incentive fee accrued on unrealized gains and the reversal of income earned during the year ended December 31, 2023 prior to becoming a RIC. The following table sets forth a reconciliation between GAAP-basis net investment income and tax-basis net investment income during the year ended December 31, 2023 : Year Ended December 31, 2023 GAAP-basis net investment income $ 10,045 Reversal of capital gains incentive fee 390 Excise taxes 73 Reclassification of unamortized original issue discount and prepayment fees (405) Other miscellaneous differences (228) Tax-basis net investment income $ 9,875 The Company may make certain adjustments to the classification of stockholders' equity as a result of permanent book-to-tax differences. During the year ended December 31, 2023 , the Company increased capital in excess of par value and accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $396 and $389, respectively, and decreased accumulated undistributed (distributions in excess of) net investment income by $(785). The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually on Form 1099-DIV. As of December 31, 2023 , the components of accumulated earnings on a tax basis were as follows: Year Ended December 31, 2023 Distributable ordinary income $ 2,120 Distributable realized gains (accumulated capital losses) — Other temporary differences (390) Net unrealized appreciation (depreciation) (1) 3,268 Total $ 4,998 ________________ (1) As of December 31, 2023, the Company’s gross unrealized appreciation on a tax basis was $3,854. As of December 31, 2023, the Company’s gross unrealized depreciation on a tax basis was $586. The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $260,461 as of December 31, 2023. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis was $3,469 as of December 31, 2023. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from foreign currency transactions.

Investment Portfolio

Investment Portfolio	12 Months Ended
	Dec. 31, 2023
Investment Company [Abstract]
Investment Portfolio	Investment Portfolio The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Amortized Cost (1) Fair Value Percentage of Portfolio Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 201,782 $ 204,314 77.4 % $ 2,634 $ 2,646 39.5 % Subordinated Debt 973 961 0.4 % — — — Asset Based Finance 57,706 58,655 22.2 % 4,064 4,056 60.5 % Total $ 260,461 $ 263,930 100.0 % $ 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 December 31, 2023, the Company held investments in two portfolio companies of which it is deemed to “control.” As of December 31, 2023, the Company did not hold investments in portfolio companies of which it is deemed to be an “affiliated person” but is not deemed to “control.” For additional information with respect to such portfolio companies, see footnote (l) to the consolidated schedule of investments as of December 31, 2023. 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 December 31, 2023, the Company had unfunded debt investments with aggregate unfunded commitments of $72,255. 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 audited consolidated schedules of investments as of December 31, 2023 and 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Industry Classification (1) Fair Value Percentage of Portfolio Fair Value Percentage of Portfolio Banks $ 2,093 0.8 % $ — — Capital Goods 55,589 21.1 % 1,729 25.8 % Commercial & Professional Services 76,758 29.1 % 627 9.4 % Consumer Discretionary Distribution & Retail 2,179 0.8 % — — Consumer Services 12,953 4.9 % — — Consumer Staples Distribution & Retail 16,673 6.3 % 761 11.4 % Financial Services 17,055 6.5 % 993 14.8 % Insurance 29,092 11.0 % 177 2.6 % Pharmaceuticals, Biotechnology & Life Sciences 21,875 8.3 % — — Real Estate Management & Development 3,467 1.3 % 2,415 36.0 % Software & Services 12,698 4.8 % — — Transportation 13,498 5.1 % — — Total $ 263,930 100.0 % $ 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	12 Months Ended
	Dec. 31, 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 December 31, 2023 and 2022 , the Company’s investments were categorized as follows in the fair value hierarchy: Valuation Inputs December 31, 2023 December 31, 2022 Level 1—Price quotations in active markets $ — $ — Level 2—Significant other observable inputs 1,614 571 Level 3—Significant unobservable inputs 262,316 6,131 $ 263,930 $ 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 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 year ended December 31, 2023 and for the period from February 4, 2022 (Inception) through December 31, 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value: For the Year Ended December 31, 2023 Senior Secured Loans—First Lien Subordinated Debt Asset Based Finance Total Fair value at beginning of period $ 2,646 $ — $ 3,485 $ 6,131 Accretion of discount (amortization of premium) 554 1 8 563 Net realized gain (loss) (4) — — (4) Net change in unrealized appreciation (depreciation) 2,520 (12) 881 3,389 Purchases 204,802 947 54,339 260,088 Paid-in-kind interest — 25 — 25 Sales and repayments (6,204) — (1,672) (7,876) Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Fair value at end of period $ 204,314 $ 961 $ 57,041 $ 262,316 The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 2,533 $ (12) $ 881 $ 3,402 For the Period from February 4, 2022 (Inception) through December 31, 2022 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ — $ — $ — Accretion of discount (amortization of premium) 1 1 2 Net realized gain (loss) 0 — — Net change in unrealized appreciation (depreciation) 12 (7) 5 Purchases 2,633 3,491 6,124 Paid-in-kind interest — — — Sales and repayments — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 2,646 $ 3,485 $ 6,131 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 $ 12 $ (7) $ 5 The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements as of December 31, 2023 and 2022 were as follows: Type of Investment Fair Value at December 31, 2023 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 185,976 Discounted Cash Flow Discount Rate 10% - 11.5% (10.9%) Decrease 18,338 Cost Subordinated Debt 961 Discounted Cash Flow Discount Rate 15.4% - 15.4% (15.4%) Decrease Asset Based Finance 39,896 Discounted Cash Flow Discount Rate 5.9% - 43.2% (8%) Decrease 2,679 Waterfall EBITDA Multiple 1.0x - 1.0x (1.0x) Increase 292 Other (2) 14,174 Cost Total $ 262,316 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	12 Months Ended
	Dec. 31, 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 December 31, 2023 , the aggregate amount outstanding of the senior securities issued by the Company was $94,746. As of December 31, 2023 , the Company’s asset coverage was 357%. The following table presents summary information with respect to the Company’s outstanding financing arrangements as of December 31, 2023 . As of December 31, 2023 Arrangement Type of Arrangement Rate Amount Amount Maturity Date Senior Secured Revolving Credit Facility (1) Revolving Credit Facility SOFR+2.13% (2) $ 29,231 (3) $ 20,769 July 19, 2028 K-FIT AB-1 Credit Facility (1) Revolving Credit Facility SOFR+2.75% (2) $ 65,000 $ 185,000 October 10, 2028 Total $ 94,231 $ 205,769 ___________ (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 Euros, pounds sterling. Euro balance outstanding of €2,500 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.11 as of December 31, 2023. Pounds sterling balance outstanding of £9,000 has been converted to U.S dollars at an exchange rate of £1.00 to $1.27 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. For the year ended December 31, 2023, the components of total interest expense for the Company’s financing arrangements were as follows: Arrangement (1) Direct Interest Expense (2) Amortization of Deferred Financing Costs Total Interest Expense Senior Secured Revolving Credit Facility $ 530 $ 131 $ 661 K-FIT AB-1 Credit Facility 329 125 454 Total $ 859 $ 256 $ 1,115 _____________________ (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 year ended December 31, 2023 were $16,194 and 5.31%, respectively. As of December 31, 2023 , the Company’s weighted average effective interest rate on borrowings, including the effect of non-usage fees, was 8.93%. 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 December 31, 2023 . Senior Secured Revolving Credit Facility On July 19, 2023, the Company entered into a senior secured revolving credit facility, or as subsequently amended the Senior Secured Revolving Credit Facility, with Sumitomo Mitsui Banking Corporation, or SMBC, as administrative agent, and the lenders and issuing banks party thereto. The Senior Secured Revolving Credit Facility provides for borrowings in U.S. dollars and certain agreed upon foreign currencies in an aggregate amount of up to $75,000 (increased from $50,000 to $75,000 on January 26, 2024) with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide additional commitments of 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 in an aggregate amount of up to $100,000. As of December 31, 2023, $0 of such letters of credit have been issued. Availability under the Senior Secured Revolving Credit Facility will terminate on July 19, 2027, and the outstanding loans under the Senior Secured Revolving Credit Facility will mature on July 19, 2028. Borrowings under the Senior Secured Revolving Credit Facility are subject to compliance with a borrowing base test. Interest under the Senior Secured Revolving Credit Facility for (i) loans for which the Company elects the base rate option is payable at an “alternate base rate” (which is the greatest of (a) the prime rate as quoted in The Wall Street Journal, (b) the federal funds rate in effect for such day plus 0.50%, and (c) term SOFR plus 1.00% per annum), plus 1.125%, or (ii) loans for which the Company elects the term benchmark option and for loans denominated in GBP, is payable at the applicable benchmark, plus 2.125%. The Company will pay a commitment fee of up to 0.375% per annum 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 request of the Company 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: (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. The Company’s obligations under the Senior Secured Revolving Credit Facility are guaranteed by certain of the Company’s subsidiaries. The Company’s obligations under the Senior Secured Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Company and the subsidiary guarantors thereunder. K-FIT AB-1 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, as amended, the K-FIT AB-1 Credit Facility, with Ally Bank, as administrative agent and arranger, Computershare Trust Company, N.A., as collateral administrator and collateral custodian, and the lenders from time to time party thereto. The K-FIT AB-1 Credit Facility provides for, among other things, borrowings in U.S. dollars in an initial aggregate principal amount of up to $250,000 on a committed basis. K-FIT AB-1 may 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 end of the revolving period and the maturity date for the K-FIT AB-1 Credit Facility are October 10, 2026 and October 10, 2028, respectively. Advances under the K-FIT AB-1 Credit Facility are subject to compliance with a borrowing base test. Under the K-FIT AB-1 Credit Facility, borrowings bear interest at the rate of Daily 1M SOFR plus 2.75% per annum. Interest is payable quarterly in arrears. For the first three months after October 10, 2023, K-FIT AB-1 is subject to a quarterly non-usage fee of 0.50% on the average daily unborrowed portion of the committed facility amount, and thereafter, K-FIT AB-1 is subject to a quarterly non-usage fee between 0.50% and 1.00% on the average daily unborrowed portion of the committed facility amount. Under the K-FIT AB-1 Credit Facility, K-FIT AB-1 has made certain representations and warranties and must comply with various covenants, reporting requirements and other requirements customary for facilities of this type. In addition, after an initial specified period, K-FIT AB-1 must maintain a total interest coverage ratio of at least 150%, measured as of the end of each fiscal quarter. The K-FIT AB-1 Credit Facility contains events of default customary for similar financing transactions. Upon the occurrence and during the continuation of an event of default, Ally Bank may declare the outstanding advances and all other obligations under the K-FIT AB-1 Credit Facility immediately due and payable. K-FIT AB-1’s obligations under the K-FIT AB-1 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 assets; and a pledge by the Company of the equity of K-FIT AB-1. The obligations of K-FIT AB-1 under the K-FIT AB-1 Credit Facility are non-recourse to the Company, and the Company’s exposure under the K-FIT AB-1 Credit Facility is limited to the value of its investment in K-FIT AB-1 and the equity of K-FIT AB-1.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On August 2, 2022, the Company entered into a facility agreement, or the Cliffwater 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 Cliffwater Facility Agreement, or the Warehousing Transaction. The Cliffwater 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 Cliffwater 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 year ended December 31, 2023, the Company purchased investments, including unfunded commitments, with a cost of $162,325 from the Financing Provider. As of December 31, 2023 , $8,400 of these purchases are included in payable for investments purchased in the statement of assets and liabilities. As of December 31, 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 statements of assets and liabilities. 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 December 31, 2023 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Apex Service Partners LLC $ 1,682 Apex Service Partners LLC 4,264 DOXA Insurance Holdings LLC 1,233 DOXA Insurance Holdings LLC 5,465 Highgate Hotels Inc 796 Individual FoodService 1,731 Individual FoodService 1,764 Integrity Marketing Group LLC 4,525 Lazer Logistics Inc 1,228 Lazer Logistics Inc 2,877 Lexitas Inc 4,643 Lipari Foods LLC 1,930 Magna Legal Services LLC 845 Magna Legal Services LLC 3,483 Radwell International LLC/PA 1,172 Shaw Development LLC 1,027 Spotless Brands LLC 9,706 Subordinated Debt Apex Service Partners LLC 485 Asset Based Finance Altitude II IRL WH Borrower DAC, Revolver 71 Bausch Health Cos Inc, Revolver 15,625 TalkTalk Telecom Group Ltd, Revolver 3,216 Weber-Stephen Products LLC, Revolver 4,487 Total $ 72,255 Unfunded Equity/Other commitments $ 10,905 __________ (1) May be commitments to one or more entities affiliated with the named company. As of December 31, 2023 , the Company’s debt commitments are comprised of $36,643 revolving credit facilities and $35,610 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 $18. 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 December 31, 2023 and December 31, 2022 .

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following is a schedule of financial highlights of the Company for the year ended December 31, 2023 : Year Ended December 31, 2023 Per Share Data: (1) Net asset value, beginning of period $ 25.82 Results of operations (2) Net investment income (loss) 2.74 Net realized gain (loss) and unrealized appreciation (depreciation) 2.01 Net increase (decrease) in net assets resulting from operations 4.75 Shareholder distributions (3) Distributions from net investment income (0.96) Net decrease in net assets resulting from shareholder distributions (0.96) 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 $ 28.84 Shares outstanding, end of period 8,457,385 Total return based on net asset value (5) 15.41 % Ratio/Supplemental Data: Net assets, end of period $ 243,894 Ratio of net investment income to average net assets (6) 9.59 % Ratio of total operating expenses to average net assets (6) 6.12 % Ratio of waived expenses to average net assets (6) (2.59) % Ratio of net operating expenses to average net assets (6) 3.53 % Portfolio turnover 8.40 % Total amount of senior securities outstanding, exclusive of treasury securities $ 94,746 Asset coverage per unit (7) 3.57 ____________________ (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 year ended December 31, 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. The following is a schedule of supplemental ratios for the year ended December 31, 2023: Year Ended December 31, 2023 Ratio of accrued capital gains incentive fees to average net assets 0.37 % Ratio of interest expense to average net assets 1.06 % (7) 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. During the period from July 25, 2022 (commencement of operations) through December 31, 2022, the Company was a partnership without unitized shares. As such, no NAV per share data for that period has been presented. Total expenses and net investment income ratios as a percentage of net assets for the period were 6.94% and 5.38%, respectively. Total return for the period was 3.26%. Neither the ratios, nor the return for the period have been annualized.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Senior Secured Revolving Credit Facility On January 26, 2024, the Company entered into a First Amendment to the Senior Secured Revolving Credit Agreement. The First Amendment provides for: (1) the addition of Bank of America, N.A., as a new lender, with a $25 million commitment, and (2) the amendment of the benchmark floating rate for borrowings in Canadian Dollars from the now-retired CDO Rate (Canadian Dollar Offered Rate) to its successor CORRA, or the Canadian Overnight Repo Rate Average. Distributions On January 5, 2024, the Board declared a distribution of $0.24 per Common Share, which was paid on February 27, 2024 to shareholders of record as of the close of business on January 31, 2024. On February 20, 2024, the Board declared a distribution of $0.24 per Common Share, payable on or about March 26, 2024 to shareholders of record as of the close of business on February 29, 2024. Additionally, on March 7, 2024 the Board declared a distribution of $0.25 per Common Share payable on or about April 26, 2024 to shareholders of record as of the close of business on March 28, 2024. Shareholders may receive the distribution payments in cash or in Common Shares in accordance with their election under the Company’s distribution reinvestment plan. Private Offering Closing On March 1, 2024, the Company issued and sold Common Shares in the Private Offering pursuant to subscription agreements entered into with the participating investors for aggregate consideration of $45.8 million. The final number of Common Shares issued as of March 1, 2024 in connection with the monthly closing will be determined at a later date in connection with the Company’s determination of its net asset value per Common Share as of February 29, 2024.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	The following is the quarterly results of operations for the year ended December 31, 2023. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Investment income $ 8,317 $ 4,474 $ 720 $ 233 Operating expenses Net expenses and excise taxes 1,766 1,281 652 — Net investment income 6,551 3,193 68 233 Realized and unrealized gain (loss) (112) 1,631 1,604 162 Net increase (decrease) in net assets resulting from operations $ 6,439 $ 4,824 $ 1,672 $ 395 Per share information-basic and diluted Net investment income $ 0.77 $ 0.63 $ 0.10 $ 0.74 Net increase (decrease) in net assets resulting from operations $ 0.76 $ 0.94 $ 2.48 $ 1.25 Weighted average shares outstanding 8,457,385 5,106,788 667,273 316,222 The sum of quarterly per share amounts does not necessarily equal per share amounts reported for the years ended December 31, 2023. This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				11 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Dec. 31, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 6,439	$ 4,824	$ 1,672	$ 395	$ 229	[1],[2]	$ 13,330
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 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-K
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 Well-known Seasoned Issuer	No
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Financial Highlights [Abstract]
Senior Securities [Table Text Block]	Year Ended December 31, Total Amount Asset Coverage per Unit (1) Involuntary Liquidation Preference per Unit (2) Average Market Value per Unit (3) (Exclude Bank Loans) 2023 $94,746 $ 3,574 — N/A __________ (1) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. This asset coverage ratio multiplied by $1,000 to determine the “Asset Coverage per Unit”. (2) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the Company in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (3) Not applicable because senior securities are not registered for public trading on an exchange.
Senior Securities Amount	$ 94,746
Senior Securities Coverage per Unit	$ 3,574
Senior Securities, Note [Text Block]	Senior Securities Asset Coverage Year Ended December 31, Total Amount Asset Coverage per Unit (1) Involuntary Liquidation Preference per Unit (2) Average Market Value per Unit (3) (Exclude Bank Loans) 2023 $94,746 $ 3,574 — N/A __________ (1) Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. This asset coverage ratio multiplied by $1,000 to determine the “Asset Coverage per Unit”. (2) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the Company in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (3) Not applicable because senior securities are not registered for public trading on an exchange.
Senior Securities Averaging Method, Note [Text Block]	Not applicable because senior securities are not registered for public trading on an exchange.
Senior Securities Headings, Note [Text Block]	Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. This asset coverage ratio multiplied by $1,000 to determine the “Asset Coverage per Unit”. (2) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the Company in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (3) Not applicable because senior securities are not registered for public trading on an exchange.
General Description of Registrant [Abstract]
NAV Per Share	$ 28.84		$ 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)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation : The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. 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 . The Company has evaluated the impact of subsequent events through the date the consolidated financial statements were issued and filed with the U.S. Securities and Exchange Commission, or the SEC.
Use of Estimates	Use of Estimates: The preparation of the 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:
Organizational and Offering	Organizational and Offering: 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.
Valuation of Portfolio Investments and Determination of NAV	Valuation of Portfolio Investments and Determination of NAV Valuation of Portfolio Investments 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. As permitted by Rule 2a-5 of the 1940 Act, 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. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC Topic 820, issued by the FASB clarifies the definition of fair value and requires companies to expand their disclosure about the use of fair value to measure assets and liabilities in interim and annual periods subsequent to initial recognition. ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical securities; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Adviser determines the fair value of the Company’s investment portfolio on at least a quarterly basis. Securities that are publicly-traded with readily available market prices will be valued at the reported closing price on the valuation date. Securities that are not publicly-traded with readily available market prices will be valued at fair value as determined in good faith by the Adviser, in accordance with valuation policies approved by the Board. In connection with that determination, the Adviser will prepare portfolio company valuations which are based on relevant inputs, including, but not limited to, indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts, and valuations prepared by independent third-party pricing and valuation services. With respect to investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below: • the Company’s quarterly fair valuation process begins by the Adviser facilitating the delivery of updated quarterly financial and other information relating to each investment to an independent third-party pricing or valuation service; • the independent third-party pricing or valuation service then reviews and analyzes the information, along with relevant market and economic data, and determines proposed valuations for each portfolio company or investment according to the valuation methodologies in the Adviser’s valuation policy and communicates the information to the Adviser in the form of a valuation range for Level 3 assets; • the Adviser then reviews the preliminary valuation information for each portfolio company or investment and provides feedback about the accuracy, completeness and timeliness of the valuation-related inputs considered by the independent third-party pricing or valuation service and any suggested revisions thereto prior to the independent third-party pricing or valuation service finalizing its valuation range; • the Adviser then provides the Board’s valuation committee with its valuation determinations and valuation-related information for each portfolio company or investment, along with any applicable supporting materials; and other information that is relevant to the fair valuation process as required by the Adviser’s Board-reporting obligations; • the Board’s valuation committee meets with the Adviser to receive the relevant quarterly reporting from the Adviser and to discuss any questions from the valuation committee in connection with the valuation committee’s role in overseeing the fair valuation process; and • following the completion of its fair value oversight activities, the valuation committee (with the assistance of the Adviser) provides the Board with a report regarding the quarterly valuation process. In circumstances where the Adviser deems appropriate, the Adviser’s internal valuation team values certain investments. When performing the internal valuations, the Adviser utilizes similar valuation techniques as an independent third-party pricing service would use. Such valuations are approved by an internal valuation committee of the Adviser, with oversight from the valuation committee of the Board, as described above. Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations and any change in such valuations on the Company’s consolidated financial statements. In making its determination of fair value, the Adviser may use any independent third-party pricing or valuation services for which it has performed the appropriate level of due diligence. However, the Adviser is not required to determine fair value in accordance with the valuation provided by any single source, and may use any relevant data, including information sourced by the Adviser or provided by any independent third-party valuation or pricing service that the Adviser deems to be reliable in determining fair value under the circumstances. Below is a description of factors that the Adviser and any independent third-party valuation services may consider when determining the fair value of the Company’s investments. The valuation methods utilized for each portfolio company may vary depending on industry and company-specific considerations. Typically, the first step is to make an assessment as to the enterprise value of the portfolio company’s business in order to establish whether the portfolio company’s enterprise value is greater than the amount of its debt as of the valuation date. This analysis helps to determine a risk profile for the applicable portfolio company and its related investments, and the appropriate valuation methodology to utilize as part of the security valuation analysis. The enterprise valuation may be determined using a market or income approach. Valuation of fixed income investments, such as loans and debt securities, depends upon a number of factors, including prevailing interest rates for like securities, expected volatility in future interest rates, call features, put features and other relevant terms of the debt. For investments without readily available market prices, the Adviser may incorporate these factors into discounted cash flow models to arrive at fair value. Various methods may be used to determine the appropriate discount rate in a discounted cash flow model. Domestic and foreign fixed-income instruments and non-exchange traded derivatives are normally valued on the basis of quotes obtained from brokers and dealers or pricing services using data reflecting the earlier closing of the principal markets for those securities. Bank loans, including senior secured floating rate and fixed-rate loans, are valued by using readily available market quotations or another commercially reasonable method selected by an independent, third-party pricing service that has been engaged by the Adviser, or, if such independent, third-party valuations are not available, by using broker quotations. Senior secured adjustable, variable or floating rate loans for which an active secondary market exists to a reliable degree will be valued at the bid price in the market for such loans, as provided by a loan pricing service. Directly originated loans are valued on an individual loan level. In doing so, the Adviser may engage an independent, third-party valuation agent, and fair valuation of such loans will be performed using inputs that incorporate borrower level data, including significant events affecting the issuer or collateral and market developments. Prices obtained from independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. The value of swaps, including credit default swaps, total return swaps and interest rate swaps will be determined by obtaining at least one dealer quotation (including information from counterparties) or valuations from third-party pricing services. If no quotations or valuations are available, or if such quotations or valuations are believed to be unreliable, swaps will be fair valued pursuant to procedures adopted by the Adviser and overseen by the Board. Other factors that may be considered include the borrower’s ability to adequately service its debt, the fair market value of the borrower in relation to the face amount of its outstanding debt and the quality of collateral securing the debt investments. For convertible debt securities, fair value generally approximates the fair value of the debt plus the fair value of an option to purchase the underlying security (i.e., the security into which the debt may convert) at the conversion price. To value such an option, a standard option pricing model may be used. The Company’s equity interests in portfolio companies for which there is no liquid public market are valued at fair value. Generally, the value of the Company’s equity interests in public companies for which market quotations are readily available is based upon the most recent closing public market price. Portfolio securities that carry certain restrictions on sale are typically valued at a discount from the public market value of the security. The Adviser will normally use pricing data for domestic or foreign equity securities received shortly after the close of the primary securities exchange on which such securities trade and does not normally take into account trading, clearances or settlements that take place after the close of the exchange. When the Company receives warrants or other equity securities at nominal or no additional cost in connection with an investment in a debt security, the cost basis in the investment will be allocated between the debt securities and any such warrants or other equity securities received at the time of origination. The Adviser subsequently values these warrants or other equity securities received at their fair value. See Note 7 to the Company’s audited consolidated financial statements included herein for additional information regarding the fair value of the Company’s financial instruments. Determination of NAV The Company expects to determine its NAV for the Common Shares each month as of the last day of each calendar month, and in no event less frequently than quarterly. The NAV per share for the Company’s Common Shares is determined by dividing the value of total assets attributable to the Common Shares minus liabilities attributable to the Common Shares by the total number of Common Shares outstanding at the date as of which the determination is made. The Company will use the valuation procedures set forth above in order to determine the NAV, as applied by the Adviser as the Company’s valuation designee under Rule 2a-5 under the 1940 Act. Fair value pricing may require subjective determinations about the value of a security. If events materially affecting the price of foreign portfolio securities occur between the time when their price was last determined on such foreign securities exchange or market and the time when the Company’s NAV was last calculated (for example, movements in certain U.S. securities indices which demonstrate strong correlation to movements in certain foreign securities markets), such securities may be valued at their fair value as determined in good faith in accordance with procedures established by the Adviser and overseen by the Board. For purposes of calculating NAV, all assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars at prevailing exchange rates as may be determined in good faith by the Adviser under the supervision of the Board. Although the Adviser’s policy is intended to result in a calculation of the Company’s NAV that fairly reflects security values as of the time of pricing, the Company cannot ensure that fair values determined by the Adviser would accurately reflect the price that the Company could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Adviser when determining fair value may differ from the value that would be realized if the securities were sold. The NAV calculation is available generally within 20 business days after the end of the applicable month. Changes in the Company’s monthly NAV will reflect factors including, but not limited to, accruals for net portfolio income, interest expense and unrealized/realized gains (losses) on assets, any applicable organization and offering costs and any expense reimbursements. When the Adviser determines NAV as of a day that is not the last day of a calendar quarter in connection with a closing under the Private Offering, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter-end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Adviser’s valuation policy, pursuant to authority designated by the Board. Additionally, the Adviser may otherwise determine to update the most recent quarter-end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm. The most recently determined NAV per share for the Common Shares will be reported by the Company under cover of a Current Report on Form 8-K filed with the SEC. 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.
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 agreed to extend the waiver of the Company’s base management fee and subordinated incentive fee on income through March 31, 2025. Previously, the Adviser had agreed to waive the base management fee and 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	Reclassifications: Certain amounts in 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 consolidated financial statements as of and for the year ended December 31, 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 year ended December 31, 2023 and 2022 , the Company recognized $1,727 and $0, respectively in structuring fee revenue. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.
Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency	Net Realized Gains or Losses, Net Change in Unrealized Appreciation or Depreciation and Net Change in Unrealized Gains or Losses on Foreign Currency: Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. Net change in unrealized gains or losses on foreign currency reflects the change in the value of receivables or accruals during the reporting period due to the impact of foreign currency fluctuations.
Distributions	Distributions: Distributions to the Company’s shareholders are recorded as of the record date. Subject to the discretion of the Board and applicable legal restrictions, the Company intends to declare and pay such distributions on Common Shares on a monthly basis. Net realized capital gains, if any, are distributed or deemed distributed at least annually.
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 in tends to qualify annually thereafter, as a RIC under the Code. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements, as well as distribute to its shareholders, for each tax year, at least 90% of its “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, determined without regard to any deduction for distributions paid. As a RIC, the Company will not have to pay corporate-level U.S. federal income taxes on any income that it distributes to its shareholders. The Company intends to make distributions in an amount sufficient to qualify for and maintain its RIC tax status each tax year and to not pay any U.S. federal income taxes on income so distributed. The Company is also subject to nondeductible federal excise taxes if it does not distribute in respect of each calendar year an amount at least equal to the sum of 98% of net ordinary income, 98.2% of any capital gain net income, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. The Company accrued $73, and $0 in estimated excise taxes payable in respect of income received during the years ended December 31, 2023 , and 2022 , respectively. During the years ended December 31, 2023 , and 2022 , the Company paid $0, and $0, respectively, in excise and other taxes. The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax benefits or liabilities in the Company’s consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. During the years ended December 31, 2023 , and 2022 , the Company did not incur any interest or penalties. The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years, and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s financial statements. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
Recent Accounting Pronouncements	Recent Accounting Pronouncements: In June 2022, the FASB issued ASU 2022-03, “ Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), ” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements.

Share Transactions (Tables)

Share Transactions (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Shares Amount Shares Amount Gross Proceeds from Offering 8,177,385 $ 231,500 280,000 $ 7,000 Total Gross Proceeds 8,177,385 231,500 280,000 7,000 Commissions and Dealer Manager Fees — — — — Net Proceeds from Share Transactions 8,177,385 $ 231,500 280,000 $ 7,000

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2023: Year Ended Related Party December 31, Source Agreement Description 2023 2022 The Adviser Investment advisory agreement Base Management Fee (1) $ 1,345 $ — The Adviser Investment advisory agreement Capital Gains Incentive Fee (2) $ 390 $ — The Adviser Investment advisory agreement Subordinated Incentive Fee on Income (3) $ 1,218 $ — The Adviser Administration agreement Administrative Services Expenses (4) $ 895 $ — ________________ (1) The Adviser agreed to waive all management fees accrued under the Advisory Agreement through March 31, 2025. As of December 31, 2023, no management fees were payable to the Adviser. (2) During the year ended December 31, 2023, the Company accrued capital gains incentive fees of  $390 based on the performance of its portfolio, of which $477 was based on unrealized appreciation and $(87) 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 March 31, 2025. As of December 31, 2023, no subordinated incentive fees on income were payable to the Adviser. (4) During the year ended December 31, 2023, $655 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 $241 for the year ended December 31, 2023. The Company paid $721 in administrative services expenses to the Adviser during the year ended December 31, 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 December 31, 2023 — December 31, 2026 Total $ 436

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Cash Distributions Paid on Common Stock Including Tax Basis	The following table reflects the cash distributions per share that the Company has declared on its Common Shares during the years ended December 31, 2023 and 2022: Distribution For the Year Ended December 31, 2023 Per Share Amount 2022 $ — $ — 2023 $ 0.96 $ 8,119 The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the year ended December 31, 2023: Year Ended December 31, 2023 Source of Distribution Distribution Amount Percentage Offering proceeds $ — — Borrowings — — Net investment income (1) 8,119 100 % Short-term capital gains proceeds from the sale of assets — — Long-term capital gains proceeds from the sale of assets — — Non-capital gains proceeds from the sale of assets — — Distributions on account of preferred and common equity — — Total $ 8,119 100 % ________________ (1) During the year ended December 31, 2023, 98.3% of the Company's gross investment income was attributable to cash income earned, 1.5% was attributable to non-cash accretion of discount and 0.2% was attributable to paid-in-kind, or PIK, interest.
Reconciliation of Net Investment Income and Tax-basis Net Investment Income	The following table sets forth a reconciliation between GAAP-basis net investment income and tax-basis net investment income during the year ended December 31, 2023 : Year Ended December 31, 2023 GAAP-basis net investment income $ 10,045 Reversal of capital gains incentive fee 390 Excise taxes 73 Reclassification of unamortized original issue discount and prepayment fees (405) Other miscellaneous differences (228) Tax-basis net investment income $ 9,875
Components of Accumulated Earnings	As of December 31, 2023 , the components of accumulated earnings on a tax basis were as follows: Year Ended December 31, 2023 Distributable ordinary income $ 2,120 Distributable realized gains (accumulated capital losses) — Other temporary differences (390) Net unrealized appreciation (depreciation) (1) 3,268 Total $ 4,998 ________________ (1) As of December 31, 2023, the Company’s gross unrealized appreciation on a tax basis was $3,854. As of December 31, 2023, the Company’s gross unrealized depreciation on a tax basis was $586.

Investment Portfolio (Tables)

Investment Portfolio (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Amortized Cost (1) Fair Value Percentage of Portfolio Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured Loans—First Lien $ 201,782 $ 204,314 77.4 % $ 2,634 $ 2,646 39.5 % Subordinated Debt 973 961 0.4 % — — — Asset Based Finance 57,706 58,655 22.2 % 4,064 4,056 60.5 % Total $ 260,461 $ 263,930 100.0 % $ 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 Industry Classification (1) Fair Value Percentage of Portfolio Fair Value Percentage of Portfolio Banks $ 2,093 0.8 % $ — — Capital Goods 55,589 21.1 % 1,729 25.8 % Commercial & Professional Services 76,758 29.1 % 627 9.4 % Consumer Discretionary Distribution & Retail 2,179 0.8 % — — Consumer Services 12,953 4.9 % — — Consumer Staples Distribution & Retail 16,673 6.3 % 761 11.4 % Financial Services 17,055 6.5 % 993 14.8 % Insurance 29,092 11.0 % 177 2.6 % Pharmaceuticals, Biotechnology & Life Sciences 21,875 8.3 % — — Real Estate Management & Development 3,467 1.3 % 2,415 36.0 % Software & Services 12,698 4.8 % — — Transportation 13,498 5.1 % — — Total $ 263,930 100.0 % $ 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)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Hierarchy	As of December 31, 2023 and 2022 , the Company’s investments were categorized as follows in the fair value hierarchy: Valuation Inputs December 31, 2023 December 31, 2022 Level 1—Price quotations in active markets $ — $ — Level 2—Significant other observable inputs 1,614 571 Level 3—Significant unobservable inputs 262,316 6,131 $ 263,930 $ 6,702
Schedule of Reconciliation Fair Value, Assets	The following is a reconciliation for the year ended December 31, 2023 and for the period from February 4, 2022 (Inception) through December 31, 2022 of investments for which significant unobservable inputs (Level 3) were used in determining fair value: For the Year Ended December 31, 2023 Senior Secured Loans—First Lien Subordinated Debt Asset Based Finance Total Fair value at beginning of period $ 2,646 $ — $ 3,485 $ 6,131 Accretion of discount (amortization of premium) 554 1 8 563 Net realized gain (loss) (4) — — (4) Net change in unrealized appreciation (depreciation) 2,520 (12) 881 3,389 Purchases 204,802 947 54,339 260,088 Paid-in-kind interest — 25 — 25 Sales and repayments (6,204) — (1,672) (7,876) Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Fair value at end of period $ 204,314 $ 961 $ 57,041 $ 262,316 The amount of total gains or (losses) for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date $ 2,533 $ (12) $ 881 $ 3,402 For the Period from February 4, 2022 (Inception) through December 31, 2022 Senior Secured Loans—First Lien Asset Based Finance Total Fair value at beginning of period $ — $ — $ — Accretion of discount (amortization of premium) 1 1 2 Net realized gain (loss) 0 — — Net change in unrealized appreciation (depreciation) 12 (7) 5 Purchases 2,633 3,491 6,124 Paid-in-kind interest — — — Sales and repayments — — — Transfers into Level 3 — — — Transfers out of Level 3 — — — Fair value at end of period $ 2,646 $ 3,485 $ 6,131 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 $ 12 $ (7) $ 5
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 December 31, 2023 and 2022 were as follows: Type of Investment Fair Value at December 31, 2023 Valuation Unobservable Range (Weighted Average) Impact to Valuation from an Increase in Input (1) Senior Debt $ 185,976 Discounted Cash Flow Discount Rate 10% - 11.5% (10.9%) Decrease 18,338 Cost Subordinated Debt 961 Discounted Cash Flow Discount Rate 15.4% - 15.4% (15.4%) Decrease Asset Based Finance 39,896 Discounted Cash Flow Discount Rate 5.9% - 43.2% (8%) Decrease 2,679 Waterfall EBITDA Multiple 1.0x - 1.0x (1.0x) Increase 292 Other (2) 14,174 Cost Total $ 262,316 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)	12 Months Ended
	Dec. 31, 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 December 31, 2023 . As of December 31, 2023 Arrangement Type of Arrangement Rate Amount Amount Maturity Date Senior Secured Revolving Credit Facility (1) Revolving Credit Facility SOFR+2.13% (2) $ 29,231 (3) $ 20,769 July 19, 2028 K-FIT AB-1 Credit Facility (1) Revolving Credit Facility SOFR+2.75% (2) $ 65,000 $ 185,000 October 10, 2028 Total $ 94,231 $ 205,769 ___________ (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 Euros, pounds sterling. Euro balance outstanding of €2,500 has been converted to U.S. dollars at an exchange rate of €1.00 to $1.11 as of December 31, 2023. Pounds sterling balance outstanding of £9,000 has been converted to U.S dollars at an exchange rate of £1.00 to $1.27 as of December 31, 2023 to reflect total amount outstanding in U.S. dollars. For the year ended December 31, 2023, the components of total interest expense for the Company’s financing arrangements were as follows: Arrangement (1) Direct Interest Expense (2) Amortization of Deferred Financing Costs Total Interest Expense Senior Secured Revolving Credit Facility $ 530 $ 131 $ 661 K-FIT AB-1 Credit Facility 329 125 454 Total $ 859 $ 256 $ 1,115 _____________________ (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)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	As of December 31, 2023 , the Company’s unfunded commitments consisted of the following: Category / Company (1) Commitment Amount Senior Secured Loans—First Lien Apex Service Partners LLC $ 1,682 Apex Service Partners LLC 4,264 DOXA Insurance Holdings LLC 1,233 DOXA Insurance Holdings LLC 5,465 Highgate Hotels Inc 796 Individual FoodService 1,731 Individual FoodService 1,764 Integrity Marketing Group LLC 4,525 Lazer Logistics Inc 1,228 Lazer Logistics Inc 2,877 Lexitas Inc 4,643 Lipari Foods LLC 1,930 Magna Legal Services LLC 845 Magna Legal Services LLC 3,483 Radwell International LLC/PA 1,172 Shaw Development LLC 1,027 Spotless Brands LLC 9,706 Subordinated Debt Apex Service Partners LLC 485 Asset Based Finance Altitude II IRL WH Borrower DAC, Revolver 71 Bausch Health Cos Inc, Revolver 15,625 TalkTalk Telecom Group Ltd, Revolver 3,216 Weber-Stephen Products LLC, Revolver 4,487 Total $ 72,255 Unfunded Equity/Other commitments $ 10,905 __________ (1) May be commitments to one or more entities affiliated with the named company.

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2023
Investment Company [Abstract]
Schedule of Investment Company, Financial Highlights	The following is a schedule of financial highlights of the Company for the year ended December 31, 2023 : Year Ended December 31, 2023 Per Share Data: (1) Net asset value, beginning of period $ 25.82 Results of operations (2) Net investment income (loss) 2.74 Net realized gain (loss) and unrealized appreciation (depreciation) 2.01 Net increase (decrease) in net assets resulting from operations 4.75 Shareholder distributions (3) Distributions from net investment income (0.96) Net decrease in net assets resulting from shareholder distributions (0.96) 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 $ 28.84 Shares outstanding, end of period 8,457,385 Total return based on net asset value (5) 15.41 % Ratio/Supplemental Data: Net assets, end of period $ 243,894 Ratio of net investment income to average net assets (6) 9.59 % Ratio of total operating expenses to average net assets (6) 6.12 % Ratio of waived expenses to average net assets (6) (2.59) % Ratio of net operating expenses to average net assets (6) 3.53 % Portfolio turnover 8.40 % Total amount of senior securities outstanding, exclusive of treasury securities $ 94,746 Asset coverage per unit (7) 3.57 ____________________ (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 year ended December 31, 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. The following is a schedule of supplemental ratios for the year ended December 31, 2023: Year Ended December 31, 2023 Ratio of accrued capital gains incentive fees to average net assets 0.37 % Ratio of interest expense to average net assets 1.06 % (7) 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.

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results of Operations	The following is the quarterly results of operations for the year ended December 31, 2023. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Quarter Ended December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Investment income $ 8,317 $ 4,474 $ 720 $ 233 Operating expenses Net expenses and excise taxes 1,766 1,281 652 — Net investment income 6,551 3,193 68 233 Realized and unrealized gain (loss) (112) 1,631 1,604 162 Net increase (decrease) in net assets resulting from operations $ 6,439 $ 4,824 $ 1,672 $ 395 Per share information-basic and diluted Net investment income $ 0.77 $ 0.63 $ 0.10 $ 0.74 Net increase (decrease) in net assets resulting from operations $ 0.76 $ 0.94 $ 2.48 $ 1.25 Weighted average shares outstanding 8,457,385 5,106,788 667,273 316,222

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2022	[1]	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Organizational expenses			$ 1,500
Payments form adviser in organizational and offering expenses			2,820	$ 1,541
Excise taxes	$ 0		73	0
Income Taxes Paid			0	0
Structuring Fees
Related Party Transaction [Line Items]
Structuring fee revenue			$ 1,727	$ 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%
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022.

Share Transactions - Schedule o

Share Transactions - Schedule of Common Stock Transactions (Details) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2022	[1]	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds From Offering (in shares)			8,177,385	280,000
Gross Proceeds from Offering	$ 7,000		$ 231,500	$ 7,000
Commissions and Dealer Manager Fees (in shares)			0	0
Commissions and Dealer Manager Fees			$ 0	$ 0
Net Proceeds from Share Transactions (in shares)			8,177,385	280,000
Net Proceeds from Share Transactions			$ 231,500	$ 7,000
IPO
Investment Company, Change in Net Assets [Line Items]
Gross Proceeds From Offering (in shares)			8,177,385	280,000
Gross Proceeds from Offering			$ 231,500	$ 7,000
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022.

Share Transactions - Narrative

Share Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	12 Months Ended
	Apr. 03, 2023	Sep. 30, 2024	Dec. 31, 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
Number of shares issued per investor (in shares)	1
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
Private Placement
Class of Stock [Line Items]
Capital committed			$ 445,000
Called capital contributions			$ 238,500
Number of shares issued in capital contributions exchange (in shares)			8,457,385
Percent of total capital commitments called			53.60%

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands		11 Months Ended		12 Months Ended
		Dec. 31, 2022	[1]	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Expense payments subject to reimbursement	[2]	$ 0		$ 2,563
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
Period subject to expense reimbursement				3 years
Expense payments subject to reimbursement				$ 147	$ 289
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022. 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 - Fe

Related Party Transactions - Fees And Expenses Accrued (Details) - USD ($)		11 Months Ended		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Base Management Fee		$ 0	[1]	$ 1,345,000
Capital Gains Incentive Fee	[2]	0	[1]	390,000
Subordinated Incentive Fee on Income	[2]	0	[1]	1,218,000
Administrative Services Expenses		0	[1]	895,000
Accrued capital gains incentive fee	[3]	$ 0		390,000	$ 0
Related Party
Related Party Transaction [Line Items]
Base Management Fee				1,345,000	0
Capital Gains Incentive Fee				390,000	0
Subordinated Incentive Fee on Income				1,218,000	0
Administrative Services Expenses				895,000	$ 0
Management fees payable				0
Accrued capital gains incentive fee				0
Allocation of costs of administrative personnel for services rendered				655,000
Broken deal cost				241,000
Payment for administrative services expenses				721,000
Related Party | Incentive Fee on Unrealized Gains
Related Party Transaction [Line Items]
Incentive fee expense (credit)				477,000
Related Party | Incentive Fee on Realized Gains
Related Party Transaction [Line Items]
Incentive fee expense (credit)				$ (87,000)
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022. 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. See Note 2 for a discussion of the methodology employed by the Company in calculating the capital gains 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						18 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2023
Expense Support Agreement
Related Party Transaction [Line Items]
Expense support receivable	$ 0	$ 0	$ 0	$ 147	$ 13	$ 276	$ 436

Distributions - Cash Distributi

Distributions - Cash Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2022	[1]	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)			$ 0.96
Common Stock
Investment Company, Financial Highlights [Line Items]
Distribution (in dollars per share)			$ 0.96	$ 0
Distribution	$ 0		$ 8,119	$ 0
[1]Represents the period from February 4, 2022 (Inception) through December 31, 2022

Distributions - Narrative (Deta

Distributions - Narrative (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Dec. 29, 2023 $ / shares	Nov. 30, 2023 $ / shares	Nov. 12, 2023 $ / shares	Oct. 31, 2023 $ / shares	Sep. 29, 2023 $ / shares	Dec. 31, 2023 USD ($)	Sep. 26, 2023 dividend
Investment Company, Change in Net Assets [Line Items]
Number of common stock, dividends, declared | dividend							4
Distributions (in USD per share) | $ / shares	$ 0.24	$ 0.24		$ 0.24	$ 0.24
Common stock, dividends (in USD per share) | $ / shares			$ 0.24
Tax-basis net investment income						$ 9,875
Distributable ordinary income						2,120
Accumulated long-term capital gain (loss)						3,268
Tax reclassification, increase (decrease)						(785)
Aggregate cost of investments for income tax purposes						260,461
Aggregate net unrealized appreciation (depreciation) on investments on a tax basis						3,469
Additional Paid-in Capital
Investment Company, Change in Net Assets [Line Items]
Tax reclassification, increase (decrease)						396
Net Investment Income | Retained Earnings
Investment Company, Change in Net Assets [Line Items]
Tax reclassification, increase (decrease)						$ 389

Distributions - Cash Distribu_2

Distributions - Cash Distributions on Common Stock (Details) - USD ($) $ in Thousands	11 Months Ended		12 Months Ended
	Dec. 31, 2022	[1]	Dec. 31, 2023	Dec. 31, 2022
Percentage
Offering proceeds			0%
Borrowings			0%
Net investment income			100%
Short-term capital gains proceeds from the sale of assets			0%
Long-term capital gains proceeds from the sale of assets			0%
Non-capital gains proceeds from the sale of assets			0%
Distributions on account of preferred and common equity			0%
Total			100%
Gross investment income attributable to cash income earned			98.30%
Gross investment income attributable to non-cash accretion of discount			1.50%
Gross investment income attributable to paid-in-kind interest			0.20%
Common Stock
Distribution Amount
Offering proceeds			$ 0
Borrowings			0
Net investment income			8,119
Short-term capital gains proceeds from the sale of assets			0
Long-term capital gains proceeds from the sale of assets			0
Non-capital gains proceeds from the sale of assets			0
Distributions on account of preferred and common equity			0
Total	$ 0		$ 8,119	$ 0
[1]Represents the period from February 4, 2022 (Inception) through December 31, 2022

Distributions - Reconciliation

Distributions - Reconciliation Between GAAP-Basis Net Investment Income And Tax-basis Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended				11 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1],[2]	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Net investment income (loss)	$ 6,551	$ 3,193	$ 68	$ 233	$ 224		$ 10,045
Reversal of capital gains incentive fee							390
Excise taxes							73
Reclassification of unamortized original issue discount and prepayment fees							(405)
Other miscellaneous differences							(228)
Tax-basis net investment income							$ 9,875
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022.

Distributions - Components Of A

Distributions - Components Of Accumulated Earnings On A Tax Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Distributable ordinary income	$ 2,120
Distributable realized gains (accumulated capital losses)	0
Other temporary differences	(390)
Net unrealized appreciation (depreciation)	3,268
Total	4,998	$ 229
Unrealized appreciation on a tax basis	3,854
Unrealized depreciation on a tax basis	$ 586

Investment Portfolio - Composit

Investment Portfolio - Composition by Investment Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 260,461	[1]	$ 6,698	[2]
Fair Value	$ 263,930	[1],[3]	$ 6,702	[2],[4]
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	$ 201,782	[1]	$ 2,634	[2]
Fair Value	$ 204,314	[1],[3]	$ 2,646	[2],[4]
Net Senior Secured Loans—First Lien | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	77.40%		39.50%
Subordinated Debt
Schedule of Investments [Line Items]
Amortized Cost	$ 973	[1]	$ 0
Fair Value	$ 961	[1],[3]	$ 0
Subordinated Debt | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.40%		0%
Asset Based Finance
Schedule of Investments [Line Items]
Amortized Cost	$ 57,706	[1]	$ 4,064	[2]
Fair Value	$ 58,655	[1],[3]	$ 4,056	[2],[4]
Asset Based Finance | Percentage of Portfolio | Investment Type Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	22.20%		60.50%
[1] Security may be an obligation of one or more entities affiliated with the named company. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. See Note 7 for additional information regarding the fair value of the Company’s financial instruments.

Investment Portfolio - Narrativ

Investment Portfolio - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)
Investment Company [Abstract]
Number of investments in portfolio companies | investment	2
Unfunded equity/other commitments | $	$ 72,255	$ 1,627

Investment Portfolio - Compos_2

Investment Portfolio - Composition by Industry Sector (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Fair Value	$ 263,930	[1],[2]	$ 6,702	[3],[4]
Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	100%		100%
Banks
Schedule of Investments [Line Items]
Fair Value	$ 2,093		$ 0
Banks | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.80%		0%
Capital Goods
Schedule of Investments [Line Items]
Fair Value	$ 55,589		$ 1,729
Capital Goods | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	21.10%		25.80%
Commercial & Professional Services
Schedule of Investments [Line Items]
Fair Value	$ 76,758		$ 627
Commercial & Professional Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	29.10%		9.40%
Consumer Discretionary Distribution & Retail
Schedule of Investments [Line Items]
Fair Value	$ 2,179		$ 0
Consumer Discretionary Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	0.80%		0%
Consumer Services
Schedule of Investments [Line Items]
Fair Value	$ 12,953		$ 0
Consumer Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.90%		0%
Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
Fair Value	$ 16,673		$ 761
Consumer Staples Distribution & Retail | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	6.30%		11.40%
Financial Services
Schedule of Investments [Line Items]
Fair Value	$ 17,055		$ 993
Financial Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	6.50%		14.80%
Insurance
Schedule of Investments [Line Items]
Fair Value	$ 29,092		$ 177
Insurance | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	11%		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	8.30%		0%
Real Estate Management & Development
Schedule of Investments [Line Items]
Fair Value	$ 3,467		$ 2,415
Real Estate Management & Development | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	1.30%		36%
Software & Services
Schedule of Investments [Line Items]
Fair Value	$ 12,698		$ 0
Software & Services | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	4.80%		0%
Transportation
Schedule of Investments [Line Items]
Fair Value	$ 13,498		$ 0
Transportation | Percentage of Portfolio | Industry Concentration Risk
Schedule of Investments [Line Items]
Percentage of Portfolio	5.10%		0%
[1] See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 263,930	[1],[2]	$ 6,702	[3],[4]
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	1,614		571
Level 3—Significant unobservable inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment fair value	$ 262,316		$ 6,131
[1] See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Roll Forward Level III (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Total
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)	2	563
Purchases	6,124	260,088
Paid-in-kind interest	0	25
Sales and repayments	0	(7,876)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	6,131	262,316
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	5	3,402
Total | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and unrealized appreciation (depreciation)	0	(4)
Total | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and unrealized appreciation (depreciation)	5	3,389
Senior Secured Loans—First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	0	2,646
Accretion of discount (amortization of premium)	1	554
Purchases	2,633	204,802
Paid-in-kind interest	0	0
Sales and repayments	0	(6,204)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	2,646	204,314
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	12	2,533
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) and unrealized appreciation (depreciation)	0	(4)
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) and unrealized appreciation (depreciation)	12	2,520
Subordinated Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period		0
Accretion of discount (amortization of premium)		1
Purchases		947
Paid-in-kind interest		25
Sales and repayments		0
Transfers into Level 3		0
Transfers out of Level 3		0
Fair value at end of period	0	961
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		(12)
Subordinated Debt | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and unrealized appreciation (depreciation)		0
Subordinated Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and unrealized appreciation (depreciation)		(12)
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)	1	8
Purchases	3,491	54,339
Paid-in-kind interest	0	0
Sales and repayments	0	(1,672)
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Fair value at end of period	3,485	57,041
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	(7)	881
Asset Based Finance | Net realized gain (loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and unrealized appreciation (depreciation)	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) and unrealized appreciation (depreciation)	$ (7)	$ 881

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Unobservable Inputs (Details) $ in Thousands	Dec. 31, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 263,930	[1],[2]	$ 6,702	[3],[4]
Level 3—Significant unobservable inputs
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	262,316		6,131
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 185,976		$ 1,263
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.10		0.109
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.115		0.116
Level 3—Significant unobservable inputs | Senior Debt | Discounted Cash Flow | Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.109		0.111
Level 3—Significant unobservable inputs | Senior Debt | Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 18,338		$ 1,384
Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 961
Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.154
Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.154
Level 3—Significant unobservable inputs | Subordinated Debt | Discounted Cash Flow | Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.154
Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 39,896		$ 2,836
Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.059		0.082
Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.432		0.44
Level 3—Significant unobservable inputs | Net Asset Based Finance | Discounted Cash Flow | Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	0.08		0.143
Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 2,679
Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	1
Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	1
Level 3—Significant unobservable inputs | Net Asset Based Finance | Waterfall | EBITDA Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range (Weighted Average)	1
Level 3—Significant unobservable inputs | Net Asset Based Finance | Cost
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 14,174		$ 648
Level 3—Significant unobservable inputs | Net Asset Based Finance | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Total investments, at fair value (amortized cost—$260,461 and $6,698, respectively)	$ 292
[1] See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company. See Note 7 for additional information regarding the fair value of the Company’s financial instruments. Security may be an obligation of one or more entities affiliated with the named company.

Financing Arrangements - Narrat

Financing Arrangements - Narrative (Details) - USD ($)				12 Months Ended
		Oct. 10, 2023	Jul. 19, 2023	Dec. 31, 2023	Jan. 26, 2024	Dec. 31, 2022
Debt Instrument [Line Items]
Asset coverage per ratio				357%
Average outstanding amount				$ 16,194,000
Weighted average interest rate				5.31%
Effective interest rate percentage				8.93%
Long-term line of credit	[1]			$ 94,231,000		$ 0
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Initial aggregate amount			$ 50,000
Line of credit facility, accordion feature			$ 500,000
Accordion feature, percentage of aggregate commitments			150%
Commitment fee percentage			0.375%
Asset coverage per ratio			150%
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Subsequent Event
Debt Instrument [Line Items]
Initial aggregate amount					$ 75,000
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate			1%	2.13%
Debt Instrument, Alternate Base Rate			1.125%
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit | Term Benchmark Option
Debt Instrument [Line Items]
Basis spread on variable rate			2.125%
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit
Debt Instrument [Line Items]
Initial aggregate amount		$ 250,000
Line of credit facility, accordion feature, maximum borrowing capacity		$ 500,000
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Asset coverage per ratio		150%
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit | First Three Months
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit | After Three Months | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.50%
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit | After Three Months | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		1%
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate		2.75%		2.75%
Letter of Credit | Senior Secured Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Initial aggregate amount			$ 100,000
Long-term line of credit			$ 0
[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, $ in Thousands			12 Months Ended
	Oct. 10, 2023	Jul. 19, 2023	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Debt Instrument [Line Items]
Amount Outstanding			$ 94,231
Amount Available			205,769
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			29,231	€ 2,500	£ 9,000
Amount Available			$ 20,769
Floor on benchmark rate			0%
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility | United States of America, Dollars
Debt Instrument [Line Items]
Exchange rate			1.11	1.11	1.11
Line of Credit | Revolving Credit Facility | Senior Secured Revolving Credit Facility | GBP
Debt Instrument [Line Items]
Exchange rate			1.27	1.27	1.27
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		1%	2.13%
Line of Credit | Revolving Credit Facility | K-FIT AB-1 Credit Facility
Debt Instrument [Line Items]
Amount Outstanding			$ 65,000
Amount Available			$ 185,000
Line of Credit | Revolving Credit Facility | K-FIT AB-1 Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%		2.75%

Financing Arrangements - Intere

Financing Arrangements - Interest Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Short-Term Debt [Line Items]
Direct Interest Expense	$ 859
Amortization of Deferred Financing Costs	256
Total Interest Expense	1,115
Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	530
Amortization of Deferred Financing Costs	131
Total Interest Expense	661
Revolving Credit Facility | K-FIT AB-1 Credit Facility | Line of Credit
Short-Term Debt [Line Items]
Direct Interest Expense	329
Amortization of Deferred Financing Costs	125
Total Interest Expense	$ 454

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 8,400	$ 0
Unfunded commitments	72,255	$ 1,627
Debt Securities, Revolving Credit Facility
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	36,643
Debt Securities, Delayed Draw Term Loan
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	35,610
Debt Securities
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unrealized appreciation (depreciation) on unfunded commitments	18
Affiliated Entity
Financial Support for Nonconsolidated Legal Entity [Line Items]
Cost basis of investments purchase	162,325
Payable for investments purchased	$ 8,400

Commitments and Contingencies_2

Commitments and Contingencies - Unfunded Commitments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 72,255	$ 1,627
Unfunded Equity/Other commitments	10,905
Investment, Identifier [Axis]: Altitude II IRL WH Borrower DAC, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	71
Investment, Identifier [Axis]: Apex Service Partners LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	485
Investment, Identifier [Axis]: Apex Service Partners LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,682
Investment, Identifier [Axis]: Apex Service Partners LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,264
Investment, Identifier [Axis]: Bausch Health Cos Inc, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	15,625
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,233
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	5,465
Investment, Identifier [Axis]: Highgate Hotels Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	796
Investment, Identifier [Axis]: Individual FoodService 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,731
Investment, Identifier [Axis]: Individual FoodService 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,764
Investment, Identifier [Axis]: Integrity Marketing Group LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,525
Investment, Identifier [Axis]: Lazer Logistics Inc 1
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,228
Investment, Identifier [Axis]: Lazer Logistics Inc 2
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	2,877
Investment, Identifier [Axis]: Lexitas Inc
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	4,643
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	3,483
Investment, Identifier [Axis]: Radwell International LLC/PA
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,172
Investment, Identifier [Axis]: Shaw Development LLC
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	1,027
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, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	3,216
Investment, Identifier [Axis]: Weber-Stephen Products LLC, Revolver
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 4,487

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				5 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022		Dec. 31, 2023	Feb. 03, 2022	[1]
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollars per share)				$ 25.82			$ 25.82
Results of operations
Net investment income (loss) (in dollars per share)	$ 0.77	$ 0.63	$ 0.10	$ 0.74			2.74
Net realized gain (loss) and unrealized appreciation (depreciation) (in dollars per share)							2.01
Net increase (decrease) in net assets resulting from operations (in dollars per share)							4.75
Shareholder distributions
Distributions from net investment income (in dollars per share)							(0.96)
Net decrease in net assets resulting from shareholder distributions (in dollars per share)							(0.96)
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)	$ 28.84				$ 25.82		$ 28.84
Shares outstanding, end of period (in shares)	8,457,385				280,000		8,457,385
Total return based on net asset value					3.26%		15.41%
Ratio/Supplemental Data:
Net assets, end of period	$ 243,894				$ 7,229	[1]	$ 243,894	$ 0
Ratio of net investment income to average net assets					5.38%		9.59%
Ratio of total operating expenses to average net assets							6.12%
Ratio of waived expenses to average net assets							(2.59%)
Ratio of net operating expenses to average net assets					6.94%		3.53%
Portfolio turnover							8.40%
Asset coverage per unit	357%						357%
Ratio of accrued capital gains incentive fees to average net assets							0.37%
Ratio of interest expense to average net assets							1.06%
[1]Represents the period from February 4, 2022 (Inception) through December 31, 2022

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

12 Months Ended

Mar. 07, 2024

Mar. 01, 2024

Feb. 20, 2024

Jan. 05, 2024

Dec. 29, 2023

Nov. 30, 2023

Oct. 31, 2023

Sep. 29, 2023

Dec. 31, 2023

Dec. 31, 2022

Jan. 26, 2024

Jul. 19, 2023

Subsequent Event [Line Items]

Distributions (in USD per share)

$ 0.24

$ 0.24

$ 0.24

$ 0.24

Private Offering aggregate consideration

$ 231,500,000

$ 7,000,000

Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit

Subsequent Event [Line Items]

Initial aggregate amount

$ 50,000

Subsequent Event

Subsequent Event [Line Items]

Distributions (in USD per share)

$ 0.25

$ 0.24

$ 0.24

Subsequent Event | Private Placement

Subsequent Event [Line Items]

Private Offering aggregate consideration

$ 45,800,000

Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility | Line of Credit

Subsequent Event [Line Items]

Initial aggregate amount

$ 75,000

Subsequent Event | Revolving Credit Facility | Senior Secured Revolving Credit Facility, First Amendment | Line of Credit

Subsequent Event [Line Items]

Initial aggregate amount

$ 25,000,000

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				11 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	[1]	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Investment income	$ 8,317	$ 4,474	$ 720	$ 233	$ 224		$ 13,744
Net expenses and excise taxes	1,766	1,281	652	0
Net investment income (loss)	6,551	3,193	68	233	224	[2]	10,045
Realized and unrealized gain (loss)	(112)	1,631	1,604	162
Net increase (decrease) in net assets resulting from operations	$ 6,439	$ 4,824	$ 1,672	$ 395	$ 229	[2]	$ 13,330
Net investment income (loss) (in dollars per share)	$ 0.77	$ 0.63	$ 0.10	$ 0.74			$ 2.74
Net increase (decrease) in net assets resulting from operations - basic (in dollars per share)	0.76	0.94	2.48	1.25	$ 1.46		3.62
Net increase (decrease) in net assets resulting from operations - diluted (in dollars per share)	$ 0.76	$ 0.94	$ 2.48	$ 1.25	$ 1.46		$ 3.62
Weighted average shares outstanding - basic	8,457,385	5,106,788	667,273	316,222	156,250		3,667,293
Weighted average shares outstanding - diluted	8,457,385	5,106,788	667,273	316,222	156,250		3,667,293
Percentage of distributions qualified as interest related dividends							73.40%
Percentage of distributions qualified as excess interest income							72.90%
[1] Represents the period from February 4, 2022 (Inception) through December 31, 2022.