New Mountain Guardian IV Unlevered BDC, L.L.C. 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	814-01639
Entity Registrant Name	New Mountain Guardian IV Income Fund, L.L.C.
Entity Address, Address Line One	1633 Broadway, 48th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	720-0300
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-0964074
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,887,500
Entity Central Index Key	0001976719
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Statement of Assets, Liabilitie

Statement of Assets, Liabilities and Members' Capital $ in Thousands	Sep. 30, 2023 USD ($) $ / shares
Assets
Non-controlled/non-affiliated investments at fair value (cost of $24,186)	$ 24,732	[1]
Cash and cash equivalents	19,536
Interest receivable	182
Other assets	238
Total assets	44,688
Borrowings
Deferred financing costs (net of accumulated amortization of $30)	(141)
Net borrowings	13,859
Payable for unsettled securities purchased	7,321
Accrued organizational and offering expenses	945
Distribution payable	236
Interest payable	46
Management fee payable	29
Total liabilities	22,840
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 2,220,000 units issued and outstanding	22,200
Accumulated overdistributed earnings	(352)
Total members' capital	21,848
Total liabilities and members' capital	$ 44,688
Members' capital per unit (in dollars per share) | $ / shares	$ 9.84
Affiliated entity
Borrowings
Payable to affiliates/ Other liabilities	$ 101
Nonrelated Party
Borrowings
Payable to affiliates/ Other liabilities	303
BMO Subscription Line
Borrowings
BMO Subscription Line	$ 14,000
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Statement of Assets, Liabilit_2

Statement of Assets, Liabilities and Members' Capital (Parenthetical) $ in Thousands	Sep. 30, 2023 USD ($) shares
Statement of Financial Position [Abstract]
Investments, cost | $	$ 24,186	[1]
Deferred financing costs, accumulated amortization | $	$ 30
Common units, issued (in shares) | shares	2,220,000
Common units, outstanding (in shares) | shares	2,220,000
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Investment income
Interest income	$ 359	$ 385
Fee income	267	288
Total investment income	626	673
Expenses
Organizational and offering expenses	377	885
Administrative expenses	163	239
Professional fees	88	171
Interest and other financing expenses	103	106
Management fee	69	75
Other general and administrative expenses	45	54
Total expenses	845	1,530
Less: expenses waived (See Note 5)	(126)	(156)
Less: management fees waived (See Note 5)	(40)	(43)
Net expenses	679	1,331
Net investment income (loss)	(53)	(658)
Net realized gains (losses) on investments	1	1
Net change in unrealized appreciation (depreciation) of investments	500	546
Net realized and unrealized gains (losses)	501	547
Net increase (decrease) in members' capital resulting from operations	$ 448	$ (111)
Earnings (loss) per unit - basic (in dollars per share)	$ 0.42	$ (0.12)
Earnings (loss) per unit - diluted (in dollars per share)	$ 0.42	$ (0.12)
Weighted average common units outstanding - basic (in shares)	1,075,435	898,401
Weighted average common units outstanding - diluted (in shares)	1,075,435	898,401

Statements of Changes in Member

Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Increase (decrease) in members' capital resulting from operations:
Net investment gain (loss)	$ (53)	$ (658)
Net realized gains (losses) on investments	1	1
Net change in unrealized appreciation (depreciation) of investments	500	546
Net increase (decrease) in members' capital resulting from operations	448	(111)
Capital transactions
Contributions	11,700	22,199
Placement fees	(5)	(5)
Distributions declared to unitholders from net investment income	(236)	(236)
Total net increase (decrease) in members' capital resulting from capital transactions	11,459	21,958
Net increase (decrease) in members' capital	11,907	21,847
Members' capital at the beginning of the period		1
Members' capital at the end of the period	$ 21,848	$ 21,848
Capital unit activity
Units issued (in shares)	1,170,000	2,219,900

Statement of Cash Flows

Statement of Cash Flows $ in Thousands	3 Months Ended	4 Months Ended	11 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Cash flows from operating activities
Net decrease in members' capital resulting from operations	$ 448	$ (111)
Adjustments to reconcile net decrease in members' capital resulting from operations to net cash used in operating activities:
Net change in unrealized appreciation of investments	(500)	(546)
Amortization of purchase discount		(53)
Amortization of deferred financing costs		30
Amortization of deferred offering costs		89
Non-cash investment income		(22)
(Increase) decrease in operating assets:
Proceeds from sales and paydowns of investments		29
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities		11
Interest and dividend receivable		(182)
Other assets		(68)
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased		7,321
Interest payable		46
Management fee payable		29
Accrued organizational and offering expenses		945
Payable to affiliate		101
Other liabilities		(29)
Net cash flows used in operating activities		(16,560)
Cash flows from financing activities
Net proceeds from issuance of common units		22,199	$ 22,200
Deferred offering costs paid		(38)
Deferred financing costs paid		(66)
Net cash flows provided by financing activities		36,095
Net increase in cash and cash equivalents		19,535
Cash and cash equivalents at the beginning of the period		1
Cash and cash equivalents at the end of the period	19,536	19,536	19,536
Supplemental disclosure of cash flow information
Cash interest paid		22
Non-cash financing activities:
Distributions declared and payable	$ 236	236	$ 236
Accrual for deferred offering costs		221
Accrual for deferred credit facility costs		105
Accrual for placement fees		5
Delayed Drawn Facilities
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities		(23,995)
Drawn revolvers
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities		(63)
Proceeds from sales and paydowns of investments		15
Drawn revolving credit facilities
(Increase) decrease in operating assets:
Purchase of investments and delayed draw facilities		(107)
BMO Subscription Line
Cash flows from financing activities
Proceeds from lines of credit		14,000
Unsecured Management Company Revolver
Cash flows from financing activities
Proceeds from lines of credit		5,000
Repayment of Unsecured Management Company Revolver		$ (5,000)

Schedule of Investments

Schedule of Investments $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Cost	$ 24,186	[1]
Fair Value	$ 24,732	[1]
Percent of Members' Capital	113.20%	[1]
Percent of Total Investments at Fair Value	100%
Total assets represented by investments at fair value (as a percent)	4.82%
Non-controlled/Non-affiliated
Cost	$ 24,186	[1]
Fair Value	$ 24,732	[1]
Percent of Members' Capital	113.20%	[1]
Business Services
Cost	$ 11,067
Fair Value	$ 11,027
Business Services | Investments at Fair Value | Industry Type
Percent of Total Investments at Fair Value	44.59%
Software
Cost	$ 9,621
Fair Value	$ 9,825
Software | Investments at Fair Value | Industry Type
Percent of Total Investments at Fair Value	39.72%
Healthcare
Cost	$ 1,943
Fair Value	$ 1,990
Healthcare | Investments at Fair Value | Industry Type
Percent of Total Investments at Fair Value	8.05%
Food & Beverage
Cost	$ 1,555
Fair Value	$ 1,890
Food & Beverage | Investments at Fair Value | Industry Type
Percent of Total Investments at Fair Value	7.64%
Funded Debt Investments
Principal Amount, Par Value or Shares	$ 25,566	[1]
Cost	24,195	[1]
Fair Value	$ 24,753	[1]
Percent of Members' Capital	113.30%	[1]
Funded Debt Investments | More cowbell II LLC
Principal Amount, Par Value or Shares	$ 1,614	[1]
Cost	1,602	[1]
Fair Value	$ 1,601	[1]
Percent of Members' Capital	7.33%	[1]
Funded Debt Investments | AWP Group Holdings, Inc.
Principal Amount, Par Value or Shares	$ 1,109	[1]
Cost	1,098	[1]
Fair Value	$ 1,097	[1]
Percent of Members' Capital	5.02%	[1]
Funded Debt Investments | KENG Acquisition, Inc.
Principal Amount, Par Value or Shares	$ 1,071	[1]
Cost	1,059	[1]
Fair Value	$ 1,059	[1]
Percent of Members' Capital	4.85%	[1]
Funded Debt Investments | United States
Principal Amount, Par Value or Shares	$ 25,566	[1]
Cost	24,195	[1]
Fair Value	$ 24,753	[1]
Percent of Members' Capital	113.30%	[1]
Funded Investments
Cost	$ 24,195	[1]
Fair Value	$ 24,753	[1]
Percent of Members' Capital	113.30%	[1]
Unfunded Debt Investments | Non-controlled/Non-affiliated
Principal Amount, Par Value or Shares	$ 13,239	[1]
Cost	(9)	[1]
Fair Value	$ (21)	[1]
Percent of Members' Capital	(0.10%)	[1]
Unfunded Debt Investments | More cowbell II LLC
Principal Amount, Par Value or Shares	$ 350	[1]
Cost	(1)	[1]
Fair Value	$ (1)	[1]
Percent of Members' Capital	(0.00%)	[1]
Unfunded Debt Investments | AWP Group Holdings, Inc.
Principal Amount, Par Value or Shares	$ 635	[1]
Cost	(1)	[1]
Fair Value	$ (6)	[1]
Percent of Members' Capital	(0.03%)	[1]
Unfunded Debt Investments | KENG Acquisition, Inc.
Principal Amount, Par Value or Shares	$ 814	[1]
Cost	(3)	[1]
Fair Value	$ (10)	[1]
Percent of Members' Capital	(0.05%)	[1]
Unfunded Debt Investments | United States
Principal Amount, Par Value or Shares	$ 13,239	[1]
Cost	(9)	[1]
Fair Value	$ (21)	[1]
Percent of Members' Capital	(0.10%)	[1]
First lien
Cost	$ 22,537
Fair Value	$ 23,114
First lien | Investments at Fair Value | Investment Type
Percent of Total Investments at Fair Value	93.46%
Floating rates | Investments at Fair Value | Interest Rate Type
Percent of Total Investments at Fair Value	93.46%
Fixed rates | Investments at Fair Value | Interest Rate Type
Percent of Total Investments at Fair Value	6.54%
Subordinated
Cost	$ 1,649
Fair Value	$ 1,618
Subordinated | Investments at Fair Value | Investment Type
Percent of Total Investments at Fair Value	6.54%
Investment, Identifier [Axis]: AI Altius US Bidco, Inc., First lien
Spread	5.08%	[1],[2],[3]
Interest Rate	10.57%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 872	[1],[2]
Cost	864	[1],[2]
Fair Value	$ 866	[1],[2]
Percent of Members' Capital	3.96%	[1]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien
Spread	5.50%	[1],[2],[3]
Interest Rate	10.99%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 1,000	[1],[2]
Cost	991	[1],[2]
Fair Value	$ 990	[1],[2]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Drawn 1
Spread	5.50%	[1],[2],[3],[4]
Interest Rate	10.99%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 83	[1],[2],[4]
Cost	82	[1],[2],[4]
Fair Value	$ 82	[1],[2],[4]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Drawn 2
Spread	5.50%	[1],[2],[3],[4]
Interest Rate	10.99%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 26	[1],[2],[4]
Cost	25	[1],[2],[4]
Fair Value	25	[1],[2],[4]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Undrawn 1
Principal Amount, Par Value or Shares	122	[1],[2],[4]
Cost	(1)	[1],[2],[4]
Fair Value	(1)	[1],[2],[4]
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First lien - Undrawn 2
Principal Amount, Par Value or Shares	513	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	(5)	[1],[2],[4]
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First lien - Undrawn
Principal Amount, Par Value or Shares	2,000	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ 0	[1],[2],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: Bluefin Holding, LLC, First lien
Spread	7.25%	[1],[3]
Interest Rate	12.72%	[1],[3]
Principal Amount, Par Value or Shares	$ 3,175	[1]
Cost	3,136	[1]
Fair Value	$ 3,136	[1]
Percent of Members' Capital	14.35%	[1]
Investment, Identifier [Axis]: Bluefin Holding, LLC, First lien - Undrawn
Principal Amount, Par Value or Shares	$ 313	[1],[4]
Cost	(4)	[1],[4]
Fair Value	$ (4)	[1],[4]
Percent of Members' Capital	(0.02%)	[1]
Investment, Identifier [Axis]: CommerceHub, Inc., First lien
Spread	6.25%	[1],[2],[3]
Interest Rate	11.77%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 1,985	[1],[2]
Cost	1,778	[1],[2]
Fair Value	$ 1,985	[1],[2]
Percent of Members' Capital	9.09%	[1]
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Undrawn
Principal Amount, Par Value or Shares	$ 2,000	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ 0	[1],[2],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien - Undrawn
Principal Amount, Par Value or Shares	$ 2,000	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ 0	[1],[2],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First lien
Spread	6.25%	[1],[2],[3]
Interest Rate	11.64%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 928	[1],[2]
Cost	917	[1],[2]
Fair Value	$ 917	[1],[2]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First lien - Drawn 1
Spread	6.25%	[1],[2],[3],[4]
Interest Rate	11.64%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 115	[1],[2],[4]
Cost	114	[1],[2],[4]
Fair Value	$ 114	[1],[2],[4]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First lien - Drawn 2
Spread	6.25%	[1],[2],[3],[4]
Interest Rate	11.64%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 28	[1],[2],[4]
Cost	28	[1],[2],[4]
Fair Value	28	[1],[2],[4]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First lien - Undrawn 1
Principal Amount, Par Value or Shares	225	[1],[2],[4]
Cost	(3)	[1],[2],[4]
Fair Value	(3)	[1],[2],[4]
Investment, Identifier [Axis]: KENG Acquisition, Inc., First lien - Undrawn 2
Principal Amount, Par Value or Shares	589	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ (7)	[1],[2],[4]
Investment, Identifier [Axis]: More cowbell II LLC, First lien
Spread	6.25%	[1],[2],[3]
Interest Rate	11.73%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 1,570	[1],[2]
Cost	1,558	[1],[2]
Fair Value	$ 1,558	[1],[2]
Investment, Identifier [Axis]: More cowbell II LLC, First lien - Drawn
Spread	6.25%	[1],[2],[3],[4]
Interest Rate	11.68%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 44	[1],[2],[4]
Cost	44	[1],[2],[4]
Fair Value	43	[1],[2],[4]
Investment, Identifier [Axis]: More cowbell II LLC, First lien - Undrawn 1
Principal Amount, Par Value or Shares	171	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	0	[1],[2],[4]
Investment, Identifier [Axis]: More cowbell II LLC, First lien - Undrawn 2
Principal Amount, Par Value or Shares	179	[1],[2],[4]
Cost	(1)	[1],[2],[4]
Fair Value	$ (1)	[1],[2],[4]
Investment, Identifier [Axis]: Nielsen Consumer Inc., First lien
Spread	6.25%	[1],[3],[5]
Interest Rate	11.57%	[1],[3],[5]
Principal Amount, Par Value or Shares	$ 2,187	[1],[5]
Cost	2,154	[1],[5]
Fair Value	$ 2,154	[1],[5]
Percent of Members' Capital	9.85%	[1],[5]
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First lien - Undrawn
Principal Amount, Par Value or Shares	$ 1,952	[1],[4]
Cost	0	[1],[4]
Fair Value	$ 0	[1],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien
Spread	5.50%	[1],[3]
Interest Rate	11.04%	[1],[3]
Principal Amount, Par Value or Shares	$ 2,495	[1]
Cost	2,481	[1]
Fair Value	$ 2,481	[1]
Percent of Members' Capital	11.36%	[1]
Investment, Identifier [Axis]: RxB Holdings, Inc., First lien
Spread	5.25%	[1],[2],[3]
Interest Rate	10.57%	[1],[2],[3]
Principal Amount, Par Value or Shares	$ 1,990	[1],[2]
Cost	1,943	[1],[2]
Fair Value	$ 1,990	[1],[2]
Percent of Members' Capital	9.11%	[1]
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First lien
Spread	2.50%	[1],[2],[3],[6]
PIK	4.25%	[1],[2],[3],[6]
Interest Rate	12.12%	[1],[2],[3],[6]
Principal Amount, Par Value or Shares	$ 2,039	[1],[2]
Cost	1,555	[1],[2]
Fair Value	$ 1,890	[1],[2]
Percent of Members' Capital	8.65%	[1]
Investment, Identifier [Axis]: Syndigo LLC, First lien
Spread	4.50%	[1],[3]
Interest Rate	9.93%	[1],[3]
Principal Amount, Par Value or Shares	$ 1,995	[1]
Cost	1,873	[1]
Fair Value	$ 1,870	[1]
Percent of Members' Capital	8.56%	[1]
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien - Undrawn
Principal Amount, Par Value or Shares	$ 1,525	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ 0	[1],[2],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Drawn
Spread	5.75%	[1],[2],[3],[4]
Interest Rate	11.29%	[1],[2],[3],[4]
Principal Amount, Par Value or Shares	$ 168	[1],[2],[4]
Cost	165	[1],[2],[4]
Fair Value	$ 168	[1],[2],[4]
Percent of Members' Capital	0.77%	[1]
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Undrawn
Principal Amount, Par Value or Shares	$ 995	[1],[2],[4]
Cost	0	[1],[2],[4]
Fair Value	$ 0	[1],[2],[4]
Percent of Members' Capital	0%	[1]
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated
Spread	7.13%	[1],[3]
Interest Rate	7.13%	[1],[3]
Principal Amount, Par Value or Shares	$ 2,000	[1]
Cost	1,649	[1]
Fair Value	$ 1,618	[1]
Percent of Members' Capital	7.41%	[1]
Investment, Identifier [Axis]: iCIMS, Inc., First lien
Spread	3.38%	[1],[3],[6]
PIK	3.88%	[1],[3],[6]
Interest Rate	12.63%	[1],[3],[6]
Principal Amount, Par Value or Shares	$ 2,866	[1]
Cost	2,838	[1]
Fair Value	$ 2,838	[1]
Percent of Members' Capital	12.99%	[1]
Investment, Identifier [Axis]: iCIMS, Inc., First lien - Undrawn
Principal Amount, Par Value or Shares	$ 655	[1],[4]
Cost	0	[1],[4]
Fair Value	$ 0	[1],[4]
Percent of Members' Capital	0%	[1]
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2] The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value , for details.

Formation and Business Purpose

Formation and Business Purpose	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business Purpose	Formation and Business Purpose New Mountain Guardian IV Income Fund L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company intends to elect to be treated for U.S. federal income tax purposes, and intends to comply with requirements to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (a "Subscription Agreement"). The Company expects closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. The Company may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until November 23, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until November 23, 2030, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors. The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital. The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies, defined by by annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams. Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests. As of September 30, 2023, the Company's only industry concentrations were business services, software, healthcare and food & beverage.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of accounting —The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023. Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statement of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material. See Note 3. Investments , for further discussion relating to investments. Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2023. Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, the Company recognized PIK interest from investments of $34 and $37, respectively. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest are not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned. Interest and other financing expenses —Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings , for details. Organizational expenses —Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser. Deferred offering costs —The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statement of Assets, Liabilities and Members' Capital until amortized. Deferred financing costs —The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings , for details. Income taxes —The Company was treated as a disregarded entity wholly owned by New Mountain Finance Advisers, L.L.C. for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ending December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. Foreign securities —The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Statements of Operations. Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted. Use of estimates —The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Investments	Investments At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 22,537 $ 23,114 Subordinated 1,649 1,618 Total investments $ 24,186 $ 24,732 Investment Cost and Fair Value by Industry Cost Fair Value Business Services 11,067 11,027 Software 9,621 9,825 Healthcare 1,943 1,990 Food & Beverage 1,555 1,890 Total investments $ 24,186 $ 24,732 As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $839 and no unfunded commitments on bridge facilities. As of September 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $12,400. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedule of Investments as of September 30, 2023. Investment Risk Factors —First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 23,114 $ — $ — $ 23,114 Subordinated 1,618 — 1,618 — Total investments $ 24,732 $ — $ 1,618 $ 23,114 The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: First Lien Fair Value, June 30, 2023 $ 5,288 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 573 Purchases, including capitalized PIK 17,294 Proceeds from paydowns of investments (41) Fair Value, September 30, 2023 $ 23,114 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 573 The following table summarizes the changes in fair value of Level III portfolio investments for the period from May 24, 2023 (commencement of operations) to September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: First Lien Fair Value, May 24, 2023 (commencement of operations) $ — Total gains or losses included in earnings: Net change in unrealized appreciation of investments 627 Purchases, including capitalized PIK 22,532 Proceeds from paydowns of investments (45) Fair Value, September 30, 2023 $ 23,114 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 627 There were no transfers in or out of Level I, II, or III during the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies. The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered: Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation. For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment. Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of September 30, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved. Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of September 30, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows: Range Type Fair Value as of September 30, 2023 Approach Unobservable Input Low High Weighted First lien $ 10,639 Market & income approach EBITDA multiple 14.0x 25.0x 18.5x Discount rate 8.6 % 13.9 % 10.6 % 1,870 Market quote Broker quote N/A N/A N/A 10,605 Other N/A(2) N/A N/A N/A $ 23,114 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. The BMO Subscription Line (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III investments. See Note 6. Borrowings for details. The following are the principal amount and fair value of the Company's borrowings as of September 30, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available. As of September 30, 2023 Principal Amount Fair Value BMO Subscription Line 14,000 14,031

Agreements and Related Parties

Agreements and Related Parties	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Agreements and Related Parties	Agreements and Related Parties The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially has a term of two years which began on December 14, 2022, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee shall be reduced by 50% (for the avoidance of doubt, this results in a management fee rate of 0.375% through May 31, 2024, the one year anniversary of the Initial Drawdown Date). Because the one year anniversary of the Initial Drawdown Date occurs on a date other than the last day of a calendar quarter, the management fee shall be prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments and any fund expenses in excess of the Specified Expenses Cap (as defined below). The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees. The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below. Incentive Fee on Pre-Incentive Fee Net Investment Income The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized). The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized); • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter; and • 10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser. For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, there were no incentive fees earned or waived. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated. Incentive Fee on Capital Gains The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below: a. First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions; b. Second, no incentive is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid; c. Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and d. Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains. Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser. In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. Expense Limitation Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 and (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the limited liability company agreement, as amended and restated on May 23, 2023, the "LLC Agreement") incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the LLC Agreement) (which are subject to the Organizational and Offering Expense Cap as defined in the LLC Agreement), (iv) Placement Fees (as defined in the LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes. If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, there have been no reimbursements from the Investment Adviser pursuant to this provision. The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding Units. The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023. Three Months Ended For the period from May 24, 2023 (commencement of operations) to September 30, 2023 September 30, 2023 Management fee $ 69 $ 75 Less: management fee waiver (40) (43) Net management fee 29 32 Incentive fee, excluding accrued incentive fees on capital gains $ — $ — For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, no incentive fee on capital gains was accrued or owed under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions. The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administrator maintains, or oversees the maintenance of, the Company's financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, approximately $127 and $186, respectively, of indirect administrative expenses were included in administrative expenses, of which $127 and $156, respectively, were waived by the Administrator. As of September 30, 2023, no indirect administrative expenses were included in payable to affiliates. The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name. The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its unitholders and do not involve overreaching in respect of the Company or its unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's unitholders and is consistent with its then-current investment objective and strategies. In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such follow-on with the Company investments unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the applicants, including Future Regulated Funds (as defined in the Exemptive Order) such as the Company, to continue to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions. On June 23, 2023, the Company entered into an uncommitted revolving loan agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser (the "Uncommitted Revolving Loan Agreement"), with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. Borrowings for discussion of the Unsecured Management Company Revolver (as defined below).

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings Unsecured Management Company Revolver —The Uncommitted Revolving Loan Agreement, dated June 23, 2023, among the Company, as the borrower and NMF Investments III, L.L.C., an affiliate of the Investment Adviser as the lender (the "Uncommitted Revolving Loan Agreement"), is structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver is December 31, 2025 and the maximum facility amount is $10,000. The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as defined in the Uncommitted Revolving Loan Agreement). For the three months ended September 30, 2023, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $16 and $2, respectively. The weighted average interest rate and effective interest rate on the Management Company Revolver for the three months ended September 30, 2023 were 7.0% and 7.7%, respectively. For the period from May 24, 2023 (commencement of operations) to September 30, 2023, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $19 and $2, respectively. The weighted average interest rate and effective interest rate on the Unsecured Management Company Revolver for the period from May 24, 2023 (commencement of operations) to September 30, 2023 were 7.0% and 7.6%, respectively. As of September 30, 2023, there was no outstanding balance under the Unsecured Management Company Revolver. BMO Subscription Line —On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, the "Loan Authorization Agreement"), which allows the Company to borrow on a revolving credit basis an aggregate principal amount which cannot exceed $35,000 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line are due on BMO's demand within 15 business days or on the date six months after each advance date, which varies throughout the period. The BMO Subscription Line is collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Statement of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. The BMO Subscription Line bears interest at the greater of the prime commercial rate minus 0.25% per annum or the Secured Overnight Financing Rate ("SOFR") Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. For both the three months ended September 30, 2023 and the period from May 24, 2023 (commencement of operations) to September 30, 2023, interest expense and amortization of financing costs incurred on the BMO Subscription Line were $49 and $29, respectively. The weighted average interest rate and effective interest rate on the BMO Subscription Line for both the three months ended September 30, 2023 and the period from May 24, 2023 (commencement of operations) to September 30, 2023 were 8.3% and 13.1%, respectively. As of September 30, 2023, the outstanding balance on the BMO Subscription Line was $14,000, and the Company was in compliance with the applicable covenants under the Loan Authorization Agreement on such date. Leverage risk factors —The Company intends to be generally unlevered during the course of its life (excluding borrowings under any subscription line secured by unfunded Capital Commitments and short-term working capital facilities) and will not incur leverage to the same extent as is customary for other business development companies, or for long-term investment purposes. The Company's lenders will have fixed dollar claims on the unfunded Capital Commitments of each of the Company's unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the

Regulation

Regulation	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Regulation	RegulationThe Company intends to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code with the filing of its tax return for the year ending December 31, 2023, and thereafter intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code). Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $839, no outstanding bridge financing commitments and other future funding commitments of $12,400. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments. The Company also had revolving borrowings available under the Unsecured Management Company Revolver and BMO Subscription Line as of September 30, 2023. See Note 6. Borrowings , for details. The Company may from time to time enter into financing commitment letters. As of September 30, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $913, which could require funding in the future.

Members' Capital

Members' Capital	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Members' Capital	Members' Capital The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from November 4, 2022 (inception) to September 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 16, 2023 May 16, 2023 100 $ 1 May 31, 2023 June 14, 2023 1,049,900 10,499 September 15, 2023 September 29, 2023 1,170,000 11,700 2,220,000 $ 22,200 On September 27, 2023, the Company's board of directors declared a distribution of $0.225 per unit payable on October 20, 2023 to unitholders of record as of September 28, 2023.

Earnings (Loss) Per Unit

Earnings (Loss) Per Unit	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Unit	Earnings (Loss) Per Unit The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023: Three Months Ended For the period from May 24, 2023 (commencement of operations) to September 30, 2023 September 30, 2023 Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 448 $ (111) Denominator for basic & diluted weighted average unit: 1,075,435 898,401 Basic & diluted earnings (loss) per unit: $ 0.42 $ (0.12)

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following information sets forth the Company's financial highlights for the period from May 24, 2023 (commencement of operations) to September 30, 2023. For the period from May 24, 2023 (commencement of operations) to September 30, 2023 Per unit data(1): Members' capital, May 24, 2023 (commencement of operations) $ 10.00 Net investment income (loss) (0.73) Net realized and unrealized gains (losses)(2) 0.80 Total net increase (decrease) 0.07 Distributions declared to unitholders from net investment income (0.23) Members' capital, September 30, 2023 $ 9.84 Total return based on members' capital(3) 0.66 % Units outstanding at end of period 2,220,000 Average weighted units outstanding for the period 898,401 Average members' capital for the period $ 8,586 Ratio to average members' capital: Net investment income (loss)(4) (2.88) % Total expenses, before waivers(4) 31.38 % Total expenses, net of waivers(4) 24.87 % Average debt outstanding—Unsecured Management Company Revolver $ 1,000 Average debt outstanding—BMO Subscription Line $ 2,284 Asset coverage ratio 256.06 % Portfolio turnover 0.74 % Capital Commitments $ 111,000 Funded Capital Commitments $ 22,200 % of Capital Commitments funded 20.00 % (1) Per unit data is based on weighted average units outstanding for the period from May 24, 2023 (commencement of operations) through September 30, 2023. (2) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the period from May 24, 2023 (commencement of operations) to September 30, 2023, was $0.19. (3) Total return is calculated assuming an initial purchase price of $10.00 per Unit and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (4) Annualized, except organizational and offering costs.

Recent Accounting Standards Upd

Recent Accounting Standards Updates	9 Months Ended
	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards Updates	Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the period from May 24, 2023 (commencement of operations) to September 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 5, 2023, the Company entered into an amendment to the Loan Authorization Agreement by and among the Company and BMO, which increased the Amount of Maximum Credit (as defined in the Loan Authorization Agreement) available under the Loan Authorization Agreement from $15,000 to $35,000. On November 3, 2023, the Company's board of directors declared a distribution of $0.057 per Unit, payable on December 29, 2023 to unitholders of record as of November 7, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Pay vs Performance Disclosure
Net decrease in members' capital resulting from operations	$ 448	$ (111)

Insider Trading Arrangements

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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting —The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.
Investments	Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statement of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
Cash and cash equivalents	Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2023.
Revenue recognition	Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023, the Company recognized PIK interest from investments of $34 and $37, respectively. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest are not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.
Interest and other financing expenses	Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company.
Organizational expenses	Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.
Deferred offering costs	Deferred offering costs—The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statement of Assets, Liabilities and Members' Capital until amortized.
Deferred financing costs	Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing.
Incomes taxes	Income taxes —The Company was treated as a disregarded entity wholly owned by New Mountain Finance Advisers, L.L.C. for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ending December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year.
Distributions	Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
Earnings per Unit	Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
Foreign securities	Foreign securities —The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with
Use of estimates	Use of estimates —The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.
Fair value	Fair Value Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
Recent accounting standards updates	Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the period from May 24, 2023 (commencement of operations) to September 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2020, the U.S. Securities and Exchange Commission (the “SEC”) adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of Investments	At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 22,537 $ 23,114 Subordinated 1,649 1,618 Total investments $ 24,186 $ 24,732 Investment Cost and Fair Value by Industry Cost Fair Value Business Services 11,067 11,027 Software 9,621 9,825 Healthcare 1,943 1,990 Food & Beverage 1,555 1,890 Total investments $ 24,186 $ 24,732

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Portfolio Investments by Level in the Fair Value Hierarchy	The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 23,114 $ — $ — $ 23,114 Subordinated 1,618 — 1,618 — Total investments $ 24,732 $ — $ 1,618 $ 23,114
Summary of Changes in Level III Portfolio Investments	The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: First Lien Fair Value, June 30, 2023 $ 5,288 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 573 Purchases, including capitalized PIK 17,294 Proceeds from paydowns of investments (41) Fair Value, September 30, 2023 $ 23,114 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 573 The following table summarizes the changes in fair value of Level III portfolio investments for the period from May 24, 2023 (commencement of operations) to September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: First Lien Fair Value, May 24, 2023 (commencement of operations) $ — Total gains or losses included in earnings: Net change in unrealized appreciation of investments 627 Purchases, including capitalized PIK 22,532 Proceeds from paydowns of investments (45) Fair Value, September 30, 2023 $ 23,114 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 627
Summary of Unobservable Inputs	The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows: Range Type Fair Value as of September 30, 2023 Approach Unobservable Input Low High Weighted First lien $ 10,639 Market & income approach EBITDA multiple 14.0x 25.0x 18.5x Discount rate 8.6 % 13.9 % 10.6 % 1,870 Market quote Broker quote N/A N/A N/A 10,605 Other N/A(2) N/A N/A N/A $ 23,114 (1) Unobservable inputs were weighted by the relative fair value of the investments.
Summary of Principal Amount and Fair Values of Borrowings	The following are the principal amount and fair value of the Company's borrowings as of September 30, 2023. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company's marketplace credit ratings, or market quotes, if available. As of September 30, 2023 Principal Amount Fair Value BMO Subscription Line 14,000 14,031

Agreements and Related Parties

Agreements and Related Parties (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Summary of Management Fees and Incentive Fees	The following table summarizes the management fees and incentive fees incurred by the Company for the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023. Three Months Ended For the period from May 24, 2023 (commencement of operations) to September 30, 2023 September 30, 2023 Management fee $ 69 $ 75 Less: management fee waiver (40) (43) Net management fee 29 32 Incentive fee, excluding accrued incentive fees on capital gains $ — $ —

Members' Capital (Tables)

Members' Capital (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Summary of Total Units Issued and Proceeds Received Related to Capital Drawdowns Delivered Pursuant to the Subscription Agreements	The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from November 4, 2022 (inception) to September 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 16, 2023 May 16, 2023 100 $ 1 May 31, 2023 June 14, 2023 1,049,900 10,499 September 15, 2023 September 29, 2023 1,170,000 11,700 2,220,000 $ 22,200

Earnings (Loss) Per Unit (Table

Earnings (Loss) Per Unit (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic Net Increase (decrease)	The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three months ended September 30, 2023 and for the period from May 24, 2023 (commencement of operations) to September 30, 2023: Three Months Ended For the period from May 24, 2023 (commencement of operations) to September 30, 2023 September 30, 2023 Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 448 $ (111) Denominator for basic & diluted weighted average unit: 1,075,435 898,401 Basic & diluted earnings (loss) per unit: $ 0.42 $ (0.12)

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Schedule of Financial Highlights	The following information sets forth the Company's financial highlights for the period from May 24, 2023 (commencement of operations) to September 30, 2023. For the period from May 24, 2023 (commencement of operations) to September 30, 2023 Per unit data(1): Members' capital, May 24, 2023 (commencement of operations) $ 10.00 Net investment income (loss) (0.73) Net realized and unrealized gains (losses)(2) 0.80 Total net increase (decrease) 0.07 Distributions declared to unitholders from net investment income (0.23) Members' capital, September 30, 2023 $ 9.84 Total return based on members' capital(3) 0.66 % Units outstanding at end of period 2,220,000 Average weighted units outstanding for the period 898,401 Average members' capital for the period $ 8,586 Ratio to average members' capital: Net investment income (loss)(4) (2.88) % Total expenses, before waivers(4) 31.38 % Total expenses, net of waivers(4) 24.87 % Average debt outstanding—Unsecured Management Company Revolver $ 1,000 Average debt outstanding—BMO Subscription Line $ 2,284 Asset coverage ratio 256.06 % Portfolio turnover 0.74 % Capital Commitments $ 111,000 Funded Capital Commitments $ 22,200 % of Capital Commitments funded 20.00 % (1) Per unit data is based on weighted average units outstanding for the period from May 24, 2023 (commencement of operations) through September 30, 2023. (2) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the period from May 24, 2023 (commencement of operations) to September 30, 2023, was $0.19. (3) Total return is calculated assuming an initial purchase price of $10.00 per Unit and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (4) Annualized, except organizational and offering costs.

Formation and Business Purpose

Formation and Business Purpose (Details) - USD ($) $ in Thousands		4 Months Ended
	May 23, 2023	Sep. 30, 2023
Summary of Investment Holdings [Line Items]
Investment period	4 years
Term of company	6 years
Term of company, extension period	1 year
Term of company, additional extension period	1 year
Minimum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		$ 10,000
Maximum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		200,000
Private Placement
Summary of Investment Holdings [Line Items]
Offering period	18 months
New Mountain Capital
Summary of Investment Holdings [Line Items]
Assets under management		$ 45,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended	4 Months Ended
	Dec. 14, 2022 USD ($)	Sep. 30, 2023 USD ($) investment	Sep. 30, 2023 USD ($) investment
Accounting Policies [Abstract]
PIK interest		$ 34	$ 37
Investments threshold period past due for nonaccrual status		30 days	30 days
Number of investments on non-accrual status | investment		0	0
Related Party Transaction [Line Items]
Amortization period for deferred offering costs			12 months
Investment Management Agreement | Affiliated entity
Related Party Transaction [Line Items]
Organizational and offering expenses, reduction to base management fee, threshold	$ 2,000		$ 2,000
Organizational and offering expenses, reduction to base management fee, multiplier	0.25%		0.25%

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Schedule of Investments [Line Items]
Cost	$ 24,186	[1]
Fair Value	24,732	[1]
Business Services
Schedule of Investments [Line Items]
Cost	11,067
Fair Value	11,027
Software
Schedule of Investments [Line Items]
Cost	9,621
Fair Value	9,825
Healthcare
Schedule of Investments [Line Items]
Cost	1,943
Fair Value	1,990
Food & Beverage
Schedule of Investments [Line Items]
Cost	1,555
Fair Value	1,890
First lien
Schedule of Investments [Line Items]
Cost	22,537
Fair Value	23,114
Subordinated
Schedule of Investments [Line Items]
Cost	1,649
Fair Value	$ 1,618
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Investments - Narrative (Detail

Investments - Narrative (Details)	Sep. 30, 2023 USD ($)
Unfunded Commitments on Revolving Credit Facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 839,000
Unfunded Commitments on Bridge Facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	0
Unfunded Commitments on Delayed Draws or Other Future Funding Commitments
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 12,400,000

Fair Value - Summary of Portfol

Fair Value - Summary of Portfolio Investments by Level in the Fair Value Hierarchy (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 24,732	[1]
First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	23,114
Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	1,618
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0
Level I | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0
Level I | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	1,618
Level II | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0
Level II | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	1,618
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	23,114
Level III | First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	23,114
Level III | Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 0
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Fair Value - Summary of Changes

Fair Value - Summary of Changes in Level III Portfolio Investments (Details) - First lien - USD ($) $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 5,288	$ 0
Net change in unrealized appreciation of investments	573	627
Purchases, including capitalized PIK	17,294	22,532
Proceeds from paydowns of investments	(41)	(45)
Ending balance	23,114	23,114
Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$ 573	$ 627

Fair Value - Summary of Unobser

Fair Value - Summary of Unobservable Inputs (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 24,732	[1]
First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	23,114
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	23,114
Level III | First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	23,114
Level III | First lien | Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,639
Level III | First lien | Market & income approach | Minimum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	14
Level III | First lien | Market & income approach | Minimum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.086
Level III | First lien | Market & income approach | Maximum | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	25
Level III | First lien | Market & income approach | Maximum | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.139
Level III | First lien | Market & income approach | Weighted Average | EBITDA multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	18.5
Level III | First lien | Market & income approach | Weighted Average | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.106
Level III | First lien | Market quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,870
Level III | First lien | Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,605
[1]New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Fair Value - Summary of Princip

Fair Value - Summary of Principal Amount and Fair Values of Borrowings (Details) - Revolving Credit Facility - BMO Subscription Line - Line of Credit $ in Thousands	Sep. 30, 2023 USD ($)
Reported Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 14,000
Estimate of Fair Value Measurement
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 14,031

Agreements and Related Partie_2

Agreements and Related Parties - Narrative (Details)		3 Months Ended	4 Months Ended	18 Months Ended
	Dec. 14, 2022 USD ($)	Sep. 30, 2023 USD ($) component	Sep. 30, 2023 USD ($) component	May 31, 2024	Jun. 23, 2023 USD ($)
Related Party Transaction [Line Items]
Fees waived by the administrator		$ 126,000	$ 156,000
Affiliated entity
Related Party Transaction [Line Items]
Incentive fees waived		0	0
Payable to affiliates		$ 101,000	101,000
Affiliated entity | Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit
Related Party Transaction [Line Items]
Maximum borrowing capacity					$ 10,000,000
Investment Management Agreement | Affiliated entity
Related Party Transaction [Line Items]
Base management fee percentage	0.75%
Minimum base management fee	$ 0
Organizational and offering expenses, reduction to base management fee, threshold	$ 2,000,000		$ 2,000,000
Organizational and offering expenses, reduction to base management fee, multiplier	0.25%		0.25%
Number of incentive fee components | component		2	2
Return of incentive fee upon termination of company, cumulative incentive fees threshold, percentage	10%
Return of incentive fee upon termination of company, cumulative internal rate of return threshold, percentage	5%
Investment Management Agreement | Affiliated entity | Forecast
Related Party Transaction [Line Items]
Base management fee percentage				0.375%
Base management fee reduction percentage through 1 year anniversary of initial drawdown date				50%
Quarterly hurdle rate | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	1.25%
Annualized hurdle rate | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	5%
Pre-Incentive Fee Net Investment Income below catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	100%
Quarterly catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	1.389%
Annualized catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	5.556%
Pre-Incentive Fee Net Investment Income exceeds catch-up threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	10%
Realized capital gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee		$ 0	$ 0
Realized capital gains, annualized cumulative internal rate of return | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	5%
Realized capital gains, cumulative net realized gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	100%
Realized capital gains, cumulative net realized gains threshold | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	10%
Realized capital gains, additional undistributed cumulative net realized gains | Affiliated entity
Related Party Transaction [Line Items]
Incentive fee percentage	10%
Expense Limitation snd Reimbursement Agreement | Affiliated entity
Related Party Transaction [Line Items]
Management fee waiver, percentage applied to calculate (specified expenses cap)	0.40%
Management fee waiver, capital commitments threshold	$ 500,000,000
Period for reimbursement of compensation waived and other expenses	36 months
Period for recapture of specified expenses	36 months
Administration Agreement | Affiliated entity
Related Party Transaction [Line Items]
Indirect administrative expenses		127,000	186,000
Fees waived by the administrator		127,000	156,000
Payable to affiliates		$ 0	$ 0

Agreements and Related Partie_3

Agreements and Related Parties - Summary of Management Fees and Incentive Fees (Details) - USD ($)	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Related Party Transaction [Line Items]
Management fee	$ 69,000	$ 75,000
Affiliated entity
Related Party Transaction [Line Items]
Management fee	69,000	75,000
Less: management fee waiver	(40,000)	(43,000)
Net management fee	29,000	32,000
Affiliated entity | Incentive fee, excluding accrued incentive fees on capital gains
Related Party Transaction [Line Items]
Incentive fee, excluding accrued incentive fees on capital gains	$ 0	$ 0

Borrowings (Details)

Borrowings (Details) - USD ($)			3 Months Ended	4 Months Ended
	Jun. 29, 2023	Jun. 23, 2023	Sep. 30, 2023	Sep. 30, 2023
Line of Credit Facility [Line Items]
Amortization of deferred financing costs				$ 30,000
BMO Subscription Line
Line of Credit Facility [Line Items]
Credit facility outstanding balance			$ 14,000,000	14,000,000
Revolving Credit Facility | Unsecured Management Company Revolver
Line of Credit Facility [Line Items]
Credit facility outstanding balance			0	0
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit
Line of Credit Facility [Line Items]
Interest expense			16,000	19,000
Amortization of deferred financing costs			$ 2,000	$ 2,000
Weighted average interest rate			7%	7%
Effective interest rate			7.70%	7.60%
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit | Affiliated entity
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 10,000,000
Interest rate		7%
Revolving Credit Facility | BMO Subscription Line
Line of Credit Facility [Line Items]
Credit facility outstanding balance			$ 14,000,000	$ 14,000,000
Revolving Credit Facility | BMO Subscription Line | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 35,000,000
Interest expense			49,000	49,000
Amortization of deferred financing costs			$ 29,000	$ 29,000
Weighted average interest rate			8.30%	8.30%
Effective interest rate			13.10%	13.10%
Period for outstanding balance due on demand	15 days
Period for outstanding balance after date of advance	6 months
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Prime Rate
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	(0.25%)
Revolving Credit Facility | BMO Subscription Line | Line of Credit | SOFR, Quoted Rate
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	2.50%
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Three-month Term SOFR
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	0.15%

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2023 USD ($)
Financing commitment letter to purchase investments
Other Commitments [Line Items]
Other commitments	$ 913,000
Unfunded Commitments on Revolving Credit Facilities
Other Commitments [Line Items]
Principal amount	839,000
Bridge financing commitments
Other Commitments [Line Items]
Principal amount	0
Other Future Funding Commitments
Other Commitments [Line Items]
Principal amount	$ 12,400,000

Members' Capital (Details)

Members' Capital (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended	4 Months Ended	11 Months Ended
	Sep. 29, 2023	Sep. 27, 2023	Jun. 14, 2023	May 16, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023
Equity [Abstract]
Units Issued	1,170,000		1,049,900	100	1,170,000	2,219,900	2,220,000
Aggregate Offering Price	$ 11,700		$ 10,499	$ 1		$ 22,199	$ 22,200
Distributions declared (in dollars per share)		$ 0.225				$ 0.23

Earnings (Loss) Per Unit (Detai

Earnings (Loss) Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	4 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Per Share [Abstract]
Numerator for basic & diluted earnings (loss) per unit	$ 448	$ (111)
Denominator for basic weighted average unit (in shares)	1,075,435	898,401
Denominator for diluted weighted average unit (in shares)	1,075,435	898,401
Basic, earnings (loss) per unit (in dollars per share)	$ 0.42	$ (0.12)
Diluted, earnings (loss) per unit (in dollars per share)	$ 0.42	$ (0.12)

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	4 Months Ended
	Sep. 27, 2023	Sep. 30, 2023	Sep. 30, 2023
Investment Company, Financial Highlights [Roll Forward]
Member's capital, beginning balance (in dollars per share)			$ 10
Net investment income (loss) (in dollars per share)			(0.73)
Net realized and unrealized gains (losses) (in dollars per share)			0.80
Total net increase (decrease) (in dollars per share)			0.07
Distributions declared to unitholders from net investment income (in dollars per share)	$ (0.225)		(0.23)
Member's capital, ending balance (in dollars per share)		$ 9.84	$ 9.84
Total return based on members' capital			0.66%
Units outstanding at end of period (in shares)		2,220,000	2,220,000
Average weighted units outstanding for the period - basic (in shares)		1,075,435	898,401
Average weighted units outstanding for the period - diluted (in shares)		1,075,435	898,401
Average members' capital for the period			$ 8,586
Ratio to average members' capital:
Net investment income (loss)			(2.88%)
Total expenses, before waivers			31.38%
Total expenses, net of waivers			24.87%
Asset coverage ratio		256.06%	256.06%
Portfolio turnover			0.74%
Capital Commitments			$ 111,000
Funded Capital Commitments		$ 22,200	$ 22,200
Percentage of Capital Commitments funded			20%
Effect of the timing of capital transactions (in dollars per share)			$ 0.19
Initial purchase price used to calculate Total return (in dollars per share)			$ 10
Unsecured Management Company Revolver
Ratio to average members' capital:
Average debt outstanding			$ 1,000
BMO Subscription Line
Ratio to average members' capital:
Average debt outstanding			$ 2,284

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Thousands	Nov. 03, 2023	Oct. 05, 2023	Oct. 04, 2023
Subsequent Event [Line Items]
Distributions declared per share (in dollars per share)	$ 0.057
Revolving Credit Facility | Loan Authorization Agreement | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 35,000	$ 15,000