Apollo Asset Backed Credit 10-Q 13 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 13, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	000-56622
Entity Registrant Name	Apollo Asset Backed Credit Company LLC
Entity Central Index Key	0002000597
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-3760466
Entity Address, Address Line One	9 West 57th Street
Entity Address, Address Line Two	42nd 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	515-3200
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
Series I, Common Class A-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		223,310
Series I, Common Class F-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		80,110
Series I, Common Class F-S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series I, Common Class P-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series I, Common Class P-S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series I, Common Class V
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40
Series II, Common Class A-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		97,910
Series II, Common Class F-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		254,110
Series II, Common Class F-S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series II, Common Class P-I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series II, Common Class P-S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		110
Series II, Common Class V
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		40
Series II, Common Class E
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,000,000

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities(Unaudited) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments at fair value (cost at June 30, 2024 of $0; $48,317; $48,317, respectively)	$ 48,347,000
Cash and cash equivalents	6,132,000	$ 2,000
Deferred offering expenses	3,029,000	1,350,000
Due from Operating Manager	2,633,000	628,000
Interest receivable	183,000
Capital subscriptions receivable	28,000
Prepaid expenses and other assets	480,000
Total assets	60,832,000	1,980,000
Liabilities
Derivative liabilities at fair value	70,000	0
Payable for investments purchased	3,714,000
Due to Operating Manager	2,382,000
Offering expenses payable	1,906,000	1,350,000
Organizational expenses payable	685,000	628,000
Notes payable	1,072,000
Other accrued expenses and liabilities	827,000
Total liabilities	10,656,000	1,978,000
Commitments and contingencies (Note 8)
Net assets
Total net assets	50,176,000	$ 2,000
Shares outstanding		40
Net asset value per share		$ 25.15
A-I Shares
Net assets
Total net assets	$ 6,000
Shares outstanding	220
Net asset value per share	$ 25
E Shares
Net assets
Total net assets	$ 50,145,000
Shares outstanding	2,000,000
Net asset value per share	$ 25.07
F-I Shares
Net assets
Total net assets	$ 6,000
Shares outstanding	220
Net asset value per share	$ 25
F-S Shares
Net assets
Total net assets	$ 6,000
Shares outstanding	220
Net asset value per share	$ 25
P-I Shares
Net assets
Total net assets	$ 6,000
Shares outstanding	220
Net asset value per share	$ 25
P-S Shares
Net assets
Total net assets	$ 6,000
Shares outstanding	220
Net asset value per share	$ 25
V Shares
Net assets
Series I: V Shares, $25 par value (40 shares authorized, issued and outstanding); Series II: V Shares, $25 par value (40 shares authorized, issued and outstanding)		$ 2,000
Total net assets	$ 2,000
Shares outstanding	80
Net asset value per share	$ 25.65
Series I
Assets
Investments at fair value (cost at June 30, 2024 of $0; $48,317; $48,317, respectively)	$ 0
Cash and cash equivalents	420,000	1,000
Deferred offering expenses	0	675,000
Due from Operating Manager	0	314,000
Interest receivable	0
Capital subscriptions receivable	14,000
Prepaid expenses and other assets	117,000
Total assets	551,000	990,000
Liabilities
Derivative liabilities at fair value	0
Payable for investments purchased	0
Due to Operating Manager	0
Offering expenses payable	0	675,000
Organizational expenses payable	0	314,000
Notes payable	536,000
Other accrued expenses and liabilities	0
Total liabilities	536,000	989,000
Net assets
Total net assets	15,000	$ 1,000
Shares outstanding		40
Net asset value per share		$ 25.15
Series I | A-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series I | E Shares
Net assets
Total net assets	$ 0
Shares outstanding	0
Net asset value per share	$ 0
Series I | F-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series I | F-S Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series I | P-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series I | P-S Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series I | V Shares
Net assets
Series I: V Shares, $25 par value (40 shares authorized, issued and outstanding); Series II: V Shares, $25 par value (40 shares authorized, issued and outstanding)		$ 1,000
Total net assets	$ 1,000
Shares outstanding	40
Net asset value per share	$ 25.7
Series II
Assets
Investments at fair value (cost at June 30, 2024 of $0; $48,317; $48,317, respectively)	$ 48,347,000
Cash and cash equivalents	5,712,000	1,000
Deferred offering expenses	3,029,000	675,000
Due from Operating Manager	2,633,000	314,000
Interest receivable	183,000
Capital subscriptions receivable	14,000
Prepaid expenses and other assets	363,000
Total assets	60,281,000	990,000
Liabilities
Derivative liabilities at fair value	70,000
Payable for investments purchased	3,714,000
Due to Operating Manager	2,382,000
Offering expenses payable	1,906,000	675,000
Organizational expenses payable	685,000	314,000
Notes payable	536,000
Other accrued expenses and liabilities	827,000
Total liabilities	10,120,000	989,000
Net assets
Total net assets	50,161,000	$ 1,000
Shares outstanding		40
Net asset value per share		$ 25.15
Series II | A-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series II | E Shares
Net assets
Total net assets	$ 50,145,000
Shares outstanding	2,000,000
Net asset value per share	$ 25.07
Series II | F-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series II | F-S Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series II | P-I Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series II | P-S Shares
Net assets
Total net assets	$ 3,000
Shares outstanding	110
Net asset value per share	$ 25
Series II | V Shares
Net assets
Series I: V Shares, $25 par value (40 shares authorized, issued and outstanding); Series II: V Shares, $25 par value (40 shares authorized, issued and outstanding)		$ 1,000
Total net assets	$ 1,000
Shares outstanding	40
Net asset value per share	$ 25.6

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investment owned, at cost	$ 48,317
Common shares V Shares, shares outstanding		40
Series I
Investment owned, at cost	0
Common shares V Shares, par value		$ 25
Common shares V Shares, shares authorized		40
Common shares V Shares, shares issued		40
Common shares V Shares, shares outstanding		40
Series II
Investment owned, at cost	$ 48,317
Common shares V Shares, par value		$ 25
Common shares V Shares, shares authorized		40
Common shares V Shares, shares issued		40
Common shares V Shares, shares outstanding		40

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Investment income
Interest income	$ 325	$ 325
Total investment income	325	325
Expenses
Organizational expenses	466	874
General and administration expenses	1,089	1,089
Deferred offering expenses amortization	100	100
Director fees	81	81
Total expenses	1,736	2,144
Less: Expense support from Operating Manager	(1,597)	(2,005)
Net expenses	139	139
Net investment income	186	186
Net realized and net change in unrealized gains (losses) on investments and derivatives:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	30	30
Net change in unrealized gain (loss) on derivatives	(70)	(70)
Net realized and net change in unrealized gains (losses) on investments and derivatives	(40)	(40)
Net increase (decrease) in net assets resulting from operations	146	146
Series I
Investment income
Interest income	0	0
Total investment income	0	0
Expenses
Organizational expenses	(518)	(314)
General and administration expenses	0	0
Deferred offering expenses amortization	0	0
Director fees	0	0
Total expenses	(518)	(314)
Less: Expense support from Operating Manager	518	314
Net expenses	0	0
Net investment income	0	0
Net realized and net change in unrealized gains (losses) on investments and derivatives:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	0	0
Net change in unrealized gain (loss) on derivatives	0	0
Net realized and net change in unrealized gains (losses) on investments and derivatives	0	0
Net increase (decrease) in net assets resulting from operations	0	0
Series II
Investment income
Interest income	325	325
Total investment income	325	325
Expenses
Organizational expenses	984	1,188
General and administration expenses	1,089	1,089
Deferred offering expenses amortization	100	100
Director fees	81	81
Total expenses	2,254	2,458
Less: Expense support from Operating Manager	(2,115)	(2,319)
Net expenses	139	139
Net investment income	186	186
Net realized and net change in unrealized gains (losses) on investments and derivatives:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	30	30
Net change in unrealized gain (loss) on derivatives	(70)	(70)
Net realized and net change in unrealized gains (losses) on investments and derivatives	(40)	(40)
Net increase (decrease) in net assets resulting from operations	$ 146	$ 146

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Operations
Net investment income	$ 186	$ 186
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	30	30
Net change in unrealized gain (loss) on derivatives	(70)	(70)
Net increase (decrease) in net assets resulting from operations	146	146
Capital Transactions
Proceeds from issuance of shares	50,028	50,028
Net increase (decrease) in net assets from capital transactions	50,028	50,028
Net increase (decrease) in net assets during the period	50,174	50,174
Net assets at beginning of period	2	2
Net assets at end of period	50,176	50,176
Series I
Operations
Net investment income	0	0
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	0	0
Net change in unrealized gain (loss) on derivatives	0	0
Net increase (decrease) in net assets resulting from operations	0	0
Capital Transactions
Proceeds from issuance of shares	14	14
Net increase (decrease) in net assets from capital transactions	14	14
Net increase (decrease) in net assets during the period	14	14
Net assets at beginning of period	1	1
Net assets at end of period	15	15
Series II
Operations
Net investment income	186	186
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	30	30
Net change in unrealized gain (loss) on derivatives	(70)	(70)
Net increase (decrease) in net assets resulting from operations	146	146
Capital Transactions
Proceeds from issuance of shares	50,014	50,014
Net increase (decrease) in net assets from capital transactions	50,014	50,014
Net increase (decrease) in net assets during the period	50,160	50,160
Net assets at beginning of period	1	1
Net assets at end of period	$ 50,161	$ 50,161

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Operating activities
Net increase/(decrease) in net assets resulting from operations	$ 146	$ 146
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	(30)	(30)
Net change in unrealized gain (loss) on derivatives	70	70
Payments to purchase investments		(48,317)
Changes in operating assets and liabilities:
(Increase)/decrease in deferred offering expenses		(1,679)
(Increase)/decrease in due from Operating Manager		(2,005)
Increase in interest receivable		(183)
Increase in prepaid expenses and other assets		(480)
Increase in payable for investments purchased		3,714
Increase in due to Operating Manager		2,382
Increase/(decrease) in offering expenses payable		556
Increase/(decrease) in organizational expenses payable		57
Increase in other accrued expenses and liabilities		827
Net cash used in operating activities		(44,942)
Financing activities
Notes Borrowings		1,072
Proceeds from issuance of shares, net of change in capital subscriptions receivable		50,000
Net cash provided by financing activities		51,072
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents		6,130
Cash and cash equivalents at beginning of period		2
Cash and cash equivalents at end of period	6,132	6,132
Series I
Operating activities
Net increase/(decrease) in net assets resulting from operations	0	0
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	0	0
Net change in unrealized gain (loss) on derivatives	0	0
Payments to purchase investments		0
Changes in operating assets and liabilities:
(Increase)/decrease in deferred offering expenses		675
(Increase)/decrease in due from Operating Manager		314
Increase in interest receivable		0
Increase in prepaid expenses and other assets		(117)
Increase in payable for investments purchased		0
Increase in due to Operating Manager		0
Increase/(decrease) in offering expenses payable		(675)
Increase/(decrease) in organizational expenses payable		(314)
Increase in other accrued expenses and liabilities		0
Net cash used in operating activities		(117)
Financing activities
Notes Borrowings		536
Proceeds from issuance of shares, net of change in capital subscriptions receivable		0
Net cash provided by financing activities		536
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents		419
Cash and cash equivalents at beginning of period		1
Cash and cash equivalents at end of period	420	420
Series II
Operating activities
Net increase/(decrease) in net assets resulting from operations	146	146
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized gain (loss) on derivatives	0	0
Net change in unrealized gain (loss) on investments	(30)	(30)
Net change in unrealized gain (loss) on derivatives	70	70
Payments to purchase investments		(48,317)
Changes in operating assets and liabilities:
(Increase)/decrease in deferred offering expenses		(2,354)
(Increase)/decrease in due from Operating Manager		(2,319)
Increase in interest receivable		(183)
Increase in prepaid expenses and other assets		(363)
Increase in payable for investments purchased		3,714
Increase in due to Operating Manager		2,382
Increase/(decrease) in offering expenses payable		1,231
Increase/(decrease) in organizational expenses payable		371
Increase in other accrued expenses and liabilities		827
Net cash used in operating activities		(44,825)
Financing activities
Notes Borrowings		536
Proceeds from issuance of shares, net of change in capital subscriptions receivable		50,000
Net cash provided by financing activities		50,536
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalents		5,711
Cash and cash equivalents at beginning of period		1
Cash and cash equivalents at end of period	$ 5,712	$ 5,712

Consolidated Condensed Schedule

Consolidated Condensed Schedule of Investments (Unaudited) $ in Thousands	Jun. 30, 2024 USD ($) shares
Schedule of Investments [Line Items]
Fair Value	$ 48,347
Investment, Identifier [Axis]: Asset Backed Debt Securities
Schedule of Investments [Line Items]
Fair Value	$ 21,701
Fair Value as a % of Net Assets	43.26%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands
Schedule of Investments [Line Items]
Fair Value	$ 4,666
Fair Value as a % of Net Assets	9.30%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands Capital Equipment
Schedule of Investments [Line Items]
Shares | shares	2,000
Fair Value	$ 2,000
Fair Value as a % of Net Assets	3.99%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands Capital Equipment Series II
Schedule of Investments [Line Items]
Shares | shares	2,000
Fair Value	$ 2,000
Fair Value as a % of Net Assets	3.99%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands Series II
Schedule of Investments [Line Items]
Fair Value	$ 4,666
Fair Value as a % of Net Assets	9.30%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands Structured Finance
Schedule of Investments [Line Items]
Shares | shares	2,665
Fair Value	$ 2,666
Fair Value as a % of Net Assets	5.31%
Investment, Identifier [Axis]: Asset Backed Debt Securities Cayman Islands Structured Finance Series II
Schedule of Investments [Line Items]
Shares | shares	2,665
Fair Value	$ 2,666
Fair Value as a % of Net Assets	5.31%
Investment, Identifier [Axis]: Asset Backed Debt Securities Series II
Schedule of Investments [Line Items]
Fair Value	$ 21,701
Fair Value as a % of Net Assets	43.26%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States
Schedule of Investments [Line Items]
Fair Value	$ 17,035
Fair Value as a % of Net Assets	33.96%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Real Estate Brookfield Colocation Data Center Portfolio - SOFR + 3.75%
Schedule of Investments [Line Items]
Shares | shares	4,250
Fair Value	$ 4,248
Fair Value as a % of Net Assets	8.47%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Real Estate Brookfield Colocation Data Center Portfolio - SOFR + 3.75% Series II
Schedule of Investments [Line Items]
Shares | shares	4,250
Fair Value	$ 4,248
Fair Value as a % of Net Assets	8.47%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Series II
Schedule of Investments [Line Items]
Fair Value	$ 17,035
Fair Value as a % of Net Assets	33.96%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance
Schedule of Investments [Line Items]
Fair Value	$ 12,787
Fair Value as a % of Net Assets	25.49%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF - 8.27% - SOFR + 2.94% 5/15/2041
Schedule of Investments [Line Items]
Shares | shares	510
Fair Value	$ 509
Fair Value as a % of Net Assets	1.01%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF - 8.27% - SOFR + 2.94% 5/15/2041 Series II
Schedule of Investments [Line Items]
Shares | shares	510
Fair Value	$ 509
Fair Value as a % of Net Assets	1.01%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF2 - 8.97% - SOFR + 3.64% 5/15/2041
Schedule of Investments [Line Items]
Shares | shares	3,230
Fair Value	$ 3,226
Fair Value as a % of Net Assets	6.43%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF2 - 8.97% - SOFR + 3.64% 5/15/2041 Series II
Schedule of Investments [Line Items]
Shares | shares	3,230
Fair Value	$ 3,226
Fair Value as a % of Net Assets	6.43%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Kinetic Advantage Master Owner Trust 2024 - 1 -7.98% - SOFR + 2.65% 11/15/2027
Schedule of Investments [Line Items]
Shares | shares	2,550
Fair Value	$ 2,559
Fair Value as a % of Net Assets	5.10%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Kinetic Advantage Master Owner Trust 2024 - 1 -7.98% - SOFR + 2.65% 11/15/2027 Series II
Schedule of Investments [Line Items]
Shares | shares	2,550
Fair Value	$ 2,559
Fair Value as a % of Net Assets	5.10%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Other
Schedule of Investments [Line Items]
Shares | shares	3,560
Fair Value	$ 3,540
Fair Value as a % of Net Assets	7.06%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Other Series II
Schedule of Investments [Line Items]
Shares | shares	3,560
Fair Value	$ 3,540
Fair Value as a % of Net Assets	7.06%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Series II
Schedule of Investments [Line Items]
Fair Value	$ 12,787
Fair Value as a % of Net Assets	25.49%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 - 1 - 11.17% 4/20/2054
Schedule of Investments [Line Items]
Shares | shares	1,460
Fair Value	$ 1,462
Fair Value as a % of Net Assets	2.92%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 - 1 - 11.17% 4/20/2054 Series II
Schedule of Investments [Line Items]
Shares | shares	1,460
Fair Value	$ 1,462
Fair Value as a % of Net Assets	2.92%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 - 1- 7.81% 4/20/2054 Series II
Schedule of Investments [Line Items]
Shares | shares	1,460
Fair Value	$ 1,491
Fair Value as a % of Net Assets	2.97%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 -1- 7.81% 4/20/2054
Schedule of Investments [Line Items]
Shares | shares	1,460
Fair Value	$ 1,491
Fair Value as a % of Net Assets	2.97%
Investment, Identifier [Axis]: Investments at fair value
Schedule of Investments [Line Items]
Fair Value	$ 48,347
Fair Value as a % of Net Assets	96.38%
Investment, Identifier [Axis]: Investments at fair value Series II
Schedule of Investments [Line Items]
Fair Value	$ 48,347
Fair Value as a % of Net Assets	96.38%
Investment, Identifier [Axis]: Special Purpose Vehicles
Schedule of Investments [Line Items]
Fair Value	$ 26,646
Fair Value as a % of Net Assets	53.12%
Investment, Identifier [Axis]: Special Purpose Vehicles Series II
Schedule of Investments [Line Items]
Fair Value	$ 26,646
Fair Value as a % of Net Assets	53.12%
Investment, Identifier [Axis]: Special Purpose Vehicles United States Structured Finance Mortgage Aggregator Series Trust Administrator, L P - Series E
Schedule of Investments [Line Items]
Shares | shares	26,677
Fair Value	$ 26,646
Fair Value as a % of Net Assets	53.12%
Investment, Identifier [Axis]: Special Purpose Vehicles United States Structured Finance Mortgage Aggregator Series Trust Administrator, L P - Series E Series II
Schedule of Investments [Line Items]
Shares | shares	26,677
Fair Value	$ 26,646
Fair Value as a % of Net Assets	53.12%

Consolidated Condensed Schedu_2

Consolidated Condensed Schedule of Investments (Unaudited) (Parenthetical) $ in Thousands	Jun. 30, 2024 USD ($)
Schedule of Investments [Line Items]
Cost	$ 48,317
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Real Estate Brookfield Colocation Data Center Portfolio - SOFR + 3.75%
Schedule of Investments [Line Items]
Spread	3.75%
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF - 8.27% - SOFR + 2.94% 5/15/2041
Schedule of Investments [Line Items]
Spread	2.94%
Interest Rate	8.27%
Maturity Date	May 15, 2041
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Great Wolf Trust 2024-WLF2 - 8.97% - SOFR + 3.64% 5/15/2041
Schedule of Investments [Line Items]
Spread	3.64%
Interest Rate	8.97%
Maturity Date	May 15, 2041
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Kinetic Advantage Master Owner Trust 2024 - 1 -7.98% - SOFR + 2.65% 11/15/2027
Schedule of Investments [Line Items]
Spread	2.65%
Interest Rate	7.98%
Maturity Date	Nov. 15, 2027
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 - 1 - 11.17% 4/20/2054
Schedule of Investments [Line Items]
Interest Rate	11.17%
Maturity Date	Apr. 20, 2054
Investment, Identifier [Axis]: Asset Backed Debt Securities United States Structured Finance Ziply Fiber Issuer LLC 2024 - 1- 7.81% 4/20/2054
Schedule of Investments [Line Items]
Interest Rate	7.81%
Maturity Date	Apr. 20, 2054
Investment, Identifier [Axis]: Investments at fair value
Schedule of Investments [Line Items]
Cost	$ 48,317
Investment, Identifier [Axis]: Series I
Schedule of Investments [Line Items]
Cost	0
Investment, Identifier [Axis]: Series II
Schedule of Investments [Line Items]
Cost	$ 48,317

Consolidated Condensed Schedu_3

Consolidated Condensed Schedule of Investments Derivative Liabilities at Fair Value (Unaudited)	Jun. 30, 2024 USD ($)
Summary of Investment Holdings [Line Items]
Fair Value	$ (70,000)
Open Futures Contract, Identifier [Axis]: Contract name Futures Type SOFR Futures Country Unites States
Summary of Investment Holdings [Line Items]
Fair Value	$ (70,000)
Fair Value as a % of Net Assets	(0.14%)
Open Futures Contract, Identifier [Axis]: Contract name Futures Type SOFR Futures Country Unites States Series II
Summary of Investment Holdings [Line Items]
Fair Value	$ (70,000)
Fair Value as a % of Net Assets	(0.14%)
Open Futures Contract, Identifier [Axis]: Series II
Summary of Investment Holdings [Line Items]
Fair Value	$ (70,000)
Fair Value as a % of Net Assets	(0.14%)
Open Futures Contract, Identifier [Axis]: Total
Summary of Investment Holdings [Line Items]
Fair Value	$ (70,000)
Fair Value as a % of Net Assets	(0.14%)

Organization

Organization	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION Apollo Asset Backed Credit Company LLC (the “ Company ”) was formed on September 22, 2023 as a Delaware limited liability company. On September 22, 2023, the Company established two registered series of limited liability company interests, Apollo Asset Backed Credit Company LLC - Series I (“ Series I ”) and Apollo Asset Backed Credit Company LLC - Series II (“ Series II ”). Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets and liabilities. Sections 18-215(c) and 18-218(c)(1) of the Delaware Limited Liability Company Act (as amended from time to time, the “ LLC Act ”) provide that a Series established in accordance with Section 18-215(b) or 18-218 of the LLC Act, respectively, may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security interests, and sue and be sued. The Company intends for each Series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular Series and title to the relevant property will be held by or for the benefit of, the relevant Series. Under Delaware law, to the extent the records maintained for a Series account for the assets associated with such Series separately from the other assets of the Company or any other Series, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to such Series are segregated and enforceable only against the assets of such Series and not against the assets of the Company generally or any other Series. Series I is treated as a corporation for U.S. federal income tax purposes, and Series II is treated as a partnership for U.S. federal income tax purposes. The Company conducts its operations so that it does not fall within the definition of an “investment company” under the Investment Company Act of 1940, as amended (the “ 1940 Act ”). The Company is a holding company that seeks to leverage Apollo Asset Management, Inc.’s (together with its subsidiaries, “ Apollo ”) extensive credit experience investing across credit, as well as the incumbency afforded by the broad reach of Apollo’s credit platform, to drive proprietary sourcing and bespoke structuring for specialty asset-backed finance opportunities. By originating, structuring and securitizing these opportunities, the Company intends to offer attractive portfolio diversification through exposure primarily focused on large, diversified pools of hard assets and/or contracted cash flows, further enhanced by platform equity investments (“ Asset-Backed Finance Assets ”). The Company conducts a continuous private offering of its investor shares: S Shares, I Shares, F-S Shares, F-I Shares, A-I Shares, A-II Shares, P-S Shares and the P-I Shares (collectively, the “ Investor Shares ” and, collectively with the E Shares and V Shares, the “ Shares ”) in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “ Securities Act ”), to (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside of the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act). The Company is sponsored by Apollo and benefits from Apollo’s asset-backed finance sourcing and management platform pursuant to the amended and restated operating agreement the Company entered into with Apollo Manager, LLC (the “ Operating Manager ”) to support the Company in managing its portfolio of Asset-Backed Finance Assets with the objective of generating risk-adjusted returns consisting of both current income and capital appreciation for shareholders. The Company commenced operations on May 3, 2024. The purchase of Shares in a Series of the Company is an investment only in that particular Series and not an investment in the Company as a whole. V Shares have special rights and privileges, including entitling the holders thereof to the exclusive right to appoint and remove directors of the Company, increase or decrease the number of directors of the Company and fill any vacancies on the Company’s Board of Directors (the “ Board ”). V Shares do not have economic participation in the Company. V Shares will be held only by Apollo, its affiliates and/or certain Apollo clients, and are not being offered to other investors.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting —The financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and are presented in United States dollars, which is the Company’s functional currency. The Company’s fiscal year end is December 31. The Company’s financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies. Basis of Presentation — Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, and expenses. Allocation to each Series is based on attributable investment activity, Net Asset Value (“ NAV ”), or other equitable allocation methodologies as determined by the Operating Manager. These financial statements incorporate the Consolidated Statements of Assets and Liabilities, the Consolidated Condensed Schedule of Investments, the Consolidated Statements of Operations, the Consolidated Statements of Changes in Net Assets, and the Consolidated Statement of Cash Flows, of the Company as a whole, as well as each Series of interest in the Company. Basis of Consolidation — As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. As of June 30, 2024, the Company has an investment in Mortgage Aggregator Series Trust Administrator, L.P. (“MAST”), which is considered an investment company under ASC 946. The objective of the Company’s investment in MAST is to gain exposure to residential mortgage loans through participation in MAST’s designated Series E. The Company uses the equity method to account for its investment in MAST and is required under Regulation S-X to perform significance tests which may trigger additional reporting requirements. Use of Estimate s —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could materially differ from those estimates. Cash and Cash Equivalents — As of June 30, 2024, cash and cash equivalents were comprised of cash on hand and money market funds sponsored by a U.S. financial institution. As of June 30, 2024, Series I, Series II and the Company held $ 1 , $ 3,931 and $ 3,932 , respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund. Organizational and Offering Expenses — Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Series I, Series II and the Company incurred organizational expenses of ($ 518 ), $ 984 and $ 466 , respectively, for the three months ended June 30, 2024. Series I, Series II and the Company incurred organizational expenses of ($ 314 ), $ 1,188 and $ 874 , respectively, for the six months ended June 30, 2024. Offering expenses include registration fees and legal fees regarding the preparation of the initial registration statement. Offering expenses are accounted for as deferred costs until operations begin. Series I, Series II and the Company incurred deferred offering expenses of $ 0 , $ 100 and $ 100 , respectively, for the three and six months ended June 30, 2024. The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 6. Investment Income — The Company records dividend income and accrues interest income pursuant to the terms of the respective Asset-Backed Finance Assets, unless, in the case of dividend income, the Company determines that the Asset-Backed Finance Assets do not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (PIK) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Asset-Backed Finance Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For the six months ended June 30, 2024, investment income was comprised of interest income from Asset-Backed Finance Assets and cash and cash equivalents. Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives – Without regard to unrealized appreciation (depreciation) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation (depreciation) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized appreciation (depreciation) when gains or losses are realized. Investments, At Fair Value —ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments. Fair value is the price 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset's historical and projected financial data. At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value. Derivative Instruments —The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. The Company uses SOFR futures to hedge some or all of the Company’s fixed rate debt. Depending on the nature of the balance, the fair value of a given SOFR futures contract is either included within derivative assets, at fair value or derivative liabilities, at fair value on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the SOFR futures is offset by a change in the fair value of the fixed rate debt. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the futures contracts are included in cash and cash equivalents or accrued expenses and other liabilities, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2024 Series I, Series II and the Company posted cash collateral to counterparties in amounts of $ 0 , $ 246 and $ 246 , respectively. Income Taxes —Series I had elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income. There is no tax expense for Series I reflecting the Company’s best estimate of current and future taxes to be paid based upon income, dividends, and gains earned for the six months ended June 30, 2024, of which none is receivable as of June 30, 2024. Deferred income taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset or liability and its reported valuation in the accompanying financial statements. As of June 30, 2024, there are no deferred taxes for Series I. Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal, state and/or local income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interest in Series II would then be treated as stockholders in a corporation, and the Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Asset-Backed Finance Assets, through subsidiaries that are treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level. Calculation of NAV —The NAV per Share of each Series of the Company’s Shares is determined by dividing the total assets of the Company (the value of investments, plus cash or other assets) attributable to such Series less the value of any liabilities of such Series, by the total number of Shares outstanding of such Series. Recent Accounting Pronouncements —In June 2022, the FASB issued Accounting Standards Update (“ ASU ”) 2022-03, Fair Value Measurement – Fair Value measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance clarifies that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2025, with early adoption permitted. The Company will apply the guidance on a prospective basis with the adoption impact disclosed in the period of adoption. There is currently no material impact to the Company. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ ASU 2023-07 ”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. The guidance makes amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025, but early adoption is permitted. The Company is currently evaluating the impact of the new standard. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2024 that would be expected to have a material impact on the Company.

Fair Value Measurement and Disc

Fair Value Measurement and Disclosures	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurement and Disclosures	3. FAIR VALUE MEASUREMENT AND DISCLOSURES The following tables summarize the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of June 30, 2024: Series I Series II Total Description Level I Level II Level III Level I Level II Level III Level I Level II Level III Investments at fair value Asset Backed Debt Securities $ - $ - $ - $ - $ 15,453 $ 6,248 $ - $ 15,453 $ 6,248 Total Investments at fair value (1) $ - $ - $ - $ - $ 15,453 $ 6,248 $ - $ 15,453 $ 6,248 Derivative Liabilities at fair value Unrealized depreciation on Futures Contracts $ - $ - $ - $ 70 $ - $ - $ 70 $ - $ - Total Derivative Liabilities at fair value $ - $ - $ - 70 $ - $ - $ 70 $ - $ - Total $ - $ - $ - $ 70 $ 15,453 $ 6,248 $ 70 $ 15,453 $ 6,248 (1) Investments at fair value at Series I, Series II and the Company totaling $ 0 , $ 26,646 and $ 26,646 , respectively, were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy. Cash and cash equivalents at Series I, Series II and the Company include money market funds of $ 1 , $ 3,931 and $ 3,932 , respectively, which are considered Level I assets. As of December 31, 2023, Series I, Series II and the Company did no t have any investments or derivatives to classify in the fair value hierarchy levels. Transfers of investments between levels, if any, shall be recorded at the end of the period. There were no transfers in or out of the Company’s investments that are classified as Level III investments for the six months ended June 30, 2024. The following table shows changes in the fair value of our Level III investment during the six months ended June 30, 2024: Description Series I Series II Total Balance as of December 31, 2023 $ - $ - $ - Purchases - 6,234 6,234 Net change in unrealized gain (loss) on investments - 14 14 Transfers out of Level III - - - Transfers into Level III - - - Balance as of June 30, 2024 $ - $ 6,248 $ 6,248 The net change in unrealized gain (loss) on investments included in the Consolidated Statements of Operations for the six months ended June 30, 2024 attributable to Level III investments still held at June 30, 2024 for Series I, Series II and the Company were $ 0 , $ 14 and $ 14 , respectively. The following tables provide quantitative measure used to determine the fair values of the Level III investments as of June 30, 2024: Level III Fair Value Asset Type Series I Series II Total Valuation Unobservable Range/Weighted Asset Backed Debt Securities $ - $ 2,000 $ 2,000 Transactional Value Cost - 4,248 4,248 DCF Discount Rate 8.82 % Total $ - $ 6,248 $ 6,248 As of December 31, 2023, Series I, Series II and the Company did no t have any Level III investments that would require disclosure of valuation techniques and unobservable inputs. Unconsolidated Significant Subsidiary The following table represents summarized financial information of MAST, the applicable significant subsidiary in which the Company, Series I and Series II have an indirect equity interest. Note that Series I, Series II and the Company invested in MAST Series E on May 29, 2024, while the below summarized information is attributable to the MAST partnership as a whole, for the six months ended June 30, 2024. Income Statement For the period from Total Revenue $ 5,285 Total Expenses 578 Income (loss) before taxes 4,707 Provision for (benefit from) taxes - Net income (loss) 4,707 The net income (loss) specifically attributable to MAST Series E for Series I, Series II and the Company for the period from May 29, 2024 to June 30, 2024 was $ 0 , ($ 31 ) and ($ 31 ), respectively.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	4. DERIVATIVE INSTRUMENTS The following table presents the fair value of the derivative liabilities of Series I, Series II and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of June 30, 2024: Derivative Liabilities, at Fair Value (1),(2) Fair Value Primary Underlying Risk Derivative Series I Series II Total Interest Rate Risk SOFR Futures $ - $ 70 $ 70 Total $ - $ 70 $ 70 (1) See Note 2 for additional information on the Company’s purposes for entering into different types of derivatives and how they are recorded. (2) Approximately $ 0 , $ 246 and $ 246 of collateral has been posted as of June 30, 2024 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $ 0 , $ 0 and $ 0 of collateral has been received as of June 30, 2024 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities. The following table presents the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2024: Average Notional / Contracts Net realized gain (loss) on derivatives Net unrealized gain (loss) on derivatives Primary Underlying Risk Derivative Series I Series II Total Series I Series II Total Series I Series II Total Interest Rate Risk SOFR Futures $ - $ 51,250 $ 51,250 $ - $ ( 0 ) $ ( 0 ) $ - $ ( 70 ) $ ( 70 ) The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements, even when an enforceable master netting arrangement or other agreement is in place that provides the Company, in the event of counterparty default, the right to liquidate collateral and the right to offset a counterparty’s rights and obligations. The gross amount of derivative assets presented in the Consolidated Statements of Assets and Liabilities in the amount of $ 0 , $ 0 and $ 0 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement. The gross amount of derivative liabilities presented in the Consolidated Statements of Assets and Liabilities in the amount of $ 0 , $ 70 and $ 70 for Series I, Series II and the Company, respectively, are not subject to an enforceable master netting agreement.

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Notes Payable	5. NOTES PAYABLE The Company's outstanding debt obligations as of June 30, 2024 were as follows: Aggregate Principal Committed Outstanding Principal Unused Portion Carrying Value Fair Value (1) Series I Series II Total Series I Series II Total Series I Series II Total Series I Series II Total Series I Series II Total Promissory Notes $ 536 $ 536 $ 1,072 $ 536 $ 536 $ 1,072 $ - $ - $ - $ 536 $ 536 $ 1,072 $ 536 $ 536 $ 1,072 (1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2024. The valuation is based on transactional value. Promissory Notes On June 28, 2024, Series I and Series II issued unsecured promissory notes (the "Promissory Notes") with cumulative principal balances of $ 536 and $ 536 , respectively. The Promissory Notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4 % per annum, payable semi-annually in arrears, with a legal maturity date of June 28, 2054 . However, the Operating Manager intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years . Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.

Related Party Considerations

Related Party Considerations	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Considerations	6. RELATED PARTY CONSIDERATIONS Operating Agreement The Company has entered into an amended and restated operating agreement (the “ Operating Agreement ”) with the Operating Manager on June 28, 2024. Pursuant to the Operating Agreement, the Operating Manager is responsible for sourcing, evaluating and monitoring the Company’s investment opportunities and making recommendations to the Company related to the acquisition, management, financing and disposition of the Company’s assets, in accordance with the Company’s investment objectives, guidelines, policies and limitations. The Operating Manager or an affiliate may rebate, waive or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder’s account. Pursuant to the Operating Agreement, the Operating Manager is entitled to receive a management fee (the “ Management Fee ”). The Management Fee is payable monthly in arrears in an amount equal to (i) 1.00 % per annum of the month-end NAV attributable to S Shares and I Shares, (ii) 0.85 % per annum of the month-end NAV attributable to the Founder Shares, (iii) 1.00 % per annum of the month-end NAV attributable to the P-S Shares and P-I Shares commencing six months after the initial closing of third-party capital through a P Share Intermediary, (iv) 0.80 % per annum of the month-end NAV attributable to the A-I Shares from inception through December 31, 2027 and 0.85 % per annum of the month-end NAV attributable to the A-I Shares thereafter and (v) 0.75 % per annum of the month-end NAV attributable to the A-II Shares; provided, that this Management Fee will be reduced by any applicable Special Fees (as defined below); provided, however, that this Management Fee will not be reduced for any Other Fees. In calculating the Management Fee, we will use our NAV before giving effect to accruals for the Management Fee, Performance Fee, combined annual distribution fee and shareholder servicing fee or distributions payable on our Shares. We will not pay the Operating Manager a Management Fee on the Series I Apollo Shares and Series II Apollo Shares (collectively, the “ Apollo Shares ”), and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares. 100 % of any net consulting (including management consulting) or monitoring fees (including any early termination fee or acceleration of any such management consulting fee on a one-time basis that is approved by the Board), advisory fees related to the negotiation of the structuring of an Asset-Backed Finance Asset (other than debt investments or investments with respect to which Apollo does not exercise direct control with respect to the decision to engage the services giving rise to the relevant fees, costs and expenses) and similar fees (including Bridge Financing fees), whether in cash or in kind, including options, warrants and other non-cash consideration paid to the Operating Manager or any of its affiliates or any employees of the foregoing in connection with actual or contemplated acquisitions or investments (and allocable to the Company) (collectively, “ Special Fees ”) that are allocable to those Shareholders who bear Management Fees, will be applied to reduce the Management Fees paid by such management fee-bearing Shareholders. For the three months ended June 30, 2024 the Operating Manager earned gross Management Fees of $ 0 , $ 0 and $ 0 from Series I, Series II and the Company, respectively, with no Special Fees offset. For the six months ended June 30, 2024, the Operating Manager earned gross Management Fees of $ 0 , $ 0 and $ 0 from Series I, Series II and the Company, respectively, with no Special Fees offset. The Operating Manager or an affiliate may rebate, waive, or reduce the management fee charged to certain shareholders at the sole discretion of the Operating Manager or such affiliate. Any such rebate, waiver or reduction may be effected either by way of purchase of additional Shares by the Operating Manager or such affiliate for the shareholder or by way of rebate to the relevant shareholder’s account. For the three and six months ended June 30, 2024, there were no rebates or waivers of the management fees. So long as the Operating Agreement has not been terminated, the Operating Manager will be entitled to receive a performance fee (the “ Performance Fee ”) equal to (i) 10.0 % of the total return with respect to S Shares, I Shares, P-S Shares and P-I Shares, (ii) 7.5 % of the total return with respect to F-S Shares or F-I Shares, (iii) 5.0 % of the total return from inception through December 31, 2027 and 7.5 % thereafter with respect to A-I Shares and (iv) 5.0 % of the total return with respect to A-II Shares, in each case subject to a 5.0 % hurdle amount and a high water mark with respect to such type of Shares, with a catch-up. Such fee will be paid annually and accrue monthly. The Performance Fee will not be paid on Apollo Shares, and as a result, it is an expense specific only to Investor Shares at the rates specified herein, which will result in the dilution of Investor Shares in proportion to the fees charged to different types of Investor Shares and will result in differences in NAV among the types of Shares. For the three months ended June 30, 2024, the Operating Manager earned Performance Fees of $ 0 , $ 0 and $ 0 from Series I, Series II and the Company, respectively. For the six months ended June 30, 2024, the Operating Manager earned Performance Fees of $ 0 , $ 0 and $ 0 from Series I, Series II and the Company, respectively. Various affiliates of the Operating Manager are potentially involved in transactions with the Company’s investments in Asset-Backed Finance Assets, and whereby affiliates of the Operating Manager may earn fees in, including but not limited to, structuring, underwriting, arrangement, placement, syndication, advisory or similar services (collectively, “ Capital Solution ” services). For the three and six months ended June 30, 2024, $ 29 of fees were paid by the Company’s Asset-Backed Finance Assets to affiliates of the Operating Manager for Capital Solution services, which has been excluded from Special Fees for Series I, Series II and the Company, respectively. The Company incurred certain operating expenses related to services provided by personnel of the Operating Manager and/or its affiliates. For the three and six months ended June 30, 2024, these expenses were $ 0 , $ 150 and $ 150 , for Series I, Series II and the Company, respectively, and are included in general and administration expenses in the Consolidated Statements of Operations. Company Expense Support and Conditional Reimbursement of the Operating Manager The Operating Manager may elect to pay certain of the Company’s expenses, including certain Organizational and Offering Expenses on the Company’s behalf (each, an “ Expense Support ”) in accordance with the Expense Support and Conditional Reimbursement Agreement. Following any calendar month in which the Specified Expenses (as defined below) are below 0.75 % of the Company’s net assets on an annualized basis, the Company shall reimburse the Operating Manager, fully or partially, for the Expense Supports, but only if and to the extent that Specified Expenses plus any Reimbursement Payments (as defined below) do not exceed 0.75 % of the Company’s net assets at the end of each calendar month on an annualized basis, until such time as all Expense Supports made by the Operating Manager to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company in the prior sentence shall be referred to herein as a “ Reimbursement Payment .” “ Specified Expenses ” is defined to include all expenses incurred in the business of the Company with the exception of (i) the Management Fee, (ii) the Performance Fee, (iii) the combined annual distribution fees and shareholder servicing fees, (iv) the dealer manager fees (including selling commissions), (v) Asset-Backed Finance Asset related expenses, (vi) interest expenses, commitment fees, or other expenses related to any leverage incurred by the Company, (vii) taxes, (viii) certain insurance costs, (ix) Organizational and Offering Expenses, (x) certain non-routine items (as determined in the sole discretion of the Operating Manager) and (xi) extraordinary expenses (as determined in the sole discretion of the Operating Manager). For the three months ended June 30, 2024, the Operating Manager agreed to provide Expense Support of ($ 518 ), $ 2,115 and $ 1,597 for expenses incurred by Series I, Series II and the Company, respectively. For the six months ended June 30, 2024, the Operating Manager agreed to provide Expense Support of ($ 314 ), $ 2,319 and $ 2,005 for expenses incurred by Series I, Series II and the Company, respectively. As of June 30, 2024, Series I, Series II and the Company had an outstanding amount payable of $ 0 , $ 2,382 and $ 2,382, respectively, to the Operating Manager and is included in Due to Operating Manager on the Consolidated Statements of Assets and Liabilities. The cumulative balance of Expense Support provided by the Operating Manager was as follows: Expires December 31, 2025 Expires December 31, 2026 Expires December 31, 2027 Series I Series II Total Series I Series II Total Series I Series II Total $ - $ - $ - $ - $ - $ - $ - $ 2,633 $ 2,633 Dealer Manager Agreement On May 1, 2024, the Company entered into a dealer manager agreement (as amended and restated, “ Dealer Manager Agreement ”) with Apollo Global Securities, LLC (the “ Dealer Manager ”), an affiliate of the Operating Manager. The Dealer Manager is entitled to receive selling commissions of up to 3.0 %, and dealer manager fees of up to 0.5 %, of the transaction price of each S Share, F-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5 % of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85 % per annum of the aggregate NAV of the Company’s outstanding S Shares and F-S Shares and 0.25 % per annum of the aggregate NAV of the Company’s outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-I, A-II Shares, I Shares, P-I or F-I Shares. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs. As of June 30, 2024, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	7. SHAREHOLDERS’ EQUITY The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2024: Series I Series II Total Shares Consideration Shares Consideration Shares Consideration A-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 E Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares - - 2,000,000 50,000 2,000,000 50,000 Net increase (decrease) - $ - 2,000,000 50,000 2,000,000 50,000 Balance as of June 30, 2024 - $ - 2,000,000 50,000 2,000,000 50,000 F-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 F-S Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 P-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 P-S Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 2 110 2 220 4 Net increase (decrease) 110 $ 2 110 $ 2 220 $ 4 Balance as of June 30, 2024 110 $ 2 110 $ 2 220 $ 4 V Shares: Balance as of December 31, 2023 40 $ 1 40 $ 1 80 $ 2 Proceeds from issuance of shares - - - - - - Net increase (decrease) - $ - - $ - - $ - Balance as of June 30, 2024 40 $ 1 40 $ 1 80 $ 2 Total net increase (decrease) 550 $ 14 2,000,550 $ 50,014 2,001,100 $ 50,028 Distributions Beginning with the end of the first full calendar quarter in which the Shares are sold to non-affiliates of Apollo, the Company will seek to declare, accrue and pay quarterly distributions. However, there is no guarantee that Series I or Series II will pay quarterly distributions consistently and at a specific rate, or at all. There were no distributions declared for the six months ended June 30, 2024. Distribution Reinvestment Plan The Company adopted a distribution reinvestment plan (the “ DRIP ”), in which cash distributions to shareholders will automatically be reinvested in additional whole and fractional shares attributable to the type of Shares that a shareholder owns unless and until an election is made on behalf of such participating shareholder to withdraw from the DRIP and receive distributions in cash. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution, net of any applicable withholding taxes, by the Series’ NAV per share as of the end of the prior month. Shares will be distributed in proportion to the Series and types of Shares held by the shareholder under the DRIP. There will be no sales load charges on Shares issued to a shareholder under the DRIP. As of June 30, 2024, the Company had no t issued any Shares under the DRIP. Share Repurchases The Company offers a share repurchase plan pursuant to which, on a quarterly basis, shareholders may request that we repurchase all or any portion of their Shares. The Company may repurchase fewer Shares than have been requested in any particular quarter to be repurchased under the Company’s share repurchase plan, or none at all, in the Board’s discretion at any time. We expect that each Series will conduct quarterly Share repurchases (each, a "Share Repurchase") for up to 5.0 % of the aggregate NAV of our outstanding Investor Shares and E Shares of each Series (measured across both Series) at a price based on the NAV per Share as of the last business day of the quarter prior to the commencement of a Share Repurchase. The Company expects to make Share Repurchases beginning with the second full quarter after the initial raising of third-party capital.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company’s investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and other counterparties. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. The Operating Manager does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company enters into contracts that contain a variety of indemnifications, and may be engaged from time to time in various legal actions. The maximum exposure of the Company under these arrangements and activities is unknown. However, the Company expects the risk of material loss to be remote. From time to time, the Operating Manager and its affiliates may commit to an investment on behalf of the entities it manages, including the Company. Certain terms of these investments are not finalized at the time of the commitment and each respective entity’s allocation may change prior to the date of funding. In this regard, the Company may have to fund additional commitments in the future that it is currently not obligated to but may be at a future point in time. From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2024, the Company was not subject to any material litigation nor was the Company aware of any material litigation threatened against it.

Indemnifications

Indemnifications	6 Months Ended
	Jun. 30, 2024
Indemnifications [Abstract]
Indemnifications	9. INDEMNIFICATIONS Under the Company’s Second Amended and Restated Limited Liability Company Agreement, dated June 28, 2024 (the “ LLC Agreement ”) and organizational documents, the members of the Board, the Operating Manager, Apollo, and their respective affiliates, directors, officers, representatives, agents and employees are indemnified against all liabilities unless these persons’ actions constitute actual fraud or willful misconduct. In the normal course of business, the Company enters into contracts that contain a variety of representations and that provide general indemnifications. The Company’s maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Company.

Administration Fees and Other A

Administration Fees and Other Agreements with Affiliates	6 Months Ended
	Jun. 30, 2024
Administration Fees and Other Agreements with Affiliates [Abstract]
Administration Fees and Other Agreements with Affiliates	10. ADMINISTRATION FEES AND OTHER AGREEMENTS WITH AFFILIATES Company Administration Fees The Company has entered into an administration agreement with State Street Bank and Trust Company (the “ Administrator ”), pursuant to which the Administrator maintains the Company’s official books and records and provides accounting services and audit support. The Administrator receives customary fees from the Company for such services. The Administrator is also reimbursed by the Company for certain out of pocket expenses. Transfer Agency Fees SS&C GIDS, Inc. (formerly known as DST Systems, Inc.) serves as transfer, distribution and shareholder servicing agent for the Company and receives customary fees from the Company for such services. Custody Fees and Expenses State Street Bank and Trust Company serves as the Company’s custodian and receives customary fees from the Company for such services.

Financial highlights

Financial highlights	6 Months Ended
	Jun. 30, 2024
Investment Company, Financial Highlights [Abstract]
Financial Highlights	11. FINANCIAL HIGHLIGHTS The following are the financial highlights for the six months ended June 30, 2024: Series I A-I Shares F-I Shares F-S Shares P-I Shares P-S Shares Per Share Data: Net asset value at beginning of period $ - $ - $ - $ - $ - Proceeds from issuance of shares 25.00 25.00 25.00 25.00 25.00 Distributions declared (1) - - - - - Net investment income (2) - - - - - Net realized and unrealized gain/(loss) (3) - - - - - Net increase (decrease) in net assets resulting from operations - $ - $ - $ - $ - Net asset value at end of period $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 Shares outstanding at end of period 110 110 110 110 110 Weighted average shares outstanding 110 110 110 110 110 Ratio/Supplemental Data: Net assets at end of period $ 3 $ 3 $ 3 $ 3 $ 2 Annualized ratio to average net assets (4)(5) Total expenses before expense support and after performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and after performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and before performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Net investment income (5)(6) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total return (7) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes. (1) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. (4) Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. (5) The ratios were derived using the simple average net assets during the applicable period. (6) For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. (7) The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares. Series II A-I Shares E Shares F-I Shares F-S Shares P-I Shares P-S Shares Per Share Data: Net asset value at beginning of period $ - $ - $ - $ - $ - $ - Proceeds from issuance of shares 25.00 25.00 25.00 25.00 25.00 25.00 Distributions declared (1) - - - - - - Net investment income (2) - 0.09 - - - - Net realized and unrealized gain/(loss) (3) - ( 0.02 ) - - - - Net increase (decrease) in net assets resulting from operations $ - $ 0.07 $ - $ - $ - $ - Net asset value at end of period $ 25.00 $ 25.07 $ 25.00 $ 25.00 $ 25.00 $ 25.00 Shares outstanding at end of period 110 2,000,000 110 110 110 110 Weighted average shares outstanding 110 2,000,000 110 110 110 110 Ratio/Supplemental Data: Net assets at end of period $ 3 $ 50,146 $ 3 $ 3 $ 3 $ 3 Annualized ratio to average net assets (4)(5) Total expenses before expense support and after performance fees 0.00 % 17.60 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and after performance fees 0.00 % 1.66 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and before performance fees 0.00 % 1.66 % 0.00 % 0.00 % 0.00 % 0.00 % Net investment income (5)(6) 0.00 % 2.24 % 0.00 % 0.00 % 0.00 % 0.00 % Total return (7) 0.00 % 0.29 % 0.00 % 0.00 % 0.00 % 0.00 % The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes. (1) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. (4) Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. (5) The ratios were derived using the simple average net assets during the applicable period. (6) For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. (7) The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	12. SUBSEQUENT EVENTS Management has evaluated subsequent events and determined to disclose the following subsequent events and transactions. July Financial Update As of July 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Series I Series II Type Number of Aggregate Number of Aggregate A-I Shares 223,200 $ 5,580 97,800 $ 2,445 F-I Shares 80,000 2,000 254,000 6,350 Distribution Reinvestment Plan Not applicable. Share Repurchases Not applicable. Restricted Share Plan for Independent Directors On August 12, 2024, the Board approved the Company’s Restricted Share Plan for Independent Directors (the “ Restricted Share Plan ”). Pursuant to the Restricted Share Plan, on an annual basis, the Company expects to pay each independent director an annual grant of restricted stock based on the then-current per Share transaction price of its E Shares at the time of grant, with the remainder expected to be paid in cash. Restricted stock grants will generally vest one year from the date of grant.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting —The financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“ U.S. GAAP ”) and are presented in United States dollars, which is the Company’s functional currency. The Company’s fiscal year end is December 31. The Company’s financial statements are prepared using the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification (ASC) 946, Financial Services – Investment Companies.
Basis of Presentation	Basis of Presentation — Series I and Series II are treated as separate entities for U.S. federal income tax purposes with segregated assets, liabilities, and expenses. Allocation to each Series is based on attributable investment activity, Net Asset Value (“ NAV ”), or other equitable allocation methodologies as determined by the Operating Manager. These financial statements incorporate the Consolidated Statements of Assets and Liabilities, the Consolidated Condensed Schedule of Investments, the Consolidated Statements of Operations, the Consolidated Statements of Changes in Net Assets, and the Consolidated Statement of Cash Flows, of the Company as a whole, as well as each Series of interest in the Company.
Basis of Consolidation	Basis of Consolidation — As provided under Regulation S-X and ASC 946, the Company will generally not consolidate its investment in a company other than a wholly owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. As of June 30, 2024, the Company has an investment in Mortgage Aggregator Series Trust Administrator, L.P. (“MAST”), which is considered an investment company under ASC 946. The objective of the Company’s investment in MAST is to gain exposure to residential mortgage loans through participation in MAST’s designated Series E. The Company uses the equity method to account for its investment in MAST and is required under Regulation S-X to perform significance tests which may trigger additional reporting requirements.
Use of Estimates	Use of Estimate s —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents — As of June 30, 2024, cash and cash equivalents were comprised of cash on hand and money market funds sponsored by a U.S. financial institution. As of June 30, 2024, Series I, Series II and the Company held $ 1 , $ 3,931 and $ 3,932 , respectively, in money market funds, all of which were held in the State Street Institutional U.S. Government Money Market Fund.
Organizational and Offering Expenses	Organizational and Offering Expenses — Organizational expenses are expensed as incurred. Organizational expenses consist of costs incurred to establish the Company and enable it legally to do business. Series I, Series II and the Company incurred organizational expenses of ($ 518 ), $ 984 and $ 466 , respectively, for the three months ended June 30, 2024. Series I, Series II and the Company incurred organizational expenses of ($ 314 ), $ 1,188 and $ 874 , respectively, for the six months ended June 30, 2024. Offering expenses include registration fees and legal fees regarding the preparation of the initial registration statement. Offering expenses are accounted for as deferred costs until operations begin. Series I, Series II and the Company incurred deferred offering expenses of $ 0 , $ 100 and $ 100 , respectively, for the three and six months ended June 30, 2024. The Operating Manager may elect to provide expense support for certain organizational and offering expenses which is subject to potential recoupment as described in Note 6. Investment Income — The Company records dividend income and accrues interest income pursuant to the terms of the respective Asset-Backed Finance Assets, unless, in the case of dividend income, the Company determines that the Asset-Backed Finance Assets do not have positive earnings in which case such dividend income is treated as a return of capital. Payment-in-Kind (PIK) interest is accrued monthly on PIK fixed income securities in accordance with the contractual terms of those Asset-Backed Finance Assets. In the case of proceeds received from investments in a partnership investment vehicle and limited partnerships, the Company determines the character of such proceeds and record any interest income, dividend income, realized gains or returns of capital accordingly. For the six months ended June 30, 2024, investment income was comprised of interest income from Asset-Backed Finance Assets and cash and cash equivalents.
Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives	Net Realized gains or losses and Net Change in Unrealized Appreciation (Depreciation) on Investments and Derivatives – Without regard to unrealized appreciation (depreciation) previously recognized, realized gains or losses will be measured as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset. Net change in unrealized appreciation (depreciation) will reflect the change in investment values during the reporting period, including the reversal of any previously recorded unrealized appreciation (depreciation) when gains or losses are realized.
Investments, At Fair Value	Investments, At Fair Value —ASC 820, Fair Value Measurement, defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosures about fair value. The Company recognizes and accounts for its investments at fair value. The fair value of the investments does not reflect transactions costs that may be incurred upon disposition of investments. Fair value is the price 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. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined under GAAP, are directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3—Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. A significant decrease in the volume and level of activity for the asset or liability is an indication that transactions or quoted prices may not be representative of fair value because in such market conditions there may be increased instances of transactions that are not orderly. In those circumstances, further analysis of transactions or quoted prices is needed, and an adjustment to the transactions or quoted prices may be necessary to estimate fair value. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each acquisition while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. When making fair value determinations for Asset-Backed Finance Assets that do not have readily available market prices, we will consider industry-accepted valuation methodologies, primarily consisting of an income approach and market approach. The income approach derives fair value based on the present value of cash flows that a business, or security is expected to generate in the future. The market approach relies upon valuations for comparable public companies, transactions or assets, and includes making judgments about which companies, transactions or assets are comparable. A blend of approaches may be relied upon in arriving at an estimate of fair value, though there may be instances where it is more appropriate to utilize one approach. We also consider a range of additional factors that we deem relevant, including a potential sale of the Asset-Backed Finance Assets, macro and local market conditions, industry information and the relevant Asset-Backed Finance Asset's historical and projected financial data. At least annually, the Board, including our independent directors, will review the appropriateness of our valuation guidelines. From time to time, the Board, including our independent directors, may adopt changes to the valuation guidelines on occasions in which it has determined or in the future determines that such changes are likely to result in a more accurate reflection of estimated fair value.
Derivative Instruments	Derivative Instruments —The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. The Company does not utilize hedge accounting with respect to derivative instruments and as such, the Company recognizes its derivative instruments at fair value with changes included in net change in unrealized gain (loss) on derivatives on the Consolidated Statements of Operations. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, interest rate, foreign currency and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. The Company uses SOFR futures to hedge some or all of the Company’s fixed rate debt. Depending on the nature of the balance, the fair value of a given SOFR futures contract is either included within derivative assets, at fair value or derivative liabilities, at fair value on the Company’s Consolidated Statements of Assets and Liabilities. The change in fair value of the SOFR futures is offset by a change in the fair value of the fixed rate debt. Any cash collateral amounts posted to or received from the counterparty to cover collateral obligations under the terms of the futures contracts are included in cash and cash equivalents or accrued expenses and other liabilities, respectively, on the Company’s Consolidated Statements of Assets and Liabilities. As of June 30, 2024 Series I, Series II and the Company posted cash collateral to counterparties in amounts of $ 0 , $ 246 and $ 246 , respectively.
Income Taxes	Income Taxes —Series I had elected to be taxed as a corporation for U.S. federal income tax purposes. Series I is liable for income taxes, if any, on its net taxable income. There is no tax expense for Series I reflecting the Company’s best estimate of current and future taxes to be paid based upon income, dividends, and gains earned for the six months ended June 30, 2024, of which none is receivable as of June 30, 2024. Deferred income taxes are provided for the effects of potential future tax liabilities in future years resulting from differences between the tax basis of an asset or liability and its reported valuation in the accompanying financial statements. As of June 30, 2024, there are no deferred taxes for Series I. Series II operates so that it will qualify to be treated as a partnership for U.S. federal income tax purposes under the Internal Revenue Code and not a publicly traded partnership treated as a corporation. As such, it will not be subject to any U.S. federal, state and/or local income taxes. In any year, it is possible that Series II will not meet the qualifying income exception, which would result in Series II being treated as a publicly traded partnership taxed as a corporation, rather than a partnership. If Series II does not meet the qualifying income exception, the holders of interest in Series II would then be treated as stockholders in a corporation, and the Series II would become taxable as a corporation for U.S. federal income tax purposes. Series II would be required to pay income tax at corporate rates on its net taxable income. In addition, Series II holds interests in Asset-Backed Finance Assets, through subsidiaries that are treated as corporations for U.S. or non-U.S. tax purposes and therefore may be subject to current and deferred U.S. federal, state and/or local income taxes at the subsidiary level.
Calculation of NAV	Calculation of NAV —The NAV per Share of each Series of the Company’s Shares is determined by dividing the total assets of the Company (the value of investments, plus cash or other assets) attributable to such Series less the value of any liabilities of such Series, by the total number of Shares outstanding of such Series.
Recent Accounting Pronouncements	Recent Accounting Pronouncements —In June 2022, the FASB issued Accounting Standards Update (“ ASU ”) 2022-03, Fair Value Measurement – Fair Value measurement of Equity Securities Subject to Contractual Sale Restrictions. The guidance clarifies that a restriction which is a characteristic of the holding entity rather than a characteristic of the equity security itself should not be considered in its fair value measurement. As a result, the Company is required to measure the fair value of equity securities subject to contractual restrictions attributable to the holding entity on the basis of the market price of the same equity security without those contractual restrictions. Companies are not permitted to recognize a contractual sale restriction attributable to the holding entity as a separate unit of account. The guidance also requires disclosures for these equity securities. The new guidance is mandatorily effective for the Company by January 1, 2025, with early adoption permitted. The Company will apply the guidance on a prospective basis with the adoption impact disclosed in the period of adoption. There is currently no material impact to the Company. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ ASU 2023-07 ”). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. The Company is currently assessing the impact this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes—Improvements to Income Tax Disclosures. The guidance makes amendments to update disclosures on income taxes including rate reconciliation, income taxes paid, and certain amendments on disaggregation by federal, state, and foreign taxes, as relevant. The guidance is mandatorily effective for the Company for annual periods beginning in 2025, but early adoption is permitted. The Company is currently evaluating the impact of the new standard. There are no other standards, interpretations or amendments to existing standards that are effective for the first time for the year beginning January 1, 2024 that would be expected to have a material impact on the Company.

Fair Value Measurement and Di_2

Fair Value Measurement and Disclosures (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Summarize the Valuation of The Company's Investments and Cash and Cash Equivalents in The Fair Value Hierarchy Levels	The following tables summarize the valuation of the Company’s investments and cash and cash equivalents in the fair value hierarchy levels as of June 30, 2024: Series I Series II Total Description Level I Level II Level III Level I Level II Level III Level I Level II Level III Investments at fair value Asset Backed Debt Securities $ - $ - $ - $ - $ 15,453 $ 6,248 $ - $ 15,453 $ 6,248 Total Investments at fair value (1) $ - $ - $ - $ - $ 15,453 $ 6,248 $ - $ 15,453 $ 6,248 Derivative Liabilities at fair value Unrealized depreciation on Futures Contracts $ - $ - $ - $ 70 $ - $ - $ 70 $ - $ - Total Derivative Liabilities at fair value $ - $ - $ - 70 $ - $ - $ 70 $ - $ - Total $ - $ - $ - $ 70 $ 15,453 $ 6,248 $ 70 $ 15,453 $ 6,248 (1) Investments at fair value at Series I, Series II and the Company totaling $ 0 , $ 26,646 and $ 26,646 , respectively, were measured at NAV per share (or its equivalent) and have not been classified in the fair value hierarchy.
Summary of Fair Value of Level III Investments	The following table shows changes in the fair value of our Level III investment during the six months ended June 30, 2024: Description Series I Series II Total Balance as of December 31, 2023 $ - $ - $ - Purchases - 6,234 6,234 Net change in unrealized gain (loss) on investments - 14 14 Transfers out of Level III - - - Transfers into Level III - - - Balance as of June 30, 2024 $ - $ 6,248 $ 6,248
Summary of Quantitative Measure used to Determine the Fair Values of The Level III Investments	The following tables provide quantitative measure used to determine the fair values of the Level III investments as of June 30, 2024: Level III Fair Value Asset Type Series I Series II Total Valuation Unobservable Range/Weighted Asset Backed Debt Securities $ - $ 2,000 $ 2,000 Transactional Value Cost - 4,248 4,248 DCF Discount Rate 8.82 % Total $ - $ 6,248 $ 6,248
Summarized Financial Information of Unconsolidated Significant Subsidiary	The following table represents summarized financial information of MAST, the applicable significant subsidiary in which the Company, Series I and Series II have an indirect equity interest. Note that Series I, Series II and the Company invested in MAST Series E on May 29, 2024, while the below summarized information is attributable to the MAST partnership as a whole, for the six months ended June 30, 2024. Income Statement For the period from Total Revenue $ 5,285 Total Expenses 578 Income (loss) before taxes 4,707 Provision for (benefit from) taxes - Net income (loss) 4,707 The net income (loss) specifically attributable to MAST Series E for Series I, Series II and the Company for the period from May 29, 2024 to June 30, 2024 was $ 0 , ($ 31 ) and ($ 31 ), respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Liabilities	The following table presents the fair value of the derivative liabilities of Series I, Series II and the Company as reflected in the Consolidated Statements of Assets and Liabilities as of June 30, 2024: Derivative Liabilities, at Fair Value (1),(2) Fair Value Primary Underlying Risk Derivative Series I Series II Total Interest Rate Risk SOFR Futures $ - $ 70 $ 70 Total $ - $ 70 $ 70 (1) See Note 2 for additional information on the Company’s purposes for entering into different types of derivatives and how they are recorded. (2) Approximately $ 0 , $ 246 and $ 246 of collateral has been posted as of June 30, 2024 for Series I, Series II and the Company, respectively, with counterparties related to derivative contracts. Approximately $ 0 , $ 0 and $ 0 of collateral has been received as of June 30, 2024 for Series I, Series II and the Company, respectively, related to derivative contracts. The Company may be required to post additional collateral in subsequent periods due to unfavorable changes in the fair value of these contracts. The collateral posted and collateral received balances are included in prepaid expenses and other assets and accrued expenses and other liabilities, respectively, in the Consolidated Statements of Assets and Liabilities.
Schedule of Gains (Losses) Recognized on Derivative Instruments by Contract Type	The following table presents the gains (losses) recognized on derivatives, by contract type, included in the Consolidated Statements of Operations for the three and six months ended June 30, 2024: Average Notional / Contracts Net realized gain (loss) on derivatives Net unrealized gain (loss) on derivatives Primary Underlying Risk Derivative Series I Series II Total Series I Series II Total Series I Series II Total Interest Rate Risk SOFR Futures $ - $ 51,250 $ 51,250 $ - $ ( 0 ) $ ( 0 ) $ - $ ( 70 ) $ ( 70 )

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Debt Obligations	The Company's outstanding debt obligations as of June 30, 2024 were as follows: Aggregate Principal Committed Outstanding Principal Unused Portion Carrying Value Fair Value (1) Series I Series II Total Series I Series II Total Series I Series II Total Series I Series II Total Series I Series II Total Promissory Notes $ 536 $ 536 $ 1,072 $ 536 $ 536 $ 1,072 $ - $ - $ - $ 536 $ 536 $ 1,072 $ 536 $ 536 $ 1,072 (1) The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2024. The valuation is based on transactional value.

Related Party Considerations (T

Related Party Considerations (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Cumulative Balance of Expense Support Provided by Operating Manager	The cumulative balance of Expense Support provided by the Operating Manager was as follows: Expires December 31, 2025 Expires December 31, 2026 Expires December 31, 2027 Series I Series II Total Series I Series II Total Series I Series II Total $ - $ - $ - $ - $ - $ - $ - $ 2,633 $ 2,633 Dealer Manager Agreement On May 1, 2024, the Company entered into a dealer manager agreement (as amended and restated, “ Dealer Manager Agreement ”) with Apollo Global Securities, LLC (the “ Dealer Manager ”), an affiliate of the Operating Manager. The Dealer Manager is entitled to receive selling commissions of up to 3.0 %, and dealer manager fees of up to 0.5 %, of the transaction price of each S Share, F-S Share and P-S Share. Any participating broker-dealers are compensated from such amounts by reallowance from the Dealer Manager; provided that the sum of such reallowed amounts and the selling commissions do not exceed 3.5 % of the transaction price. The Dealer Manager will receive a combined annual distribution fee and shareholder servicing fee of 0.85 % per annum of the aggregate NAV of the Company’s outstanding S Shares and F-S Shares and 0.25 % per annum of the aggregate NAV of the Company’s outstanding P-S Shares. There will not be a combined annual distribution fee and shareholder servicing fee, upfront selling commission or dealer manager fee with respect to the A-I, A-II Shares, I Shares, P-I or F-I Shares. The Dealer Manager anticipates that all or a portion of selling commissions and dealer manager fees will be reallowed to participating broker-dealers. The E Shares and V Shares will not incur any upfront selling costs or ongoing servicing costs. As of June 30, 2024, neither Series paid the Dealer Manager for any annual distribution fees, shareholder servicing fees, upfront selling commission or dealer manager fees.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Summary of Shareholder Transactions in Common Shares	The following table summarizes shareholder transactions in common shares during the six months ended June 30, 2024: Series I Series II Total Shares Consideration Shares Consideration Shares Consideration A-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 E Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares - - 2,000,000 50,000 2,000,000 50,000 Net increase (decrease) - $ - 2,000,000 50,000 2,000,000 50,000 Balance as of June 30, 2024 - $ - 2,000,000 50,000 2,000,000 50,000 F-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 F-S Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 P-I Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 3 110 3 220 6 Net increase (decrease) 110 $ 3 110 $ 3 220 $ 6 Balance as of June 30, 2024 110 $ 3 110 $ 3 220 $ 6 P-S Shares: Balance as of December 31, 2023 - $ - - $ - - $ - Proceeds from issuance of shares 110 2 110 2 220 4 Net increase (decrease) 110 $ 2 110 $ 2 220 $ 4 Balance as of June 30, 2024 110 $ 2 110 $ 2 220 $ 4 V Shares: Balance as of December 31, 2023 40 $ 1 40 $ 1 80 $ 2 Proceeds from issuance of shares - - - - - - Net increase (decrease) - $ - - $ - - $ - Balance as of June 30, 2024 40 $ 1 40 $ 1 80 $ 2 Total net increase (decrease) 550 $ 14 2,000,550 $ 50,014 2,001,100 $ 50,028

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2024
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following are the financial highlights for the six months ended June 30, 2024: Series I A-I Shares F-I Shares F-S Shares P-I Shares P-S Shares Per Share Data: Net asset value at beginning of period $ - $ - $ - $ - $ - Proceeds from issuance of shares 25.00 25.00 25.00 25.00 25.00 Distributions declared (1) - - - - - Net investment income (2) - - - - - Net realized and unrealized gain/(loss) (3) - - - - - Net increase (decrease) in net assets resulting from operations - $ - $ - $ - $ - Net asset value at end of period $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 Shares outstanding at end of period 110 110 110 110 110 Weighted average shares outstanding 110 110 110 110 110 Ratio/Supplemental Data: Net assets at end of period $ 3 $ 3 $ 3 $ 3 $ 2 Annualized ratio to average net assets (4)(5) Total expenses before expense support and after performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and after performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and before performance fees 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Net investment income (5)(6) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Total return (7) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes. (1) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. (4) Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. (5) The ratios were derived using the simple average net assets during the applicable period. (6) For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. (7) The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares. Series II A-I Shares E Shares F-I Shares F-S Shares P-I Shares P-S Shares Per Share Data: Net asset value at beginning of period $ - $ - $ - $ - $ - $ - Proceeds from issuance of shares 25.00 25.00 25.00 25.00 25.00 25.00 Distributions declared (1) - - - - - - Net investment income (2) - 0.09 - - - - Net realized and unrealized gain/(loss) (3) - ( 0.02 ) - - - - Net increase (decrease) in net assets resulting from operations $ - $ 0.07 $ - $ - $ - $ - Net asset value at end of period $ 25.00 $ 25.07 $ 25.00 $ 25.00 $ 25.00 $ 25.00 Shares outstanding at end of period 110 2,000,000 110 110 110 110 Weighted average shares outstanding 110 2,000,000 110 110 110 110 Ratio/Supplemental Data: Net assets at end of period $ 3 $ 50,146 $ 3 $ 3 $ 3 $ 3 Annualized ratio to average net assets (4)(5) Total expenses before expense support and after performance fees 0.00 % 17.60 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and after performance fees 0.00 % 1.66 % 0.00 % 0.00 % 0.00 % 0.00 % Total expenses after expense support and before performance fees 0.00 % 1.66 % 0.00 % 0.00 % 0.00 % 0.00 % Net investment income (5)(6) 0.00 % 2.24 % 0.00 % 0.00 % 0.00 % 0.00 % Total return (7) 0.00 % 0.29 % 0.00 % 0.00 % 0.00 % 0.00 % The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes. (1) The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). (2) The per share data was derived by using the weighted average shares outstanding during the applicable period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. (4) Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. (5) The ratios were derived using the simple average net assets during the applicable period. (6) For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. (7) The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Schedule of Issued and Sold Unregistered Shares to Third Party Investors for Cash	As of July 1, 2024, the Company issued and sold the following unregistered shares of the Company to third party investors for cash: Series I Series II Type Number of Aggregate Number of Aggregate A-I Shares 223,200 $ 5,580 97,800 $ 2,445 F-I Shares 80,000 2,000 254,000 6,350

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 6,132,000		$ 6,132,000	$ 2,000
Money market funds	3,932,000		3,932,000
Organizational expenses	466,000		874,000
Offering expenses	100,000		100,000
Cash Collateral	246,000		246,000
Series I
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	420,000		420,000	1,000
Money market funds	1,000		1,000
Organizational expenses	(518,000)		(314,000)
Offering expenses	0		0
Deferred taxes		$ 0
Tax expenses based upon income dividend and gains earned		$ 0
Cash Collateral	0		0
Series II
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	5,712,000		5,712,000	$ 1,000
Money market funds	3,931,000		3,931,000
Organizational expenses	984,000		1,188,000
Offering expenses	100,000		100,000
Cash Collateral	$ 246,000		$ 246,000

Fair Value Measurement and Di_3

Fair Value Measurement and Disclosures - Summarize the Valuation of The Company's Investments and Cash and Cash Equivalents in The Fair Value Hierarchy Levels (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	$ 26,646,000	$ 0
Derivative Liabilities at Fair Value [Abstract]
Total Derivative Liabilities at fair value	70,000	0
Level I
Derivative Liabilities at Fair Value [Abstract]
Unrealized Depreciation on Futures Contracts	70,000
Total Derivative Liabilities at fair value	70,000
Total	70,000
Level II
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	15,453,000
Derivative Liabilities at Fair Value [Abstract]
Total	15,453,000
Level II | Asset Backed Debt Securities
Investments, Fair Value Disclosure [Abstract]
Asset Backed Debt Securities	15,453,000
Level III
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	6,248,000
Derivative Liabilities at Fair Value [Abstract]
Total	6,248,000
Level III | Asset Backed Debt Securities
Investments, Fair Value Disclosure [Abstract]
Asset Backed Debt Securities	6,248,000
Series I
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	0	0
Derivative Liabilities at Fair Value [Abstract]
Total Derivative Liabilities at fair value		0
Series II
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	26,646,000	0
Derivative Liabilities at Fair Value [Abstract]
Total Derivative Liabilities at fair value		$ 0
Series II | Level I
Derivative Liabilities at Fair Value [Abstract]
Unrealized Depreciation on Futures Contracts	70,000
Total Derivative Liabilities at fair value	70,000
Total	70,000
Series II | Level II
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	15,453,000
Derivative Liabilities at Fair Value [Abstract]
Total	15,453,000
Series II | Level II | Asset Backed Debt Securities
Investments, Fair Value Disclosure [Abstract]
Asset Backed Debt Securities	15,453,000
Series II | Level III
Investments, Fair Value Disclosure [Abstract]
Total Investments at fair value	6,248,000
Derivative Liabilities at Fair Value [Abstract]
Total	6,248,000
Series II | Level III | Asset Backed Debt Securities
Investments, Fair Value Disclosure [Abstract]
Asset Backed Debt Securities	$ 6,248,000

Fair Value Measurement and Di_4

Fair Value Measurement and Disclosures - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value	$ 26,646,000	$ 26,646,000	$ 26,646,000	$ 0
Derivative liabilities at fair value	70,000	70,000	70,000	0
Transfers into Level III			0
Transfers out of Level III			0
Investment Owned, Fair Value	48,347,000	48,347,000	48,347,000
Unrealized gain (loss) on investments			14,000
Net income (loss)		146,000	146,000
Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities at fair value	0	0	0
Investment Owned, Fair Value	0	0	0
Net income (loss)		0	0
Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities at fair value	70,000	70,000	70,000
Investment Owned, Fair Value	48,347,000	48,347,000	48,347,000
Net income (loss)		146,000	146,000
MAST
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net income (loss)	(31,000)		4,707,000
MAST | Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net income (loss)	(31,000)
MAST | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net income (loss)	0
Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value	0	0	0	0
Derivative liabilities at fair value				0
Unrealized gain (loss) on investments			0
Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value	26,646,000	26,646,000	26,646,000	0
Derivative liabilities at fair value				0
Unrealized gain (loss) on investments			14,000
Level I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liabilities at fair value	70,000	70,000	70,000
Level I | Money Market Funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	3,932,000	3,932,000	3,932,000
Level I | Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	1,000	1,000	1,000
Level I | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	3,931,000	3,931,000	3,931,000
Derivative liabilities at fair value	70,000	70,000	70,000
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value	6,248,000	6,248,000	6,248,000
Investment Owned, Fair Value	6,248,000	6,248,000	6,248,000	0
Level III | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment Owned, Fair Value	6,248,000	6,248,000	6,248,000
Level III | Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment Owned, Fair Value				0
Level III | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments at fair value	$ 6,248,000	$ 6,248,000	$ 6,248,000
Investment Owned, Fair Value				$ 0

Fair Value Measurement and Di_5

Fair Value Measurement and Disclosures - Summary of Fair Value of Level III Investments (Details)	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	$ 6,234,000
Net change in unrealized gain (loss) on investments	14,000
Transfers out of Level III	0
Transfers into Level III	0
Balance as of June 30, 2024	6,248,000
Series I
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net change in unrealized gain (loss) on investments	0
Series II
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Purchases	6,234,000
Net change in unrealized gain (loss) on investments	14,000
Balance as of June 30, 2024	$ 6,248,000

Fair Value Measurement and Di_6

Fair Value Measurement and Disclosures - Summary of Quantitative Measure used to Determine the Fair Values of The Level III Investments (Details)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 48,347,000
Series I
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	0
Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	48,347,000
Level III
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	6,248,000	$ 0
Level III | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	6,248,000
Level III | Asset Backed Debt Securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,000,000
Level III | Asset Backed Debt Securities | Valuation Technique, Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	4,248,000
Level III | Asset Backed Debt Securities | Series II
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	2,000,000
Level III | Asset Backed Debt Securities | Series II | Valuation Technique, Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value	$ 4,248,000
Level III | Asset Backed Debt Securities | Series II | Measurement Input, Discount Rate | Valuation Technique, Discounted Cash Flow
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average	0.0882

Fair Value Measurement and Di_7

Fair Value Measurement and Disclosures - Summarized Financial Information of Unconsolidated Significant Subsidiary (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]
Total Expenses		$ 1,736	$ 2,144
Net income (loss)		$ 146	146
MAST
Fair Value, Option, Quantitative Disclosures [Line Items]
Total Revenue			5,285
Total Expenses			578
Income (loss) before taxes			4,707
Provision for (benefit from) taxes			0
Net income (loss)	$ (31)		$ 4,707

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Fair Value of Derivative Liabilities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	$ 70,000	$ 0
SOFR Futures | Interest Rate Risk
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	70,000
Series I
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	0
Series I | SOFR Futures | Interest Rate Risk
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	0
Series II
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	70,000
Series II | SOFR Futures | Interest Rate Risk
Derivatives, Fair Value [Line Items]
Derivative liabilities at fair value	$ 70,000

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Fair Value of Derivative Liabilities (Parenthetical) (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Cash Collateral	$ 246
Collateral	0
Series I
Derivatives, Fair Value [Line Items]
Cash Collateral	0
Collateral	0
Series II
Derivatives, Fair Value [Line Items]
Cash Collateral	246
Collateral	$ 0

Derivative Instruments - Sche_3

Derivative Instruments - Schedule of Gains (Losses) Recognized on Derivative Instruments by Contract Type (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Net realized gain (loss) on derivatives	$ 0	$ 0
Net unrealized gain (loss) on derivatives	(70)	(70)
Series I
Derivative [Line Items]
Net realized gain (loss) on derivatives	0	0
Net unrealized gain (loss) on derivatives	0	0
Series II
Derivative [Line Items]
Net realized gain (loss) on derivatives	0	0
Net unrealized gain (loss) on derivatives	(70)	(70)
Interest Rate Risk | SOFR Futures
Derivative [Line Items]
Average derivative notional amount	51,250	51,250
Net realized gain (loss) on derivatives	0	0
Net unrealized gain (loss) on derivatives	(70)	(70)
Interest Rate Risk | SOFR Futures | Series I
Derivative [Line Items]
Average derivative notional amount	0	0
Net realized gain (loss) on derivatives	0	0
Net unrealized gain (loss) on derivatives	0	0
Interest Rate Risk | SOFR Futures | Series II
Derivative [Line Items]
Average derivative notional amount	51,250	51,250
Net realized gain (loss) on derivatives	0	0
Net unrealized gain (loss) on derivatives	$ (70)	$ (70)

Derivative Instruments (Additio

Derivative Instruments (Additional Information) (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative assets	$ 0
Derivative liabilities	70,000	$ 0
Series I
Derivative [Line Items]
Derivative assets	0
Derivative liabilities	0
Series II
Derivative [Line Items]
Derivative assets	0
Derivative liabilities	$ 70,000

Notes Payable - Summary of Outs

Notes Payable - Summary of Outstanding Debt Obligations (Details) - Promissory Notes - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 28, 2024
Debt Instrument [Line Items]
Aggregate Principal Committed	$ 1,072
Outstanding Principal	1,072
Carrying Value	1,072
Fair Value	1,072
Series I
Debt Instrument [Line Items]
Aggregate Principal Committed	536	$ 536
Outstanding Principal	536
Carrying Value	536
Fair Value	536
Series II
Debt Instrument [Line Items]
Aggregate Principal Committed	536	$ 536
Outstanding Principal	536
Carrying Value	536
Fair Value	$ 536

Notes Payable (Additional Infor

Notes Payable (Additional Information) (Details) - Promissory Notes - USD ($) $ in Thousands		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
Cumulative principal balances		$ 1,072
Debt Instrument Interest Rate	12.40%
Maturity Date	Jun. 28, 2054
Amortisation period of debt instrument		3 years
Series I
Debt Instrument [Line Items]
Cumulative principal balances	$ 536	$ 536
Series II
Debt Instrument [Line Items]
Cumulative principal balances	$ 536	$ 536

Related Party Considerations -

Related Party Considerations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 01, 2024
Related Party Transaction [Line Items]
Percentage of net consulting fees			100%
Management fee expense gross	$ 0		$ 0
Rebates or waivers of management fees	0	$ 0	0	$ 0
Performance fee	0		0
Operating expenses related to services	150		150
Expense support expenses	1,597		2,005
Operating Manager [Member]
Related Party Transaction [Line Items]
Outstanding amount payable	2,382		2,382
Dealer Manager Agreement
Related Party Transaction [Line Items]
Maximum percentage reallowed and selling commissions to transaction price					3.50%
Other Affiliates [Member]
Related Party Transaction [Line Items]
Payment for management fee	$ 29		$ 29
Company Expense Support and Conditional Reimbursement of Operating Manager
Related Party Transaction [Line Items]
Related party considerations net assets on annualized basis			0.75%
Specified expenses plus reimbursement payments does not exceed percentage	0.75%		0.75%
S Share, F-S Shares and P-S Share | Dealer Manager Agreement
Related Party Transaction [Line Items]
Maximum percentage of transaction price per each share					0.50%
Percentage of maximum selling commission to dealer manager					3%
S Shares and F-S Shares | Dealer Manager Agreement
Related Party Transaction [Line Items]
Percentage of annul distribution and shareholder service fee on NAV					0.85%
P-S Shares | Dealer Manager Agreement
Related Party Transaction [Line Items]
Percentage of annul distribution and shareholder service fee on NAV					0.25%
Series I and II [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			0.85%
Series I
Related Party Transaction [Line Items]
Management fee expense gross	$ 0		$ 0
Performance fee	0		0
Operating expenses related to services	0		0
Expense support expenses	(518)		(314)
Series I | Operating Manager [Member]
Related Party Transaction [Line Items]
Outstanding amount payable	0		0
Series II
Related Party Transaction [Line Items]
Management fee expense gross	0		0
Performance fee	0		0
Operating expenses related to services	150		150
Expense support expenses	2,115		2,319
Series II | Operating Manager [Member]
Related Party Transaction [Line Items]
Outstanding amount payable	$ 2,382		$ 2,382
Capital Units Class S And I [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			1%
Capital Units Class S, I, P-S And P-I [Member]
Related Party Transaction [Line Items]
Performance fees rate			10%
Capital Units Class F-S And F-I [Member]
Related Party Transaction [Line Items]
Performance fees rate			7.50%
Capital Units Class P-S And P-I [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			1%
Capital Units Class A-I [Member] | Until December 31 2027 [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			0.80%
Performance fees rate			5%
Capital Units Class A-I [Member] | After December 31 2027 [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			0.85%
Performance fees rate			7.50%
Capital Units Class A-II [Member]
Related Party Transaction [Line Items]
Management and service fees, base rate			0.75%
Performance fees rate			5%
Capital Units Class A-II [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Performance fees rate			5%

Related Party Considerations _2

Related Party Considerations - Cumulative Balance of Expense Support Provided by Operating Manager (Details) - Operating Manager [Member] $ in Thousands	Jun. 30, 2024 USD ($)
Related Party Transaction [Line Items]
Expires December 31, 2027	$ 2,633
Series II
Related Party Transaction [Line Items]
Expires December 31, 2027	$ 2,633

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Shareholder Transactions in Common Shares (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class of Stock [Line Items]
Net assets at beginning of period	$ 2	$ 2
Proceeds from issuance of shares	50,028	$ 50,028
Net increase (decrease), Shares		2,001,100
Net increase (decrease)	50,028	$ 50,028
Net assets at end of period	$ 50,176	$ 50,176
Common Stock | A-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		220
Proceeds from issuance of shares		$ 6
Net increase (decrease), Shares		220
Net increase (decrease)		$ 6
Ending Balance, Shares	220	220
Net assets at end of period	$ 6	$ 6
Common Stock | E Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		2,000,000
Proceeds from issuance of shares		$ 50,000
Net increase (decrease), Shares		2,000,000
Net increase (decrease)		$ 50,000
Ending Balance, Shares	2,000,000	2,000,000
Net assets at end of period	$ 50,000	$ 50,000
Common Stock | F-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		220
Proceeds from issuance of shares		$ 6
Net increase (decrease), Shares		220
Net increase (decrease)		$ 6
Ending Balance, Shares	220	220
Net assets at end of period	$ 6	$ 6
Common Stock | F-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		220
Proceeds from issuance of shares		$ 6
Net increase (decrease), Shares		220
Net increase (decrease)		$ 6
Ending Balance, Shares	220	220
Net assets at end of period	$ 6	$ 6
Common Stock | P-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		220
Proceeds from issuance of shares		$ 6
Net increase (decrease), Shares		220
Net increase (decrease)		$ 6
Ending Balance, Shares	220	220
Net assets at end of period	$ 6	$ 6
Common Stock | P-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		220
Proceeds from issuance of shares		$ 4
Net increase (decrease), Shares		220
Net increase (decrease)		$ 4
Ending Balance, Shares	220	220
Net assets at end of period	$ 4	$ 4
Common Stock | V Shares
Class of Stock [Line Items]
Beginning Balance, Shares		80
Net assets at beginning of period		$ 2
Ending Balance, Shares	80	80
Net assets at end of period	$ 2	$ 2
Series I
Class of Stock [Line Items]
Net assets at beginning of period	1	1
Proceeds from issuance of shares	14	$ 14
Net increase (decrease), Shares		550
Net increase (decrease)	14	$ 14
Net assets at end of period	$ 15	$ 15
Series I | Common Stock | A-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series I | Common Stock | F-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series I | Common Stock | F-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series I | Common Stock | P-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series I | Common Stock | P-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 2
Net increase (decrease), Shares		110
Net increase (decrease)		$ 2
Ending Balance, Shares	110	110
Net assets at end of period	$ 2	$ 2
Series I | Common Stock | V Shares
Class of Stock [Line Items]
Beginning Balance, Shares		40
Net assets at beginning of period		$ 1
Ending Balance, Shares	40	40
Net assets at end of period	$ 1	$ 1
Series II
Class of Stock [Line Items]
Net assets at beginning of period	1	1
Proceeds from issuance of shares	50,014	$ 50,014
Net increase (decrease), Shares		2,000,550
Net increase (decrease)	50,014	$ 50,014
Net assets at end of period	$ 50,161	$ 50,161
Series II | Common Stock | A-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series II | Common Stock | E Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		2,000,000
Proceeds from issuance of shares		$ 50,000
Net increase (decrease), Shares		2,000,000
Net increase (decrease)		$ 50,000
Ending Balance, Shares	2,000,000	2,000,000
Net assets at end of period	$ 50,000	$ 50,000
Series II | Common Stock | F-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series II | Common Stock | F-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series II | Common Stock | P-I Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 3
Net increase (decrease), Shares		110
Net increase (decrease)		$ 3
Ending Balance, Shares	110	110
Net assets at end of period	$ 3	$ 3
Series II | Common Stock | P-S Shares
Class of Stock [Line Items]
Beginning Balance, Shares
Net assets at beginning of period
Proceeds from issuance of shares, Shares		110
Proceeds from issuance of shares		$ 2
Net increase (decrease), Shares		110
Net increase (decrease)		$ 2
Ending Balance, Shares	110	110
Net assets at end of period	$ 2	$ 2
Series II | Common Stock | V Shares
Class of Stock [Line Items]
Beginning Balance, Shares		40
Net assets at beginning of period		$ 1
Ending Balance, Shares	40	40
Net assets at end of period	$ 1	$ 1

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Stockholders' Equity Note [Abstract]
Distributions declared | $	$ 0
Shares issued under DRIP | shares	0
Percentage of aggregate NAV	5%

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Per Share Data:
Net asset value at beginning of period		$ 25.15
Ratio/Supplemental Data:
Net assets at end of period		$ 50,176	$ 2
Series I
Per Share Data:
Net asset value at beginning of period		$ 25.15
Ratio/Supplemental Data:
Net assets at end of period		$ 15	1
Series II
Per Share Data:
Net asset value at beginning of period		$ 25.15
Ratio/Supplemental Data:
Net assets at end of period		$ 50,161	$ 1
A-I Shares | Series I
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[1]	0
Net investment income	[2]	0
Net realized and unrealized gain/(loss)	[3]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and before performance fees	[4],[5]	0%
Net investment income	[5],[6]	0%
Total return	[7]	0%
A-I Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0
Net realized and unrealized gain/(loss)	[10]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and before performance fees	[11],[12]	0%
Net investment income	[12],[13]	0%
Total return	[14]	0%
E Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0.09
Net realized and unrealized gain/(loss)	[10]	(0.02)
Net increase (decrease) in net assets resulting from operations		0.07
Net asset value at end of period		$ 25.07
Shares outstanding at end of period		2,000,000
Weighted average shares outstanding		2,000,000
Ratio/Supplemental Data:
Net assets at end of period		$ 50,146
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	17.60%
Total expenses after expense support and after performance fees	[11],[12]	1.66%
Total expenses after expense support and before performance fees	[11],[12]	1.66%
Net investment income	[12],[13]	2.24%
Total return	[14]	0.29%
F-I Shares | Series I
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[1]	0
Net investment income	[2]	0
Net realized and unrealized gain/(loss)	[3]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and before performance fees	[4],[5]	0%
Net investment income	[5],[6]	0%
Total return	[7]	0%
F-I Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0
Net realized and unrealized gain/(loss)	[10]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and before performance fees	[11],[12]	0%
Net investment income	[12],[13]	0%
Total return	[14]	0%
F-S Shares | Series I
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[1]	0
Net investment income	[2]	0
Net realized and unrealized gain/(loss)	[3]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and before performance fees	[4],[5]	0%
Net investment income	[5],[6]	0%
Total return	[7]	0%
F-S Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0
Net realized and unrealized gain/(loss)	[10]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and before performance fees	[11],[12]	0%
Net investment income	[12],[13]	0%
Total return	[14]	0%
P-I Shares | Series I
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[1]	0
Net investment income	[2]	0
Net realized and unrealized gain/(loss)	[3]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and before performance fees	[4],[5]	0%
Net investment income	[5],[6]	0%
Total return	[7]	0%
P-I Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0
Net realized and unrealized gain/(loss)	[10]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and before performance fees	[11],[12]	0%
Net investment income	[12],[13]	0%
Total return	[14]	0%
P-S Shares | Series I
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[1]	0
Net investment income	[2]	0
Net realized and unrealized gain/(loss)	[3]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 2
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and after performance fees	[4],[5]	0%
Total expenses after expense support and before performance fees	[4],[5]	0%
Net investment income	[5],[7]	0%
Total return	[7]	0%
P-S Shares | Series II
Per Share Data:
Net asset value at beginning of period		$ 0
Proceeds from issuance of shares		25
Distributions declared	[8]	0
Net investment income	[9]	0
Net realized and unrealized gain/(loss)	[10]	0
Net increase (decrease) in net assets resulting from operations		0
Net asset value at end of period		$ 25
Shares outstanding at end of period		110
Weighted average shares outstanding		110
Ratio/Supplemental Data:
Net assets at end of period		$ 3
Annualized ratio to average net assets
Total expenses before expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and after performance fees	[11],[12]	0%
Total expenses after expense support and before performance fees	[11],[12]	0%
Net investment income	[12],[13]	0%
Total return	[14]	0%
[1] The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). The per share data was derived by using the weighted average shares outstanding during the applicable period. The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. The ratios were derived using the simple average net assets during the applicable period. For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares. The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7). The per share data was derived by using the weighted average shares outstanding during the applicable period. The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio. Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees. The ratios were derived using the simple average net assets during the applicable period. For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees. The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.

Subsequent Events - Schedule of

Subsequent Events - Schedule of Issued and Sold Unregistered Shares to Third Party Investors for Cash (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Aggregate Consideration		$ 50,028	$ 50,028
Series I
Subsequent Event [Line Items]
Aggregate Consideration		14	14
Series II
Subsequent Event [Line Items]
Aggregate Consideration		$ 50,014	$ 50,014
Subsequent Event [Member] | Series I | A-I Shares
Subsequent Event [Line Items]
Number of Shares Sold	223,200
Aggregate Consideration	$ 5,580
Subsequent Event [Member] | Series I | F-I Shares
Subsequent Event [Line Items]
Number of Shares Sold	80,000
Aggregate Consideration	$ 2,000
Subsequent Event [Member] | Series II | A-I Shares
Subsequent Event [Line Items]
Number of Shares Sold	97,800
Aggregate Consideration	$ 2,445
Subsequent Event [Member] | Series II | F-I Shares
Subsequent Event [Line Items]
Number of Shares Sold	254,000
Aggregate Consideration	$ 6,350

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Aug. 12, 2024
Subsequent Event | Restricted Stock
Subsequent Event [Line Items]
Vesting period	1 year