10-Q

UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

 

Washington, DC 20549
FORM 10-Q

   

(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

For the quarterly period ended September 30, 2021

 

OR

   

☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   

Commission File Number: 814-01259

 

AG Twin Brook BDC, Inc.

 

(Exact name of registrant as specified in its charter)

 

Delaware	83-4184014
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
245 Park Avenue, 26th Floor, New York, NY	10167
(Address of principal executive offices)	(Zip Code)
(Registrant’s telephone number, including area code): (212) 692-2000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, par value $0.001 per share

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒	Smaller reporting company ☐
	Emerging growth company ☒

   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

  

  As of November 12, 2021, the registrant had 7,005,615 shares of common stock, $0.001 par value per share, outstanding.

TABLE OF CONTENTS
PART I	CONSOLIDATED FINANCIAL INFORMATION	2
Item 1.	Consolidated Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of September 30, 2021 (Unaudited) and December 31, 2020	2
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)	4
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)	5
	Consolidated Schedules of Investments as of September 30, 2021 (Unaudited) and December 31, 2020	6
	Notes to Consolidated Financial Statements (Unaudited)	14
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	54
PART II	OTHER INFORMATION	55
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	55
Item 4.	Mine Safety Disclosures	55
Item 5.	Other Information	55
Item 6.	Exhibits	56
Signatures		57

PART I – CONSOLIDATED FINANCIAL INFORMATION

AG Twin Brook BDC, Inc.

Consolidated Statements of Assets and Liabilities

 (Amounts in thousands, except share and per share amounts)

	September 30, 2021 (Unaudited)		December 31, 2020
Assets
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $105,708 and $76,422, respectively)	$	105,660	$	75,812
Non-controlled/affiliated investments at fair value (amortized cost of $4,444 and $3,201, respectively)		5,736		3,721
Unrealized gain on foreign currency forward contracts		23		-
Cash		14,566		10,320
Prepaid expenses		237		162
Interest receivable		233		181
Deferred financing costs		107		236
Total assets	$	126,562	$	90,432
Liabilities
Unrealized loss on foreign currency forward contracts	$	15	$	-
Accrued expenses and other liabilities payable to affiliate		680		459
Income incentive fees payable		214		99
Management fees payable		155		105
Deferred income		78		91
Interest payable		8		21
Dividend payable		-		1,156
Total liabilities		1,150		1,931
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, 100,000,000 shares authorized; 6,199,809 and 4,482,000 shares issued and outstanding, respectively	$	6	$	4
Additional paid-in-capital		123,459		88,919
Total distributable earnings (loss)		1,947		(422	)
Total net assets		125,412		88,501
Total liabilities and net assets	$	126,562	$	90,432
Net asset value per share	$	20.23	$	19.75

The accompanying notes are an integral part of these consolidated financial statements.

2

AG Twin Brook BDC, Inc.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2021			2020			2021			2020
Investment income
Investment income from non-controlled, non-affiliated investments:
Interest	$	2,013		$	1,201		$	5,424		$	3,399
Other		94			67			301			198
Total investment income from non-controlled, non-affiliated investments:		2,107			1,268			5,725			3,597
Total investment income		2,107			1,268			5,725			3,597
Expenses
Income incentive fees	$	214		$	38		$	568		$	114
Management fees		155			94			416			259
Accounting fees		107			98			317			323
Insurance fees		90			125			312			368
Professional fees		143			103			309			274
Administrative fees(1)		97			85			267			358
Interest		66			67			190			283
Directors' fees		45			45			135			135
Other		25			35			110			126
Offering costs		-			73			-			409
Total gross expenses		942			763			2,624			2,649
Less waivers:
Administrative fees waived(1)		-			(85	)		-			(358	)
Total net expenses		942			678			2,624			2,291
Net investment income (loss)		1,165			590			3,101			1,306
Net realized and unrealized gain (loss) on investment transactions
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments	$	35		$	1		$	122		$	5
Foreign currency transactions		(5	)		-			2			-
Foreign currency forward transactions		12			-			(47	)		-
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments		87			490			562			(963	)
Non-controlled, affiliated investments		220			270			772			(20	)
Foreign currency forward contracts		4			-			8			-
Total net realized and unrealized gain (loss) on investment transactions		353			761			1,419			(978	)
Net increase (decrease) in net assets resulting from operations	$	1,518		$	1,351		$	4,520		$	328
Net investment income (loss) per share - basic and diluted	$	0.20		$	0.17		$	0.61		$	0.45
Earnings (loss) per share - basic and diluted	$	0.26		$	0.40		$	0.89		$	0.11
Weighted average shares outstanding - basic and diluted		5,754,844			3,402,000			5,092,922			2,907,131

(1)Refer to Note 6 - Agreements and Related Party Transactons

The accompanying notes are an integral part of these consolidated financial statements.

3

AG Twin Brook BDC, Inc.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share and per share amounts)

(Unaudited)

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2021			2020			2021			2020
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	1,165		$	590		$	3,101		$	1,306
Net realized gain (loss)		42			-			77			-
Net change in unrealized gain (loss)		311			761			1,342			(978	)
Net increase (decrease) in net assets resulting from operations		1,518			1,351			4,520			328
Dividends
Dividends declared from earnings		(1,165	)		(680	)		(2,169	)		(680	)
Net decrease in net assets resulting from dividends		(1,165	)		(680	)		(2,169	)		(680	)
Capital share transactions
Issuance of common shares		23,760			-			34,560			24,840
Net increase in net assets resulting from capital share transactions		23,760			-			34,560			24,840
Total increase in net assets		24,113			671			36,911			24,488
Net assets, at beginning of period		101,299			66,518			88,501			42,701
Net assets, at end of period	$	125,412		$	67,189		$	125,412		$	67,189
Capital share activity
Shares issued		1,177,809			-			1,717,809			1,242,000
Net increase in shares outstanding		1,177,809			-			1,717,809			1,242,000
Dividends declared per share	$	0.20		$	0.20		$	0.40		$	0.20

The accompanying notes are an integral part of these consolidated financial statements.

4

AG Twin Brook BDC, Inc.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Nine Months			Nine Months
	Ended			Ended
	September 30,			September 30,
	2021			2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$	4,520		$	328
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments		(122	)		(5	)
Net change in unrealized (appreciation) depreciation on investments		(1,334	)		983
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(8	)		-
Net accretion on debt instruments		(309	)		(180	)
Net paydown gain on debt instruments		(146	)		(20	)
Interest received in-kind		(22	)		-
Purchases and drawdowns of investments		(55,199	)		(34,815	)
Proceeds from sales and paydowns of investments		25,269			9,632
Amortization of deferred financing costs		167			94
Amortization of offering costs		-			409
Change in operating assets and liabilities:
(Increase) decrease in interest receivable		(52	)		(72	)
(Increase) decrease in prepaid expenses		(75	)		(128	)
(Increase) decrease in other assets		-			(15	)
(Increase) decrease in due from affiliate		-			23
Increase (decrease) in accrued expenses and other liabilities payable to affiliate		221			78
Increase (decrease) in management fees payable		50			49
Increase (decrease) in income incentive fees payable		115			38
Increase (decrease) in deferred income		(13	)		9
Increase (decrease) in interest payable		(13	)		(6	)
Increase (decrease) in due to affiliate		-			(44	)
Increase (decrease) in organizational costs payable to affiliate		-			(26	)
Net cash used in operating activities		(26,951	)		(23,668	)
Cash flows from financing activities
Proceeds from issuance of common shares		34,560			24,840
Dividends paid		(3,325	)		(680	)
Borrowings on subscription facility		3,100			19,800
Payments on subscription facility		(3,100	)		(25,300	)
Payments for deferred financing costs		(38	)		(120	)
Payments for deferred offering costs		-			(20	)
Net cash provided by financing activities		31,197			18,520
Net change in cash		4,246			(5,148	)
Cash
Cash, beginning of period		10,320			9,008
Cash, end of period	$	14,566		$	3,860
Supplemental and non-cash information
Cash paid during the period for interest	$	36		$	195

The accompanying notes are an integral part of these consolidated financial statements.

5

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)			Fair Value			Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt (5)
Aerospace and defense
Mattco Forge, Inc. (13)	First lien senior secured revolving loan	L+7.25%	12/6/2024	$	506	$	(8	)	$	(22	)		(0.02	)%
Mattco Forge, Inc. (8)(9)	First lien senior secured term loan	L+7.25%	12/6/2024		2,196		2,159			2,100			1.68	%
							2,151			2,078			1.66	%
Chemicals
AM Buyer, LLC (13)	First lien senior secured revolving loan	L+6.75%	5/1/2025	$	111	$	(2	)	$	(2	)		(0.00	)%
AM Buyer, LLC (8)	First lien senior secured term loan	L+6.75%	5/1/2025		480		471			473			0.38	%
G2O Technologies, LLC (13)	First lien senior secured revolving loan	L+6.00%	3/31/2025		207		(3	)		(3	)		(0.00	)%
G2O Technologies, LLC (6)	First lien senior secured term loan	L+6.00%	3/31/2025		1,565		1,540			1,543			1.23	%
Revolution Plastics Buyer, LLC (6)	First lien senior secured revolving loan	L+5.00%	8/15/2025		704		507			509			0.41	%
Revolution Plastics Buyer, LLC (6)(8)	First lien senior secured term loan	L+5.00%	8/15/2025		2,656		2,615			2,629			2.10	%
Teel Plastics, LLC (13)	First lien senior secured revolving loan	L+5.00%	1/24/2025		324		(4	)		(4	)		(0.00	)%
Teel Plastics, LLC (6)	First lien senior secured term loan	L+5.00%	1/24/2025		1,818		1,793			1,798			1.43	%
							6,917			6,943			5.54	%
Commercial services and supplies
Edko Acquisition, LLC (13)	First lien senior secured revolving loan	L+5.75%	6/25/2026	$	38	$	(1	)	$	(1	)		(0.00	)%
Edko Acquisition, LLC (8)	First lien senior secured term loan	L+5.75%	6/25/2026		1,023		1,003			1,005			0.80	%
Nimlok Company, LLC (13)(17)	First lien senior secured revolving loan	L+7.50%	11/27/2024		320		(4	)		(9	)		(0.01	)%
Nimlok Company, LLC (8)	First lien senior secured term loan	L+7.50%	11/27/2025		1,923		1,896			1,852			1.48	%
							2,894			2,847			2.27	%
Construction and engineering
Domino Equipment Company, LLC (13)	First lien senior secured revolving loan	L+6.00%	4/1/2026	$	79	$	(1	)	$	(1	)		(0.00	)%
Domino Equipment Company, LLC (8)	First lien senior secured term loan	L+6.00%	4/1/2026		582		572			573			0.46	%
							571			572			0.46	%
Containers and packaging
Innovative FlexPak, LLC (6)	First lien senior secured revolving loan	L+6.00%	1/23/2025	$	94	$	90		$	91			0.07	%
Innovative FlexPak, LLC (12)	First lien senior secured revolving loan	P+5.00%	1/23/2025		125		120			122			0.10	%
Innovative FlexPak, LLC (9)	First lien senior secured term loan	L+6.00%	1/23/2025		2,685		2,639			2,658			2.12	%
Jansy Packaging, LLC (13)	First lien senior secured revolving loan	L+7.00%	9/30/2022		706		(7	)		(22	)		(0.02	)%
Jansy Packaging, LLC (6)	First lien senior secured term loan	L+7.00%	9/30/2022		1,093		1,076			1,058			0.84	%
MRC Keeler Acquisition, LLC (13)	First lien senior secured delayed draw term loan	L+5.75%	12/4/2025		150		(3	)		(2	)		(0.00	)%
MRC Keeler Acquisition, LLC (13)	First lien senior secured revolving loan	L+5.75%	12/4/2025		150		(3	)		(2	)		(0.00	)%
MRC Keeler Acquisition, LLC (8)	First lien senior secured term loan	L+5.75%	12/4/2025		969		952			954			0.76	%
Vanguard Packaging, LLC (8)	First lien senior secured revolving loan	L+5.25%	8/9/2024		535		174			172			0.14	%
Vanguard Packaging, LLC (8)	First lien senior secured term loan	L+5.25%	8/9/2024		1,209		1,198			1,195			0.95	%
							6,236			6,224			4.96	%
Distributors
RTP Acquisition, LLC (13)	First lien senior secured revolving loan	L+6.00%	8/17/2026		38		(1	)		(1	)		(0.00	)%
RTP Acquisition, LLC (7)	First lien senior secured term loan	L+6.00%	8/17/2026		538		527			527			0.42	%
							526			526			0.42	%
Diversified consumer services
50Floor, LLC (13)	First lien senior secured revolving loan	L+5.75%	12/31/2025	$	199	$	(3	)	$	(3	)		(0.00	)%
50Floor, LLC (8)	First lien senior secured term loan	L+5.75%	12/31/2026		985		967			969			0.77	%
Groundworks Operations, LLC (8)	First lien senior secured delayed draw term loan	L+4.75%	1/17/2026		1,622		1,348			1,351			1.08	%
Groundworks Operations, LLC (13)	First lien senior secured delayed draw term loan	L+4.75%	1/17/2026		228		(3	)		(3	)		(0.00	)%
Groundworks Operations, LLC (13)	First lien senior secured revolving loan	L+4.75%	1/17/2026		387		(5	)		(5	)		(0.00	)%
Groundworks Operations, LLC (8)	First lien senior secured term loan	L+4.75%	1/17/2026		2,366		2,331			2,336			1.86	%
ISSA, LLC (13)	First lien senior secured revolving loan	L+6.50%	3/1/2027		131		(2	)		(2	)		(0.00	)%
ISSA, LLC (8)	First lien senior secured term loan	L+6.50%	3/1/2027		876		859			861			0.69	%
Kalkomey Enterprises, LLC (13)	First lien senior secured revolving loan	L+6.50%	4/24/2025		77		(1	)		(1	)		(0.00	)%
Kalkomey Enterprises, LLC (8)	First lien senior secured term loan	L+6.50%	4/24/2026		1,063		1,041			1,047			0.83	%
NSG Buyer, Inc. (13)	First lien senior secured revolving loan	L+5.50%	9/30/2024		294		(2	)		(1	)		(0.00	)%
NSG Buyer, Inc. (6)	First lien senior secured term loan	L+5.50%	9/30/2025		2,317		2,300			2,300			1.83	%
PPW Acquisition, LLC (13)	First lien senior secured revolving loan	L+6.00%	9/30/2026		38		(1	)		(1	)		(0.00	)%
PPW Acquisition, LLC (8)	First lien senior secured term loan	L+6.00%	9/30/2026		613		600			600			0.48	%
United Land Services Opco Parent, LLC (8)	First lien senior secured delayed draw term loan	L+6.00%	3/23/2026		1,074		164			165			0.13	%
United Land Services Opco Parent, LLC (13)	First lien senior secured revolving loan	L+6.00%	3/23/2026		131		(2	)		(2	)		(0.00	)%
United Land Services Opco Parent, LLC (8)	First lien senior secured term loan	L+6.00%	3/23/2026		306		301			301			0.24	%
							9,892			9,912			7.90	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (13)	First lien senior secured revolving loan	L+9.00%	11/22/2025	$	324	$	(5	)	$	(8	)		(0.01	)%
Advanced Lighting Acquisition, LLC (6)(8)	First lien senior secured term loan	L+9.00%	11/22/2025		1,460		1,438			1,427			1.14	%
							1,433			1,419			1.13	%
Food and staples retailing
Engelman Baking Co., LLC (6)	First lien senior secured revolving loan	L+6.75%	2/28/2025	$	207	$	46		$	38			0.03	%
Engelman Baking Co., LLC (6)	First lien senior secured term loan	L+6.75%	2/28/2025		722		707			679			0.54	%
Mad Rose Company, LLC (13)(22)	First lien senior secured revolving loan	L+6.50%	5/7/2026		104		(2	)		(2	)		(0.00	)%
Mad Rose Company, LLC (8)	First lien senior secured term loan	L+6.50%	5/7/2026		315		307			308			0.25	%
NutriScience Innovations, LLC (13)	First lien senior secured revolving loan	L+7.00%	4/21/2026		131		(2	)		(2	)		(0.00	)%
NutriScience Innovations, LLC (8)	First lien senior secured term loan	L+7.00%	4/21/2026		483		474			475			0.38	%
							1,530			1,496			1.19	%
Food products
Icelandirect, LLC (12)	First lien senior secured revolving loan	P+5.00%	7/30/2026	$	38	$	4		$	4			0.00	%
Icelandirect, LLC (8)	First lien senior secured term loan	L+6.00%	7/30/2026		693		680			680			0.54	%
Starwest Botanicals Acquisition, LLC (13)	First lien senior secured revolving loan	L+5.25%	4/30/2027		174		(3	)		(3	)		(0.00	)%
Starwest Botanicals Acquisition, LLC (8)	First lien senior secured term loan	L+5.25%	4/30/2027		817		804			805			0.64	%
							1,485			1,486			1.18	%
Gas utilities
Hydromax USA, LLC (6)	First lien senior secured delayed draw term loan	L+6.25%	12/30/2026	$	113	$	112		$	112			0.09	%
Hydromax USA, LLC (6)	First lien senior secured revolving loan	L+6.25%	12/30/2026		228		19			20			0.02	%
Hydromax USA, LLC (6)	First lien senior secured term loan	L+6.25%	12/30/2026		1,250		1,230			1,232			0.98	%
							1,361			1,364			1.09	%

The accompanying notes are an integral part of these consolidated financial statements.

6

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)			Fair Value			Percentage of Net Assets
Investments - Continued
Non-controlled/non-affiliated senior secured debt (5) - Continued
Health care equipment and supplies
EMSAR Acquisition LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	3/30/2026	$	667	$	194		$	195			0.16	%
EMSAR Acquisition LLC (8)	First lien senior secured revolving loan	L+6.50%	3/30/2026		134		24			24			0.02	%
EMSAR Acquisition LLC (8)	First lien senior secured term loan	L+6.50%	3/30/2026		646		634			635			0.51	%
Reliable Medical Supply LLC (13)	First lien senior secured delayed draw term loan	L+7.00%	4/8/2025		68		(1	)		(1	)		(0.00	)%
Reliable Medical Supply LLC (13)	First lien senior secured revolving loan	L+7.00%	4/8/2025		138		(3	)		(2	)		(0.00	)%
Reliable Medical Supply LLC (8)	First lien senior secured term loan	L+7.00%	4/8/2025		760		744			748			0.60	%
SCA Buyer, LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	1/20/2026		397		35			38			0.03	%
SCA Buyer, LLC (8)	First lien senior secured revolving loan	L+6.50%	1/20/2026		133		23			24			0.02	%
SCA Buyer, LLC (8)	First lien senior secured term loan	L+6.50%	1/20/2026		766		747			754			0.60	%
Spectrum Solutions, LLC (13)	First lien senior secured revolving loan	L+6.00%	3/5/2026		267		(5	)		(4	)		(0.00	)%
Spectrum Solutions, LLC (6)	First lien senior secured term loan	L+6.00%	3/5/2026		691		678			679			0.54	%
							3,070			3,090			2.46	%
Health care providers and services
Agility Intermediate, Inc. (13)	First lien senior secured delayed draw term loan	L+6.50%	4/15/2026	$	401	$	(7	)	$	(7	)		(0.01	)%
Agility Intermediate, Inc. (13)	First lien senior secured revolving loan	L+6.50%	4/15/2026		134		(2	)		(2	)		(0.00	)%
Agility Intermediate, Inc. (9)	First lien senior secured term loan	L+6.50%	4/15/2026		245		241			241			0.19	%
Anne Arundel Dermatology Management, LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	10/16/2025		776		595			596			0.48	%
Anne Arundel Dermatology Management, LLC (6)	First lien senior secured revolving loan	L+6.50%	10/16/2025		234		42			43			0.03	%
Anne Arundel Dermatology Management, LLC (8)	First lien senior secured term loan	L+6.50%	10/16/2025		869		853			854			0.68	%
Apex Dental Partners, LLC (8)	First lien senior secured delayed draw term loan	L+6.00%	11/23/2025		450		357			357			0.28	%
Apex Dental Partners, LLC (13)	First lien senior secured revolving loan	L+6.00%	11/23/2025		150		(2	)		(2	)		(0.00	)%
Apex Dental Partners, LLC (8)	First lien senior secured term loan	L+6.00%	11/23/2025		630		619			620			0.49	%
ASP Global Acquisition, LLC (8)	First lien senior secured delayed draw term loan	L+5.50%	1/21/2025		734		675			674			0.54	%
ASP Global Acquisition, LLC (13)(15)	First lien senior secured revolving loan	L+5.50%	1/21/2025		485		(6	)		(7	)		(0.01	)%
ASP Global Acquisition, LLC (8)	First lien senior secured term loan	L+5.50%	1/21/2025		2,809		2,760			2,774			2.21	%
Beacon Oral Specialists Management LLC (13)	First lien senior secured delayed draw term loan	L+5.75%	12/14/2025		161		(3	)		(2	)		(0.00	)%
Beacon Oral Specialists Management LLC (8)(9)	First lien senior secured delayed draw term loan	L+5.75%	12/14/2025		536		528			529			0.42	%
Beacon Oral Specialists Management LLC (13)	First lien senior secured revolving loan	L+5.75%	12/14/2025		150		(2	)		(2	)		(0.00	)%
Beacon Oral Specialists Management LLC (8)	First lien senior secured term loan	L+5.75%	12/14/2025		956		942			944			0.75	%
Behavior Frontiers, LLC (6)(21)	First lien senior secured revolving loan	L+6.25%	5/21/2026		38		18			18			0.01	%
Behavior Frontiers, LLC (6)	First lien senior secured term loan	L+6.25%	5/21/2026		658		644			645			0.51	%
Brightview, LLC (8)	First lien senior secured delayed draw term loan	L+5.50%	4/12/2024		400		49			49			0.04	%
Brightview, LLC (13)	First lien senior secured revolving loan	L+5.50%	4/12/2024		80		(1	)		(1	)		(0.00	)%
Brightview, LLC (8)	First lien senior secured term loan	L+5.50%	4/12/2024		1,293		1,278			1,280			1.02	%
Canadian Orthodontic Partners Corp. (11)(14)	First lien senior secured delayed draw term loan	C+6.50%	3/19/2026	C$	361		186			188			0.15	%
Canadian Orthodontic Partners Corp. (12)(14)	First lien senior secured revolving loan	P+5.50%	3/19/2026	C$	267		27			30			0.02	%
Canadian Orthodontic Partners Corp. (11)(14)	First lien senior secured term loan	L+6.50%	3/19/2026		227		178			177			0.14	%
Canadian Orthodontic Partners Corp. (13)(14)	First lien senior secured revolving loan	C+6.50%	3/19/2026	C$	107		(2	)		(1	)		(0.00	)%
Community Care Partners, LLC (13)	First lien senior secured delayed draw term loan	L+5.25%	8/11/2025		225		(4	)		(4	)		(0.00	)%
Community Care Partners, LLC (13)	First lien senior secured revolving loan	L+5.25%	8/11/2025		38		(1	)		(1	)		(0.00	)%
Community Care Partners, LLC (8)	First lien senior secured term loan	L+5.25%	8/11/2025		657		646			646			0.52	%
Varsity DuvaSawko Operating Corp. (13)	First lien senior secured revolving loan	L+6.25%	11/27/2024		474		(6	)		(5	)		(0.00	)%
Varsity DuvaSawko Operating Corp. (9)	First lien senior secured term loan	L+6.25%	11/27/2024		2,772		2,735			2,743			2.19	%
EH Management Company, LLC (13)	First lien senior secured revolving loan	L+6.00%	7/15/2026		38		(1	)		(1	)		(0.00	)%
EH Management Company, LLC (8)	First lien senior secured term loan	L+6.00%	7/15/2026		427		419			419			0.33	%
Geriatric Medical and Surgical Supply, LLC (13)	First lien senior secured revolving loan	L+6.00%	12/21/2025		300		(5	)		(5	)		(0.00	)%
Geriatric Medical and Surgical Supply, LLC (6)	First lien senior secured term loan	L+6.00%	12/21/2025		1,029		1,011			1,013			0.81	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured delayed draw term loan	L+5.75%	8/20/2026		323		121			121			0.10	%
Guardian Dentistry Practice Management, LLC (6)	First lien senior secured term loan	L+5.75%	8/20/2026		884		869			869			0.69	%
Peak Dental Services, LLC (8)	First lien senior secured delayed draw term loan	L+6.00%	12/31/2025		529		290			290			0.23	%
Peak Dental Services, LLC (8)	First lien senior secured revolving loan	L+6.00%	12/31/2025		133		24			24			0.02	%
Peak Dental Services, LLC (8)	First lien senior secured term loan	L+6.00%	12/31/2025		546		536			537			0.43	%
Peak Investment Holdings, LLC (8)	First lien senior secured delayed draw term loan	L+6.00%	12/6/2024		603		9			10			0.01	%
Peak Investment Holdings, LLC (8)(13)	First lien senior secured revolving loan	L+6.00%	12/6/2024		324		(4	)		(5	)		(0.00	)%
Peak Investment Holdings, LLC (8)	First lien senior secured term loan	L+6.00%	12/6/2024		1,404		1,384			1,383			1.10	%
Revival Animal Health, LLC (13)	First lien senior secured revolving loan	L+6.50%	4/6/2026		131		(2	)		(2	)		(0.00	)%
Revival Animal Health, LLC (8)	First lien senior secured term loan	L+6.50%	4/6/2026		503		494			495			0.39	%
RQM Buyer, Inc. (13)	First lien senior secured delayed draw term loan	L+5.75%	8/12/2026		84		(2	)		(1	)		(0.00	)%
RQM Buyer, Inc. (9)	First lien senior secured revolving loan	L+5.75%	8/12/2026		150		12			14			0.01	%
RQM Buyer, Inc. (8)(9)	First lien senior secured term loan	L+5.75%	8/12/2026		1,165		1,142			1,153			0.92	%
SAMGI Buyer, Inc. (13)	First lien senior secured revolving loan	L+6.50%	4/14/2025		138		(2	)		(2	)		(0.00	)%
SAMGI Buyer, Inc. (8)	First lien senior secured term loan	L+6.50%	4/14/2025		535		525			525			0.42	%
SCP ENT and Allergy Services, LLC (9)	First lien senior secured delayed draw term loan	L+6.25%	9/25/2025		1,172		80			81			0.06	%
SCP ENT and Allergy Services, LLC (13)	First lien senior secured revolving loan	L+6.25%	9/25/2025		218		(4	)		(4	)		(0.00	)%
SCP ENT and Allergy Services, LLC (8)(9)	First lien senior secured term loan	L+6.25%	9/25/2025		907		889			890			0.71	%
Silver Falls MSO, LLC (9)	First lien senior secured revolving loan	L+6.25%	8/30/2024		56		55			53.28			0.04	%
Silver Falls MSO, LLC (12)	First lien senior secured revolving loan	P+5.25%	8/30/2024		61		59			58			0.05	%
Silver Falls MSO, LLC (8)	First lien senior secured term loan	L+6.25%	8/30/2024		1,307		1,287			1,270			1.01	%
SimiTree Acquisition LLC (13)	First lien senior secured delayed draw term loan	L+5.25%	5/17/2026		888		(16	)		(15	)		(0.01	)%
SimiTree Acquisition LLC (13)	First lien senior secured revolving loan	L+5.25%	5/17/2026		178		(3	)		(3	)		(0.00	)%
SimiTree Acquisition LLC (8)	First lien senior secured term loan	L+5.25%	5/17/2026		1,154		1,132			1,134			0.90	%
Southeast Primary Care Partners, LLC (13)	First lien senior secured delayed draw term loan	L+6.25%	12/30/2025		300		(6	)		(6	)		(0.00	)%
Southeast Primary Care Partners, LLC (13)	First lien senior secured revolving loan	L+6.25%	12/30/2025		225		(5	)		(5	)		(0.00	)%
Southeast Primary Care Partners, LLC (6)	First lien senior secured term loan	L+6.25%	12/30/2025		727		710			712			0.57	%
Southern Orthodontic Partners Management, LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	1/27/2026		186		181			181			0.14	%
Southern Orthodontic Partners Management, LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	1/27/2026		531		518			519			0.41	%
Southern Orthodontic Partners Management, LLC (8)	First lien senior secured revolving loan	L+6.50%	1/27/2026		134		38			39			0.03	%
Southern Orthodontic Partners Management, LLC (8)	First lien senior secured term loan	L+6.50%	1/27/2026		333		326			327			0.26	%
Vital Care Buyer, LLC (13)	First lien senior secured revolving loan	L+5.75%	10/19/2025		580		(8	)		(7	)		(0.01	)%
Vital Care Buyer, LLC (8)	First lien senior secured term loan	L+5.75%	10/19/2025		919		905			907			0.72	%
							26,295			26,342			21.00	%
Health care technology
Millennia Patient Services, LLC (13)	First lien senior secured delayed draw term loan	L+6.50%	3/8/2026	$	267	$	(5	)	$	(4	)		(0.00	)%
Millennia Patient Services, LLC (13)	First lien senior secured revolving loan	L+6.50%	3/8/2026		134		(2	)		(2	)		(0.00	)%
Millennia Patient Services, LLC (8)	First lien senior secured term loan	L+6.50%	3/8/2026		1,003		985			986			0.79	%
Spear Education, LLC (13)	First lien senior secured delayed draw term loan	L+5.00%	2/26/2025		474		(3	)		(8	)		(0.01	)%
Spear Education, LLC (13)	First lien senior secured revolving loan	L+5.00%	2/26/2025		414		(3	)		(7	)		(0.01	)%
Spear Education, LLC (8)(9)	First lien senior secured term loan	L+5.00%	2/26/2025		864		858			849			0.68	%
							1,830			1,814			1.45	%

The accompanying notes are an integral part of these consolidated financial statements.

7

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)			Fair Value			Percentage of Net Assets
Investments - Continued
Non-controlled/non-affiliated senior secured debt (5) - Continued
Household durables
Storm Smart Buyer LLC (13)	First lien senior secured revolving loan	L+6.00%	4/5/2026	$	131	$	(2	)	$	(2	)		(0.00	)%
Storm Smart Buyer LLC (8)(9)	First lien senior secured term loan	L+6.00%	4/5/2026		919		902			904			0.72	%
Trademark Global, LLC (13)	First lien senior secured delayed draw term loan	L+6.00%	7/30/2024		61		-			-			0.00	%
Trademark Global, LLC (6)	First lien senior secured revolving loan	L+6.00%	7/30/2024		113		62			62			0.05	%
Trademark Global, LLC (6)	First lien senior secured term loan	L+6.00%	7/30/2024		1,838		1,830			1,829			1.46	%
							2,792			2,793			2.23	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC (8)	First lien senior secured revolving loan	L+5.50%	12/18/2025	$	150	$	110		$	110			0.09	%
Aquatic Sales Solutions, LLC (8)	First lien senior secured term loan	L+5.50%	12/18/2025		1,364		1,339			1,342			1.07	%
DealerOn Inc. (13)	First lien senior secured revolving loan	L+5.50%	11/19/2024		314		(4	)		(3	)		(0.00	)%
DealerOn Inc. (9)	First lien senior secured term loan	L+5.50%	11/19/2024		1,618		1,593			1,603			1.28	%
							3,038			3,052			2.43	%
IT services
Data Source Intermediate Holdings, LLC (13)	First lien senior secured revolving loan	L+5.50%	2/11/2025	$	123	$	(2	)	$	(2	)		(0.00	)%
Data Source Intermediate Holdings, LLC (8)	First lien senior secured term loan	L+5.50%	2/11/2025		826		815			816			0.65	%
E-Phoenix Acquisition Co. Inc.  (13)	First lien senior secured revolving loan	L+5.75%	6/23/2027		75		(1	)		(1	)		(0.00	)%
E-Phoenix Acquisition Co. Inc.  (8)	First lien senior secured term loan	L+5.75%	6/23/2027		1,448		1,431			1,434			1.14	%
Legility, LLC (13)	First lien senior secured revolving loan	L+6.00%	12/17/2024		123		(2	)		(1	)		(0.00	)%
Legility, LLC (6)(8)	First lien senior secured term loan	L+6.00%	12/17/2025		706		695			698			0.56	%
Library Associates, LLC (13)	First lien senior secured revolving loan	L+7.00%	8/13/2023		127		(2	)		(2	)		(0.00	)%
Library Associates, LLC (8)	First lien senior secured term loan	L+7.00%	8/13/2023		355		349			349			0.28	%
							3,283			3,291			2.62	%
Leisure equipment and products
MacNeill Pride Group Corp. (8)	First lien senior secured delayed draw term loan	L+6.50%	4/22/2026	$	393	$	258		$	259			0.21	%
MacNeill Pride Group Corp. (8)	First lien senior secured revolving loan	L+6.50%	4/22/2026		262		172			173			0.14	%
MacNeill Pride Group Corp. (8)	First lien senior secured term loan	L+6.50%	4/22/2026		878		870			872			0.70	%
Motis Brands, Inc. (13)	First lien senior secured delayed draw term loan	L+5.50%	8/31/2026		79		(2	)		(2	)		(0.00	)%
Motis Brands, Inc. (8)	First lien senior secured revolving loan	L+5.50%	8/31/2026		9		8			8			0.01	%
Motis Brands, Inc. (12)	First lien senior secured revolving loan	P+4.50%	8/31/2026		11		11			11			0.01	%
Motis Brands, Inc. (8)	First lien senior secured term loan	L+5.50%	8/31/2026		598		586			586			0.47	%
							1,903			1,907			1.52	%
Life sciences tools and services
Aptitude Health Holdings, LLC (8)	First lien senior secured revolving loan	L+5.25%	5/3/2026	$	267	$	22		$	22			0.02	%
Aptitude Health Holdings, LLC (8)	First lien senior secured term loan	L+5.25%	5/3/2026		1,117		1,096			1,098			0.88	%
							1,118			1,120			0.89	%
Machinery
Abrasive Technology Intermediate, LLC (13)	First lien senior secured revolving loan	L+6.25%	4/30/2026	$	173	$	(3	)	$	(3	)		(0.00	)%
Abrasive Technology Intermediate, LLC (9)	First lien senior secured term loan	L+6.25%	4/30/2026		947		929			931			0.74	%
Industrial Dynamics Company, Ltd. (13)(16)	First lien senior secured revolving loan	L+6.00%	8/20/2024		141		(2	)		(2	)		(0.00	)%
Industrial Dynamics Company, Ltd. (8)	First lien senior secured term loan	L+6.00%	8/20/2024		896		884			882			0.70	%
							1,808			1,808			1.44	%
Media
ALM Media, LLC (6)(18)	First lien senior secured revolving loan	L+6.50%	11/25/2024	$	971	$	83		$	82			0.07	%
ALM Media, LLC (8)	First lien senior secured term loan	L+6.50%	11/25/2024		2,653		2,610			2,611			2.08	%
							2,693			2,693			2.15	%
Metals and mining
Copperweld Group, Inc. (8)(7)	First lien senior secured revolving loan	L+5.50%	9/27/2024	$	456	$	221		$	221			0.18	%
Copperweld Group, Inc. (8)	First lien senior secured term loan	L+5.50%	9/27/2024		2,163		2,126			2,128			1.70	%
							2,347			2,349			1.87	%
Personal products
Cosmetic Solutions, LLC (13)	First lien senior secured delayed draw term loan	L+5.75%	10/17/2025	$	366	$	(5	)	$	(5	)		(0.00	)%
Cosmetic Solutions, LLC (13)	First lien senior secured revolving loan	L+5.75%	10/17/2025		344		(5	)		(5	)		(0.00	)%
Cosmetic Solutions, LLC (9)	First lien senior secured term loan	L+5.75%	10/17/2025		2,775		2,732			2,736			2.18	%
							2,722			2,726			2.17	%
Pharmaceuticals
Bio Agri Mix Holdings Inc. (13)(14)	First lien senior secured revolving loan	C+6.50%	7/23/2026	$	105	$	(2	)	$	(2	)		(0.00	)%
Bio Agri Mix Holdings Inc. (11)(14)	First lien senior secured term loan	C+6.50%	7/23/2026		1,260		983			975			0.78	%
Bio Agri Mix Holdings Inc. (13)(14)	First lien senior secured revolving loan	C+6.50%	7/23/2026		105		(2	)		(2	)		(0.00	)%
Formulated Buyer, LLC (13)	First lien senior secured delayed draw term loan	L+5.25%	9/22/2026		300		(6	)		(6	)		(0.00	)%
Formulated Buyer, LLC (13)	First lien senior secured revolving loan	L+5.25%	9/22/2026		188		(4	)		(4	)		(0.00	)%
Formulated Buyer, LLC (8)	First lien senior secured term loan	L+5.25%	9/22/2026		1,244		1,219			1,219			0.97	%
							2,188			2,180			1.74	%
Real estate management and development
BBG Intermediate Holdings, Inc. (8)(19)	First lien senior secured revolving loan	L+6.00%	1/8/2026	$	210	$	41		$	42			0.03	%
BBG Intermediate Holdings, Inc. (8)	First lien senior secured term loan	L+6.00%	1/8/2026		1,671		1,642			1,644			1.31	%
							1,683			1,686			1.34	%
Semiconductors and semiconductor equipment
Altamira Material Solutions, LP (12)	First lien senior secured revolving loan	P+4.50%	9/2/2026	$	38	$	5		$	5			0.00	%
Altamira Material Solutions, LP (8)	First lien senior secured term loan	L+5.50%	9/2/2026		333		326			326			0.26	%
							331			331			0.26	%
Software
Affinitiv, Inc. (13)	First lien senior secured revolving loan	L+6.00%	8/26/2024	$	248	$	(2	)	$	(1	)		(0.00	)%
Affinitiv, Inc. (8)	First lien senior secured term loan	L+6.00%	8/26/2024		2,328		2,300			2,317			1.85	%
ShiftKey, LLC (6)	First lien senior secured revolving loan	L+6.00%	3/17/2026		187		91			91			0.07	%
ShiftKey, LLC (8)	First lien senior secured term loan	L+6.00%	3/17/2026		938		925			927			0.74	%
							3,314			3,334			2.66	%
Specialty retail
Leonard Group, Inc. (13)	First lien senior secured revolving loan	L+6.00%	2/26/2026	$	197	$	(3	)	$	(3	)		(0.00	)%
Leonard Group, Inc. (8)(10)	First lien senior secured term loan	L+6.00%	2/26/2026		1,259		1,236			1,238			0.99	%
							1,233			1,235			0.98	%
Textiles, apparel and luxury goods
Lakeshirts LLC (13)	First lien senior secured delayed draw term loan	L+4.75%	12/23/2025	$	398	$	(5	)	$	(7	)		(0.01	)%
Lakeshirts LLC (8)	First lien senior secured revolving loan	L+4.75%	12/23/2024		398		128			128			0.10	%
Lakeshirts LLC (8)	First lien senior secured term loan	L+4.75%	12/23/2024		1,569		1,550			1,542			1.23	%
							1,673			1,663			1.33	%

The accompanying notes are an integral part of these consolidated financial statements.

8

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands)

(Unaudited)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount(3)		Amortized Cost(4)			Fair Value			Percentage of Net Assets
Investments - Continued
Non-controlled/non-affiliated senior secured debt (5) - Continued
Trading companies and distributor
AFC Industries, Inc. (8)(9)	First lien senior secured delayed draw term loan	L+6.25%	4/9/2027	$	356	$	169		$	170			0.14	%
AFC Industries, Inc. (9)(20)	First lien senior secured revolving loan	L+6.25%	10/9/2026		34		33			33			0.03	%
AFC Industries, Inc. (12)(20)	First lien senior secured revolving loan	P+5.25%	10/9/2026		28		28			28			0.02	%
AFC Industries, Inc. (9)	First lien senior secured term loan	L+6.25%	4/9/2027		690		680			681			0.54	%
Banner Buyer, LLC (6)	First lien senior secured delayed draw term loan	L+5.75%	10/31/2025		1,045		565			571			0.46	%
Banner Buyer, LLC (6)	First lien senior secured revolving loan	L+5.75%	10/31/2025		370		20			22			0.02	%
Banner Buyer, LLC (6)	First lien senior secured term loan	L+5.75%	10/31/2025		1,389		1,370			1,378			1.10	%
Empire Equipment Company, LLC (13)	First lien senior secured delayed draw term loan	L+5.50%	1/17/2025		941		(14	)		(28	)		(0.02	) %
Empire Equipment Company, LLC (13)	First lien senior secured revolving loan	L+5.50%	1/17/2025		439		(7	)		(13	)		(0.01	) %
Empire Equipment Company, LLC (9)	First lien senior secured term loan	L+5.50%	1/17/2025		1,291		1,270			1,250			1.00	%
Montway LLC (13)	First lien senior secured delayed draw term loan	L+6.25%	11/4/2025		675		(12	)		(12	)		(0.01	)%
Montway LLC (13)	First lien senior secured revolving loan	L+6.25%	11/4/2025		150		(3	)		(3	)		(0.00	)%
Montway LLC (8)	First lien senior secured term loan	L+6.25%	11/4/2025		725		711			712			0.57	%
Shearer Supply, LLC (13)	First lien senior secured revolving loan	L+5.50%	9/17/2027		113		(2	)		(2	)		(0.00	)%
Shearer Supply, LLC (8)	First lien senior secured term loan	L+5.50%	9/17/2027		813		796			796			0.63	%
Triad Technologies, LLC (13)	First lien senior secured revolving loan	L+4.75%	10/31/2025		314		(4	)		(3	)		(0.00	)%
Triad Technologies, LLC (9)	First lien senior secured term loan	L+4.75%	10/31/2025		943		930			934			0.74	%
							6,530			6,514			5.19	%
Water utilities
Diamondback Buyer, LLC (7)	First lien senior secured revolving loan	L+5.50%	7/22/2026	$	75	$	6		$	6			0.00	%
Diamondback Buyer, LLC (8)(9)	First lien senior secured term loan	L+5.50%	7/22/2026		857		840			844			0.67	%
							846			850			0.68	%
Total non-controlled/non-affiliated senior secured debt						$	105,693		$	105,645			84.24	%
Non-controlled/non-affiliated sponsor subordinated note
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK	7/17/2025			$	10		$	10			0.01	%
Shearer Supply, LLC	Sponsor subordinated note	12.50% + 7.00% PIK	3/17/2028				5			5			0.00	%
Total non-controlled/non-affiliated sponsor subordinated note							15			15			0.01	%
Total non-controlled/non-affiliated investments						$	105,708		$	105,660			84.25	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (23)	Equity - 1.84% membership interest					$	4,444		$	5,736			4.57	%
Total non-controlled/affiliated investments						$	4,444		$	5,736			4.57	%
Total investments						$	110,152		$	111,396			88.82	%

(1) Unless otherwise indicated, all investments are considered Level 3 investments.

(2) Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission.  Refer to Note 6 for further information.

(3) Principal/par amount is denominated in U.S. Dollars (“$”) unless otherwise noted, Canadian Dollars (“C$”).

(4) The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

(5) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan.  For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement.

(6) The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2021 was 0.08%.

(7) The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2021 was 0.11%.

(8) The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2021 was 0.13%.

(9) The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2021 was 0.16%.

(10) The interest rate on these loans is subject to 12 month LIBOR, which as of September 30, 2021 was 0.24%.

(11) The interest rate on these loans is subject to 3 Month CDOR, which as of September 30, 2021 was 0.45%.

(12) The interest rate on these loans is subject to the Prime Rate, which as of September 30, 2021 was 3.25%.

(13) Represents revolvers and delayed draw term loans where the entire balance is unfunded as of September 30, 2021.  The negative fair value is a result of the commitment being valued below par.  Refer to Note 8 for further information.

(14) Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2021, non-qualifying assets represented approximately 3.38% of the total assets of the Company.

(15) Principal balance includes reserve for letter of credit of $2,834 on which the borrower pays 5.50%.

(16) Principal balance includes reserve for letter of credit of $13,826 on which the borrower pays 6.00%.

(17) Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 7.50%.

(18) Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.

(19) Principal balance includes reserve for letter of credit of $4,538 on which the borrower pays 6.00%.

(20) Principal balance includes reserve for letter of credit of $4,978 on which the borrower pays 6.25%.

(21) Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 6.25%.

(22) Principal balance includes reserve for letter of credit of $4,152 on which the borrower pays 6.50%.

(23) As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels.  This represents an investment in an affiliated fund.

The accompanying notes are an integral part of these consolidated financial statements.

9

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of September 30, 2021

(Amounts in thousands)

(Unaudited)

Additional Information

Foreign currency forward contracts
Counterparty	Currency Purchased	Currency Sold	Settlement	Unrealized Appreciation/ (Depreciation)
Wells Fargo Bank, National Association	USD 410	CAD 505	6/27/2022	$	12
Wells Fargo Bank, National Association	USD 65	CAD 80	6/27/2022		2
Wells Fargo Bank, National Association	USD 32	CAD 41	10/22/2021		-
Wells Fargo Bank, National Association	USD 2,098	CAD 2,675	10/21/2021		(14	)
Wells Fargo Bank, National Association	CAD 823	USD 646	10/21/2021		4
Wells Fargo Bank, National Association	CAD 520	USD 405	10/21/2021		5
Wells Fargo Bank, National Association	CAD 86	USD 68	10/21/2021		(1	)
Total				$	8

Currency Abbreviations:

USD - U.S. Dollar

CAD - Canadian Dollar

The accompanying notes are an integral part of these consolidated financial statements.

10

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Investments
Non-controlled/non-affiliated senior secured debt (4)
Aerospace and defense
Mattco Forge, Inc. (11)	First lien senior secured revolving loan	L+5.25%	12/6/2024	$	506	$	(8	)	$	(19	)		(0.02	)%
Mattco Forge, Inc. (8)	First lien senior secured term loan	L+5.25%	12/6/2024		2,213		2,177			2,133			2.40	%
					2,719		2,169			2,114			2.38	%
Auto components
Continental Battery Company (5)	First lien senior secured term loan	L+6.75%	12/14/2022	$	1,172	$	1,149		$	1,157			1.31	%
					1,172		1,149			1,157			1.31	%
Chemicals
AM Buyer, LLC (7)	First lien senior secured revolving loan	L+6.75%	5/1/2025	$	111	$	–		$	1			0.00	%
AM Buyer, LLC (7)	First lien senior secured term loan	L+6.75%	5/1/2025		498		487			489			0.55	%
G2O Technologies, LLC (11)	First lien senior secured revolving loan	L+6.50%	3/31/2025		207		(4	)		(4	)		(0.00	)%
G2O Technologies, LLC (7)	First lien senior secured term loan	L+6.50%	3/31/2025		1,577		1,546			1,550			1.75	%
Revolution Plastics Buyer, LLC (5)	First lien senior secured revolving loan	L+5.00%	8/15/2025		704		200			202			0.23	%
Revolution Plastics Buyer, LLC (5)(7)	First lien senior secured term loan	L+5.00%	8/15/2025		2,676		2,627			2,642			2.99	%
Teel Plastics, LLC (11)	First lien senior secured revolving loan	L+5.00%	1/24/2025		324		(5	)		(6	)		(0.01	)%
Teel Plastics, LLC (5)	First lien senior secured term loan	L+5.00%	1/24/2025		1,861		1,830			1,825			2.06	%
					7,958		6,681			6,699			7.57	%
Commercial services and supplies
BRTS Holdings, LLC (7)	First lien senior secured delayed draw term loan	L+5.75%	9/6/2022	$	175	$	127		$	127			0.14	%
BRTS Holdings, LLC (7)(13)	First lien senior secured revolving loan	L+5.75%	9/6/2022		588		290			290			0.33	%
BRTS Holdings, LLC (7)	First lien senior secured term loan	L+5.75%	9/6/2022		3,125		3,105			3,106			3.51	%
Nimlok Company, LLC (7)(15)	First lien senior secured revolving loan	L+6.00%	11/27/2025		320		305			288			0.33	%
Nimlok Company, LLC (7)	First lien senior secured term loan	L+6.00%	11/27/2025		1,927		1,902			1,773			2.00	%
					6,135		5,729			5,582			6.31	%
Containers and packaging
Innovative FlexPak, LLC (11)	First lien senior secured revolving loan	L+6.75%	1/23/2025	$	627	$	(10	)	$	(9	)		(0.01	)%
Innovative FlexPak, LLC (8)	First lien senior secured term loan	L+6.75%	1/23/2025		2,407		2,366			2,374			2.67	%
Jansy Packaging, LLC (5)	First lien senior secured revolving loan	L+7.00%	9/30/2022		706		17			(4	)		(0.00	)%
Jansy Packaging, LLC (5)	First lien senior secured term loan	L+7.00%	9/30/2022		1,101		1,081			1,050			1.19	%
MRC Keeler Acquisition, LLC (11)	First lien senior secured delayed draw term loan	L+5.75%	12/4/2025		150		(3	)		(3	)		(0.00	)%
MRC Keeler Acquisition, LLC (11)	First lien senior secured revolving loan	L+5.75%	12/4/2025		150		(3	)		(3	)		(0.00	)%
MRC Keeler Acquisition, LLC (7)	First lien senior secured term loan	L+5.75%	12/4/2025		976		957			956			1.08	%
Vanguard Packaging, LLC (11)	First lien senior secured revolving loan	L+5.25%	8/9/2024		535		(6	)		(8	)		(0.01	)%
Vanguard Packaging, LLC (8)	First lien senior secured term loan	L+5.25%	8/9/2024		1,225		1,211			1,206			1.36	%
					7,877		5,610			5,559			6.28	%
Diversified consumer services
50Floor, LLC (11)	First lien senior secured revolving loan	L+6.25%	12/31/2025	$	199	$	(4	)	$	(4	)		(0.00	)%
50Floor, LLC (7)	First lien senior secured term loan	L+6.25%	12/31/2026		990		970			970			1.10	%
Groundworks Operations, LLC (7)	First lien senior secured delayed draw term loan	L+6.25%	1/17/2026		1,632		1,257			1,258			1.42	%
Groundworks Operations, LLC (11)	First lien senior secured revolving loan	L+6.25%	1/17/2026		387		(5	)		(5	)		(0.01	)%
Groundworks Operations, LLC (7)	First lien senior secured term loan	L+6.25%	1/17/2026		2,384		2,350			2,351			2.65	%
Kalkomey Enterprises, LLC (11)	First lien senior secured revolving loan	L+6.50%	4/24/2025		77		(2	)		(1	)		(0.00	)%
Kalkomey Enterprises, LLC (7)	First lien senior secured term loan	L+6.50%	4/24/2026		838		818			822			0.93	%
NSG Buyer, Inc. (11)	First lien senior secured revolving loan	L+5.75%	9/30/2024		294		(2	)		(3	)		(0.00	)%
NSG Buyer, Inc. (5)	First lien senior secured term loan	L+5.75%	9/30/2025		2,465		2,444			2,429			2.74	%
					9,266		7,826			7,817			8.83	%
Electronic equipment, instruments and components
Advanced Lighting Acquisition, LLC (5)	First lien senior secured revolving loan	L+6.00%	11/22/2025	$	324	$	157		$	151			0.17	%
Advanced Lighting Acquisition, LLC (5)	First lien senior secured term loan	L+6.00%	11/22/2025		1,450		1,429			1,404			1.59	%
					1,774		1,586			1,555			1.76	%
Food and staples retailing
Engelman Baking Co., LLC (7)	First lien senior secured revolving loan	L+5.75%	2/28/2025	$	207	$	47		$	37			0.04	%
Engelman Baking Co., LLC (5)(7)	First lien senior secured term loan	L+5.75%	2/28/2025		728		715			682			0.77	%
					935		762			719			0.81	%
Food products
Perimeter Brands Intermediate Holdco LLC (11)	First lien senior secured revolving loan	L+5.50%	12/11/2025	$	210	$	(4	)	$	(4	)		(0.00	)%
Perimeter Brands Intermediate Holdco LLC (6)	First lien senior secured term loan	L+5.50%	12/11/2025		1,025		1,004			1,004			1.13	%
					1,235		1,000			1,000			1.13	%
Gas utilities
Hydromax USA, LLC (11)	First lien senior secured delayed draw term loan	L+6.25%	12/30/2026	$	114	$	(2	)	$	(2	)		(0.00	)%
Hydromax USA, LLC (10)	First lien senior secured revolving loan	L+6.25%	12/30/2026		228		7			7			0.01	%
Hydromax USA, LLC (5)	First lien senior secured term loan	L+6.25%	12/30/2026		1,259		1,237			1,237			1.40	%
					1,601		1,242			1,242			1.41	%

The accompanying notes are an integral part of these consolidated financial statements.

11

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Investments - Continued
Non-controlled/non-affiliated senior secured debt (4) - Continued
Health care equipment and supplies
Reliable Medical Supply LLC (11)	First lien senior secured revolving loan	L+6.00%	4/8/2025	$	138	$	(2	)	$	(2	)		(0.00	)%
Reliable Medical Supply LLC (8)	First lien senior secured term loan	L+6.00%	4/8/2025		622		611			612			0.69	%
					760		609			610			0.69	%
Health care providers and services
Anne Arundel Dermatology Management, LLC (7)	First lien senior secured delayed draw term loan	L+6.00%	10/16/2025	$	779	$	217		$	217			0.25	%
Anne Arundel Dermatology Management, LLC (11)	First lien senior secured revolving loan	L+6.00%	10/16/2025		234		(4	)		(4	)		(0.00	)%
Anne Arundel Dermatology Management, LLC (7)	First lien senior secured term loan	L+6.00%	10/16/2025		867		850			850			0.96	%
Apex Dental Partners, LLC (11)	First lien senior secured delayed draw term loan	L+6.00%	11/23/2025		450		(9	)		(9	)		(0.01	)%
Apex Dental Partners, LLC (11)	First lien senior secured revolving loan	L+6.00%	11/23/2025		150		(3	)		(3	)		(0.00	)%
Apex Dental Partners, LLC (7)	First lien senior secured term loan	L+6.00%	11/23/2025		634		622			622			0.70	%
ASP Global Acquisition, LLC (7)	First lien senior secured delayed draw term loan	L+5.50%	1/21/2025		739		678			676			0.76	%
ASP Global Acquisition, LLC (11)(12)	First lien senior secured revolving loan	L+5.50%	1/21/2025		485		(8	)		(9	)		(0.01	)%
ASP Global Acquisition, LLC (7)	First lien senior secured term loan	L+5.50%	1/21/2025		2,220		2,178			2,178			2.46	%
Beacon Oral Specialists Management LLC (11)	First lien senior secured delayed draw term loan	L+5.75%	12/14/2025		536		(9	)		(9	)		(0.01	)%
Beacon Oral Specialists Management LLC (11)	First lien senior secured revolving loan	L+5.75%	12/14/2025		150		(3	)		(3	)		(0.00	)%
Beacon Oral Specialists Management LLC (6)	First lien senior secured term loan	L+5.75%	12/14/2025		784		771			771			0.87	%
Geriatric Medical and Surgical Supply, LLC (5)	First lien senior secured term loan	L+6.00%	12/21/2025		1,337		1,040			1,040			1.18	%
Peak Dental Services, LLC (11)	First lien senior secured delayed draw term loan	L+6.25%	12/31/2025		530		(11	)		(11	)		(0.01	)%
Peak Dental Services, LLC (7)	First lien senior secured revolving loan	L+6.25%	12/31/2025		133		24			24			0.03	%
Peak Dental Services, LLC (7)	First lien senior secured term loan	L+6.25%	12/31/2025		550		539			539			0.61	%
Peak Investment Holdings, LLC (11)	First lien senior secured delayed draw term loan	L+6.50%	12/6/2024		485		(8	)		(19	)		(0.02	)%
Peak Investment Holdings, LLC (11)	First lien senior secured revolving loan	L+6.50%	12/6/2024		324		(5	)		(13	)		(0.01	)%
Peak Investment Holdings, LLC (7)	First lien senior secured term loan	L+6.50%	12/6/2024		423		417			407			0.46	%
SAMGI Buyer, Inc. (11)	First lien senior secured revolving loan	L+6.50%	4/14/2025		138		(3	)		(3	)		(0.00	)%
SAMGI Buyer, Inc. (7)	First lien senior secured term loan	L+6.50%	4/14/2025		539		527			528			0.60	%
SCP ENT and Allergy Services, LLC (8)	First lien senior secured delayed draw term loan	L+6.50%	9/25/2025		1,173		76			77			0.09	%
SCP ENT and Allergy Services, LLC (11)	First lien senior secured revolving loan	L+6.50%	9/25/2025		218		(5	)		(5	)		(0.01	)%
SCP ENT and Allergy Services, LLC (8)	First lien senior secured term loan	L+6.50%	9/25/2025		914		893			894			1.01	%
SCP Eye Care Services, LLC (7)(8)	First lien senior secured delayed draw term loan	L+6.00%	9/11/2022		2,915		2,892			2,889			3.25	%
SCP Eye Care Services, LLC (11)	First lien senior secured revolving loan	L+6.00%	9/11/2022		469		(4	)		(4	)		(0.00	)%
SCP Eye Care Services, LLC (8)	First lien senior secured term loan	L+6.00%	9/11/2022		2,138		2,120			2,119			2.39	%
Silver Falls MSO, LLC (8)	First lien senior secured revolving loan	L+5.75%	8/30/2024		235		52			44			0.05	%
Silver Falls MSO, LLC (8)	First lien senior secured term loan	L+5.75%	8/30/2024		1,317		1,294			1,249			1.41	%
Southeast Primary Care Partners, LLC (11)	First lien senior secured delayed draw term loan	L+6.25%	12/30/2025		300		(7	)		(7	)		(0.01	)%
Southeast Primary Care Partners, LLC (11)	First lien senior secured revolving loan	L+6.25%	12/30/2025		225		(6	)		(6	)		(0.01	)%
Southeast Primary Care Partners, LLC (5)	First lien senior secured term loan	L+6.25%	12/30/2025		732		714			714			0.81	%
Varsity DuvaSawko Operating Corp. (11)	First lien senior secured revolving loan	L+6.25%	11/27/2024		474		(7	)		(7	)		(0.01	)%
Varsity DuvaSawko Operating Corp. (7)(8)	First lien senior secured term loan	L+6.25%	11/27/2024		2,428		2,388			2,392			2.69	%
Vital Care Buyer, LLC (11)	First lien senior secured revolving loan	L+6.00%	10/19/2025		580		(10	)		(10	)		(0.01	)%
Vital Care Buyer, LLC (7)	First lien senior secured term loan	L+6.00%	10/19/2025		1,024		1,006			1,006			1.14	%
					27,629		19,196			19,114			21.60	%
Health care technology
Spear Education, LLC (11)	First lien senior secured delayed draw term loan	L+5.50%	2/26/2025	$	474	$	(4	)	$	(14	)		(0.02	)%
Spear Education, LLC (7)	First lien senior secured revolving loan	L+5.50%	2/26/2025		414		411			402			0.45	%
Spear Education, LLC (7)	First lien senior secured term loan	L+5.50%	2/26/2025		871		863			845			0.95	%
					1,759		1,270			1,233			1.38	%
Internet and direct marketing retail
Aquatic Sales Solutions, LLC (7)	First lien senior secured revolving loan	L+5.50%	12/18/2025	$	150	$	12		$	12			0.01	%
Aquatic Sales Solutions, LLC (7)	First lien senior secured term loan	L+5.50%	12/18/2025		659		646			646			0.73	%
DealerOn Inc. (11)	First lien senior secured revolving loan	L+5.50%	11/19/2024		314		(5	)		(4	)		(0.00	)%
DealerOn Inc. (8)	First lien senior secured term loan	L+5.50%	11/19/2024		1,311		1,289			1,293			1.46	%
					2,434		1,942			1,947			2.20	%
IT services
Data Source Intermediate Holdings, LLC (8)	First lien senior secured revolving loan	L+5.50%	2/11/2025	$	123	$	121		$	118			0.13	%
Data Source Intermediate Holdings, LLC (8)	First lien senior secured term loan	L+5.50%	2/11/2025		832		818			803			0.91	%
Legility, LLC (11)	First lien senior secured revolving loan	L+6.00%	12/17/2024		123		(2	)		(3	)		(0.00	)%
Legility, LLC (7)(8)	First lien senior secured term loan	L+6.00%	12/17/2025		721		708			698			0.79	%
Library Associates, LLC (11)	First lien senior secured revolving loan	L+7.00%	8/13/2023		211		(4	)		(4	)		(0.00	)%
Library Associates, LLC (7)	First lien senior secured term loan	L+7.00%	8/13/2023		1,114		1,093			1,095			1.24	%
					3,124		2,734			2,707			3.07	%

The accompanying notes are an integral part of these consolidated financial statements.

12

AG Twin Brook BDC, Inc.

Consolidated Schedule of Investments

As of December 31, 2020

(Amounts in thousands)

Company(1)(2)	Investment	Interest Rate	Maturity Date	Principal/ Par Amount		Amortized Cost(3)			Fair Value			Percentage of Net Assets
Investments - Continued
Non-controlled/non-affiliated senior secured debt (4) - Continued
Machinery
Industrial Dynamics Company, Ltd. (7)(11)(14)	First lien senior secured revolving loan	L+6.25%	8/20/2024	$	141	$	(2	)	$	(6	)		(0.01	)%
Industrial Dynamics Company, Ltd. (7)	First lien senior secured term loan	L+6.25%	8/20/2024		936		920			896			1.01	%
					1,077		918			890			1.00	%
Media
ALM Media, LLC (11)(16)	First lien senior secured revolving loan	L+6.50%	11/25/2024	$	971	$	(15	)	$	(17	)		(0.02	)%
ALM Media, LLC (7)	First lien senior secured term loan	L+6.50%	11/25/2024		2,762		2,716			2,716			3.07	%
					3,733		2,701			2,699			3.05	%
Metals and mining
Copperweld Group, Inc. (11)	First lien senior secured revolving loan	L+6.00%	9/27/2024	$	400	$	(7	)	$	(8	)		(0.01	)%
Copperweld Group, Inc. (8)(10)	First lien senior secured term loan	L+6.00%	9/27/2024		2,077		2,040			2,037			2.30	%
					2,477		2,033			2,029			2.29	%
Personal products
Cosmetic Solutions, LLC (11)	First lien senior secured delayed draw term loan	L+5.75%	10/17/2025	$	366	$	(6	)	$	(9	)		(0.01	)%
Cosmetic Solutions, LLC (11)	First lien senior secured revolving loan	L+5.75%	10/17/2025		344		(5	)		(9	)		(0.01	)%
Cosmetic Solutions, LLC (8)	First lien senior secured term loan	L+5.75%	10/17/2025		2,844		2,796			2,772			3.13	%
					3,554		2,785			2,754			3.11	%
Software
Affinitiv, Inc. (11)	First lien senior secured revolving loan	L+7.00%	8/26/2024	$	248	$	(3	)	$	(2	)		(0.00	)%
Affinitiv, Inc. (7)	First lien senior secured term loan	L+7.00%	8/26/2024		2,346		2,313			2,330			2.63	%
					2,594		2,310			2,328			2.63	%
Textiles, apparel and luxury goods
Lakeshirts LLC (11)	First lien senior secured delayed draw term loan	L+4.75%	12/23/2025	$	398	$	(5	)	$	(12	)		(0.01	)%
Lakeshirts LLC (7)	First lien senior secured revolving loan	L+4.75%	12/23/2024		398		88			84			0.09	%
Lakeshirts LLC (7)	First lien senior secured term loan	L+4.75%	12/23/2024		1,582		1,560			1,535			1.74	%
					2,378		1,643			1,607			1.82	%
Trading companies and distributors
Banner Buyer, LLC (11)	First lien senior secured delayed draw term loan	L+5.75%	10/31/2025	$	1,048	$	(7	)	$	(15	)		(0.02	)%
Banner Buyer, LLC (5)	First lien senior secured revolving loan	L+5.75%	10/31/2025		370		69			67			0.08	%
Banner Buyer, LLC (5)(9)	First lien senior secured term loan	L+5.75%	10/31/2025		1,400		1,379			1,375			1.55	%
Empire Equipment Company, LLC (11)	First lien senior secured delayed draw term loan	L+5.75%	1/17/2025		941		(18	)		(41	)		(0.05	)%
Empire Equipment Company, LLC (8)	First lien senior secured revolving loan	L+5.75%	1/17/2025		439		117			106			0.12	%
Empire Equipment Company, LLC (8)	First lien senior secured term loan	L+5.75%	1/17/2025		1,349		1,323			1,290			1.46	%
Montway LLC (11)	First lien senior secured delayed draw term loan	L+6.50%	11/4/2025		675		(15	)		(15	)		(0.02	)%
Montway LLC (11)	First lien senior secured revolving loan	L+6.50%	11/4/2025		150		(3	)		(3	)		(0.00	)%
Montway LLC (8)	First lien senior secured term loan	L+6.50%	11/4/2025		730		714			714			0.81	%
Triad Technologies, LLC (7)	First lien senior secured revolving loan	L+4.75%	10/31/2025		314		26			27			0.03	%
Triad Technologies, LLC (8)	First lien senior secured term loan	L+4.75%	10/31/2025		950		935			938			1.06	%
					8,366		4,520			4,443			5.02	%
Total non-controlled/non-affiliated senior secured debt				$	100,557	$	76,415		$	75,805			85.65	%
Non-controlled/non-affiliated sponsor subordinated note
Trading companies and distributors
Empire Equipment Company, LLC	Sponsor subordinated note	12.50% + 7.00% PIK	7/17/2025	$	7	$	7		$	7			0.01	%
Total non-controlled/non-affiliated sponsor subordinated note				$	7	$	7		$	7			0.01	%
Total non-controlled/non-affiliated investments				$	100,564	$	76,422		$	75,812			85.66	%
Non-controlled/affiliated investments
Multisector holdings
Twin Brook Equity Holdings, LLC (17)	Equity - 1.84% membership interest					$	3,201		$	3,721			4.20	%
Total non-controlled/affiliated investments						$	3,201		$	3,721			4.20	%
Total investments						$	79,623		$	79,533			89.86	%

(1)	Unless otherwise indicated, all investments are considered Level 3 investments.
(2)	Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.
(3)	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)	Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement.
(5)	The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2020 was 0.14%.
(6)	The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2020 was 0.19%.
(7)	The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2020 was 0.24%.
(8)	The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2020 was 0.26%.
(9)	The interest rate on these loans is subject to 12 month LIBOR, which as of December 31, 2020 was 0.34%.
(10)	The interest rate on these loans is subject to the Prime Rate, which as of December 31, 2020 was 3.25%.
(11)	Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2020. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.
(12)	Principal balance includes reserve for letter of credit of $2,834 on which the borrower pays 5.50%.
(13)	Principal balance includes reserve for letter of credit of $20,286 on which the borrower pays 5.75%.
(14)	Principal balance includes reserve for letter of credit of $5,159 on which the borrower pays 6.25%.
(15)	Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 6.00%.
(16)	Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.
(17)	As a practical expedient, the Company uses net asset value (“NAV”) to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

The accompanying notes are an integral part of these consolidated financial statements.

13

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited)

Note 1.  Organization

AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016.  The Company has elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).  In addition, for tax purposes, the Company has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).  The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies.  The Company may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company.  The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940.

Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company.  Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company.

The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company.  Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations).  The Company made its first portfolio company investment in August 2019.

Note 2.  Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.  These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.  The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31.

14

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2021.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp.  The Company consolidates subsidiaries that are controlled by the Company.  All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions.  The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis.  Realized gains and losses on investment transactions are determined using the specific identification method.  All costs associated with consummated investments are included in the cost of such investments.  Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations.

Interest income and interest expense are recognized on an accrual basis.  Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full.  For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received.  Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method.  Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations.  Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations.  The Company records dividend income from private securities pursuant to the terms of the respective investments.

15

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

The Company may earn various fees during the life of the loans.  Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis.  These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements.  ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.  In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.  The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).  ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk.  Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors.  A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company.  The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.  The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised by the Company, the Company’s Board of Directors (the “Board”), and the Advisor in determining fair value is greatest for instruments categorized in Level 3.  In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of

16

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:

• The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

• The Advisor’s management reviews the preliminary valuations with the investment professionals.  Agreed upon valuation recommendations are presented to the Board.

• The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties.

When determining the fair value of Level 3 investments, the Company may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available.  In such instances, the Company may use an internal pricing model as either a corroborating or sole data point in determining the price.  Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.  The Company generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained.  The third party firm(s) either independently determine prices or assess the reasonableness of the Company’s prices.  The analyses provided by such third party firm(s) are reviewed and considered by the Company.  As part of the risk management process, the Company reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Company believes does not reflect fair value.  In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

17

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.  Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.  These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

18

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and nine months ended September 30, 2021, the Company amortized approximately $58,000 and $167,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company amortized approximately $40,000 and $94,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments.  Such fees are deferred when received and recognized as earned over the applicable period.  For the three and nine months ended September 30, 2021, the Company received approximately $47,000 and $118,000 of agent fees, respectively. During the three and nine months ended September 30, 2021, approximately $48,000 and $131,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company received approximately $46,000 and $70,000 of agent fees, respectively. During the three and nine months ended September 30, 2020, approximately $23,000 and $61,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act.  The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended.  As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends.  To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise

19

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation.  Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal tax expense.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.  Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year.  All penalties and interest associated with income taxes are included in income tax expense.  Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.  There were no tax penalties, and no interest associated with income taxes was incurred through September 30, 2021.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and nine months ended September 30, 2021, the Company earned approximately $46,000 and $170,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three and nine months ended September 30, 2020, the Company earned approximately $44,000 and $137,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

Note 3.  Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in

20

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

“controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	105,693	$	105,645	$	76,415	$	75,805
Sponsor subordinated note		15		15		7		7
Investment in affiliated fund		4,444		5,736		3,201		3,721
Total investments	$	110,152	$	111,396	$	79,623	$	79,533

21

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

The industry composition of investments based on fair value as of September 30, 2021 and December 31, 2020 was as follows:

	September 30, 2021		December 31, 2020
Aerospace and defense	1.9	%	2.7	%
Chemicals	6.2	%	8.4	%
Commercial services and supplies	2.6	%	7.0	%
Construction and engineering	0.5	%	–
Containers and packaging	5.6	%	7.0	%
Distributors	0.5	%	1.5	%
Diversified consumer services	8.9	%	9.8	%
Electronic equipment, instruments and components	1.3	%	2.0	%
Food and staples retailing	1.3	%	0.9	%
Food products	1.3	%	1.3	%
Gas utilities	1.2	%	1.6	%
Health care equipment and supplies	2.8	%	0.8	%
Health care providers and services	23.8	%	24.0	%
Health care technology	1.6	%	1.6	%
Household durables	2.5	%	–
Internet and direct marketing retail	2.7	%	2.5	%
IT services	3.0	%	3.4	%
Leisure equipment and products	1.7	%	–
Life sciences tools and services	1.0	%	–
Machinery	1.6	%	1.1	%
Media	2.4	%	3.4	%
Metals and mining	2.1	%	2.6	%
Multisector holdings	5.2	%	4.7	%
Personal products	2.5	%	3.5	%
Pharmaceuticals	2.0	%	–
Real estate management and development	1.5	%	–
Software	3.0	%	2.9	%
Specialty retail	1.1	%	–
Textiles, apparel and luxury goods	1.5	%	2.0	%
Trading companies and distributors	5.9	%	5.3	%
Water utilities	0.8	%	–
Total	100.0	%	100.0	%

As of September 30, 2021, 98.8% of investments held were based in the United States and 1.2% were based in Canada. All investments held as of December 31, 2020 were based in the United States.

22

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 4.  Fair Value of Investments

Fair Value Disclosures

The following tables present the fair value hierarchy of financial instruments as of September 30, 2021 and December 31, 2020:

	Assets at Fair Value as of September 30, 2021
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	–	$	–	$	105,645	$	105,645
Sponsor subordinated note		–		–		15		15
Foreign currency forward contracts		–		8		–		8
Total	$	–	$	8	$	105,660	$	105,668
Investments measured at net asset value(1)								5,736
Total financial instruments, at fair value							$	111,404

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2020
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	–	$	–	$	75,805	$	75,805
Sponsor subordinated note		–		–		7		7
Total	$	–	$	–	$	75,812	$	75,812
Investments measured at net asset value(1)								3,721
Total financial instruments, at fair value							$	79,533

(1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and nine months ended September 30, 2021 and 2020:

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2021*
(Amounts in thousands)	Balance 7/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	92,947	$	19,865	$	(7,449	)	$	162	$	35	$	85	$	105,645	$	85
Sponsor subordinated note		8		4		-			1		-		2		15		2
Total	$	92,955	$	19,869	$	(7,449	)	$	163	$	35	$	87	$	105,660	$	87

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2021*
(Amounts in thousands)	Balance 1/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	75,805	$	53,933	$	(25,252	)	$	475	$	122	$	562	$	105,645	$	562
Sponsor subordinated note		7		6		-			2		-		-		15		-
Total	$	75,812	$	53,939	$	(25,252	)	$	477	$	122	$	562	$	105,660	$	562

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

23

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2020*
(Amounts in thousands)	Balance 7/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	59,010	$	4,117	$	(1,716	)	$	65	$	1	$	489	$	61,966	$	489
Sponsor subordinated note		6		-		-			-		-		1		7		1
Total	$	59,016	$	4,117	$	(1,716	)	$	65	$	1	$	490	$	61,973	$	490

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2020*
(Amounts in thousands)	Balance 1/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)			Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	38,156	$	34,119	$	(9,550	)	$	200	$	5	$	(964	)	$	61,966	$	(964	)
Sponsor subordinated note		–		6		–			–		–		1			7		1
Total	$	38,156	$	34,125	$	(9,550	)	$	200	$	5	$	(963	)	$	61,973	$	(963	)

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Debt Not Carried at Fair Value

The fair value of the Company’s subscription facility, which would have been categorized as Level 3 within the fair value hierarchy as of September 30, 2021 and December 31, 2020, approximates its carrying value.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2021 and December 31, 2020.  The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	9/30/21		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	93,788	Discounted cash flow	Yield		6.5% - 11.8	%		8.0	%	Decrease
Sponsor subordinated note		10	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	93,798

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	12/31/2020		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	64,571	Discounted cash flow	Yield		6.3% - 11.4	%		8.0	%	Decrease
Sponsor subordinated note		7	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	64,578

The Company’s other Level 3 investments have been valued primarily using recent transactions.  The significant unobservable input used in the discounted cash flow is the yield.  The yield is used to discount the estimated future cash flows expected to be received from the underlying investment.  The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield.  The significant unobservable input used in the market comparable is the latest twelve month (“LTM”) EBITDA multiple.

24

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 5.  Subscription Facility

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations.  There were no outstanding borrowings as of September 30, 2021 and  December 31, 2020.

On August 14, 2019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”).  The Subscription Facility enables the Company to request loans from the Lender up to a maximum commitment of $15 million.  The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company.  The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility.

Borrowings under the Subscription Facility bear interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing is a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing is a Reference Rate Loan.  As of September 30, 2021 and December 31, 2020, there were no outstanding borrowings.  In addition, the Company pays an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender.  The maturity date of the Subscription Facility is August 12, 2022.

The Subscription Facility contains representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type.  As of September 30, 2021 and December 31, 2020, the Company is in compliance in all material respects with such covenants.

Debt obligations consisted of the following as of September 30, 2021:

	As of September 30, 2021
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	10,098	$	-
Total debt	$	15,000	$	-	$	10,098	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

Debt obligations consisted of the following as of December 31, 2020

	As of December 31, 2020
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	13,900	$	-
Total debt	$	15,000	$	-	$	13,900	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

25

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

For the three and nine months ended September 30, 2021 and 2020, the components of interest expense were as follows:

	Three Months			Three Months
	Ended			Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	$	8		$	27		$	23		$	189
Amortization of deferred financing costs		58			40			167			94
Total interest expense	$	66		$	67		$	190		$	283
Average interest rate		1.77	%		2.08	%		2.46	%		2.88	%
Average daily borrowings	$	105		$	217		$	54		$	5,553

Note 6.  Agreements and Related Party Transactions

Administration Agreement

On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2022 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors.  The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director.  However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company).  Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and nine months ended September 30, 2021, the Administrator charged approximately $0.1 and $0.3 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration agreement.  For the three and nine months ended September 30, 2020, the Administrator had the option to charge approximately $0.1 million and $0.4 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement, all of which were waived and borne by the Administrator for those periods.

26

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Investment Management Agreement

On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor.  Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2022 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Independent Directors.  The Investment Management Agreement will automatically terminate in the event of assignment.  The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor.

From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf.  Amounts payable to the Advisor are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount.

As of September 30, 2021, the Company had approximately $0.7 million payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statement of assets and liabilities.  As of December 31, 2020, the Company had approximately $0.5 million payable to Angelo Gordon for operating costs, which is included in "Accrued expenses and other liabilities payable to affiliate" on the consolidated statement of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees.  The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents.  For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears.  The base management fee is calculated based on the average value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.  Base management fees for any partial month or quarter will be appropriately pro-rated.  For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase.  Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents.

27

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

For the three and nine months ended September 30, 2021, the Company accrued approximately $155,000 and $416,000, respectively, of base management fees payable to the Advisor.  For the three and nine months ended September 30, 2020, the Company accrued approximately $94,000 and $259,000 of base management fees payable to the advisor. As of September 30, 2021 and December 31, 2020, base management fees payable by the Company to the Advisor were approximately $155,000 and $105,000, respectively.

Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.00% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.”

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).

For the three and nine months ended September 30, 2021, the Company accrued approximately $214,000 and $568,000, respectively, of income incentive fees payable to the Advisor.  For the three and nine months ended September 30, 2020, the Company accrued approximately $38,000 and $114,000, respectively, of income incentive fees payable to the Advisor. As of September 30, 2021 and December 31, 2020, the Company had approximately $214,000 and $99,000, respectively, of income incentive fees payable to the Advisor.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC.  The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide

28

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

which funds will proceed with the investment.  Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Fund

Fair value as of September 30, 2021 and 2020 and transactions during the three and nine months ended September 30, 2021 and 2020 of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Fund at Fair Value for the Three Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of July 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	5,131	$	398	$	(13	)	$	–	$	220	$	5,736	$	–
Total non-controlled/affiliated investments	$	5,131	$	398	$	(13	)	$	–	$	220	$	5,736	$	–

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of January 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	3,721	$	1,259	$	(16	)	$	–	$	772	$	5,736	$	–
Total non-controlled/affiliated investments	$	3,721	$	1,259	$	(16	)	$	–	$	772	$	5,736	$	–

	Investment in Afilliated Fund at Fair Value for the Three Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of July 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,957	$	25	$	(23	)	$	–	$	270	$	2,229	$	–
Total non-controlled/affiliated investments	$	1,957	$	25	$	(23	)	$	–	$	270	$	2,229	$	–

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of January 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,641	$	690	$	(82	)	$	–	$	(20	)	$	2,229	$	–
Total non-controlled/affiliated investments	$	1,641	$	690	$	(82	)	$	–	$	(20	)	$	2,229	$	–

Note 7.  Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

For the three and nine months ended September 30, 2021, the Company’s average USD notional exposure to foreign currency forward contracts was approximately $1,212,000 and $1,392,000, respectively.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of September 30, 2021.

Counterparty	Gross Amount of Assets		Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	$	23	$	15	$	8	$	-	$	8

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the consolidated statements of operations during the three and nine months ended September 30, 2021 was as follows:

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net change in unrealized gain (loss) on foreign currency forward contracts	$	4	$	8
Realized (loss) on foreign currency forward contracts		12		(47	)

There were no derivative transactions entered in to or outstanding for the year ended December 31, 2020.

Note 8.  Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued.  Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations.

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

As of September 30, 2021 and December 31, 2020, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	199	$	199
Abrasive Technology Intermediate, LLC		173		-
Advanced Lighting Acquisition, LLC		324		162
AFC Industries, Inc.		250		-
Affinitiv, Inc.		248		248
Agility Intermediate, Inc.		534		-
ALM Media, LLC		873		971
Altamira Material Solutions, LP		32		-
AM Buyer, LLC		111		108
Anne Arundel Dermatology Management, LLC		354		780
Apex Dental Partners, LLC		236		600
Aptitude Health Holdings, LLC		240		-
Aquatic Sales Solutions, LLC		38		135
ASP Global Acquisition, LLC		534		534
Banner Buyer, LLC		813		1,343
BBG Intermediate Holdings, Inc.		165		686
Beacon Oral Specialists Management LLC		311		-
Behavior Frontiers, LLC		19		-
BRTS Holdings, LLC		-		341
Bio Agri Mix Holdings Inc.		89		-
Brightview, LLC		427		-
Canadian Orthodontic Partners Corp.		380		-
Community Care Partners, LLC		263		-
Copperweld Group, Inc.		228		400
Cosmetic Solutions, LLC		710		710
Data Source Intermediate Holdings, LLC		123		-
DealerOn Inc.		314		314
Diamondback Buyer, LLC		68		-
Domino Equipment Company, LLC		79		-
Edko Acquisition, LLC		38		-
EH Management Company, LLC		38		-
Empire Equipment Company, LLC		1,379		1,254
EMSAR Acquisition LLC		567		-
Engelman Baking Co., LLC		157		157
E-Phoenix Acquisition Co. Inc.		75		-
Formulated Buyer, LLC		488		-
G2O Technologies, LLC		207		207
Geriatric Medical and Surgical Supply, LLC		300		270
Groundworks Operations, LLC		867		739
Guardian Dentistry Practice Management, LLC		218		-
Hydromax USA, LLC		205		330
Icelandirect, LLC		33		-
Industrial Dynamics Company, Ltd.		141		141
Innovative FlexPak, LLC		408		627

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt (continued)	(Amounts in thousands)		(Amounts in thousands)
ISSA, LLC	$	131	$	-
Jansy Packaging, LLC		706		676
Kalkomey Enterprises, LLC		77		77
Lakeshirts LLC		663		703
Legility, LLC		123		123
Leonard Group, Inc.		197		-
Library Associates, LLC		127		211
MacNeill Pride Group Corp.		218		-
Mad Rose Company, LLC		104		-
Mattco Forge, Inc.		506		506
Millennia Patient Services, LLC		401		-
Montway LLC		825		825
Motis Brands, Inc.		115		-
MRC Keeler Acquisition, LLC		300		300
Nimlok Company, LLC		320		11
NSG Buyer, Inc.		294		294
NutriScience Innovations, LLC		131		-
Peak Dental Services, LLC		337		636
Peak Investment Holdings, LLC		908		809
Perimeter Brands Intermediate Holdco LLC		-		210
PPW Acquisition, LLC		38		-
Reliable Medical Supply LLC		206		138
Revival Animal Health, LLC		131		-
Revolution Plastics Buyer, LLC		188		492
RQM Buyer, Inc.		219		-
RTP Acquisition, LLC		38		-
SAMGI Buyer, Inc.		138		138
SCA Buyer, LLC		459		-
SCP ENT and Allergy Services, LLC		1,287		1,287
SCP Eye Care Services, LLC		-		469
Shearer Supply, LLC		113		-
ShiftKey, LLC		94		-
Silver Falls MSO, LLC		117		178
SimiTree Acquisition LLC		1,065		-
Southeast Primary Care Partners, LLC		525		525
Southern Orthodontic Partners Management, LLC		281		-
Spear Education, LLC		888		474
Spectrum Solutions, LLC		267		-
Starwest Botanicals Acquisition, LLC		174		-
Storm Smart Buyer LLC		131		-
Teel Plastics, LLC		324		324
Trademark Global, LLC		110		-
Triad Technologies, LLC		314		282
United Land Services Opco Parent, LLC		1,022		-
Vanguard Packaging, LLC		356		535
Varsity DuvaSawko Operating Corp.		474		474
Vital Care Buyer, LLC		580		580
Total unfunded portfolio company commitments	$	29,278	$	22,533

(1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

As of September 30, 2021 and December 31, 2020, approximately $188,000 and $181,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

Investor Commitments

As of September 30, 2021 and December 31, 2020, the Company had $216.0 million in total capital commitments from investors ($91.8 million and $126.4 million, respectively, undrawn).  These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Four investors in the Company have aggregate capital commitments representing 100% of the Company’s total capital commitments. Such concentration of investor commitments could have a material effect on the Company.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business.  As of September 30, 2021, management was not aware of any material pending or threatened litigation.

Note 9.  Net Assets

Subscriptions and Drawdowns

As of September 30, 2021, the Company had 6,199,809 shares issued and outstanding with a par value of $0.001 per share.

The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors.

During the nine months ended September 30, 2021 and 2020, the Advisor delivered the following capital call notices to investors:

Nine Months Ended September 30, 2021
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
March 16, 2021	March 30, 2021		540,000	$	10.80
June 30, 2021	July 15, 2021		802,493		16.20
August 30, 2021	September 15, 2021		375,316		7.56
Total			1,717,809	$	34.56

Nine Months Ended September 30, 2020
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
February 28, 2020	March 13, 2020		810,000	$	16.20
June 11, 2020	June 25, 2020		432,000		8.64
Total			1,242,000	$	24.84

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Dividends

The following table reflects dividend declared on shares of the Company’s common stock during the nine months ended September 30, 2021 and 2020:

For the Nine Months Ended September 30, 2021
Date Declared	Record Date	Payment Date	Dividend per Share
April 22, 2021	April 26, 2021	April 30, 2021	$	0.20
July 22, 2021	July 26, 2021	July 30, 2021	$	0.20

For the Nine Months Ended September 30, 2020
Date Declared	Record Date	Payment Date	Dividend per Share
July 16, 2020	July 27, 2020	July 31, 2020	$	0.20

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
(Amounts in thousands, except share and per share amounts)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net increase (decrease) in net assets resulting from operations	$	1,518	$	1,351	$	4,520	$	328
Weighted average shares of common stock		5,754,844		3,402,000		5,092,922		2,907,131
outstanding - basic and diluted
Earnings (loss) per common share - basic and diluted	$	0.26	$	0.40	$	0.89	$	0.11

Note 11. Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were no permanent differences for the nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, permanent differences were approximately $73,000 and $409,000, respectively, consisting of nondeductible offering costs.

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AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Note 12.  Financial Highlights

The following are financial highlights for a common share outstanding during the nine months ended September 30, 2021 and 2020:

	Nine Months			Nine Months
	Ended			Ended
	September 30,			September 30,
(Amounts in thousands, except share and per share amounts)	2021			2020
Per share data:
Net asset value, beginning of period	$	19.75		$	19.77
Net investment income (loss)(1)		0.61			0.45
Net realized and unrealized gain (loss) on investment transactions(1)		0.28			(0.34	)
Total from operations		0.89			0.11
Impact of issuance of common stock		(0.01	)		0.07
Dividends declared from earnings		(0.40	)		(0.20	)
Total increase (decrease) in net assets		0.48			(0.02	)
Net asset value, end of period	$	20.23		$	19.75
Shares outstanding, end of period		6,199,809			3,402,000
Total return(2)		4.4	%		0.9	%
Ratios / supplemental data
Ratio of gross expenses to average net assets(3)(4)(5)		2.6	%		4.8	%
Ratio of net expenses to average net assets(3)(4)(6)		2.6	%		4.1	%
Ratio of net investment income (loss) to average net assets(3)(4)		3.1	%		2.4	%
Net assets, end of period	$	125,412		$	67,189
Weighted average shares outstanding		5,092,922			2,907,131
Total capital commitments, end of period	$	216,000		$	216,000
Ratio of total contributed capital to total committed capital, end of period		57.5	%		31.5	%
Portfolio turnover rate(7)		26.5	%		18.5	%
Asset coverage ratio(8)		N/A			6,818.9	%

(1)	The per share data was derived using the weighted average shares outstanding during the period.
(2)	Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. The total return for the period from May 6, 2019 (inception) to December 31, 2019 is calculated using the denominator of the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019.
(3)	Not annualized.
(4)	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.
(5)	Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator
(6)	Ratio of netexpenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator
(7)	Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.
(8)	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period.

Note 13.  Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements.  There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below.

On October 13, 2021, the Advisor issued a capital call notice to investors relating to the sale of 805,806 shares of the Company’s common stock for an aggregate offering price of $16.2 million. The sale closed on October 27, 2021.

On October 15, 2021, the Board declared a dividend of $0.20 per share on the Company’s common stock, which was paid on October 29, 2021 to stockholders of record at the close of business on October 18, 2021.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In this quarterly report on Form 10-Q, or this "report," we refer to AG Twin Brook BDC, Inc and it’s consolidated subsidiaries. as "we," "us," the "Company," or "our," unless we specifically state otherwise or the context indicates otherwise. We refer to our investment adviser, AG Twin Brook Manager, LLC, as our "Advisor," and we refer to the direct parent company of our Advisor, Angelo, Gordon & Co., L.P., as "Angelo Gordon." Angelo Gordon serves as the Company’s Administrator and may also be referred to herein as “Administrator”.

Forward-Looking Statements

This report includes estimates, projections, statements relating to our business plans, objectives, and expected operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may appear throughout this report, including the following sections: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” (Part II, Item 1A of this Form 10-Q). These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, returns, results of operations, plans, yields, objectives, the composition of our portfolio, actions by governmental entities, including the U.S. Department of the Treasury and the Federal Reserve, and the potential effects of actual and proposed legislation on us, our views on certain macroeconomic trends, and the impact of COVID-19. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. We caution investors not to rely unduly on any forward-looking statements, which speak only as of the date made, and urge you to carefully consider the risks identified under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2020 (our “2020 10-K”). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help the reader understand the results of operations and financial condition of AG Twin Brook BDC, Inc. This MD&A is provided as a supplement to, and should be read in conjunction with our 2020 10-K, our consolidated financial statements and the accompanying notes to consolidated financial statements (Part I, Item 1 of this report).

Overview

AG Twin Brook BDC, Inc. is a Delaware corporation formed on February 4, 2016.  We have elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).  In addition, for tax purposes, we have elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).  We were formed to provide risk-adjusted returns and current income to investors by investing primarily in middle market companies.

We are managed by our Advisor, a wholly-owned subsidiary of Angelo Gordon.  The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940.  Subject to the overall supervision of our board of directors (the “Board”), our Advisor manages our day-to-day operations, and provides investment advisory and management services to us.  Our Advisor will be responsible for originating prospective investments,

36

conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments, and monitoring our investments and portfolio companies on an ongoing basis.

We conduct private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of our common stock pursuant to a subscription agreement entered into with us.  Investors will be required to make capital contributions to purchase shares of our common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”).  As of September 30, 2021, we had $216 million in total capital commitments from investors.  Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of our common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

As a BDC, we must invest at least 70% of our assets in “eligible portfolio companies,” generally, U.S. private operating companies (or small U.S. public operating companies with a market capitalization of less than $250 million). As a BDC, we may also invest up to 30% of our portfolio in non-eligible portfolio company investments, such as investments in non-U.S. companies, which may include investments in a “passive foreign investment company” (a “PFIC”).  Because we have elected to be regulated as a BDC, and we intend to continue to qualify as a RIC under the Code, our portfolio will also be subject to the diversification and other requirements under the Code.

Investments

We invest principally in privately originated senior secured loans to U.S. middle market companies, which we believe have consistent capital needs and have not only been underserved in recent years by traditional providers of capital such as banks and the public debt markets, but also for a variety of reasons may prefer working with experienced non-bank lenders. Our origination strategy focuses on the middle market private equity community. This financing is utilized for a variety of purposes, including to fund organic growth, acquisitions, recapitalizations, management buyouts and leveraged buyouts for companies with revenue generally under $500 million. In describing our business, we generally use the term “middle market” to refer to companies with EBITDA of between $3 million and $50 million annually; however, we typically invest in companies with EBITDA of less than $25 million. Notwithstanding the foregoing, the Advisor may determine whether companies qualify as “middle market” in its sole discretion, and we may from time to time invest in larger or smaller companies.

By investing predominantly in senior secured debt, we expect to reduce our risk of principal loss and deliver more stable returns over time as compared with investments in bonds, unsecured loans, mezzanine investments and public, private and project equity. However, we may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

The level of our investment activity depends on many factors, including the amount of debt and equity capital available to prospective portfolio companies, the level of merger, acquisition and refinancing activity for such companies, the availability of credit to finance transactions, the general economic environment and the competitive environment for the types of investments we make, all of which have been, and may continue to be, impacted by COVID-19.

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Revenues

We generate revenues primarily through the receipt of interest income from the investments we hold. In addition, we generate income from various loan origination and other fees and from dividends on direct equity investments. In addition, we may generate revenue in the form of commitment, origination, administration, amendment, and loan servicing fees.  Loan origination fees, original issue discount and market discount or premium are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. We record contractual prepayment premiums on loans and debt securities as interest income.

Our debt investment portfolio consists of primarily floating rate loans. As of September 30, 2021, 100% of our debt investments, based on fair value, bore interest at floating rates, which may be subject to interest rate floors.  Variable-rate investments subject to a floor generally reset periodically to the applicable floor, only if the floor exceeds the index.  Trends in base interest rates, such as LIBOR, may affect our net investment income over the long term. In addition, our results may vary from period to period depending on the interest rates of new investments made during the period compared to investments that were sold or repaid during the period; these results reflect the characteristics of the particular portfolio companies that we invested in or exited during the period and not necessarily any trends in our business or macroeconomic trends.

Dividend income that we receive from our ownership of private securities is recorded pursuant to the terms of the respective investments.

Expenses

Our primary operating expenses include the payment of fees to the Advisor under the Investment Management Agreement, our allocable portion of overhead expenses under the Administration Agreement and other operating costs described below.

We are responsible for all costs and expenses incurred in connection with the operations of the Company and locating, structuring, evaluating, consummating, maintaining and disposing of investments and potential investments (whether or not the acquisition is consummated), including but not limited to legal, regulatory, accounting and other professional or third-party costs or disbursements including travel, rent or lodging, out-of-pocket expenses of the Advisor, the fees and expenses of any independent counsel engaged by the Advisor and out-of-pocket expenses related to third-party service providers (including loan servicer fees), placement agent fees and expenses, advertising expenses, litigation expenses, brokerage commissions, clearing and settlement charges and other transaction costs, custody fees, interest expenses, financing charges, initial and variation margin, broken deal expenses, compensation (which may include fees or performance-based compensation) of advisors, consultants and finders, joint venture partners, or other professionals relating to the Company’s operations and investments or potential investments (whether or not completed), which may include costs incurred to attend or sponsor networking and other similar events hosted by both for-profit and not-for-profit organizations (which may include organizations affiliated with current or prospective investors), specific expenses incurred in obtaining, developing or maintaining market data technology systems, research and other information and information service subscriptions utilized with respect to the Company’s investment program including fees to third party providers of research, portfolio risk management services (including the costs of risk management software or database packages), fees of pricing and valuation services, appraisal costs and brokerage expenses. We will also bear all commitment fees and any transfer or recording taxes, registration fees and other expenses in connection with acquisitions and dispositions of investments, and all expenses relating to the ownership and operation of investments, including taxes, interest, insurance, and other fees and expenses. Travel expenses may include first-class airfare and limited use of private or charter aircraft, as well as premium accommodations, in accordance with our Advisor’s policies related thereto.

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In addition, we will bear all costs of the administration of the Company, including but not limited to accounting expenses (including accounting systems) and expenses relating to audit, legal and regulatory expenses (including filings with U.S. and non-U.S. regulators and compliance obligations), costs associated with our reporting and compliance obligations under the 1940 Act and other applicable U.S. federal and state securities laws, fees and expenses of any administrators in connection with the administration of the Company, expenses relating to the maintenance of registered offices of the Company to the extent provided by unaffiliated service providers, temporary office space of non-employee consultants or auditors, blue sky and corporate filing fees and expenses, corporate licensing expenses, indemnification expenses, costs of holding any meetings or conferences of investors or their delegates or advisors (including meetings of the Advisor and related activities), Independent Directors’ fees and expenses, costs of any litigation or threatened litigation or costs of any investigation or legal inquiries involving Company activities (including regulatory sweeps), the cost of any liability insurance or fidelity coverage for the Company, including any directors’ and officers’ liability insurance and key-person life insurance policies, maintained with respect to liabilities arising in connection with the activities of our directors and officers conducted on behalf of the Company, costs associated with reporting and providing information to existing and prospective investors, including printing and mailing costs, wind-up and liquidation expenses, and any extraordinary expenses arising in connection with the operations of the Company.

We have agreed to repay the Advisor for initial organization and offering costs up to a maximum of $1.25 million, of which the Advisor has incurred approximately $1.1 million as of September 30, 2021.

From time to time, the Administrator or its affiliates may pay third-party providers of goods or services. We will reimburse the Administrator or such affiliates thereof for any such amounts paid on our behalf.

Leverage

We have obtained a subscription facility to meet our capital needs.  We may borrow money from time to time within the levels permitted by the 1940 Act. Currently, we do not intend to utilize leverage outside of the subscription facility.

Impact of COVID-19

In late 2019 and early 2020, a novel coronavirus (SARS-CoV-2) and related respiratory disease ("COVID-19") emerged in China and spread rapidly across the world, including to the U.S. This outbreak has led and for an unknown period of time will continue to lead to disruptions in local, regional, national and global markets and economies affected thereby. The extent to which the COVID-19 pandemic will adversely impact our business, financial condition, liquidity and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of this outbreak, and any future outbreaks.

It is clear that these types of events are negatively impacting and will, for at least some time, continue to negatively impact our business and portfolio companies and in many instances the impact will be profound. For example, smaller and middle market companies in which we may invest are being significantly impacted by these events and the uncertainty caused by these events. With respect to loans to such companies, we have been, and may continue to be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments or allowing for payment-in-kind (“PIK”) interest payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business permanently, and/or (iii) the value of loans we hold decreases as a result of such events and the uncertainty they cause. Such events have caused us, and may continue to cause us, to suffer losses. We will also be negatively affected if the operations and effectiveness of our Adviser or a portfolio company (or any of the key personnel or service

39

providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted as a result of the interruptions to regular business operations caused by COVID-19.

With respect to our investments, we have taken, and will continue to take, steps to actively oversee all of our individual portfolio companies. These measures include, among other things, frequent communication with our portfolio company management teams and related private equity sponsors to understand the expected financial performance impact of the COVID-19 pandemic.

The effects of the COVID-19 pandemic on economic and market conditions have increased the  demands to provide capital to our existing portfolio companies. We maintain adequate cash, capital commitments and additional borrowing capacity in reserve to meet any further such draw requests.

During the nine months ended September 30, 2021, we continued to experience an increase in our net assets resulting from operations due to an increase in investment income and unrealized gains from a recovery in investment valuations, after experiencing unrealized losses across the fair value of our investments resulting from the COVID-19 pandemic during the first nine months of 2020.

It is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on our business, the Advisor and portfolio companies. The impact of this outbreak, or any future outbreaks, while uncertain, could materially adversely affect our and our portfolio companies’ operating results.

Portfolio and Investment Activity

As of September 30, 2021, based on fair value, our portfolio consisted of 94.84% first lien senior secured debt investments, 0.01% sponsor subordinated note investments, and a 5.15% investment in an affiliated fund.

As of September 30, 2021, we had investments in eighty-eight portfolio companies with an aggregate fair value of $111.4 million.  As of December 31, 2020, we had investments in fifty-one portfolio companies with an aggregate fair value of $79.5 million.

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Our investment activity for the three months ended September 30, 2021 and 2020 is presented below (information presented herein is at par value unless otherwise indicated).

	Three Months			Three Months
	Ended			Ended
	September 30,			September 30,
(Amounts in thousands)	2021			2020
Principal amount of investments committed (including add-ons):
First lien senior secured debt investments	$	19,499		$	5,038
Sponsor subordinated note		5			-
Investment in affiliated fund		138			25
Total principal amount of investments committed	$	19,642		$	5,063
Principal amount of investments sold or repaid:
First lien senior secured debt investments	$	(6,532	)	$	(331	)
Investment in affiliated fund		1			(23	)
Total principal amount of investments sold or repaid	$	(6,531	)	$	(354	)
New debt investments(1):
New commitments	$	17,550		$	3,637
Number of new commitments in new portfolio companies(2)		14			2
Average new commitment amount	$	1,254		$	1,819
Weighted average term for new commitments (in years)		4.8			4.3
Percentage of new commitments at floating rates		100.0	%		100.0	%
Percentage of new commitments at fixed rates		0.0	%		0.0	%

(1) Amounts shown exclude add-on transactions to existing portfolio companies during the period.

(2) Number of new debt investment commitments represent commitments to a particular portfolio company.

As of September 30, 2021 and December 31, 2020, our investments consisted of the following:

	September 30, 2021				December 31, 2020
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	105,693	$	105,645	$	76,415	$	75,805
Sponsor subordinated note		15		15		7		7
Investment in affiliated fund		4,444		5,736		3,201		3,721
Total investments	$	110,152	$	111,396	$	79,623	$	79,533

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The table below describes investments by industry composition based on fair value as of September 30, 2021 and December 31, 2020:

	September 30, 2021		December 31, 2020
Aerospace and defense	1.9	%	2.7	%
Chemicals	6.2	%	8.4	%
Commercial services and supplies	2.6	%	7.0	%
Construction and engineering	0.5	%	–
Containers and packaging	5.6	%	7.0	%
Distributors	0.5	%	1.5	%
Diversified consumer services	8.9	%	9.8	%
Electronic equipment, instruments and components	1.3	%	2.0	%
Food and staples retailing	1.3	%	0.9	%
Food products	1.3	%	1.3	%
Gas utilities	1.2	%	1.6	%
Health care equipment and supplies	2.8	%	0.8	%
Health care providers and services	23.8	%	24.0	%
Health care technology	1.6	%	1.6	%
Household durables	2.5	%	–
Internet and direct marketing retail	2.7	%	2.5	%
IT services	3.0	%	3.4	%
Leisure equipment and products	1.7	%	–
Life sciences tools and services	1.0	%	–
Machinery	1.6	%	1.1	%
Media	2.4	%	3.4	%
Metals and mining	2.1	%	2.6	%
Multisector holdings	5.2	%	4.7	%
Personal products	2.5	%	3.5	%
Pharmaceuticals	2.0	%	–
Real estate management and development	1.5	%	–
Software	3.0	%	2.9	%
Specialty retail	1.1	%	–
Textiles, apparel and luxury goods	1.5	%	2.0	%
Trading companies and distributors	5.9	%	5.3	%
Water utilities	0.8	%	–
Total	100.0	%	100.0	%

As of September 30, 2021, 98.8% of investments held were based in the United States and 1.2% were based in Canada. Investments held as of December 31, 2020 were based solely in the United States.

The weighted average yields and interest rates of our funded debt investments as of September 30, 2021 and December 31, 2020 were as follows:

	September 30, 2021			December 31, 2020
Weighted average total yield of funded debt investments at cost		7.9	%		7.7	%
Weighted average total yield of funded debt investments at fair value		7.9	%		7.9	%
Weighted average interest rate of funded debt investments (1)		6.9	%		7.0	%
Weighted average spread over LIBOR/CDOR of all floating rate funded debt investments		5.9	%		5.9	%

⁽¹⁾ Calculated using actual interest rates in effect as of September 30, 2021 and December 31, 2020 based on borrower elections.

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The weighted average yield of our funded debt investments is not the same as a return on investment for our shareholders but, rather, relates to a portion of our investment portfolio and is calculated before the payment of all of our and our subsidiaries’ fees and expenses. The weighted average yield was computed using the effective interest rates of each investment as of each respective date, including accretion of original issue discount, but excluding investments on non-accrual status, if any. There can be no assurance that the weighted average yield will remain at its current level.

Our Advisor monitors our portfolio companies on an ongoing basis. It monitors the financial trends of each portfolio company to determine if they are meeting their respective business plans and to assess the appropriate course of action with respect to each portfolio company. Our Advisor has several methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•  assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•  periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•  comparisons to other companies in the portfolio company’s industry; and

•  review of monthly or quarterly financial statements and financial projections for portfolio companies.

As part of the monitoring process, our Advisor employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Advisor rates the credit risk of all debt investments on a scale of A to F. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The rating system is as follows:

Investment Ratings	Description
A	A loan supported by exceptional financial strength, stability and liquidity;
B	As a general rule, a new transaction will be risk rated a “B” loan. Overtime, a “B” loan is supported by good financial strength, stability and liquidity;
C	A loan that is exhibiting deteriorating trends, which if not corrected could jeopardize repayment of the debt. In general, a default by the borrower of one of its financial performance covenants (leverage or coverage ratios) would warrant downgrade of a loan to a risk rating of “C”;
D	A loan that has a well-defined weakness that jeopardizes the repayment of the debt or the ongoing enterprise value of the borrower;
E	A loan that has an uncured payment default; and
F	An asset that is considered uncollectible or of such little value that its continuance as a booked asset is unwarranted.

Our Advisor rates the investments in our portfolio at least quarterly and it is possible that the rating of a portfolio investment may be reduced or increased over time. For investments rated C through F, our Advisor enhances its level of scrutiny over the monitoring of such portfolio company.

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The following table shows the composition of our debt investments on the A to F rating scale as of September 30, 2021 and December 31, 2020:

	September 30, 2021					December 31, 2020
			Percentage of					Percentage of
	Investments		Total			Investments		Total
Investment Rating	at Fair Value		Debt Investments			at Fair Value		Debt Investments
(Amounts in thousands)
A	$	–		–		$	–		–
B		97,172		92.0	%		68,960		91.0	%
C		8,473		8.0	%		6,845		9.0	%
D		–		–			–		–
E		–		–			–		–
F		–		–			–		–
Total	$	105,645		100.0	%	$	75,805		100.0	%

The following table shows the amortized cost of our performing and non-accrual debt investments as of September 30, 2021 and December 31, 2020:

	September 30, 2021					December 31, 2020
(Amounts in thousands)	Amortized Cost		Percentage			Amortized Cost		Percentage
Performing	$	105,693		100.0	%	$	76,415		100.0	%
Non-accrual		-		-			-		-
Total	$	105,693		100.0	%	$	76,415		100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full.  Accrued interest is generally reversed when a loan is placed on non-accrual status.  Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Advisor’s judgment regarding collectability.  Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in the Advisor’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Results of Operations

The following table represents the operating results for the nine months ended September 30, 2021 and 2020:

Net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including the level of new investment commitments, expenses, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Total investment income	$	2,107		$	1,268		$	5,725		$	3,597
Less: expenses		(942	)		(678	)		(2,624	)		(2,291	)
Net investment income (loss)		1,165			590			3,101			1,306
Net change in unrealized gain (loss)		311			760			1,342			(983	)
Net realized gain (loss)		42			1			77			5
Net increase (decrease) in net assets resulting from operations	$	1,518		$	1,351		$	4,520		$	328

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Investment Income

Investment income for the three and nine months ended September 30, 2021 and 2020were as follows:

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
(Amounts in thousands)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Interest income	$	2,013	$	1,201	$	5,424	$	3,399
Other income		94		67		301		198
Total investment income	$	2,107	$	1,268	$	5,725	$	3,597

Total investment income increased to $2.1 million for the three months ended September 30, 2021 from $1.3 million for the same period in the prior year primarily driven by our deployment of capital and the increased balance of our investments. Total investment income increased to $5.7 million for the nine months ended September 30, 2021 from $3.6 million for the same period in the prior year primarily driven by our deployment of capital and the increased balance of our investments. The size of our investment portfolio at fair value increased to $111.4 million at September 30, 2021 from $64.2 million at September 30, 2020.

Expenses

Expenses for the three and nine months ended September 30, 2021 and 2020were as follows:

	Three Months Ended		Three Months Ended			Nine Months Ended		Nine Months Ended
(Amounts in thousands)	September 30, 2021		September 30, 2020			September 30, 2021		September 30, 2020
Income incentive fees	$	214	$	38		$	568	$	114
Management fees		155		94			416		259
Accounting fees		107		98			317		323
Insurance fees		90		125			312		368
Professional fees		143		103			309		274
Administrative fees		97		85			267		358
Interest		66		67			190		283
Directors' fees		45		45			135		135
Other		25		35			110		126
Offering costs		-		73			-		409
Total gross expenses	$	942	$	763		$	2,624	$	2,649
Less waivers:
Administrative fees waived		-		(85	)		-		(358	)
Total net expenses	$	942	$	678		$	2,624	$	2,291

Under the terms of the Administration Agreement and Investment Management Agreement, we reimburse the Administrator and Advisor, respectively, for services performed for us. In addition, pursuant to the terms of these agreements, the Administrator and Advisor may delegate its obligations under these agreements to an affiliate or to a third party and we reimburse the Administrator and Advisor for any services performed for us by such affiliate or third party.

For the three and nine months ended September 30, 2021, the Administrator charged approximately $0.1 and $0.3 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement.  For the three and nine months ended September 30, 2020, the Administrator had the option to charge approximately $0.1 million and $0.4 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement, all of which were waived and borne by the Administrator for those periods.

Total net expenses increased to approximately $0.9 million from 0.7 million, for the three months ended September 30, 2021 and 2020, respectively, primarily due to increases in income incentive fees and management fees, and partially offset by decreases in offering costs. These increases in fees were largely driven by our deployment of capital and increased balance of our investments.

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Total net expenses remained relatively consistent at approximately $2.6 million and 2.3 million, respectively, for the nine months ended September 30, 2021 and 2020, primarily due to increases in income incentive fees and management fees, and partially offset by decreases in offering costs and interest expense. These increases in fees were largely driven by our deployment of capital and increased balance of our investments.

Income Taxes, including Excise Taxes

We have elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, distribute to our shareholders in each taxable year generally at least 90% of our investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, we will accrue excise tax on estimated excess taxable income. For the nine months ended September 30, 2021 and 2020, we did not accrue any U.S. federal excise tax.

We conduct certain activities through our wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the nine months ended September 30, 2021 and 2020, we did not accrue any U.S. federal tax expense.

Net Change in Unrealized Gains (Losses) on Investment Transactions

We fair value our portfolio investments quarterly and any changes in fair value are recorded as unrealized gains or losses.  During the three and nine months ended September 30, 2021 and 2020, net unrealized gains (losses) on our investment transactions were as follows:

	Three Months		Three Months
	Ended		Ended		Nine Months Ended		Nine Months Ended
(Amounts in thousands)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net change in unrealized gain (loss) on investments	$	307	$	760	$	1,334	$	(983	)
Net change in unrealized gain (loss) on foreign currency forward contracts		4		-		8		-
Net change in unrealized gain (loss) on investment transactions	$	311	$	760	$	1,342	$	(983	)

For the three and nine months ended September 30, 2021, the net unrealized gain was primarily driven by an increase in the fair value of our investments as compared to December 31, 2020. The primary drivers of our portfolio's unrealized gains from debt investments were improved market conditions and credit spreads tightening during the nine months ended September 30, 2021. The unrealized gains were also driven by improved performance of equity investments held by Twin Brook Equity Holdings, LLC, that increased our net asset value in the affiliated fund during the nine months ended September 30, 2021.

For the nine months ended September 30, 2020, the net unrealized loss was primarily driven by a decrease in the fair value of our investments as compared to December 31, 2019.  A majority of the decrease occurred particularly during the three months ended March 31, 2020, and fair value increased recovered slightly from then by September 30, 2020.  The primary drivers of our portfolio's unrealized losses were increased market volatility and credit spreads widening during the nine months ended September 30, 2020.

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Net Realized Gains (Losses) on Investment Transactions

The realized gains and losses on fully and partially exited portfolio companies and foreign currency transactions during the three and nine months ended September 30, 2021 and 2020, were as follows:

	Three Months Ended		Three Months Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021		September 30, 2020			September 30, 2021			September 30, 2020
Net realized gain (loss) on investments	$	35		$	1	$	122		$	5
Net realized gain (loss) on foreign currency transactions		7			–		(45	)		–
Net realized gain (loss) on investment transactions	$	42		$	1	$	77		$	5

The increase in realized gains during the three and nine months ended September 30, 2021 as compared to the three and nine months ended September 30, 2020 was due to increased paydown activity given the increased size of our portfolio.

Financial Condition, Liquidity, and Capital Resources

Our liquidity and capital resources are generated primarily from the proceeds of capital drawdowns of our privately placed capital commitments, cash flows from interest, dividends and fees earned from our investments and principal repayments, and our subscription facility. The primary uses of our cash are (1) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (2) the cost of operations (including paying our Advisor and Administrator), (3) debt service of any borrowings and (4) cash distributions to the holders of our stock.

We may from time to time increase the size of our existing subscription facility. Any such incurrence would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 200%. There were no outstanding borrowings as of September 30, 2021 and December 31, 2020. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 200% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund.

Cash as of September 30, 2021, taken together with our uncalled capital commitments of $91.8 million and available debt capacity of $10.1 million, is expected to be sufficient for our investing activities and to conduct our operations.

As of September 30, 2021, we had $14.6 million in cash.  During the nine months ended September 30, 2021, we used $27.0 million in cash for operating activities, primarily as a result of funding portfolio investments of $55.7 million, partially offset by sales and paydowns of portfolio investments of $25.7 million, and other operating activities of $3.0 million.  Cash provided by financing activities was $31.2 million during the period, which was primarily the result of proceeds from the issuance of shares of $34.6 million, partially offset by dividend payments of $3.3 million.

As of September 30, 2020, we had $3.9 million in cash. During the nine months ended September 30, 2020, we used $23.7 million in cash for operating activities, primarily as a result of funding portfolio investments of $34.8 million, partially offset by sales of portfolio investments of $9.6 million, and other operating activities of $1.5 million. Cash provided by financing activities was $18.5 million during the period, which was primarily the result of proceeds from the issuance of shares of $24.8 million, partially offset by net payments on our subscription facility of $5.5 million, dividend payments of $0.7 million, and payments for deferred financing and offering costs of $0.1 million.

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Equity

Subscriptions and Drawdowns

As of September 30, 2021, we had 6,199,809 shares issued and outstanding with a par value of $0.001 per share. On October 13, 2021, we issued a capital call notice to investors relating to the sale of 805,806 shares of the common stock for an aggregate offering price of $16.2 million. The sale closed on October 27, 2021.

We have entered into subscription agreements with investors providing for the private placement of our common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase our common shares up to the amount of their respective Capital Commitment on an as-needed basis each time our Advisor delivers a capital call notice to such investors.

During the nine months ended September 30, 2021 and 2020, our Advisor delivered the following capital call notices to investors:

Nine Months Ended September 30, 2021
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
March 16, 2021	March 30, 2021		540,000	$	10.80
June 30, 2021	July 15, 2021		802,493		16.20
August 30, 2021	September 15, 2021		375,316		7.56
Total			1,717,809	$	34.56

Nine Months Ended September 30, 2020
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
February 28, 2020	March 13, 2020		810,000	$	16.20
June 11, 2020	June 25, 2020		432,000		8.64
Total			1,242,000	$	24.84

Dividends

The following table reflects dividend declared on shares of the Company’s common stock during the nine months ended September 30, 2021 and 2020:

For the Nine Months Ended September 30, 2021
Date Declared	Record Date	Payment  Date	Dividend per Share
April 22, 2021	April 26, 2021	April 30, 2021	$	0.20
July 22, 2021	July 26, 2021	July 30, 2021	$	0.20

For the Nine Months Ended September 30, 2020
Date Declared	Record Date	Payment Date	Dividend per Share
July 16, 2020	July 27, 2020	July 31, 2020	$	0.20

Debt

Subscription Facility

In accordance with the 1940 Act, we can borrow amounts such that our asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations. There were no outstanding borrowings as of September 30, 2021 and December 31, 2020.

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On August 14, 2019, we entered into a revolving credit facility (the “Subscription Facility”), pursuant to a Revolving Credit Agreement, as amended, with Wells Fargo Bank, National Association (the “Lender”).  The Subscription Facility enables us to request loans from the Lender up to a maximum commitment of $15 million.  The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of our investors.  The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of our investors as well as other provisions of the Subscription Facility agreement.

Borrowings under the Subscription Facility bear interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing is a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing is a Reference Rate Loan . As of September 30, 2021 and December 31, 2020, there were no outstanding borrowings.  In addition, we pay an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender.  The maturity date of the Subscription Facility is August 12, 2022.

The Subscription Facility agreement subjects us to certain covenants including, but not limited to, providing financial information and requirements concerning compliance with certain financial tests and investor attributes.  As of September 30, 2021, we are in compliance with such covenants.

Debt obligations consisted of the following as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	–	$	10,098	$	–
Total debt	$	15,000	$	–	$	10,098	$	–

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

	As of December 31, 2020
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	–	$	13,900	$	–
Total debt	$	15,000	$	–	$	13,900	$	–

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

For the three and nine months ended September 30, 2021 and 2020, the components of interest expense were as follows:

	Three Months			Three Months
	Ended			Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	$	8		$	27		$	24		$	189
Amortization of deferred financing costs		58			40			166			94
Total interest expense	$	66		$	67		$	190		$	283
Average interest rate		1.77	%		2.08	%		2.46	%		2.88	%
Average daily borrowings	$	105		$	217		$	54		$	5,553

 

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Off-Balance Sheet Arrangements

Portfolio Company Commitments

Our investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.  Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments at fair value.  Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations.

As of September 30, 2021 and December 31, 2020, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	199	$	199
Abrasive Technology Intermediate, LLC		173		-
Advanced Lighting Acquisition, LLC		324		162
AFC Industries, Inc.		250		-
Affinitiv, Inc.		248		248
Agility Intermediate, Inc.		534		-
ALM Media, LLC		873		971
Altamira Material Solutions, LP		32		-
AM Buyer, LLC		111		108
Anne Arundel Dermatology Management, LLC		354		780
Apex Dental Partners, LLC		236		600
Aptitude Health Holdings, LLC		240		-
Aquatic Sales Solutions, LLC		38		135
ASP Global Acquisition, LLC		534		534
Banner Buyer, LLC		813		1,343
BBG Intermediate Holdings, Inc.		165		686
Beacon Oral Specialists Management LLC		311		-
Behavior Frontiers, LLC		19		-
BRTS Holdings, LLC		-		341
Bio Agri Mix Holdings Inc.		89		-
Brightview, LLC		427		-
Canadian Orthodontic Partners Corp.		380		-
Community Care Partners, LLC		263		-
Copperweld Group, Inc.		228		400
Cosmetic Solutions, LLC		710		710
Data Source Intermediate Holdings, LLC		123		-
DealerOn Inc.		314		314
Diamondback Buyer, LLC		68		-
Domino Equipment Company, LLC		79		-
Edko Acquisition, LLC		38		-
EH Management Company, LLC		38		-
Empire Equipment Company, LLC		1,379		1,254
EMSAR Acquisition LLC		567		-
Engelman Baking Co., LLC		157		157
E-Phoenix Acquisition Co. Inc.		75		-

50

AG Twin Brook BDC, Inc.

Notes to Consolidated Financial Statements (Unaudited) – Continued

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
Formulated Buyer, LLC	$	488	$	-
G2O Technologies, LLC		207		207
Geriatric Medical and Surgical Supply, LLC		300		270
Groundworks Operations, LLC		867		739
Guardian Dentistry Practice Management, LLC		218		-
Hydromax USA, LLC		205		330
Icelandirect, LLC		33		-
Industrial Dynamics Company, Ltd.		141		141
Innovative FlexPak, LLC		408		627

ISSA, LLC	131	-
Jansy Packaging, LLC	706	676
Kalkomey Enterprises, LLC	77	77
Lakeshirts LLC	663	703
Legility, LLC	123	123
Leonard Group, Inc.	197	-
Library Associates, LLC	127	211
MacNeill Pride Group Corp.	218	-
Mad Rose Company, LLC	104	-
Mattco Forge, Inc.	506	506
Millennia Patient Services, LLC	401	-
Montway LLC	825	825
Motis Brands, Inc.	115	-
MRC Keeler Acquisition, LLC	300	300
Nimlok Company, LLC	320	11
NSG Buyer, Inc.	294	294
NutriScience Innovations, LLC	131	-
Peak Dental Services, LLC	337	636
Peak Investment Holdings, LLC	908	809
Perimeter Brands Intermediate Holdco LLC	-	210
PPW Acquisition, LLC	38	-
Reliable Medical Supply LLC	206	138
Revival Animal Health, LLC	131	-
Revolution Plastics Buyer, LLC	188	492
RQM Buyer, Inc.	219	-
RTP Acquisition, LLC	38	-
SAMGI Buyer, Inc.	138	138
SCA Buyer, LLC	459	-
SCP ENT and Allergy Services, LLC	1,287	1,287
SCP Eye Care Services, LLC	-	469
Shearer Supply, LLC	113	-
ShiftKey, LLC	94	-
Silver Falls MSO, LLC	117	178
SimiTree Acquisition LLC	1,065	-
Southeast Primary Care Partners, LLC	525	525
Southern Orthodontic Partners Management, LLC	281	-
Spear Education, LLC	888	474
Spectrum Solutions, LLC	267	-

51

Portfolio Company	September 30, 2021	December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)	(Amounts in thousands)

Starwest Botanicals Acquisition, LLC	$	174	$	-
Storm Smart Buyer LLC		131		-
Teel Plastics, LLC		324		324
Trademark Global, LLC		110		-
Triad Technologies, LLC		314		282
United Land Services Opco Parent, LLC		1,022		-
Vanguard Packaging, LLC		356		535
Varsity DuvaSawko Operating Corp.		474		474
Vital Care Buyer, LLC		580		580
Total unfunded portfolio company commitments	$	29,278	$	22,533

(1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

As of September 30, 2021 and December 31, 2020, approximately $188,000 and $181,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

We maintain sufficient borrowing capacity along with undrawn capital commitments of our investors to cover outstanding unfunded portfolio company commitments that we may be required to fund. We seek to carefully manage our unfunded portfolio company commitments for purposes of planning our ongoing financial leverage. Further, we maintain sufficient borrowing capacity within the 200% asset coverage ratio, along with undrawn capital commitments of our investors, to cover any outstanding portfolio company unfunded commitments we are required to fund.

Investor Commitments

As of September 30, 2021 and December 31, 2020, the Company had $216.0 million in total capital commitments from investors ($91.8 million and $126.4 million, respectively, undrawn).  These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Contractual Obligations

We have no contractual payment obligations under our subscription facility as there were no borrowings outstanding as of September 30, 2021.

Related Party Transactions

We have entered into a number of business relationships with affiliated or related parties, including the Investment Management Agreement, the Administration Agreement, and the Resource Sharing Agreement.

In addition to the aforementioned agreements, we intend to rely on exemptive relief that has been granted to us, our Advisor, and Angelo Gordon to permit us to co-invest with other funds managed by Angelo Gordon in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as any regulatory requirements and other pertinent factors.  See “Item 1. – Notes to Consolidated Financial Statements – Note 6. Agreements and Related Party Transactions” for further description of our related party transactions.

Critical Accounting Policies

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic

52

environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies, including those relating to the valuation of our investment portfolio, are described in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 11, 2021, and elsewhere in our filings with the SEC. There have been no significant changes this quarter in our critical accounting policies and practices.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Uncertainty with respect to the economic effects of the COVID-19 outbreak has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and therefore, we will value these investments at fair value as determined in good faith by our Board, based on, among other things, the input of our Advisor and independent third party valuation firm(s) engaged at the direction of the Board, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We may fund portions of our investments with borrowings on a short term basis, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of September 30, 2021, 100% of our debt investments based on fair value in our portfolio were at floating rates. Based on our Consolidated Statement of Assets and Liabilities as of September 30, 2021, the following table shows the annualized impact on net income of hypothetical base rate changes in interest rates on our debt investments and leverage (considering interest rate floors for floating rate instruments) assuming each floating rate investment is subject to 3-month LIBOR and there are no changes in our investment and borrowing structure:

(Amounts in millions)	Interest Income		Interest Expense		Net Income
Up 200 basis points	$	1.2	$	-	$	1.2
Up 100 basis points	$	0.2	$	-	$	0.2
Down 100 basis points	$	-	$	-	$	-
Down 200 basis points	$	-	$	-	$	-

To a limited extent, we may in the future hedge against interest rate fluctuations by using hedging instruments such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. However, no assurance can be given that such hedging transactions will be entered into or, if they are, that they will be effective.

53

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the period ended September 30, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

54

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the nine months ended September 30, 2021, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Except as previously reported by the Company on its current reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

On November 10, 2021, the Company's Board of Directors appointed Jenny B. Neslin as the Company's General Counsel and Secretary, effective as of November 15, 2021. Ms. Neslin is a Managing Director at Angelo Gordon, and also serves as General Counsel and Secretary of AG Mortgage Investment Trust, Inc. (NYSE: MITT), positions she has held since April 2021.

To facilitate Ms. Neslin's appointment, on November 10, 2021, Christopher D. Moore resigned from his position as the Company's Interim General Counsel and Secretary, effective as of November 15, 2021. This resignation was not the result of any dispute or disagreement between Mr. Moore and the Company. Mr. Moore will continue to serve as the General Counsel and Secretary of Angelo Gordon.

55

Item 6. Exhibits.

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation, dated June 20, 2019 (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10, filed on July 2, 2019)
3.2	By-laws, dated May 6, 2019 (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10, filed on July 2, 2019)
31.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*	Certification of Trevor Clark pursuant to Securities Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*	Certification of Terrence Walters pursuant to Securities Exchange Act Rule 13a-14(b)  and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
* Filed herewith

56

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused his report to be signed on its behalf by the undersigned thereunto duly authorized.

	AG TWIN BROOK BDC, INC.
November 12, 2021	By:	/s/ Trevor Clark
		Trevor Clark
		Chief Executive Officer
		(Principal Executive Officer)

November12, 2021	By:	/s/ Terrence Walters
		Terrence Walters
		Chief Financial Officer and Treasurer
		(Principal Financial Officer and Principal Accounting Officer)

57

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Trevor Clark, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of AG Twin Brook BDC, Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 12, 2021

By: /s/ Trevor Clark

Trevor Clark

Chief Executive Officer and President

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Terrence Walters, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of AG Twin Brook BDC, Inc. (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

c. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:  November 12, 2021

By: /s/ Terrence Walters
Terrence Walters

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of AG Twin Brook BDC, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the quarter ended September 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), Trevor Clark, Chief Executive Officer and President of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Trevor Clark

Trevor Clark

Chief Executive Officer and President

November 12, 2021

EX-32.2

Exhibit 32.2

CERTIFICATIONS PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the Quarterly Report of AG Twin Brook BDC, Inc., a Delaware corporation (the “Company”), on Form 10-Q for the quarter ended September 30, 2021, as filed with the Securities and Exchange Commission (the “Report”), Terrence Walters, Chief Financial Officer of the Company, does hereby certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350), that to his knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Terrence Walters

Terrence Walters

Chief Financial Officer and Treasurer

November 12, 2021

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 12, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	AG Twin Brook BDC, Inc.
Entity Central Index Key	0001666384
Entity Address, State or Province	NY
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,005,615

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $105,708 and $76,422, respectively)	$ 105,660	$ 75,812
Non-controlled/affiliated investments at fair value (amortized cost of $4,444 and $3,201, respectively)	5,736	3,721
Unrealized gain on foreign currency forward contracts	23	0
Cash	14,566	10,320
Prepaid expenses	237	162
Interest receivable	233	181
Deferred financing costs	107	236
Total assets	126,562	90,432
Liabilities
Unrealized loss on foreign currency forward contracts	15	0
Accrued expenses and other liabilities payable to affiliate	680	459
Income incentive fees payable	214	99
Management fees payable	155	105
Deferred income	78	91
Interest payable	8	21
Dividend payable	0	1,156
Total liabilities	1,150	1,931
Commitments and contingencies (Note 8)
Net assets
Common shares $0.001 par value, 100,000,000 shares authorized; 6,199,809 and 4,482,000 shares issued and outstanding, respectively	6	4
Additional paid-in-capital	123,459	88,919
Total distributable earnings (loss)	1,947	(422)
Total net assets	125,412	88,501
Total liabilities and net assets	$ 126,562	$ 90,432
Net asset value per share (in dollars per share)	$ 20.23	$ 19.75

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Non-controlled/non-affiliated investments at fair value, amortized cost	$ 105,708	$ 76,422
Non-controlled or affiliated investments at fair value, amortized cost	$ 4,444	$ 3,201
Net assets
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,199,809	4,482,000
Common stock, shares outstanding (in shares)	6,199,809	4,482,000

XML

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investment income from non-controlled, non-affiliated investments:
Interest		$ 2,013	$ 1,201	$ 5,424	$ 3,399
Other		94	67	301	198
Total investment income from non-controlled, non-affiliated investments		2,107	1,268	5,725	3,597
Total investment income		2,107	1,268	5,725	3,597
Expenses
Income incentive fees		214	38	568	114
Management fees		155	94	416	259
Accounting fees		107	98	317	323
Insurance fees		90	125	312	368
Professional fees		143	103	309	274
Administrative fees	[1]	97	85	267	358
Interest		66	67	190	283
Directors' fees		45	45	135	135
Other		25	35	110	126
Offering costs		0	73	0	409
Total gross expenses		942	763	2,624	2,649
Less waivers:
Administrative fees waived	[1]	0	(85)	0	(358)
Total net expenses		942	678	2,624	2,291
Net investment income (loss)		1,165	590	3,101	1,306
Net realized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments		35	1	122	5
Foreign currency transactions		(5)		2
Foreign currency forward transactions		12	0	(47)	0
Net change in unrealized gain (loss) on investment transactions:
Non-controlled, non-affiliated investments		87	490	562	(963)
Non-controlled, affiliated investments		220	270	772	(20)
Foreign currency forward contracts		4	0	8	0
Total net realized and unrealized gain (loss) on investment transactions		353	761	1,419	(978)
Net increase (decrease) in net assets resulting from operations		$ 1,518	$ 1,351	$ 4,520	$ 328
Net investment income (loss) per share - basic and diluted (in dollars per share)		$ 0.20	$ 0.17	$ 0.61	$ 0.45
Earnings (loss) per share - basic (in dollars per share)		0.26	0.40	0.89	0.11
Earnings (loss) per share - diluted (in dollars per share)		$ 0.26	$ 0.40	$ 0.89	$ 0.11
Weighted average shares outstanding - basic (in shares)		5,754,844	3,402,000	5,092,922	2,907,131
Weighted average shares outstanding - diluted (in shares)		5,754,844	3,402,000	5,092,922	2,907,131

[1] Refer to Note 6 - Agreements and Related Party Transactions

XML

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ 1,165	$ 590	$ 3,101	$ 1,306
Net realized gain (loss)	42	0	77	0
Net change in unrealized gain (loss)	311	761	1,342	(978)
Net increase (decrease) in net assets resulting from operations	1,518	1,351	4,520	328
Dividends
Dividends declared from earnings	(1,165)	(680)	(2,169)	(680)
Net decrease in net assets resulting from dividends	(1,165)	(680)	(2,169)	(680)
Capital share transactions
Issuance of common shares	23,760	0	34,560	24,840
Net increase in net assets resulting from capital share transactions	23,760	0	34,560	24,840
Total increase in net assets	24,113	671	36,911	24,488
Net assets, at beginning of period	101,299	66,518	88,501	42,701
Net assets, at end of period	$ 125,412	$ 67,189	$ 125,412	$ 67,189
Capital share activity
Shares issued (in shares)	1,177,809	0	1,717,809	1,242,000
Net increase in shares outstanding (in shares)	1,177,809	0	1,717,809	1,242,000
Dividends declared per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.40	$ 0.20

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 4,520	$ 328
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss on investments	(122)	(5)
Net change in unrealized (appreciation) depreciation on investments	(1,334)	983
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(8)	0
Net accretion on debt instruments	(309)	(180)
Net paydown gain on debt instruments	(146)	(20)
Interest received in-kind	(22)	0
Purchases and drawdowns of investments	(55,199)	(34,815)
Proceeds from sales and paydowns of investments	25,269	9,632
Amortization of deferred financing costs	167	94
Amortization of offering costs	0	409
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(52)	(72)
(Increase) decrease in prepaid expenses	(75)	(128)
(Increase) decrease in other assets	0	(15)
(Increase) decrease in due from affiliate	0	23
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	221	78
Increase (decrease) in management fees payable	50	49
Increase (decrease) in income incentive fees payable	115	38
Increase (decrease) in deferred income	(13)	9
Increase (decrease) in interest payable	(13)	(6)
Increase (decrease) in due to affiliate	0	(44)
Increase (decrease) in organizational costs payable to affiliate	0	(26)
Net cash used in operating activities	(26,951)	(23,668)
Cash flows from financing activities
Proceeds from issuance of common shares	34,560	24,840
Dividends paid	(3,325)	(680)
Borrowings on subscription facility	3,100	19,800
Payments on subscription facility	(3,100)	(25,300)
Payments for deferred financing costs	(38)	(120)
Payments for deferred offering costs	0	(20)
Net cash provided by financing activities	31,197	18,520
Net change in cash	4,246	(5,148)
Cash
Cash, beginning of period	10,320	9,008
Cash, end of period	14,566	3,860
Supplemental and non-cash Information
Cash paid during the period for interest	$ 36	$ 195

XML

Consolidated Schedule of Investments $ in Thousands, $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021 USD ($)		Dec. 31, 2020 USD ($)		Sep. 30, 2021 CAD ($)
Investments [Abstract]
Amortized cost	[1],[2]	$ 110,152	[3]	$ 79,623	[4]
Fair value	[2]	$ 111,396	[3]	$ 79,533	[4]
Percentage of net assets	[2]	88.82%	[3]	89.86%	[4]	88.82%	[3]
Prime Rate [Member]
Investments [Abstract]
Interest rate		3.25%		3.25%
Non-controlled/affiliated Investments [Member] | Multisector Holdings [Member]
Investments [Abstract]
Amortized cost	[1],[2]	$ 4,444	[3]	$ 3,201	[4]
Fair value	[2]	$ 5,736	[3]	$ 3,721	[4]
Percentage of net assets	[2]	4.57%	[3]	4.20%	[4]	4.57%	[3]
Non-controlled/affiliated Investments [Member] | Multisector Holdings [Member] | Twin Brook Equity Holdings, LLC [Member] | Equity Membership [Member]
Investments [Abstract]
Amortized cost	[1],[2]	$ 4,444	[3],[5]	$ 3,201	[4],[6]
Fair value	[2]	$ 5,736	[3],[5]	$ 3,721	[4],[6]
Percentage of net assets	[2]	4.57%	[3],[5]	4.20%	[4],[6]	4.57%	[3],[5]
Percentage of ownership	[2]	1.84%	[3],[5]	1.84%	[4],[6]	1.84%	[3],[5]
Non-controlled/non-affiliated Investments [Member]
Investments [Abstract]
Principal/par amount	[2],[4]			$ 100,564
Amortized cost	[1],[2]	$ 105,708	[3]	76,422	[4]
Fair value	[2]	$ 105,660	[3]	$ 75,812	[4]
Percentage of net assets	[2]	84.25%	[3]	85.66%	[4]	84.25%	[3]
Non-controlled/Non-affiliated Senior Secured Debt [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 100,557
Amortized cost	[1],[2]	$ 105,693	[3],[8]	76,415	[4],[7]
Fair value	[2]	$ 105,645	[3],[8]	$ 75,805	[4],[7]
Percentage of net assets	[2]	84.24%	[3],[8]	85.65%	[4],[7]	84.24%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Aerospace and Defense [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 2,719
Amortized cost	[1],[2]	$ 2,151	[3],[8]	2,169	[4],[7]
Fair value	[2]	$ 2,078	[3],[8]	$ 2,114	[4],[7]
Percentage of net assets	[2]	1.66%	[3],[8]	2.38%	[4],[7]	1.66%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Aerospace and Defense [Member] | Mattco Forge, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 06, 2024	[3],[8],[9]	Dec. 06, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 506	[3],[8],[9],[11]	$ 506	[4],[7],[10]
Amortized cost	[1],[2]	(8)	[3],[8],[9]	(8)	[4],[7],[10]
Fair value	[2]	$ (22)	[3],[8],[9]	$ (19)	[4],[7],[10]
Percentage of net assets	[2]	(0.02%)	[3],[8],[9]	(0.02%)	[4],[7],[10]	(0.02%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Aerospace and Defense [Member] | Mattco Forge, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.25%	[3],[8],[9]	5.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Aerospace and Defense [Member] | Mattco Forge, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 06, 2024	[3],[8],[12],[13]	Dec. 06, 2024	[4],[7],[14]
Principal/par amount	[2]	$ 2,196	[3],[8],[11],[12],[13]	$ 2,213	[4],[7],[14]
Amortized cost	[1],[2]	2,159	[3],[8],[12],[13]	2,177	[4],[7],[14]
Fair value	[2]	$ 2,100	[3],[8],[12],[13]	$ 2,133	[4],[7],[14]
Percentage of net assets	[2]	1.68%	[3],[8],[12],[13]	2.40%	[4],[7],[14]	1.68%	[3],[8],[12],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Aerospace and Defense [Member] | Mattco Forge, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.25%	[3],[8],[12],[13]	5.25%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Auto Components [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,172
Amortized cost	[1],[2],[4],[7]			1,149
Fair value	[2],[4],[7]			$ 1,157
Percentage of net assets	[2],[4],[7]			1.31%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Auto Components [Member] | Continental Battery Company [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[15]			Dec. 14, 2022
Principal/par amount	[2],[4],[7],[15]			$ 1,172
Amortized cost	[1],[2],[4],[7],[15]			1,149
Fair value	[2],[4],[7],[15]			$ 1,157
Percentage of net assets	[2],[4],[7],[15]			1.31%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Auto Components [Member] | Continental Battery Company [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[15]			6.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 7,958
Amortized cost	[1],[2]	$ 6,917	[3],[8]	6,681	[4],[7]
Fair value	[2]	$ 6,943	[3],[8]	$ 6,699	[4],[7]
Percentage of net assets	[2]	5.54%	[3],[8]	7.57%	[4],[7]	5.54%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | AM Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	May 01, 2025	[3],[8],[9]	May 01, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 111	[3],[8],[9],[11]	$ 111	[4],[7],[16]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	0	[4],[7],[16]
Fair value	[2]	$ (2)	[3],[8],[9]	$ 1	[4],[7],[16]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[16]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | AM Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.75%	[3],[8],[9]	6.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | AM Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	May 01, 2025	[3],[8],[12]	May 01, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 480	[3],[8],[11],[12]	$ 498	[4],[7],[16]
Amortized cost	[1],[2]	471	[3],[8],[12]	487	[4],[7],[16]
Fair value	[2]	$ 473	[3],[8],[12]	$ 489	[4],[7],[16]
Percentage of net assets	[2]	0.38%	[3],[8],[12]	0.55%	[4],[7],[16]	0.38%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | AM Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.75%	[3],[8],[12]	6.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | G2O Technologies, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Mar. 31, 2025	[3],[8],[9]	Mar. 31, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 207	[3],[8],[9],[11]	$ 207	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(4)	[4],[7],[10]
Fair value	[2]	$ (3)	[3],[8],[9]	$ (4)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | G2O Technologies, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | G2O Technologies, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Mar. 31, 2025	[3],[8],[17]	Mar. 31, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 1,565	[3],[8],[11],[17]	$ 1,577	[4],[7],[16]
Amortized cost	[1],[2]	1,540	[3],[8],[17]	1,546	[4],[7],[16]
Fair value	[2]	$ 1,543	[3],[8],[17]	$ 1,550	[4],[7],[16]
Percentage of net assets	[2]	1.23%	[3],[8],[17]	1.75%	[4],[7],[16]	1.23%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | G2O Technologies, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[17]	6.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Revolution Plastics Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 15, 2025	[3],[8],[17]	Aug. 15, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 704	[3],[8],[11],[17]	$ 704	[4],[7],[15]
Amortized cost	[1],[2]	507	[3],[8],[17]	200	[4],[7],[15]
Fair value	[2]	$ 509	[3],[8],[17]	$ 202	[4],[7],[15]
Percentage of net assets	[2]	0.41%	[3],[8],[17]	0.23%	[4],[7],[15]	0.41%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Revolution Plastics Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[17]	5.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Revolution Plastics Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 15, 2025	[3],[8],[12],[17]	Aug. 15, 2025	[4],[7],[15],[16]
Principal/par amount	[2]	$ 2,656	[3],[8],[11],[12],[17]	$ 2,676	[4],[7],[15],[16]
Amortized cost	[1],[2]	2,615	[3],[8],[12],[17]	2,627	[4],[7],[15],[16]
Fair value	[2]	$ 2,629	[3],[8],[12],[17]	$ 2,642	[4],[7],[15],[16]
Percentage of net assets	[2]	2.10%	[3],[8],[12],[17]	2.99%	[4],[7],[15],[16]	2.10%	[3],[8],[12],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Revolution Plastics Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[12],[17]	5.00%	[4],[7],[15],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Teel Plastics, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 24, 2025	[3],[8],[9]	Jan. 24, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 324	[3],[8],[9],[11]	$ 324	[4],[7],[10]
Amortized cost	[1],[2]	(4)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (4)	[3],[8],[9]	$ (6)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Teel Plastics, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[9]	5.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Teel Plastics, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 24, 2025	[3],[8],[17]	Jan. 24, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 1,818	[3],[8],[11],[17]	$ 1,861	[4],[7],[15]
Amortized cost	[1],[2]	1,793	[3],[8],[17]	1,830	[4],[7],[15]
Fair value	[2]	$ 1,798	[3],[8],[17]	$ 1,825	[4],[7],[15]
Percentage of net assets	[2]	1.43%	[3],[8],[17]	2.06%	[4],[7],[15]	1.43%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Chemicals [Member] | Teel Plastics, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[17]	5.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 6,135
Amortized cost	[1],[2]	$ 2,894	[3],[8]	5,729	[4],[7]
Fair value	[2]	$ 2,847	[3],[8]	$ 5,582	[4],[7]
Percentage of net assets	[2]	2.27%	[3],[8]	6.31%	[4],[7]	2.27%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Edko Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Jun. 25, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 38
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Edko Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Edko Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jun. 25, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,023
Amortized cost	[1],[2],[3],[8],[12]	1,003
Fair value	[2],[3],[8],[12]	$ 1,005
Percentage of net assets	[2],[3],[8],[12]	0.80%				0.80%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Edko Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[16]			Sep. 06, 2022
Principal/par amount	[2],[4],[7],[16]			$ 175
Amortized cost	[1],[2],[4],[7],[16]			127
Fair value	[2],[4],[7],[16]			$ 127
Percentage of net assets	[2],[4],[7],[16]			0.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[16]			5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[16],[18]			Sep. 06, 2022
Principal/par amount	[2],[4],[7],[16],[18]			$ 588
Amortized cost	[1],[2],[4],[7],[16],[18]			290
Fair value	[2],[4],[7],[16],[18]			$ 290
Percentage of net assets	[2],[4],[7],[16],[18]			0.33%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[16],[18]			5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[16]			Sep. 06, 2022
Principal/par amount	[2],[4],[7],[16]			$ 3,125
Amortized cost	[1],[2],[4],[7],[16]			3,105
Fair value	[2],[4],[7],[16]			$ 3,106
Percentage of net assets	[2],[4],[7],[16]			3.51%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | BRTS Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[16]			5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Nimlok Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 27, 2024	[3],[8],[9],[19]	Nov. 27, 2025	[4],[7],[16],[20]
Principal/par amount	[2]	$ 320	[3],[8],[9],[11],[19]	$ 320	[4],[7],[16],[20]
Amortized cost	[1],[2]	(4)	[3],[8],[9],[19]	305	[4],[7],[16],[20]
Fair value	[2]	$ (9)	[3],[8],[9],[19]	$ 288	[4],[7],[16],[20]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9],[19]	0.33%	[4],[7],[16],[20]	(0.01%)	[3],[8],[9],[19]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Nimlok Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.50%	[3],[8],[9],[19]	6.00%	[4],[7],[16],[20]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Nimlok Company, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 27, 2025	[3],[8],[12]	Nov. 27, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 1,923	[3],[8],[11],[12]	$ 1,927	[4],[7],[16]
Amortized cost	[1],[2]	1,896	[3],[8],[12]	1,902	[4],[7],[16]
Fair value	[2]	$ 1,852	[3],[8],[12]	$ 1,773	[4],[7],[16]
Percentage of net assets	[2]	1.48%	[3],[8],[12]	2.00%	[4],[7],[16]	1.48%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Commercial Services and Supplies [Member] | Nimlok Company, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.50%	[3],[8],[12]	6.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Construction and Engineering [Member] | Domino Equipment Company, LLC [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 571
Fair value	[2],[3],[8]	$ 572
Percentage of net assets	[2],[3],[8]	0.46%				0.46%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Construction and Engineering [Member] | Domino Equipment Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 01, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 79
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Construction and Engineering [Member] | Domino Equipment Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Construction and Engineering [Member] | Domino Equipment Company, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 01, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 582
Amortized cost	[1],[2],[3],[8],[12]	572
Fair value	[2],[3],[8],[12]	$ 573
Percentage of net assets	[2],[3],[8],[12]	0.46%				0.46%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Construction and Engineering [Member] | Domino Equipment Company, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 7,877
Amortized cost	[1],[2]	$ 6,236	[3],[8]	5,610	[4],[7]
Fair value	[2]	$ 6,224	[3],[8]	$ 5,559	[4],[7]
Percentage of net assets	[2]	4.96%	[3],[8]	6.28%	[4],[7]	4.96%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 23, 2025	[3],[8],[17]	Jan. 23, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 94	[3],[8],[11],[17]	$ 627	[4],[7],[10]
Amortized cost	[1],[2]	90	[3],[8],[17]	(10)	[4],[7],[10]
Fair value	[2]	$ 91	[3],[8],[17]	$ (9)	[4],[7],[10]
Percentage of net assets	[2]	0.07%	[3],[8],[17]	(0.01%)	[4],[7],[10]	0.07%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[17]	6.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21]	Jan. 23, 2025
Principal/par amount	[2],[3],[8],[11],[21]	$ 125
Amortized cost	[1],[2],[3],[8],[21]	120
Fair value	[2],[3],[8],[21]	$ 122
Percentage of net assets	[2],[3],[8],[21]	0.10%				0.10%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21]	5.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 23, 2025	[3],[8],[12],[13]	Jan. 23, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 2,685	[3],[8],[11],[12],[13]	$ 2,407	[4],[7],[14]
Amortized cost	[1],[2]	2,639	[3],[8],[12],[13]	2,366	[4],[7],[14]
Fair value	[2]	$ 2,658	[3],[8],[12],[13]	$ 2,374	[4],[7],[14]
Percentage of net assets	[2]	2.12%	[3],[8],[12],[13]	2.67%	[4],[7],[14]	2.12%	[3],[8],[12],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Innovative FlexPak, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12],[13]	6.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Jansy Packaging, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 30, 2022	[3],[8],[9]	Sep. 30, 2022	[4],[7],[15]
Principal/par amount	[2]	$ 706	[3],[8],[9],[11]	$ 706	[4],[7],[15]
Amortized cost	[1],[2]	(7)	[3],[8],[9]	17	[4],[7],[15]
Fair value	[2]	$ (22)	[3],[8],[9]	$ (4)	[4],[7],[15]
Percentage of net assets	[2]	(0.02%)	[3],[8],[9]	0.00%	[4],[7],[15]	(0.02%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Jansy Packaging, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[9]	7.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Jansy Packaging, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 30, 2022	[3],[8],[17]	Sep. 30, 2022	[4],[7],[15]
Principal/par amount	[2]	$ 1,093	[3],[8],[11],[17]	$ 1,101	[4],[7],[15]
Amortized cost	[1],[2]	1,076	[3],[8],[17]	1,081	[4],[7],[15]
Fair value	[2]	$ 1,058	[3],[8],[17]	$ 1,050	[4],[7],[15]
Percentage of net assets	[2]	0.84%	[3],[8],[17]	1.19%	[4],[7],[15]	0.84%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Jansy Packaging, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[17]	7.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 04, 2025	[3],[8],[9]	Dec. 04, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 150	[3],[8],[9],[11]	$ 150	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 04, 2025	[3],[8],[9]	Dec. 04, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 150	[3],[8],[9],[11]	$ 150	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 04, 2025	[3],[8],[12]	Dec. 04, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 969	[3],[8],[11],[12]	$ 976	[4],[7],[16]
Amortized cost	[1],[2]	952	[3],[8],[12]	957	[4],[7],[16]
Fair value	[2]	$ 954	[3],[8],[12]	$ 956	[4],[7],[16]
Percentage of net assets	[2]	0.76%	[3],[8],[12]	1.08%	[4],[7],[16]	0.76%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | MRC Keeler Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[12]	5.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Vanguard Packaging, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 09, 2024	[3],[8],[12]	Aug. 09, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 535	[3],[8],[11],[12]	$ 535	[4],[7],[10]
Amortized cost	[1],[2]	174	[3],[8],[12]	(6)	[4],[7],[10]
Fair value	[2]	$ 172	[3],[8],[12]	$ (8)	[4],[7],[10]
Percentage of net assets	[2]	0.14%	[3],[8],[12]	(0.01%)	[4],[7],[10]	0.14%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Vanguard Packaging, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.25%	[3],[8],[12]	5.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Vanguard Packaging, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 09, 2024	[3],[8],[12]	Aug. 09, 2024	[4],[7],[14]
Principal/par amount	[2]	$ 1,209	[3],[8],[11],[12]	$ 1,225	[4],[7],[14]
Amortized cost	[1],[2]	1,198	[3],[8],[12]	1,211	[4],[7],[14]
Fair value	[2]	$ 1,195	[3],[8],[12]	$ 1,206	[4],[7],[14]
Percentage of net assets	[2]	0.95%	[3],[8],[12]	1.36%	[4],[7],[14]	0.95%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Containers and Packaging [Member] | Vanguard Packaging, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.25%	[3],[8],[12]	5.25%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Distributors [Member]
Investments [Abstract]
Amortized cost		$ 526
Fair value		$ 526
Percentage of net assets		0.42%				0.42%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Distributors [Member] | RTP Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[22]	Aug. 17, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 38
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[22]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Distributors [Member] | RTP Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[22]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Distributors [Member] | RTP Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Principal/par amount	[2],[3],[8],[11],[22]	$ 538
Amortized cost	[1],[2],[3],[8],[22]	527
Fair value	[2],[3],[8],[22]	527
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 9,266
Amortized cost	[1],[2]	9,892	[3],[8]	7,826	[4],[7]
Fair value	[2]	$ 9,912	[3],[8]	$ 7,817	[4],[7]
Percentage of net assets	[2]	7.90%	[3],[8]	8.83%	[4],[7]	7.90%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | 50Floor, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 31, 2025	[3],[8],[9]	Dec. 31, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 199	[3],[8],[9],[11]	$ 199	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(4)	[4],[7],[10]
Fair value	[2]	$ (3)	[3],[8],[9]	$ (4)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | 50Floor, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | 50Floor, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 31, 2026	[3],[8],[12]	Dec. 31, 2026	[4],[7],[16]
Principal/par amount	[2]	$ 985	[3],[8],[11],[12]	$ 990	[4],[7],[16]
Amortized cost	[1],[2]	967	[3],[8],[12]	970	[4],[7],[16]
Fair value	[2]	$ 969	[3],[8],[12]	$ 970	[4],[7],[16]
Percentage of net assets	[2]	0.77%	[3],[8],[12]	1.10%	[4],[7],[16]	0.77%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | 50Floor, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2026	[3],[8],[12]	Jan. 17, 2026	[4],[7],[16]
Principal/par amount	[2]	$ 1,622	[3],[8],[11],[12]	$ 1,632	[4],[7],[16]
Amortized cost	[1],[2]	1,348	[3],[8],[12]	1,257	[4],[7],[16]
Fair value	[2]	$ 1,351	[3],[8],[12]	$ 1,258	[4],[7],[16]
Percentage of net assets	[2]	1.08%	[3],[8],[12]	1.42%	[4],[7],[16]	1.08%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Principal/par amount	[2],[3],[8],[9],[11]	$ 228
Amortized cost	[1],[2],[3],[8],[9]	(3)
Fair value	[2],[3],[8],[9]	$ (3)
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2026	[3],[8],[9]	Jan. 17, 2026	[4],[7],[10]
Principal/par amount	[2]	$ 387	[3],[8],[9],[11]	$ 387	[4],[7],[10]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9]	$ (5)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[9]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2026	[3],[8],[12]	Jan. 17, 2026	[4],[7],[16]
Principal/par amount	[2]	$ 2,366	[3],[8],[11],[12]	$ 2,384	[4],[7],[16]
Amortized cost	[1],[2]	2,331	[3],[8],[12]	2,350	[4],[7],[16]
Fair value	[2]	$ 2,336	[3],[8],[12]	$ 2,351	[4],[7],[16]
Percentage of net assets	[2]	1.86%	[3],[8],[12]	2.65%	[4],[7],[16]	1.86%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Groundworks Operations, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | ISSA, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Mar. 01, 2027
Principal/par amount	[2],[3],[8],[9],[11]	$ 131
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | ISSA, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | ISSA, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 01, 2027
Principal/par amount	[2],[3],[8],[11],[12]	$ 876
Amortized cost	[1],[2],[3],[8],[12]	859
Fair value	[2],[3],[8],[12]	$ 861
Percentage of net assets	[2],[3],[8],[12]	0.69%				0.69%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | ISSA, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Kalkomey Enterprises, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 24, 2025	[3],[8],[9]	Apr. 24, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 77	[3],[8],[9],[11]	$ 77	[4],[7],[10]
Amortized cost	[1],[2]	(1)	[3],[8],[9]	(2)	[4],[7],[10]
Fair value	[2]	$ (1)	[3],[8],[9]	$ (1)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Kalkomey Enterprises, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Kalkomey Enterprises, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 24, 2026	[3],[8],[12]	Apr. 24, 2026	[4],[7],[16]
Principal/par amount	[2]	$ 1,063	[3],[8],[11],[12]	$ 838	[4],[7],[16]
Amortized cost	[1],[2]	1,041	[3],[8],[12]	818	[4],[7],[16]
Fair value	[2]	$ 1,047	[3],[8],[12]	$ 822	[4],[7],[16]
Percentage of net assets	[2]	0.83%	[3],[8],[12]	0.93%	[4],[7],[16]	0.83%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | Kalkomey Enterprises, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[12]	6.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | NSG Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 30, 2024	[3],[8],[9]	Sep. 30, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 294	[3],[8],[9],[11]	$ 294	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(2)	[4],[7],[10]
Fair value	[2]	$ (1)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | NSG Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | NSG Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 30, 2025	[3],[8],[17]	Sep. 30, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 2,317	[3],[8],[11],[17]	$ 2,465	[4],[7],[15]
Amortized cost	[1],[2]	2,300	[3],[8],[17]	2,444	[4],[7],[15]
Fair value	[2]	$ 2,300	[3],[8],[17]	$ 2,429	[4],[7],[15]
Percentage of net assets	[2]	1.83%	[3],[8],[17]	2.74%	[4],[7],[15]	1.83%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | NSG Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[17]	5.75%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | PPW Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Sep. 30, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 38
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | PPW Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | PPW Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Sep. 30, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 613
Amortized cost	[1],[2],[3],[8],[12]	600
Fair value	[2],[3],[8],[12]	$ 600
Percentage of net assets	[2],[3],[8],[12]	0.48%				0.48%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | PPW Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 23, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,074
Amortized cost	[1],[2],[3],[8],[12]	164
Fair value	[2],[3],[8],[12]	$ 165
Percentage of net assets	[2],[3],[8],[12]	0.13%				0.13%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Mar. 23, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 131
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 23, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 306
Amortized cost	[1],[2],[3],[8],[12]	301
Fair value	[2],[3],[8],[12]	$ 301
Percentage of net assets	[2],[3],[8],[12]	0.24%				0.24%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Diversified Consumer Services [Member] | United Land Services Opco Parent, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Electronic Equipment, Instruments and Components [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,774
Amortized cost	[1],[2]	$ 1,433	[3],[8]	1,586	[4],[7]
Fair value	[2]	$ 1,419	[3],[8]	$ 1,555	[4],[7]
Percentage of net assets	[2]	1.13%	[3],[8]	1.76%	[4],[7]	1.13%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Electronic Equipment, Instruments and Components [Member] | Advanced Lighting Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 22, 2025	[3],[8],[9]	Nov. 22, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 324	[3],[8],[9],[11]	$ 324	[4],[7],[15]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	157	[4],[7],[15]
Fair value	[2]	$ (8)	[3],[8],[9]	$ 151	[4],[7],[15]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	0.17%	[4],[7],[15]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Electronic Equipment, Instruments and Components [Member] | Advanced Lighting Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	9.00%	[3],[8],[9]	6.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Electronic Equipment, Instruments and Components [Member] | Advanced Lighting Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 22, 2025	[3],[8],[12],[17]	Nov. 22, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 1,460	[3],[8],[11],[12],[17]	$ 1,450	[4],[7],[15]
Amortized cost	[1],[2]	1,438	[3],[8],[12],[17]	1,429	[4],[7],[15]
Fair value	[2]	$ 1,427	[3],[8],[12],[17]	$ 1,404	[4],[7],[15]
Percentage of net assets	[2]	1.14%	[3],[8],[12],[17]	1.59%	[4],[7],[15]	1.14%	[3],[8],[12],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Electronic Equipment, Instruments and Components [Member] | Advanced Lighting Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	9.00%	[3],[8],[12],[17]	6.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 935
Amortized cost	[1],[2]	$ 1,530	[3],[8]	762	[4],[7]
Fair value	[2]	$ 1,496	[3],[8]	$ 719	[4],[7]
Percentage of net assets	[2]	1.19%	[3],[8]	0.81%	[4],[7]	1.19%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Engelman Baking Co., LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 28, 2025	[3],[8],[17]	Feb. 28, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 207	[3],[8],[11],[17]	$ 207	[4],[7],[16]
Amortized cost	[1],[2]	46	[3],[8],[17]	47	[4],[7],[16]
Fair value	[2]	$ 38	[3],[8],[17]	$ 37	[4],[7],[16]
Percentage of net assets	[2]	0.03%	[3],[8],[17]	0.04%	[4],[7],[16]	0.03%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Engelman Baking Co., LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.75%	[3],[8],[17]	5.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Engelman Baking Co., LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 28, 2025	[3],[8],[17]	Feb. 28, 2025	[4],[7],[15],[16]
Principal/par amount	[2]	$ 722	[3],[8],[11],[17]	$ 728	[4],[7],[15],[16]
Amortized cost	[1],[2]	707	[3],[8],[17]	715	[4],[7],[15],[16]
Fair value	[2]	$ 679	[3],[8],[17]	$ 682	[4],[7],[15],[16]
Percentage of net assets	[2]	0.54%	[3],[8],[17]	0.77%	[4],[7],[15],[16]	0.54%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Engelman Baking Co., LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.75%	[3],[8],[17]	5.75%	[4],[7],[15],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Mad Rose Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9],[23]	May 07, 2026
Principal/par amount	[2],[3],[8],[9],[11],[23]	$ 104
Amortized cost	[1],[2],[3],[8],[9],[23]	(2)
Fair value	[2],[3],[8],[9],[23]	$ (2)
Percentage of net assets	[2],[3],[8],[9],[23]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Mad Rose Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9],[23]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Mad Rose Company, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	May 07, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 315
Amortized cost	[1],[2],[3],[8],[12]	307
Fair value	[2],[3],[8],[12]	$ 308
Percentage of net assets	[2],[3],[8],[12]	0.25%				0.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | Mad Rose Company, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | NutriScience Innovations, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 21, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 131
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | NutriScience Innovations, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	7.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | NutriScience Innovations, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 21, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 483
Amortized cost	[1],[2],[3],[8],[12]	474
Fair value	[2],[3],[8],[12]	$ 475
Percentage of net assets	[2],[3],[8],[12]	0.38%				0.38%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food and Staples Retailing [Member] | NutriScience Innovations, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	7.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,235
Amortized cost	[1],[2]	$ 1,485	[3],[8]	1,000	[4],[7]
Fair value	[2]	$ 1,486	[3],[8]	$ 1,000	[4],[7]
Percentage of net assets	[2]	1.18%	[3],[8]	1.13%	[4],[7]	1.18%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Perimeter Brands Intermediate Holdco LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[10]			Dec. 11, 2025
Principal/par amount	[2],[4],[7],[10]			$ 210
Amortized cost	[1],[2],[4],[7],[10]			(4)
Fair value	[2],[4],[7],[10]			$ (4)
Percentage of net assets	[2],[4],[7],[10]			0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Perimeter Brands Intermediate Holdco LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[10]			5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Perimeter Brands Intermediate Holdco LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[24]			Dec. 11, 2025
Principal/par amount	[2],[4],[7],[24]			$ 1,025
Amortized cost	[1],[2],[4],[7],[24]			1,004
Fair value	[2],[4],[7],[24]			$ 1,004
Percentage of net assets	[2],[4],[7],[24]			1.13%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Perimeter Brands Intermediate Holdco LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[24]			5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Icelandirect, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21]	Jul. 30, 2026
Principal/par amount	[2],[3],[8],[11],[21]	$ 38
Amortized cost	[1],[2],[3],[8],[21]	4
Fair value	[2],[3],[8],[21]	$ 4
Percentage of net assets	[2],[3],[8],[21]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Icelandirect, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21]	5.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Icelandirect, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jul. 30, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 693
Amortized cost	[1],[2],[3],[8],[12]	680
Fair value	[2],[3],[8],[12]	$ 680
Percentage of net assets	[2],[3],[8],[12]	0.54%				0.54%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Icelandirect, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Starwest Botanicals Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 30, 2027
Principal/par amount	[2],[3],[8],[9],[11]	$ 174
Amortized cost	[1],[2],[3],[8],[9]	(3)
Fair value	[2],[3],[8],[9]	$ (3)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Starwest Botanicals Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Starwest Botanicals Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 30, 2027
Principal/par amount	[2],[3],[8],[11],[12]	$ 817
Amortized cost	[1],[2],[3],[8],[12]	804
Fair value	[2],[3],[8],[12]	$ 805
Percentage of net assets	[2],[3],[8],[12]	0.64%				0.64%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Food Products [Member] | Starwest Botanicals Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,601
Amortized cost	[1],[2]	$ 1,361	[3],[8]	1,242	[4],[7]
Fair value	[2]	$ 1,364	[3],[8]	$ 1,242	[4],[7]
Percentage of net assets	[2]	1.09%	[3],[8]	1.41%	[4],[7]	1.09%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2026	[3],[8],[17]	Dec. 30, 2026	[4],[7],[10]
Principal/par amount	[2]	$ 113	[3],[8],[11],[17]	$ 114	[4],[7],[10]
Amortized cost	[1],[2]	112	[3],[8],[17]	(2)	[4],[7],[10]
Fair value	[2]	$ 112	[3],[8],[17]	$ (2)	[4],[7],[10]
Percentage of net assets	[2]	0.09%	[3],[8],[17]	0.00%	[4],[7],[10]	0.09%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[17]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2026	[3],[8],[17]	Dec. 30, 2026	[4],[7],[25]
Principal/par amount	[2]	$ 228	[3],[8],[11],[17]	$ 228	[4],[7],[25]
Amortized cost	[1],[2]	19	[3],[8],[17]	7	[4],[7],[25]
Fair value	[2]	$ 20	[3],[8],[17]	$ 7	[4],[7],[25]
Percentage of net assets	[2]	0.02%	[3],[8],[17]	0.01%	[4],[7],[25]	0.02%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[17]	6.25%	[4],[7],[25]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2026	[3],[8],[17]	Dec. 30, 2026	[4],[7],[15]
Principal/par amount	[2]	$ 1,250	[3],[8],[11],[17]	$ 1,259	[4],[7],[15]
Amortized cost	[1],[2]	1,230	[3],[8],[17]	1,237	[4],[7],[15]
Fair value	[2]	$ 1,232	[3],[8],[17]	$ 1,237	[4],[7],[15]
Percentage of net assets	[2]	0.98%	[3],[8],[17]	1.40%	[4],[7],[15]	0.98%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Gas Utilities [Member] | Hydromax USA, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[17]	6.25%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 760
Amortized cost	[1],[2]	$ 3,070	[3],[8]	609	[4],[7]
Fair value	[2]	$ 3,090	[3],[8]	$ 610	[4],[7]
Percentage of net assets	[2]	2.46%	[3],[8]	0.69%	[4],[7]	2.46%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 30, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 667
Amortized cost	[1],[2],[3],[8],[12]	194
Fair value	[2],[3],[8],[12]	$ 195
Percentage of net assets	[2],[3],[8],[12]	0.16%				0.16%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 30, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 134
Amortized cost	[1],[2],[3],[8],[12]	24
Fair value	[2],[3],[8],[12]	$ 24
Percentage of net assets	[2],[3],[8],[12]	0.02%				0.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 30, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 646
Amortized cost	[1],[2],[3],[8],[12]	634
Fair value	[2],[3],[8],[12]	$ 635
Percentage of net assets	[2],[3],[8],[12]	0.51%				0.51%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | EMSAR Acquisition LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 08, 2025
Principal/par amount	[2],[3],[8],[9],[11]	$ 68
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	7.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 08, 2025	[3],[8],[9]	Apr. 08, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 138	[3],[8],[9],[11]	$ 138	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(2)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (2)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[9]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 08, 2025	[3],[8],[12]	Apr. 08, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 760	[3],[8],[11],[12]	$ 622	[4],[7],[14]
Amortized cost	[1],[2]	744	[3],[8],[12]	611	[4],[7],[14]
Fair value	[2]	$ 748	[3],[8],[12]	$ 612	[4],[7],[14]
Percentage of net assets	[2]	0.60%	[3],[8],[12]	0.69%	[4],[7],[14]	0.60%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Reliable Medical Supply LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[12]	6.00%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 20, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 397
Amortized cost	[1],[2],[3],[8],[12]	35
Fair value	[2],[3],[8],[12]	$ 38
Percentage of net assets	[2],[3],[8],[12]	0.03%				0.03%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 20, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 133
Amortized cost	[1],[2],[3],[8],[12]	23
Fair value	[2],[3],[8],[12]	$ 24
Percentage of net assets	[2],[3],[8],[12]	0.02%				0.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 20, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 766
Amortized cost	[1],[2],[3],[8],[12]	747
Fair value	[2],[3],[8],[12]	$ 754
Percentage of net assets	[2],[3],[8],[12]	0.60%				0.60%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | SCA Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Spectrum Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Mar. 05, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 267
Amortized cost	[1],[2],[3],[8],[9]	(5)
Fair value	[2],[3],[8],[9]	$ (4)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Spectrum Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Spectrum Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Mar. 05, 2026
Principal/par amount	[2],[3],[8],[11],[17]	$ 691
Amortized cost	[1],[2],[3],[8],[17]	678
Fair value	[2],[3],[8],[17]	$ 679
Percentage of net assets	[2],[3],[8],[17]	0.54%				0.54%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Equipment and Supplies [Member] | Spectrum Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 27,629
Amortized cost	[1],[2]	$ 26,295	[3],[8]	19,196	[4],[7]
Fair value	[2]	$ 26,342	[3],[8]	$ 19,114	[4],[7]
Percentage of net assets	[2]	21.00%	[3],[8]	21.60%	[4],[7]	21.00%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 15, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 401
Amortized cost	[1],[2],[3],[8],[9]	(7)
Fair value	[2],[3],[8],[9]	$ (7)
Percentage of net assets	[2],[3],[8],[9]	(0.01%)				(0.01%)
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 15, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 134
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[13]	Apr. 15, 2026
Principal/par amount	[2],[3],[8],[11],[13]	$ 245
Amortized cost	[1],[2],[3],[8],[13]	241
Fair value	[2],[3],[8],[13]	$ 241
Percentage of net assets	[2],[3],[8],[13]	0.19%				0.19%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Agility Intermediate, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[13]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 16, 2025	[3],[8],[12]	Oct. 16, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 776	[3],[8],[11],[12]	$ 779	[4],[7],[16]
Amortized cost	[1],[2]	595	[3],[8],[12]	217	[4],[7],[16]
Fair value	[2]	$ 596	[3],[8],[12]	$ 217	[4],[7],[16]
Percentage of net assets	[2]	0.48%	[3],[8],[12]	0.25%	[4],[7],[16]	0.48%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[12]	6.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 16, 2025	[3],[8],[17]	Oct. 16, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 234	[3],[8],[11],[17]	$ 234	[4],[7],[10]
Amortized cost	[1],[2]	42	[3],[8],[17]	(4)	[4],[7],[10]
Fair value	[2]	$ 43	[3],[8],[17]	$ (4)	[4],[7],[10]
Percentage of net assets	[2]	0.03%	[3],[8],[17]	0.00%	[4],[7],[10]	0.03%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[17]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 16, 2025	[3],[8],[12]	Oct. 16, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 869	[3],[8],[11],[12]	$ 867	[4],[7],[16]
Amortized cost	[1],[2]	853	[3],[8],[12]	850	[4],[7],[16]
Fair value	[2]	$ 854	[3],[8],[12]	$ 850	[4],[7],[16]
Percentage of net assets	[2]	0.68%	[3],[8],[12]	0.96%	[4],[7],[16]	0.68%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Anne Arundel Dermatology Management, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[12]	6.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 23, 2025	[3],[8],[12]	Nov. 23, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 450	[3],[8],[11],[12]	$ 450	[4],[7],[10]
Amortized cost	[1],[2]	357	[3],[8],[12]	(9)	[4],[7],[10]
Fair value	[2]	$ 357	[3],[8],[12]	$ (9)	[4],[7],[10]
Percentage of net assets	[2]	0.28%	[3],[8],[12]	(0.01%)	[4],[7],[10]	0.28%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 23, 2025	[3],[8],[9],[11]	Nov. 23, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 150	[3],[8],[9],[11]	$ 150	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9],[11]	(3)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9],[11]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9],[11]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9],[11]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9],[11]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 23, 2025	[3],[8],[12]	Nov. 23, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 630	[3],[8],[11],[12]	$ 634	[4],[7],[16]
Amortized cost	[1],[2]	619	[3],[8],[12]	622	[4],[7],[16]
Fair value	[2]	$ 620	[3],[8],[12]	$ 622	[4],[7],[16]
Percentage of net assets	[2]	0.49%	[3],[8],[12]	0.70%	[4],[7],[16]	0.49%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Apex Dental Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 21, 2025	[3],[8],[12]	Jan. 21, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 734	[3],[8],[11],[12]	$ 739	[4],[7],[16]
Amortized cost	[1],[2]	675	[3],[8],[12]	678	[4],[7],[16]
Fair value	[2]	$ 674	[3],[8],[12]	$ 676	[4],[7],[16]
Percentage of net assets	[2]	0.54%	[3],[8],[12]	0.76%	[4],[7],[16]	0.54%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 21, 2025	[3],[8],[9],[26]	Jan. 21, 2025	[4],[7],[10],[27]
Principal/par amount	[2]	$ 485	[3],[8],[9],[11],[26]	$ 485	[4],[7],[10],[27]
Amortized cost	[1],[2]	(6)	[3],[8],[9],[26]	(8)	[4],[7],[10],[27]
Fair value	[2]	$ (7)	[3],[8],[9],[26]	$ (9)	[4],[7],[10],[27]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9],[26]	(0.01%)	[4],[7],[10],[27]	(0.01%)	[3],[8],[9],[26]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9],[26]	5.50%	[4],[7],[10],[27]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 21, 2025	[3],[8],[12]	Jan. 21, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 2,809	[3],[8],[11],[12]	$ 2,220	[4],[7],[16]
Amortized cost	[1],[2]	2,760	[3],[8],[12]	2,178	[4],[7],[16]
Fair value	[2]	$ 2,774	[3],[8],[12]	$ 2,178	[4],[7],[16]
Percentage of net assets	[2]	2.21%	[3],[8],[12]	2.46%	[4],[7],[16]	2.21%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | ASP Global Acquisition, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 14, 2025	[3],[8],[9]	Dec. 14, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 161	[3],[8],[9],[11]	$ 536	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(9)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (9)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[13]	Dec. 14, 2025
Principal/par amount	[2],[3],[8],[11],[12],[13]	$ 536
Amortized cost	[1],[2],[3],[8],[12],[13]	528
Fair value	[2],[3],[8],[12],[13]	$ 529
Percentage of net assets	[2],[3],[8],[12],[13]	0.42%				0.42%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[13]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 14, 2025	[3],[8],[9]	Dec. 14, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 150	[3],[8],[9],[11]	$ 150	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 14, 2025	[3],[8],[12]	Dec. 14, 2025	[4],[7],[24]
Principal/par amount	[2]	$ 956	[3],[8],[11],[12]	$ 784	[4],[7],[24]
Amortized cost	[1],[2]	942	[3],[8],[12]	771	[4],[7],[24]
Fair value	[2]	$ 944	[3],[8],[12]	$ 771	[4],[7],[24]
Percentage of net assets	[2]	0.75%	[3],[8],[12]	0.87%	[4],[7],[24]	0.75%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Beacon Oral Specialists Management LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[12]	5.75%	[4],[7],[24]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Behavior Frontiers, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17],[28]	May 21, 2026
Principal/par amount	[2],[3],[8],[11],[17],[28]	$ 38
Amortized cost	[1],[2],[3],[8],[17],[28]	18
Fair value	[2],[3],[8],[17],[28]	$ 18
Percentage of net assets	[2],[3],[8],[17],[28]	0.01%				0.01%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Behavior Frontiers, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17],[28]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Behavior Frontiers, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	May 21, 2026
Principal/par amount	[2],[3],[8],[11],[17]	$ 658
Amortized cost	[1],[2],[3],[8],[17]	644
Fair value	[2],[3],[8],[17]	$ 645
Percentage of net assets	[2],[3],[8],[17]	0.51%				0.51%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Behavior Frontiers, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 12, 2024
Principal/par amount	[2],[3],[8],[11],[12]	$ 400
Amortized cost	[1],[2],[3],[8],[12]	49
Fair value	[2],[3],[8],[12]	$ 49
Percentage of net assets	[2],[3],[8],[12]	0.04%				0.04%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 12, 2024
Principal/par amount	[2],[3],[8],[9],[11]	$ 80
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 12, 2024
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,293
Amortized cost	[1],[2],[3],[8],[12]	1,278
Fair value	[2],[3],[8],[12]	$ 1,280
Percentage of net assets	[2],[3],[8],[12]	1.02%				1.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Brightview, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[29],[30]	Mar. 19, 2026
Principal/par amount	[2],[3],[8],[11],[29],[30]					$ 361
Amortized cost	[1],[2],[3],[8],[29],[30]	$ 186
Fair value	[2],[3],[8],[29],[30]	$ 188
Percentage of net assets	[2],[3],[8],[29],[30]	0.15%				0.15%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | CDOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[29],[30]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21],[29]	Mar. 19, 2026
Principal/par amount	[2],[3],[8],[11],[21],[29]					$ 267
Percentage of net assets	[2],[3],[8],[21],[29]	0.02%				0.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21],[29]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Revolving Loan [Member] | CDOR [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8],[21],[29]	$ 27
Fair value	[2],[3],[8],[21],[29]	$ 30
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9],[29]	Mar. 19, 2026
Principal/par amount	[2],[3],[8],[9],[11],[29]					$ 107
Amortized cost	[1],[2],[3],[8],[9],[29]	$ (2)
Fair value	[2],[3],[8],[9],[29]	$ (1)
Percentage of net assets	[2],[3],[8],[9],[29]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Revolving Loan [Member] | CDOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9],[29]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[29],[30]	Mar. 19, 2026
Principal/par amount	[2],[3],[8],[11],[29],[30]	$ 227
Amortized cost	[1],[2],[3],[8],[29],[30]	178
Fair value	[2],[3],[8],[29],[30]	$ 177
Percentage of net assets	[2],[3],[8],[29],[30]	0.14%				0.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Canadian Orthodontic Partners Corp. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[29],[30]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Aug. 11, 2025
Principal/par amount	[2],[3],[8],[9],[11]					$ 225
Amortized cost	[1],[2],[3],[8],[9]	$ (4)
Fair value	[2],[3],[8],[9]	$ (4)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Aug. 11, 2025
Principal/par amount	[2],[3],[8],[9],[11]					$ 38
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | CDOR [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8],[9]	$ (1)
Fair value	[2],[3],[8],[9]	$ (1)
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Aug. 11, 2025
Principal/par amount	[2],[3],[8],[11],[12]	$ 657
Amortized cost	[1],[2],[3],[8],[12]	646
Fair value	[2],[3],[8],[12]	$ 646
Percentage of net assets	[2],[3],[8],[12]	0.52%				0.52%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Community Care Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Varsity DuvaSawko Operating Corp. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 27, 2024	[3],[8],[9]	Nov. 27, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 474	[3],[8],[9],[11]	$ 474	[4],[7],[10]
Amortized cost	[1],[2]	(6)	[3],[8],[9]	(7)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9]	$ (7)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Varsity DuvaSawko Operating Corp. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Varsity DuvaSawko Operating Corp. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 27, 2024	[3],[8],[13]	Nov. 27, 2024	[4],[7],[14],[16]
Principal/par amount	[2]	$ 2,772	[3],[8],[11],[13]	$ 2,428	[4],[7],[14],[16]
Amortized cost	[1],[2]	2,735	[3],[8],[13]	2,388	[4],[7],[14],[16]
Fair value	[2]	$ 2,743	[3],[8],[13]	$ 2,392	[4],[7],[14],[16]
Percentage of net assets	[2]	2.19%	[3],[8],[13]	2.69%	[4],[7],[14],[16]	2.19%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Varsity DuvaSawko Operating Corp. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[13]	6.25%	[4],[7],[14],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | EH Management Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Jul. 15, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 38
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | EH Management Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | EH Management Company, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jul. 15, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 427
Amortized cost	[1],[2],[3],[8],[12]	419
Fair value	[2],[3],[8],[12]	$ 419
Percentage of net assets	[2],[3],[8],[12]	0.33%				0.33%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | EH Management Company, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Geriatric Medical and Surgical Supply, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Dec. 21, 2025
Principal/par amount	[2],[3],[8],[9],[11]	$ 300
Amortized cost	[1],[2],[3],[8],[9]	(5)
Fair value	[2],[3],[8],[9]	$ (5)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Geriatric Medical and Surgical Supply, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Geriatric Medical and Surgical Supply, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 21, 2025	[3],[8],[17]	Dec. 21, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 1,029	[3],[8],[11],[17]	$ 1,337	[4],[7],[15]
Amortized cost	[1],[2]	1,011	[3],[8],[17]	1,040	[4],[7],[15]
Fair value	[2]	$ 1,013	[3],[8],[17]	$ 1,040	[4],[7],[15]
Percentage of net assets	[2]	0.81%	[3],[8],[17]	1.18%	[4],[7],[15]	0.81%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Geriatric Medical and Surgical Supply, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[17]	6.00%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Guardian Dentistry Practice Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Aug. 20, 2026
Principal/par amount	[2],[3],[8],[11],[17]	$ 323
Amortized cost	[1],[2],[3],[8],[17]	121
Fair value	[2],[3],[8],[17]	$ 121
Percentage of net assets	[2],[3],[8],[17]	0.10%				0.10%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Guardian Dentistry Practice Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Guardian Dentistry Practice Management, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Aug. 20, 2026
Principal/par amount	[2],[3],[8],[11],[17]	$ 884
Amortized cost	[1],[2],[3],[8],[17]	869
Fair value	[2],[3],[8],[17]	$ 869
Percentage of net assets	[2],[3],[8],[17]	0.69%				0.69%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Guardian Dentistry Practice Management, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 31, 2025	[3],[8],[12]	Dec. 31, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 529	[3],[8],[11],[12]	$ 530	[4],[7],[10]
Amortized cost	[1],[2]	290	[3],[8],[12]	(11)	[4],[7],[10]
Fair value	[2]	$ 290	[3],[8],[12]	$ (11)	[4],[7],[10]
Percentage of net assets	[2]	0.23%	[3],[8],[12]	(0.01%)	[4],[7],[10]	0.23%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 31, 2025	[3],[8],[12]	Dec. 31, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 133	[3],[8],[11],[12]	$ 133	[4],[7],[16]
Amortized cost	[1],[2]	24	[3],[8],[12]	24	[4],[7],[16]
Fair value	[2]	$ 24	[3],[8],[12]	$ 24	[4],[7],[16]
Percentage of net assets	[2]	0.02%	[3],[8],[12]	0.03%	[4],[7],[16]	0.02%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 31, 2025	[3],[8],[12]	Dec. 31, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 546	[3],[8],[11],[12]	$ 550	[4],[7],[16]
Amortized cost	[1],[2]	536	[3],[8],[12]	539	[4],[7],[16]
Fair value	[2]	$ 537	[3],[8],[12]	$ 539	[4],[7],[16]
Percentage of net assets	[2]	0.43%	[3],[8],[12]	0.61%	[4],[7],[16]	0.43%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Dental Services, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 06, 2024	[3],[8],[12]	Dec. 06, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 603	[3],[8],[11],[12]	$ 485	[4],[7],[10]
Amortized cost	[1],[2]	9	[3],[8],[12]	(8)	[4],[7],[10]
Fair value	[2]	$ 10	[3],[8],[12]	$ (19)	[4],[7],[10]
Percentage of net assets	[2]	0.01%	[3],[8],[12]	(0.02%)	[4],[7],[10]	0.01%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 06, 2024	[3],[8],[9],[12]	Dec. 06, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 324	[3],[8],[9],[11],[12]	$ 324	[4],[7],[10]
Amortized cost	[1],[2]	(4)	[3],[8],[9],[12]	(5)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9],[12]	$ (13)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9],[12]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9],[12]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 06, 2024	[3],[8],[12]	Dec. 06, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 1,404	[3],[8],[11],[12]	$ 423	[4],[7],[16]
Amortized cost	[1],[2]	1,384	[3],[8],[12]	417	[4],[7],[16]
Fair value	[2]	$ 1,383	[3],[8],[12]	$ 407	[4],[7],[16]
Percentage of net assets	[2]	1.10%	[3],[8],[12]	0.46%	[4],[7],[16]	1.10%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Peak Investment Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Revival Animal Health, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 06, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 131
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Revival Animal Health, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Revival Animal Health, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 06, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 503
Amortized cost	[1],[2],[3],[8],[12]	494
Fair value	[2],[3],[8],[12]	$ 495
Percentage of net assets	[2],[3],[8],[12]	0.39%				0.39%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Revival Animal Health, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Aug. 12, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 84
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[13]	Aug. 12, 2026
Principal/par amount	[2],[3],[8],[11],[13]	$ 150
Amortized cost	[1],[2],[3],[8],[13]	12
Fair value	[2],[3],[8],[13]	$ 14
Percentage of net assets	[2],[3],[8],[13]	0.01%				0.01%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[13]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[13]	Aug. 12, 2026
Principal/par amount	[2],[3],[8],[11],[12],[13]	$ 1,165
Amortized cost	[1],[2],[3],[8],[12],[13]	1,142
Fair value	[2],[3],[8],[12],[13]	$ 1,153
Percentage of net assets	[2],[3],[8],[12],[13]	0.92%				0.92%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | RQM Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[13]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SAMGI Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 14, 2025	[3],[8],[9]	Apr. 14, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 138	[3],[8],[9],[11]	$ 138	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SAMGI Buyer, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SAMGI Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Apr. 14, 2025	[3],[8],[12]	Apr. 14, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 535	[3],[8],[11],[12]	$ 539	[4],[7],[16]
Amortized cost	[1],[2]	525	[3],[8],[12]	527	[4],[7],[16]
Fair value	[2]	$ 525	[3],[8],[12]	$ 528	[4],[7],[16]
Percentage of net assets	[2]	0.42%	[3],[8],[12]	0.60%	[4],[7],[16]	0.42%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SAMGI Buyer, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[12]	6.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 25, 2025	[3],[8],[13]	Sep. 25, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 1,172	[3],[8],[11],[13]	$ 1,173	[4],[7],[14]
Amortized cost	[1],[2]	80	[3],[8],[13]	76	[4],[7],[14]
Fair value	[2]	$ 81	[3],[8],[13]	$ 77	[4],[7],[14]
Percentage of net assets	[2]	0.06%	[3],[8],[13]	0.09%	[4],[7],[14]	0.06%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[13]	6.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 25, 2025	[3],[8],[9]	Sep. 25, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 218	[3],[8],[9],[11]	$ 218	[4],[7],[10]
Amortized cost	[1],[2]	(4)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (4)	[3],[8],[9]	$ (5)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 25, 2025	[3],[8],[12],[13]	Sep. 25, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 907	[3],[8],[11],[12],[13]	$ 914	[4],[7],[14]
Amortized cost	[1],[2]	889	[3],[8],[12],[13]	893	[4],[7],[14]
Fair value	[2]	$ 890	[3],[8],[12],[13]	$ 894	[4],[7],[14]
Percentage of net assets	[2]	0.71%	[3],[8],[12],[13]	1.01%	[4],[7],[14]	0.71%	[3],[8],[12],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP ENT and Allergy Services, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[12],[13]	6.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[14],[16]			Sep. 11, 2022
Principal/par amount	[2],[4],[7],[14],[16]			$ 2,915
Amortized cost	[1],[2],[4],[7],[14],[16]			2,892
Fair value	[2],[4],[7],[14],[16]			$ 2,889
Percentage of net assets	[2],[4],[7],[14],[16]			3.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[14],[16]			6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[10]			Sep. 11, 2022
Principal/par amount	[2],[4],[7],[10]			$ 469
Amortized cost	[1],[2],[4],[7],[10]			(4)
Fair value	[2],[4],[7],[10]			$ (4)
Percentage of net assets	[2],[4],[7],[10]			0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[10]			6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[4],[7],[14]			Sep. 11, 2022
Principal/par amount	[2],[4],[7],[14]			$ 2,138
Amortized cost	[1],[2],[4],[7],[14]			2,120
Fair value	[2],[4],[7],[14]			$ 2,119
Percentage of net assets	[2],[4],[7],[14]			2.39%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SCP Eye Care Services LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[4],[7],[14]			6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 30, 2024	[3],[8],[13]	Aug. 30, 2024	[4],[7],[14]
Principal/par amount	[2]	$ 56	[3],[8],[11],[13]	$ 235	[4],[7],[14]
Amortized cost	[1],[2]	55	[3],[8],[13]	52	[4],[7],[14]
Fair value	[2]	$ 53	[3],[8],[13]	$ 44	[4],[7],[14]
Percentage of net assets	[2]	0.04%	[3],[8],[13]	0.05%	[4],[7],[14]	0.04%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[13]	5.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21]	Aug. 30, 2024
Principal/par amount	[2],[3],[8],[11],[21]	$ 61
Amortized cost	[1],[2],[3],[8],[21]	59
Fair value	[2],[3],[8],[21]	$ 58
Percentage of net assets	[2],[3],[8],[21]	0.05%				0.05%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 30, 2024	[3],[8],[12]	Aug. 30, 2024	[4],[7],[14]
Principal/par amount	[2]	$ 1,307	[3],[8],[11],[12]	$ 1,317	[4],[7],[14]
Amortized cost	[1],[2]	1,287	[3],[8],[12]	1,294	[4],[7],[14]
Fair value	[2]	$ 1,270	[3],[8],[12]	$ 1,249	[4],[7],[14]
Percentage of net assets	[2]	1.01%	[3],[8],[12]	1.41%	[4],[7],[14]	1.01%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Silver Falls MSO, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[12]	5.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	May 17, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 888
Amortized cost	[1],[2],[3],[8],[9]	(16)
Fair value	[2],[3],[8],[9]	$ (15)
Percentage of net assets	[2],[3],[8],[9]	(0.01%)				(0.01%)
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	May 17, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 178
Amortized cost	[1],[2],[3],[8],[9]	(3)
Fair value	[2],[3],[8],[9]	$ (3)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	May 17, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,154
Amortized cost	[1],[2],[3],[8],[12]	1,132
Fair value	[2],[3],[8],[12]	$ 1,134
Percentage of net assets	[2],[3],[8],[12]	0.90%				0.90%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | SimiTree Acquisition LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2025	[3],[8],[9]	Dec. 30, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 300	[3],[8],[9],[11]	$ 300	[4],[7],[10]
Amortized cost	[1],[2]	(6)	[3],[8],[9]	(7)	[4],[7],[10]
Fair value	[2]	$ (6)	[3],[8],[9]	$ (7)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2025	[3],[8],[9]	Dec. 30, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 225	[3],[8],[9],[11]	$ 225	[4],[7],[10]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	(6)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9]	$ (6)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.25%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 30, 2025	[3],[8],[17]	Dec. 30, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 727	[3],[8],[11],[17]	$ 732	[4],[7],[15]
Amortized cost	[1],[2]	710	[3],[8],[17]	714	[4],[7],[15]
Fair value	[2]	$ 712	[3],[8],[17]	$ 714	[4],[7],[15]
Percentage of net assets	[2]	0.57%	[3],[8],[17]	0.81%	[4],[7],[15]	0.57%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southeast Primary Care Partners, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[17]	6.25%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 27, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 186
Amortized cost	[1],[2],[3],[8],[12]	181
Fair value	[2],[3],[8],[12]	$ 181
Percentage of net assets	[2],[3],[8],[12]	0.14%				0.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 27, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 531
Amortized cost	[1],[2],[3],[8],[12]	518
Fair value	[2],[3],[8],[12]	$ 519
Percentage of net assets	[2],[3],[8],[12]	0.41%				0.41%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 27, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 134
Amortized cost	[1],[2],[3],[8],[12]	38
Fair value	[2],[3],[8],[12]	$ 39
Percentage of net assets	[2],[3],[8],[12]	0.03%				0.03%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 27, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 333
Amortized cost	[1],[2],[3],[8],[12]	326
Fair value	[2],[3],[8],[12]	$ 327
Percentage of net assets	[2],[3],[8],[12]	0.26%				0.26%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Southern Orthodontic Partners Management, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Vital Care Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 19, 2025	[3],[8],[9]	Oct. 19, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 580	[3],[8],[9],[11]	$ 580	[4],[7],[10]
Amortized cost	[1],[2]	(8)	[3],[8],[9]	(10)	[4],[7],[10]
Fair value	[2]	$ (7)	[3],[8],[9]	$ (10)	[4],[7],[10]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	(0.01%)	[4],[7],[10]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Vital Care Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Vital Care Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 19, 2025	[3],[8],[12]	Oct. 19, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 919	[3],[8],[11],[12]	$ 1,024	[4],[7],[16]
Amortized cost	[1],[2]	905	[3],[8],[12]	1,006	[4],[7],[16]
Fair value	[2]	$ 907	[3],[8],[12]	$ 1,006	[4],[7],[16]
Percentage of net assets	[2]	0.72%	[3],[8],[12]	1.14%	[4],[7],[16]	0.72%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Providers and Services [Member] | Vital Care Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[12]	6.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,759
Amortized cost	[1],[2]	$ 1,830	[3],[8]	1,270	[4],[7]
Fair value	[2]	$ 1,814	[3],[8]	$ 1,233	[4],[7]
Percentage of net assets	[2]	1.45%	[3],[8]	1.38%	[4],[7]	1.45%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Mar. 08, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 267
Amortized cost	[1],[2],[3],[8],[9]	(5)
Fair value	[2],[3],[8],[9]	$ (4)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Mar. 08, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 134
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 08, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,003
Amortized cost	[1],[2],[3],[8],[12]	985
Fair value	[2],[3],[8],[12]	$ 986
Percentage of net assets	[2],[3],[8],[12]	0.79%				0.79%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Millennia Patient Services, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Jul. 30, 2024
Principal/par amount	[2],[3],[8],[9],[11]	$ 61
Amortized cost	[1],[2],[3],[8],[9]	0
Fair value	[2],[3],[8],[9]	$ 0
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Jul. 30, 2024
Principal/par amount	[2],[3],[8],[11],[17]	$ 113
Amortized cost	[1],[2],[3],[8],[17]	62
Fair value	[2],[3],[8],[17]	$ 62
Percentage of net assets	[2],[3],[8],[17]	0.05%				0.05%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Jul. 30, 2024
Principal/par amount	[2],[3],[8],[11],[17]	$ 1,838
Amortized cost	[1],[2],[3],[8],[17]	1,830
Fair value	[2],[3],[8],[17]	$ 1,829
Percentage of net assets	[2],[3],[8],[17]	1.46%				1.46%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Trademark Global, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 26, 2025	[3],[8],[9]	Feb. 26, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 474	[3],[8],[9],[11]	$ 474	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(4)	[4],[7],[10]
Fair value	[2]	$ (8)	[3],[8],[9]	$ (14)	[4],[7],[10]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	(0.02%)	[4],[7],[10]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[9]	5.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 26, 2025	[3],[8],[9]	Feb. 26, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 414	[3],[8],[9],[11]	$ 414	[4],[7],[16]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	411	[4],[7],[16]
Fair value	[2]	$ (7)	[3],[8],[9]	$ 402	[4],[7],[16]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	0.45%	[4],[7],[16]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[9]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 26, 2025	[3],[8],[12],[13]	Feb. 26, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 864	[3],[8],[11],[12],[13]	$ 871	[4],[7],[16]
Amortized cost	[1],[2]	858	[3],[8],[12],[13]	863	[4],[7],[16]
Fair value	[2]	$ 849	[3],[8],[12],[13]	$ 845	[4],[7],[16]
Percentage of net assets	[2]	0.68%	[3],[8],[12],[13]	0.95%	[4],[7],[16]	0.68%	[3],[8],[12],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Health Care Technology [Member] | Spear Education, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.00%	[3],[8],[12],[13]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 2,434
Amortized cost	[1],[2]	$ 3,038	[3],[8]	1,942	[4],[7]
Fair value	[2]	$ 3,052	[3],[8]	$ 1,947	[4],[7]
Percentage of net assets	[2]	2.43%	[3],[8]	2.20%	[4],[7]	2.43%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | Aquatic Sales Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 18, 2025	[3],[8],[12]	Dec. 18, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 150	[3],[8],[11],[12]	$ 150	[4],[7],[16]
Amortized cost	[1],[2]	110	[3],[8],[12]	12	[4],[7],[16]
Fair value	[2]	$ 110	[3],[8],[12]	$ 12	[4],[7],[16]
Percentage of net assets	[2]	0.09%	[3],[8],[12]	0.01%	[4],[7],[16]	0.09%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | Aquatic Sales Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | Aquatic Sales Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 18, 2025	[3],[8],[12]	Dec. 18, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 1,364	[3],[8],[11],[12]	$ 659	[4],[7],[16]
Amortized cost	[1],[2]	1,339	[3],[8],[12]	646	[4],[7],[16]
Fair value	[2]	$ 1,342	[3],[8],[12]	$ 646	[4],[7],[16]
Percentage of net assets	[2]	1.07%	[3],[8],[12]	0.73%	[4],[7],[16]	1.07%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | Aquatic Sales Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	5.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | DealerOn Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 19, 2024	[3],[8],[9]	Nov. 19, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 314	[3],[8],[9],[11]	$ 314	[4],[7],[10]
Amortized cost	[1],[2]	(4)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (3)	[3],[8],[9]	$ (4)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | DealerOn Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9]	5.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | DealerOn Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 19, 2024	[3],[8],[13]	Nov. 19, 2024	[4],[7],[14]
Principal/par amount	[2]	$ 1,618	[3],[8],[11],[13]	$ 1,311	[4],[7],[14]
Amortized cost	[1],[2]	1,593	[3],[8],[13]	1,289	[4],[7],[14]
Fair value	[2]	$ 1,603	[3],[8],[13]	$ 1,293	[4],[7],[14]
Percentage of net assets	[2]	1.28%	[3],[8],[13]	1.46%	[4],[7],[14]	1.28%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Internet and Direct Marketing Retail [Member] | DealerOn Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[13]	5.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Household Durables [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 2,792
Fair value	[2],[3],[8]	$ 2,793
Percentage of net assets	[2],[3],[8]	2.23%				2.23%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Household Durables [Member] | Storm Smart Buyer LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 05, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 131
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Household Durables [Member] | Storm Smart Buyer LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Household Durables [Member] | Storm Smart Buyer LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[13]	Apr. 05, 2026
Principal/par amount	[2],[3],[8],[11],[12],[13]	$ 919
Amortized cost	[1],[2],[3],[8],[12],[13]	902
Fair value	[2],[3],[8],[12],[13]	$ 904
Percentage of net assets	[2],[3],[8],[12],[13]	0.72%				0.72%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Household Durables [Member] | Storm Smart Buyer LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[13]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 3,124
Amortized cost	[1],[2]	$ 3,283	[3],[8]	2,734	[4],[7]
Fair value	[2]	$ 3,291	[3],[8]	$ 2,707	[4],[7]
Percentage of net assets	[2]	2.62%	[3],[8]	3.07%	[4],[7]	2.62%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Data Source Intermediate Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 11, 2025	[3],[8],[9]	Feb. 11, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 123	[3],[8],[9],[11]	$ 123	[4],[7],[14]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	121	[4],[7],[14]
Fair value	[2]	$ (2)	[3],[8],[9]	$ 118	[4],[7],[14]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.13%	[4],[7],[14]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Data Source Intermediate Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9]	5.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Data Source Intermediate Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Feb. 11, 2025	[3],[8],[12]	Feb. 11, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 826	[3],[8],[11],[12]	$ 832	[4],[7],[14]
Amortized cost	[1],[2]	815	[3],[8],[12]	818	[4],[7],[14]
Fair value	[2]	$ 816	[3],[8],[12]	$ 803	[4],[7],[14]
Percentage of net assets	[2]	0.65%	[3],[8],[12]	0.91%	[4],[7],[14]	0.65%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Data Source Intermediate Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	5.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | E Phoenix Acquisition Co. Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Jun. 23, 2027
Principal/par amount	[2],[3],[8],[9],[11]	$ 75
Amortized cost	[1],[2],[3],[8],[9]	(1)
Fair value	[2],[3],[8],[9]	$ (1)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | E Phoenix Acquisition Co. Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | E Phoenix Acquisition Co. Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jun. 23, 2027
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,448
Amortized cost	[1],[2],[3],[8],[12]	1,431
Fair value	[2],[3],[8],[12]	$ 1,434
Percentage of net assets	[2],[3],[8],[12]	1.14%				1.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | E Phoenix Acquisition Co. Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.75%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Legility, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 17, 2024	[3],[8],[9]	Dec. 17, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 123	[3],[8],[9],[11]	$ 123	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(2)	[4],[7],[10]
Fair value	[2]	$ (1)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Legility, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Legility, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 17, 2025	[3],[8],[12],[17]	Dec. 17, 2025	[4],[7],[14],[16]
Principal/par amount	[2]	$ 706	[3],[8],[11],[12],[17]	$ 721	[4],[7],[14],[16]
Amortized cost	[1],[2]	695	[3],[8],[12],[17]	708	[4],[7],[14],[16]
Fair value	[2]	$ 698	[3],[8],[12],[17]	$ 698	[4],[7],[14],[16]
Percentage of net assets	[2]	0.56%	[3],[8],[12],[17]	0.79%	[4],[7],[14],[16]	0.56%	[3],[8],[12],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Legility, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12],[17]	6.00%	[4],[7],[14],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Library Associates, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 13, 2023	[3],[8],[9]	Aug. 13, 2023	[4],[7],[10]
Principal/par amount	[2]	$ 127	[3],[8],[9],[11]	$ 211	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(4)	[4],[7],[10]
Fair value	[2]	$ (2)	[3],[8],[9]	$ (4)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Library Associates, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[9]	7.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Library Associates, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 13, 2023	[3],[8],[12]	Aug. 13, 2023	[4],[7],[16]
Principal/par amount	[2]	$ 355	[3],[8],[11],[12]	$ 1,114	[4],[7],[16]
Amortized cost	[1],[2]	349	[3],[8],[12]	1,093	[4],[7],[16]
Fair value	[2]	$ 349	[3],[8],[12]	$ 1,095	[4],[7],[16]
Percentage of net assets	[2]	0.28%	[3],[8],[12]	1.24%	[4],[7],[16]	0.28%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | IT Services [Member] | Library Associates, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	7.00%	[3],[8],[12]	7.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 1,903
Fair value	[2],[3],[8]	$ 1,907
Percentage of net assets	[2],[3],[8]	1.52%				1.52%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 22, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 393
Amortized cost	[1],[2],[3],[8],[9]	258
Fair value	[2],[3],[8],[9]	$ 259
Percentage of net assets	[2],[3],[8],[9]	0.21%				0.21%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 22, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 262
Amortized cost	[1],[2],[3],[8],[12]	172
Fair value	[2],[3],[8],[12]	$ 173
Percentage of net assets	[2],[3],[8],[12]	0.14%				0.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Apr. 22, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 878
Amortized cost	[1],[2],[3],[8],[12]	870
Fair value	[2],[3],[8],[12]	$ 872
Percentage of net assets	[2],[3],[8],[12]	0.70%				0.70%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | MacNeill Pride Group Corp. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Aug. 31, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 79
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Aug. 31, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 9
Amortized cost	[1],[2],[3],[8],[12]	8
Fair value	[2],[3],[8],[12]	$ 8
Percentage of net assets	[2],[3],[8],[12]	0.01%				0.01%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21]	Aug. 31, 2026
Principal/par amount	[2],[3],[8],[11],[21]	$ 11
Amortized cost	[1],[2],[3],[8],[21]	11
Fair value	[2],[3],[8],[21]	$ 11
Percentage of net assets	[2],[3],[8],[21]	0.01%				0.01%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21]	4.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Aug. 31, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 598
Amortized cost	[1],[2],[3],[8],[12]	586
Fair value	[2],[3],[8],[12]	$ 586
Percentage of net assets	[2],[3],[8],[12]	0.47%				0.47%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Leisure Equipment and Products [Member] | Motis Brands, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Life Sciences Tools and Services [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 1,118
Fair value	[2],[3],[8]	$ 1,120
Percentage of net assets	[2],[3],[8]	0.89%				0.89%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Life Sciences Tools and Services [Member] | Aptitude Health Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	May 03, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 267
Amortized cost	[1],[2],[3],[8],[12]	22
Fair value	[2],[3],[8],[12]	$ 22
Percentage of net assets	[2],[3],[8],[12]	0.02%				0.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Life Sciences Tools and Services [Member] | Aptitude Health Holdings, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Life Sciences Tools and Services [Member] | Aptitude Health Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	May 03, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,117
Amortized cost	[1],[2],[3],[8],[12]	1,096
Fair value	[2],[3],[8],[12]	$ 1,098
Percentage of net assets	[2],[3],[8],[12]	0.88%				0.88%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Life Sciences Tools and Services [Member] | Aptitude Health Holdings, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 1,077
Amortized cost	[1],[2]	$ 1,808	[3],[8]	918	[4],[7]
Fair value	[2]	$ 1,808	[3],[8]	$ 890	[4],[7]
Percentage of net assets	[2]	1.44%	[3],[8]	1.00%	[4],[7]	1.44%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Abrasive Technology Intermediate, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Apr. 30, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 173
Amortized cost	[1],[2],[3],[8],[9]	(3)
Fair value	[2],[3],[8],[9]	$ (3)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Abrasive Technology Intermediate, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Abrasive Technology Intermediate, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[13]	Apr. 30, 2026
Principal/par amount	[2],[3],[8],[11],[13]	$ 947
Amortized cost	[1],[2],[3],[8],[13]	929
Fair value	[2],[3],[8],[13]	$ 931
Percentage of net assets	[2],[3],[8],[13]	0.74%				0.74%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Abrasive Technology Intermediate, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[13]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Industrial Dynamics Company, Ltd. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 20, 2024	[3],[8],[9],[31]	Aug. 20, 2024	[4],[7],[10],[16],[32]
Principal/par amount	[2]	$ 141	[3],[8],[9],[11],[31]	$ 141	[4],[7],[10],[16],[32]
Amortized cost	[1],[2]	(2)	[3],[8],[9],[31]	(2)	[4],[7],[10],[16],[32]
Fair value	[2]	$ (2)	[3],[8],[9],[31]	$ (6)	[4],[7],[10],[16],[32]
Percentage of net assets	[2]	0.00%	[3],[8],[9],[31]	(0.01%)	[4],[7],[10],[16],[32]	0.00%	[3],[8],[9],[31]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Industrial Dynamics Company, Ltd. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9],[31]	6.25%	[4],[7],[10],[16],[32]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Industrial Dynamics Company, Ltd. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 20, 2024	[3],[8],[12]	Aug. 20, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 896	[3],[8],[11],[12]	$ 936	[4],[7],[16]
Amortized cost	[1],[2]	884	[3],[8],[12]	920	[4],[7],[16]
Fair value	[2]	$ 882	[3],[8],[12]	$ 896	[4],[7],[16]
Percentage of net assets	[2]	0.70%	[3],[8],[12]	1.01%	[4],[7],[16]	0.70%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Machinery [Member] | Industrial Dynamics Company, Ltd. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	6.25%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Media [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 3,733
Amortized cost	[1],[2]	$ 2,693	[3],[8]	2,701	[4],[7]
Fair value	[2]	$ 2,693	[3],[8]	$ 2,699	[4],[7]
Percentage of net assets	[2]	2.15%	[3],[8]	3.05%	[4],[7]	2.15%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Media [Member] | ALM Media, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[33]	Nov. 25, 2024	[3],[8],[17]	Nov. 25, 2024	[4],[7],[10]
Principal/par amount	[2],[33]	$ 971	[3],[8],[11],[17]	$ 971	[4],[7],[10]
Amortized cost	[1],[2],[33]	83	[3],[8],[17]	(15)	[4],[7],[10]
Fair value	[2],[33]	$ 82	[3],[8],[17]	$ (17)	[4],[7],[10]
Percentage of net assets	[2],[33]	0.07%	[3],[8],[17]	(0.02%)	[4],[7],[10]	0.07%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Media [Member] | ALM Media, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[33]	6.50%	[3],[8],[17]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Media [Member] | ALM Media, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 25, 2024	[3],[8],[12]	Nov. 25, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 2,653	[3],[8],[11],[12]	$ 2,762	[4],[7],[16]
Amortized cost	[1],[2]	2,610	[3],[8],[12]	2,716	[4],[7],[16]
Fair value	[2]	$ 2,611	[3],[8],[12]	$ 2,716	[4],[7],[16]
Percentage of net assets	[2]	2.08%	[3],[8],[12]	3.07%	[4],[7],[16]	2.08%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Media [Member] | ALM Media, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.50%	[3],[8],[12]	6.50%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Metals and Mining [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 2,477
Amortized cost	[1],[2]	$ 2,347	[3],[8]	2,033	[4],[7]
Fair value	[2]	$ 2,349	[3],[8]	$ 2,029	[4],[7]
Percentage of net assets	[2]	1.87%	[3],[8]	2.29%	[4],[7]	1.87%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Metals and Mining [Member] | Copperweld Group, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 27, 2024	[3],[8],[12],[22]	Sep. 27, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 456	[3],[8],[11],[12],[22]	$ 400	[4],[7],[10]
Amortized cost	[1],[2]	221	[3],[8],[12],[22]	(7)	[4],[7],[10]
Fair value	[2]	$ 221	[3],[8],[12],[22]	$ (8)	[4],[7],[10]
Percentage of net assets	[2]	0.18%	[3],[8],[12],[22]	(0.01%)	[4],[7],[10]	0.18%	[3],[8],[12],[22]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Metals and Mining [Member] | Copperweld Group, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12],[22]	6.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Metals and Mining [Member] | Copperweld Group, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Sep. 27, 2024	[3],[8],[12]	Sep. 27, 2024	[4],[7],[14],[25]
Principal/par amount	[2]	$ 2,163	[3],[8],[11],[12]	$ 2,077	[4],[7],[14],[25]
Amortized cost	[1],[2]	2,126	[3],[8],[12]	2,040	[4],[7],[14],[25]
Fair value	[2]	$ 2,128	[3],[8],[12]	$ 2,037	[4],[7],[14],[25]
Percentage of net assets	[2]	1.70%	[3],[8],[12]	2.30%	[4],[7],[14],[25]	1.70%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Metals and Mining [Member] | Copperweld Group, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[12]	6.00%	[4],[7],[14],[25]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 3,554
Amortized cost	[1],[2]	$ 2,722	[3],[8]	2,785	[4],[7]
Fair value	[2]	$ 2,726	[3],[8]	$ 2,754	[4],[7]
Percentage of net assets	[2]	2.17%	[3],[8]	3.11%	[4],[7]	2.17%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 17, 2025	[3],[8],[9]	Oct. 17, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 366	[3],[8],[9],[11]	$ 366	[4],[7],[10]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	(6)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9]	$ (9)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 17, 2025	[3],[8],[9]	Oct. 17, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 344	[3],[8],[9],[11]	$ 344	[4],[7],[10]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (5)	[3],[8],[9]	$ (9)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	(0.01%)	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 17, 2025	[3],[8],[13]	Oct. 17, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 2,775	[3],[8],[11],[13]	$ 2,844	[4],[7],[14]
Amortized cost	[1],[2]	2,732	[3],[8],[13]	2,796	[4],[7],[14]
Fair value	[2]	$ 2,736	[3],[8],[13]	$ 2,772	[4],[7],[14]
Percentage of net assets	[2]	2.18%	[3],[8],[13]	3.13%	[4],[7],[14]	2.18%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Personal Products [Member] | Cosmetic Solutions, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[13]	5.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member]
Investments [Abstract]
Amortized cost		$ 2,188
Fair value		$ 2,180
Percentage of net assets		1.74%				1.74%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9],[29]	Jul. 23, 2026
Principal/par amount	[2],[3],[8],[9],[11],[29]	$ 105
Amortized cost	[1],[2],[3],[8],[9],[29]	(2)
Fair value	[2],[3],[8],[9],[29]	$ (2)
Percentage of net assets	[2],[3],[8],[9],[29]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | CDOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9],[29]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9],[29]	Jul. 23, 2026
Principal/par amount	[2],[3],[8],[9],[11],[29]	$ 105
Amortized cost	[1],[2],[3],[8],[9],[29]	(2)
Fair value	[2],[3],[8],[9],[29]	$ (2)
Percentage of net assets	[2],[3],[8],[9],[29]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | CDOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9],[29]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[29],[30]	Jul. 23, 2026
Principal/par amount	[2],[3],[8],[11],[29],[30]	$ 1,260
Amortized cost	[1],[2],[3],[8],[29],[30]	983
Fair value	[2],[3],[8],[29],[30]	$ 975
Percentage of net assets	[2],[3],[8],[29],[30]	0.78%				0.78%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Bio Agri Mix Holdings Inc. [Member] | First Lien Senior Secured Term Loan [Member] | CDOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[29],[30]	6.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Sep. 22, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 300
Amortized cost	[1],[2],[3],[8],[9]	(6)
Fair value	[2],[3],[8],[9]	$ (6)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Sep. 22, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 188
Amortized cost	[1],[2],[3],[8],[9]	(4)
Fair value	[2],[3],[8],[9]	$ (4)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Sep. 22, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,244
Amortized cost	[1],[2],[3],[8],[12]	1,219
Fair value	[2],[3],[8],[12]	$ 1,219
Percentage of net assets	[2],[3],[8],[12]	0.97%				0.97%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Pharmaceuticals [Member] | Formulated Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Real Estate Management and Development [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 1,683
Fair value	[2],[3],[8]	$ 1,686
Percentage of net assets	[2],[3],[8]	1.34%				1.34%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Real Estate Management and Development [Member] | BBG Intermediate Holdings, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[34]	Jan. 08, 2026
Principal/par amount	[2],[3],[8],[11],[12],[34]	$ 210
Amortized cost	[1],[2],[3],[8],[12],[34]	41
Fair value	[2],[3],[8],[12],[34]	$ 42
Percentage of net assets	[2],[3],[8],[12],[34]	0.03%				0.03%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Real Estate Management and Development [Member] | BBG Intermediate Holdings, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[34]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Real Estate Management and Development [Member] | BBG Intermediate Holdings, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Jan. 08, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 1,671
Amortized cost	[1],[2],[3],[8],[12]	1,642
Fair value	[2],[3],[8],[12]	$ 1,644
Percentage of net assets	[2],[3],[8],[12]	1.31%				1.31%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Real Estate Management and Development [Member] | BBG Intermediate Holdings, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Semiconductors and Semiconductor Equipment [Member]
Investments [Abstract]
Amortized cost		$ 331
Fair value		$ 331
Percentage of net assets		0.26%				0.26%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Semiconductors and Semiconductor Equipment [Member] | Altamira Material Solutions, LP [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21]	Sep. 02, 2026
Principal/par amount	[2],[3],[8],[11],[21]	$ 38
Amortized cost	[1],[2],[3],[8],[21]	5
Fair value	[2],[3],[8],[21]	$ 5
Percentage of net assets	[2],[3],[8],[21]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Semiconductors and Semiconductor Equipment [Member] | Altamira Material Solutions, LP [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21]	4.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Semiconductors and Semiconductor Equipment [Member] | Altamira Material Solutions, LP [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Sep. 02, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 333
Amortized cost	[1],[2],[3],[8],[12]	326
Fair value	[2],[3],[8],[12]	$ 326
Percentage of net assets	[2],[3],[8],[12]	0.26%				0.26%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Semiconductors and Semiconductor Equipment [Member] | Altamira Material Solutions, LP [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 2,594
Amortized cost	[1],[2]	$ 3,314	[3],[8]	2,310	[4],[7]
Fair value	[2]	$ 3,334	[3],[8]	$ 2,328	[4],[7]
Percentage of net assets	[2]	2.66%	[3],[8]	2.63%	[4],[7]	2.66%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | ShiftKey, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[17]	Mar. 17, 2026
Principal/par amount	[2],[3],[8],[11],[17]	$ 187
Amortized cost	[1],[2],[3],[8],[17]	91
Fair value	[2],[3],[8],[17]	$ 91
Percentage of net assets	[2],[3],[8],[17]	0.07%				0.07%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | ShiftKey, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[17]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | ShiftKey, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Mar. 17, 2026
Principal/par amount	[2],[3],[8],[11],[12]	$ 938
Amortized cost	[1],[2],[3],[8],[12]	925
Fair value	[2],[3],[8],[12]	$ 927
Percentage of net assets	[2],[3],[8],[12]	0.74%				0.74%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | ShiftKey, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | Affinitiv, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 26, 2024	[3],[8],[9]	Aug. 26, 2024	[4],[7],[10]
Principal/par amount	[2]	$ 248	[3],[8],[9],[11]	$ 248	[4],[7],[10]
Amortized cost	[1],[2]	(2)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (1)	[3],[8],[9]	$ (2)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | Affinitiv, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[9]	7.00%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | Affinitiv, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Aug. 26, 2024	[3],[8],[12]	Aug. 26, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 2,328	[3],[8],[11],[12]	$ 2,346	[4],[7],[16]
Amortized cost	[1],[2]	2,300	[3],[8],[12]	2,313	[4],[7],[16]
Fair value	[2]	$ 2,317	[3],[8],[12]	$ 2,330	[4],[7],[16]
Percentage of net assets	[2]	1.85%	[3],[8],[12]	2.63%	[4],[7],[16]	1.85%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Software [Member] | Affinitiv, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.00%	[3],[8],[12]	7.00%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Specialty Retail [Member]
Investments [Abstract]
Amortized cost	[1],[2],[3],[8]	$ 1,233
Fair value	[2],[3],[8]	$ 1,235
Percentage of net assets	[2],[3],[8]	0.98%				0.98%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Specialty Retail [Member] | Leonard Group, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Feb. 26, 2026
Principal/par amount	[2],[3],[8],[9],[11]	$ 197
Amortized cost	[1],[2],[3],[8],[9]	(3)
Fair value	[2],[3],[8],[9]	$ (3)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Specialty Retail [Member] | Leonard Group, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Specialty Retail [Member] | Leonard Group, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[35]	Feb. 26, 2026
Principal/par amount	[2],[3],[8],[11],[12],[35]	$ 1,259
Amortized cost	[1],[2],[3],[8],[12],[35]	1,236
Fair value	[2],[3],[8],[12],[35]	$ 1,238
Percentage of net assets	[2],[3],[8],[12],[35]	0.99%				0.99%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Specialty Retail [Member] | Leonard Group, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[35]	6.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 2,378
Amortized cost	[1],[2]	$ 1,673	[3],[8]	1,643	[4],[7]
Fair value	[2]	$ 1,663	[3],[8]	$ 1,607	[4],[7]
Percentage of net assets	[2]	1.33%	[3],[8]	1.82%	[4],[7]	1.33%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 23, 2025	[3],[8],[9]	Dec. 23, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 398	[3],[8],[9],[11]	$ 398	[4],[7],[10]
Amortized cost	[1],[2]	(5)	[3],[8],[9]	(5)	[4],[7],[10]
Fair value	[2]	$ (7)	[3],[8],[9]	$ (12)	[4],[7],[10]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	(0.01%)	[4],[7],[10]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[9]	4.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 23, 2024	[3],[8],[12]	Dec. 23, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 398	[3],[8],[11],[12]	$ 398	[4],[7],[16]
Amortized cost	[1],[2]	128	[3],[8],[12]	88	[4],[7],[16]
Fair value	[2]	$ 128	[3],[8],[12]	$ 84	[4],[7],[16]
Percentage of net assets	[2]	0.10%	[3],[8],[12]	0.09%	[4],[7],[16]	0.10%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[12]	4.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Dec. 23, 2024	[3],[8],[12]	Dec. 23, 2024	[4],[7],[16]
Principal/par amount	[2]	$ 1,569	[3],[8],[11],[12]	$ 1,582	[4],[7],[16]
Amortized cost	[1],[2]	1,550	[3],[8],[12]	1,560	[4],[7],[16]
Fair value	[2]	$ 1,542	[3],[8],[12]	$ 1,535	[4],[7],[16]
Percentage of net assets	[2]	1.23%	[3],[8],[12]	1.74%	[4],[7],[16]	1.23%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Textiles, Apparel and Luxury Goods [Member] | Lakeshirts LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[12]	4.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member]
Investments [Abstract]
Principal/par amount	[2],[4],[7]			$ 8,366
Amortized cost	[1],[2]	$ 6,530	[3],[8]	4,520	[4],[7]
Fair value	[2]	$ 6,514	[3],[8]	$ 4,443	[4],[7]
Percentage of net assets	[2]	5.19%	[3],[8]	5.02%	[4],[7]	5.19%	[3],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[13]	Apr. 09, 2027
Principal/par amount	[2],[3],[8],[11],[12],[13]	$ 356
Amortized cost	[1],[2],[3],[8],[12],[13]	169
Fair value	[2],[3],[8],[12],[13]	$ 170
Percentage of net assets	[2],[3],[8],[12],[13]	0.14%				0.14%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[13]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[13],[21],[36]	Oct. 09, 2026
Principal/par amount	[2],[3],[8],[11],[13],[21],[36]	$ 34
Amortized cost	[1],[2],[3],[8],[13],[21],[36]	33
Fair value	[2],[3],[8],[13],[21],[36]	$ 33
Percentage of net assets	[2],[3],[8],[13],[21],[36]	0.03%				0.03%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[13],[21],[36]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[21],[36]	Oct. 09, 2026
Principal/par amount	[2],[3],[8],[11],[21],[36]	$ 28
Amortized cost	[1],[2],[3],[8],[21],[36]	28
Fair value	[2],[3],[8],[21],[36]	$ 28
Percentage of net assets	[2],[3],[8],[21],[36]	0.02%				0.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Revolving Loan [Member] | Prime Rate [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[21],[36]	5.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[13]	Apr. 09, 2027
Principal/par amount	[2],[3],[8],[11],[13]	$ 690
Amortized cost	[1],[2],[3],[8],[13]	680
Fair value	[2],[3],[8],[13]	$ 681
Percentage of net assets	[2],[3],[8],[13]	0.54%				0.54%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | AFC Industries, Inc. [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[13]	6.25%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 31, 2025	[3],[8],[17]	Oct. 31, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 1,045	[3],[8],[11],[17]	$ 1,048	[4],[7],[10]
Amortized cost	[1],[2]	565	[3],[8],[17]	(7)	[4],[7],[10]
Fair value	[2]	$ 571	[3],[8],[17]	$ (15)	[4],[7],[10]
Percentage of net assets	[2]	0.46%	[3],[8],[17]	(0.02%)	[4],[7],[10]	0.46%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[17]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 31, 2025	[3],[8],[17]	Oct. 31, 2025	[4],[7],[15]
Principal/par amount	[2]	$ 370	[3],[8],[11],[17]	$ 370	[4],[7],[15]
Amortized cost	[1],[2]	20	[3],[8],[17]	69	[4],[7],[15]
Fair value	[2]	$ 22	[3],[8],[17]	$ 67	[4],[7],[15]
Percentage of net assets	[2]	0.02%	[3],[8],[17]	0.08%	[4],[7],[15]	0.02%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[17]	5.75%	[4],[7],[15]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 31, 2025	[3],[8],[17]	Oct. 31, 2025	[4],[7],[15],[37]
Principal/par amount	[2]	$ 1,389	[3],[8],[11],[17]	$ 1,400	[4],[7],[15],[37]
Amortized cost	[1],[2]	1,370	[3],[8],[17]	1,379	[4],[7],[15],[37]
Fair value	[2]	$ 1,378	[3],[8],[17]	$ 1,375	[4],[7],[15],[37]
Percentage of net assets	[2]	1.10%	[3],[8],[17]	1.55%	[4],[7],[15],[37]	1.10%	[3],[8],[17]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Banner Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.75%	[3],[8],[17]	5.75%	[4],[7],[15],[37]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2025	[3],[8],[9]	Jan. 17, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 941	[3],[8],[9],[11]	$ 941	[4],[7],[10]
Amortized cost	[1],[2]	(14)	[3],[8],[9]	(18)	[4],[7],[10]
Fair value	[2]	$ (28)	[3],[8],[9]	$ (41)	[4],[7],[10]
Percentage of net assets	[2]	(0.02%)	[3],[8],[9]	(0.05%)	[4],[7],[10]	(0.02%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9]	5.75%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2025	[3],[8],[9]	Jan. 17, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 439	[3],[8],[9],[11]	$ 439	[4],[7],[14]
Amortized cost	[1],[2]	(7)	[3],[8],[9]	117	[4],[7],[14]
Fair value	[2]	$ (13)	[3],[8],[9]	$ 106	[4],[7],[14]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	0.12%	[4],[7],[14]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[9]	5.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Jan. 17, 2025	[3],[8],[13]	Jan. 17, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 1,291	[3],[8],[11],[13]	$ 1,349	[4],[7],[14]
Amortized cost	[1],[2]	1,270	[3],[8],[13]	1,323	[4],[7],[14]
Fair value	[2]	$ 1,250	[3],[8],[13]	$ 1,290	[4],[7],[14]
Percentage of net assets	[2]	1.00%	[3],[8],[13]	1.46%	[4],[7],[14]	1.00%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Empire Equipment Company, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	5.50%	[3],[8],[13]	5.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Triad Technologies, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 31, 2025	[3],[8],[9]	Oct. 31, 2025	[4],[7],[16]
Principal/par amount	[2]	$ 314	[3],[8],[9],[11]	$ 314	[4],[7],[16]
Amortized cost	[1],[2]	(4)	[3],[8],[9]	26	[4],[7],[16]
Fair value	[2]	$ (3)	[3],[8],[9]	$ 27	[4],[7],[16]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.03%	[4],[7],[16]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Triad Technologies, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[9]	4.75%	[4],[7],[16]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Triad Technologies, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Oct. 31, 2025	[3],[8],[13]	Oct. 31, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 943	[3],[8],[11],[13]	$ 950	[4],[7],[14]
Amortized cost	[1],[2]	930	[3],[8],[13]	935	[4],[7],[14]
Fair value	[2]	$ 934	[3],[8],[13]	$ 938	[4],[7],[14]
Percentage of net assets	[2]	0.74%	[3],[8],[13]	1.06%	[4],[7],[14]	0.74%	[3],[8],[13]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Triad Technologies, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	4.75%	[3],[8],[13]	4.75%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 04, 2025	[3],[8],[9]	Nov. 04, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 675	[3],[8],[9],[11]	$ 675	[4],[7],[10]
Amortized cost	[1],[2]	(12)	[3],[8],[9]	(15)	[4],[7],[10]
Fair value	[2]	$ (12)	[3],[8],[9]	$ (15)	[4],[7],[10]
Percentage of net assets	[2]	(0.01%)	[3],[8],[9]	(0.02%)	[4],[7],[10]	(0.01%)	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Delayed Draw Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 04, 2025	[3],[8],[9]	Nov. 04, 2025	[4],[7],[10]
Principal/par amount	[2]	$ 150	[3],[8],[9],[11]	$ 150	[4],[7],[10]
Amortized cost	[1],[2]	(3)	[3],[8],[9]	(3)	[4],[7],[10]
Fair value	[2]	$ (3)	[3],[8],[9]	$ (3)	[4],[7],[10]
Percentage of net assets	[2]	0.00%	[3],[8],[9]	0.00%	[4],[7],[10]	0.00%	[3],[8],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[9]	6.50%	[4],[7],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2]	Nov. 04, 2025	[3],[8],[12]	Nov. 04, 2025	[4],[7],[14]
Principal/par amount	[2]	$ 725	[3],[8],[11],[12]	$ 730	[4],[7],[14]
Amortized cost	[1],[2]	711	[3],[8],[12]	714	[4],[7],[14]
Fair value	[2]	$ 712	[3],[8],[12]	$ 714	[4],[7],[14]
Percentage of net assets	[2]	0.57%	[3],[8],[12]	0.81%	[4],[7],[14]	0.57%	[3],[8],[12]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Montway LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2]	6.25%	[3],[8],[12]	6.50%	[4],[7],[14]
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Shearer Supply, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[9]	Sep. 17, 2027
Principal/par amount	[2],[3],[8],[9],[11]	$ 113
Amortized cost	[1],[2],[3],[8],[9]	(2)
Fair value	[2],[3],[8],[9]	$ (2)
Percentage of net assets	[2],[3],[8],[9]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Shearer Supply, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[9]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Shearer Supply, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12]	Sep. 17, 2027
Principal/par amount	[2],[3],[8],[11],[12]	$ 813
Amortized cost	[1],[2],[3],[8],[12]	796
Fair value	[2],[3],[8],[12]	$ 796
Percentage of net assets	[2],[3],[8],[12]	0.63%				0.63%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Trading Companies and Distributions [Member] | Shearer Supply, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Water Utilities [Member] | Diamondback Buyer, LLC [Member]
Investments [Abstract]
Amortized cost		$ 846
Fair value		$ 850
Percentage of net assets		0.68%				0.68%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Water Utilities [Member] | Diamondback Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[22]	Jul. 22, 2026
Principal/par amount	[2],[3],[8],[11],[22]	$ 75
Amortized cost	[1],[2],[3],[8],[22]	6
Fair value	[2],[3],[8],[22]	$ 6
Percentage of net assets	[2],[3],[8],[22]	0.00%				0.00%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Water Utilities [Member] | Diamondback Buyer, LLC [Member] | First Lien Senior Secured Revolving Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[22]	5.50%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Water Utilities [Member] | Diamondback Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	[2],[3],[8],[12],[13]	Jul. 22, 2026
Principal/par amount	[2],[3],[8],[11],[12],[13]	$ 857
Amortized cost	[1],[2],[3],[8],[12],[13]	840
Fair value	[2],[3],[8],[12],[13]	$ 844
Percentage of net assets	[2],[3],[8],[12],[13]	0.67%				0.67%
Non-controlled/Non-affiliated Senior Secured Debt [Member] | Water Utilities [Member] | Diamondback Buyer, LLC [Member] | First Lien Senior Secured Term Loan [Member] | LIBOR [Member]
Investments [Abstract]
Interest rate	[2],[3],[8],[12],[13]	5.50%
Non-controlled/Non-affiliated Sponsor Subordinated Note [Member]
Investments [Abstract]
Principal/par amount	[2],[4]			$ 7
Amortized cost	[1],[2]	$ 15	[3]	7	[4]
Fair value	[2]	$ 15	[3]	$ 7	[4]
Percentage of net assets	[2]	0.01%	[3]	0.01%	[4]	0.01%	[3]
Non-controlled/Non-affiliated Sponsor Subordinated Note [Member] | Empire Equipment Company, LLC [Member] | Sponsor Subordinated Note [Member]
Investments [Abstract]
Interest rate	[2],[3]	12.50% + 7.00% PIK
Maturity date	[2],[3]	Jul. 17, 2025
Principal/par amount	[2],[4]			$ 7
Amortized cost	[1],[2]	$ 10	[3]	7	[4]
Fair value	[2]	$ 10	[3]	$ 7	[4]
Percentage of net assets	[2]	0.01%	[3]	0.01%	[4]	0.01%	[3]
Non-controlled/Non-affiliated Sponsor Subordinated Note [Member] | Shearer Supply, LLC [Member] | Sponsor Subordinated Note [Member]
Investments [Abstract]
Interest rate		12.50% + 7.00% PIK
Maturity date		Mar. 17, 2028
Amortized cost		$ 5
Fair value		$ 5
Percentage of net assets		0.00%				0.00%

[1] The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[2] Unless otherwise indicated, all investments are considered Level 3 investments.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[4] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[5] As a practical expedient, the Company uses net asset value ("NAV") to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[6] As a practical expedient, the Company uses net asset value ("NAV") to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.

[7] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement.

[8] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower's option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement.

[9] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of September 30, 2021. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.

[10] Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2020. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.

[11] Principal/par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Canadian Dollars ("C$").

[12] The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2021 was 0.13%.

[13] The interest rate on these loans is subject to 6 month LIBOR, which as of September 30, 2021 was 0.16%.

[14] The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2020 was 0.26%.

[15] The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2020 was 0.14%.

[16] The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2020 was 0.24%.

[17] The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2021 was 0.08%.

[18] Principal balance includes reserve for letter of credit of $20,286 on which the borrower pays 5.75%.

[19] Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 7.50%.

[20] Principal balance includes reserve for letter of credit of $10,663 on which the borrower pays 6.00%.

[21] The interest rate on these loans is subject to the Prime Rate, which as of September 30, 2021 was 3.25%.

[22] The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2021 was 0.11%.

[23] Principal balance includes reserve for letter of credit of $4,152 on which the borrower pays 6.50%.

[24] The interest rate on these loans is subject to 2 month LIBOR, which as of December 31, 2020 was 0.19%.

[25] The interest rate on these loans is subject to the Prime Rate, which as of December 31, 2020 was 3.25%.

[26] Principal balance includes reserve for letter of credit of $32,340 on which the borrower pays 5.75%.

[27] Principal balance includes reserve for letter of credit of $2,834 on which the borrower pays 5.50%.

[28] Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 6.25%.

[29] Represents investments that the Company has determined are not "qualifying assets" under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of September 30, 2021, non-qualifying assets represented approximately 3.38% of the total assets of the Company.

[30] The interest rate on these loans is subject to 3 Month CDOR, which as of September 30, 2021 was 0.45%.

[31] Principal balance includes reserve for letter of credit of $13,826 on which the borrower pays 6.00%.

[32] Principal balance includes reserve for letter of credit of $5,159 on which the borrower pays 6.25%.

[33] Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.

[34] Principal balance includes reserve for letter of credit of $4,538 on which the borrower pays 6.00%.

[35] The interest rate on these loans is subject to 12 month LIBOR, which as of September 30, 2021 was 0.24%.

[36] Principal balance includes reserve for letter of credit of $4,978 on which the borrower pays 6.25%.

[37] The interest rate on these loans is subject to 12 month LIBOR, which as of December 31, 2020 was 0.34%.

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Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021		Dec. 31, 2020
Investments [Abstract]
Percentage of net assets	[1]	88.82%	[2]	89.86%	[3]
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Unrealized Appreciation / (Depreciation)		$ 8
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		USD 410
Currency Sold		CAD 505
Settlement		Jun. 27, 2022
Unrealized Appreciation / (Depreciation)		$ 12
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		USD 65
Currency Sold		CAD 80
Settlement		Jun. 27, 2022
Unrealized Appreciation / (Depreciation)		$ 2
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		USD 32
Currency Sold		CAD 41
Settlement		Oct. 22, 2021
Unrealized Appreciation / (Depreciation)		$ 0
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		USD 2,098
Currency Sold		CAD 2675
Settlement		Oct. 21, 2021
Unrealized Appreciation / (Depreciation)		$ (14)
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		CAD 823
Currency Sold		USD 646
Settlement		Oct. 21, 2021
Unrealized Appreciation / (Depreciation)		$ 4
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		CAD 520
Currency Sold		USD 405
Settlement		Oct. 21, 2021
Unrealized Appreciation / (Depreciation)		$ 5
Foreign Currency Forward Contracts [Member]
Foreign Currency Forward Contracts [Abstract]
Counterparty		Wells Fargo Bank, National Association
Currency Purchased		CAD 86
Currency Sold		USD 68
Settlement		Oct. 21, 2021
Unrealized Appreciation / (Depreciation)		$ (1)
Qualifying Assets [Member] | Minimum [Member]
Investments [Abstract]
Percentage of net assets		70.00%
Non-qualifying Assets [Member]
Investments [Abstract]
Percentage of net assets		3.38%
5.50% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		5.50%		5.50%
Principal/par amount		$ 2,834		$ 2,834
6.00% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		6.00%		6.00%
Principal/par amount		$ 13,826		$ 10,663
7.50% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		7.50%
Principal/par amount		$ 10,663
0.00% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		0.00%		0.00%
Principal/par amount		$ 141,677		$ 141,677
6.25% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		6.25%		6.25%
Principal/par amount		$ 4,978		$ 5,159
6.50% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		6.50%
Principal/par amount		$ 4,152
6.25% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		6.25%
Principal/par amount		$ 5,410
5.75% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate				5.75%
Principal/par amount				$ 20,286
6.00% Interest Rate [Member] | Letter of Credit [Member]
Investments [Abstract]
Interest rate		6.00%
Principal/par amount		$ 4,538
LIBOR [Member] | 0.08% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.08%
Variable rate		1 month
LIBOR [Member] | 0.11% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.11%
Variable rate		2 months
LIBOR [Member] | 0.13% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.13%
Variable rate		3 months
LIBOR [Member] | 0.16% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.16%
Variable rate		6 months
LIBOR [Member] | 0.24% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.24%		0.24%
Variable rate		12 months		3 months
LIBOR [Member] | 0.14% Interest Rate [Member]
Investments [Abstract]
Interest rate				0.14%
Variable rate				1 month
LIBOR [Member] | 0.19% Interest Rate [Member]
Investments [Abstract]
Interest rate				0.19%
Variable rate				2 months
LIBOR [Member] | 0.26% Interest Rate [Member]
Investments [Abstract]
Interest rate				0.26%
Variable rate				6 months
LIBOR [Member] | 0.34% Interest Rate [Member]
Investments [Abstract]
Interest rate				0.34%
Variable rate				12 months
CDOR [Member] | 0.45% Interest Rate [Member]
Investments [Abstract]
Interest rate		0.45%
Variable rate		3 months
Prime Rate [Member]
Investments [Abstract]
Interest rate		3.25%		3.25%

[1] Unless otherwise indicated, all investments are considered Level 3 investments.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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Organization

9 Months Ended

Sep. 30, 2021

Organization [Abstract]

Organization

Note 1.  Organization

AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016.  The Company has elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).  In addition, for tax purposes, the Company has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).  The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies.  The Company may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market.

AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company.  The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940.

Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company.  Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company.

The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company.  Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering.

The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations).  The Company made its first portfolio company investment in August 2019.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Significant Accounting Policies [Abstract]

Significant Accounting Policies

Note 2.  Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.  These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.  The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2021.

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp.  The Company consolidates subsidiaries that are controlled by the Company.  All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Cash

Cash is comprised of cash on deposit with major financial institutions.  The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis.  Realized gains and losses on investment transactions are determined using the specific identification method.  All costs associated with consummated investments are included in the cost of such investments.  Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations.

Interest income and interest expense are recognized on an accrual basis.  Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full.  For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received.  Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method.  Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations.  Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations.  The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans.  Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis.  These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements.  ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.  In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.  The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).  ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk.  Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors.  A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company.  The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.  The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised by the Company, the Company’s Board of Directors (the “Board”), and the Advisor in determining fair value is greatest for instruments categorized in Level 3.  In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:

• The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

• The Advisor’s management reviews the preliminary valuations with the investment professionals.  Agreed upon valuation recommendations are presented to the Board.

• The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties.

When determining the fair value of Level 3 investments, the Company may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available.  In such instances, the Company may use an internal pricing model as either a corroborating or sole data point in determining the price.  Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.  The Company generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained.  The third party firm(s) either independently determine prices or assess the reasonableness of the Company’s prices.  The analyses provided by such third party firm(s) are reviewed and considered by the Company.  As part of the risk management process, the Company reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Company believes does not reflect fair value.  In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.  Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred.  These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.  These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and nine months ended September 30, 2021, the Company amortized approximately $58,000 and $167,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company amortized approximately $40,000 and $94,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments.  Such fees are deferred when received and recognized as earned over the applicable period.  For the three and nine months ended September 30, 2021, the Company received approximately $47,000 and $118,000 of agent fees, respectively. During the three and nine months ended September 30, 2021, approximately $48,000 and $131,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company received approximately $46,000 and $70,000 of agent fees, respectively. During the three and nine months ended September 30, 2020, approximately $23,000 and $61,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act.  The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended.  As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends.  To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise

tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation.  Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal tax expense.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.  Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year.  All penalties and interest associated with income taxes are included in income tax expense.  Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.  There were no tax penalties, and no interest associated with income taxes was incurred through September 30, 2021.

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and nine months ended September 30, 2021, the Company earned approximately $46,000 and $170,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three and nine months ended September 30, 2020, the Company earned approximately $44,000 and $137,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

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Investments

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Investments

Note 3.  Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and amortized cost consisted of the following as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	105,693	$	105,645	$	76,415	$	75,805
Sponsor subordinated note		15		15		7		7
Investment in affiliated fund		4,444		5,736		3,201		3,721
Total investments	$	110,152	$	111,396	$	79,623	$	79,533

The industry composition of investments based on fair value as of September 30, 2021 and December 31, 2020 was as follows:

	September 30, 2021		December 31, 2020
Aerospace and defense	1.9	%	2.7	%
Chemicals	6.2	%	8.4	%
Commercial services and supplies	2.6	%	7.0	%
Construction and engineering	0.5	%	–
Containers and packaging	5.6	%	7.0	%
Distributors	0.5	%	1.5	%
Diversified consumer services	8.9	%	9.8	%
Electronic equipment, instruments and components	1.3	%	2.0	%
Food and staples retailing	1.3	%	0.9	%
Food products	1.3	%	1.3	%
Gas utilities	1.2	%	1.6	%
Health care equipment and supplies	2.8	%	0.8	%
Health care providers and services	23.8	%	24.0	%
Health care technology	1.6	%	1.6	%
Household durables	2.5	%	–
Internet and direct marketing retail	2.7	%	2.5	%
IT services	3.0	%	3.4	%
Leisure equipment and products	1.7	%	–
Life sciences tools and services	1.0	%	–
Machinery	1.6	%	1.1	%
Media	2.4	%	3.4	%
Metals and mining	2.1	%	2.6	%
Multisector holdings	5.2	%	4.7	%
Personal products	2.5	%	3.5	%
Pharmaceuticals	2.0	%	–
Real estate management and development	1.5	%	–
Software	3.0	%	2.9	%
Specialty retail	1.1	%	–
Textiles, apparel and luxury goods	1.5	%	2.0	%
Trading companies and distributors	5.9	%	5.3	%
Water utilities	0.8	%	–
Total	100.0	%	100.0	%

As of September 30, 2021, 98.8% of investments held were based in the United States and 1.2% were based in Canada. All investments held as of December 31, 2020 were based in the United States.

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Fair Value of Investments

9 Months Ended

Sep. 30, 2021

Fair Value of Investments [Abstract]

Fair Value of Investments

Note 4.  Fair Value of Investments

Fair Value Disclosures

The following tables present the fair value hierarchy of financial instruments as of September 30, 2021 and December 31, 2020:

	Assets at Fair Value as of September 30, 2021
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	–	$	–	$	105,645	$	105,645
Sponsor subordinated note		–		–		15		15
Foreign currency forward contracts		–		8		–		8
Total	$	–	$	8	$	105,660	$	105,668
Investments measured at net asset value(1)								5,736
Total financial instruments, at fair value							$	111,404

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2020
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	-	$	-	$	75,805	$	75,805
Sponsor subordinated note		-		-		7		7
Total	$	-	$	-	$	75,812	$	75,812
Investments measured at net asset value(1)								3,721
Total financial instruments, at fair value							$	79,533

(1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and nine months ended September 30, 2021 and 2020:

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2021*
(Amounts in thousands)	Balance 7/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	92,947	$	19,865	$	(7,449	)	$	162	$	35	$	85	$	105,645	$	85
Sponsor subordinated note		8		4		-			1		-		2		15		2
Total	$	92,955	$	19,869	$	(7,449	)	$	163	$	35	$	87	$	105,660	$	87

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2021*
(Amounts in thousands)	Balance 1/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	75,805	$	53,933	$	(25,252	)	$	475	$	122	$	562	$	105,645	$	562
Sponsor subordinated note		7		6		-			2		-		-		15		-
Total	$	75,812	$	53,939	$	(25,252	)	$	477	$	122	$	562	$	105,660	$	562

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2020*
(Amounts in thousands)	Balance 7/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	59,010	$	4,117	$	(1,716	)	$	65	$	1	$	489	$	61,966	$	489
Sponsor subordinated note		6		-		-			-		-		1		7		1
Total	$	59,016	$	4,117	$	(1,716	)	$	65	$	1	$	490	$	61,973	$	490

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2020*
(Amounts in thousands)	Balance 1/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)			Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	38,156	$	34,119	$	(9,550	)	$	200	$	5	$	(964	)	$	61,966	$	(964	)
Sponsor subordinated note		–		6		–			–		–		1			7		1
Total	$	38,156	$	34,125	$	(9,550	)	$	200	$	5	$	(963	)	$	61,973	$	(963	)

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Debt Not Carried at Fair Value

The fair value of the Company’s subscription facility, which would have been categorized as Level 3 within the fair value hierarchy as of September 30, 2021 and December 31, 2020, approximates its carrying value.

Significant Unobservable Inputs

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2021 and December 31, 2020.  The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	9/30/21		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	93,788	Discounted cash flow	Yield		6.5% - 11.8	%		8.0	%	Decrease
Sponsor subordinated note		10	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	93,798

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	12/31/2020		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	64,571	Discounted cash flow	Yield		6.3% - 11.4	%		8.0	%	Decrease
Sponsor subordinated note		7	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	64,578

The Company’s other Level 3 investments have been valued primarily using recent transactions.  The significant unobservable input used in the discounted cash flow is the yield.  The yield is used to discount the estimated future cash flows expected to be received from the underlying investment.  The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield.  The significant unobservable input used in the market comparable is the latest twelve month (“LTM”) EBITDA multiple.

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Subscription Facility

9 Months Ended

Sep. 30, 2021

Subscription Facility [Abstract]

Subscription Facility

Note 5.  Subscription Facility

In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations.  There were no outstanding borrowings as of September 30, 2021 and  December 31, 2020.

On August 14, 2019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”).  The Subscription Facility enables the Company to request loans from the Lender up to a maximum commitment of $15 million.  The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company.  The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility.

Borrowings under the Subscription Facility bear interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing is a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing is a Reference Rate Loan.  As of September 30, 2021 and December 31, 2020, there were no outstanding borrowings.  In addition, the Company pays an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender.  The maturity date of the Subscription Facility is August 12, 2022.

The Subscription Facility contains representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type.  As of September 30, 2021 and December 31, 2020, the Company is in compliance in all material respects with such covenants.

Debt obligations consisted of the following as of September 30, 2021:

	As of September 30, 2021
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	10,098	$	-
Total debt	$	15,000	$	-	$	10,098	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

Debt obligations consisted of the following as of December 31, 2020

	As of December 31, 2020
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	13,900	$	-
Total debt	$	15,000	$	-	$	13,900	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

For the three and nine months ended September 30, 2021 and 2020, the components of interest expense were as follows:

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	$	8		$	27		$	23		$	189
Amortization of deferred financing costs		58			40			167			94
Total interest expense	$	66		$	67		$	190		$	283
Average interest rate		1.77	%		2.08	%		2.46	%		2.88	%
Average daily borrowings	$	105		$	217		$	54		$	5,553

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Agreements and Related Party Transactions

9 Months Ended

Sep. 30, 2021

Agreements and Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 6.  Agreements and Related Party Transactions

Administration Agreement

On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others.

The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party.

Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2022 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors.  The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other.

No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director.  However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company).  Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings.

For the three and nine months ended September 30, 2021, the Administrator charged approximately $0.1 and $0.3 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration agreement.  For the three and nine months ended September 30, 2020, the Administrator had the option to charge approximately $0.1 million and $0.4 million, respectively, for certain costs and expenses allocable to the Company under the terms of the Administration Agreement, all of which were waived and borne by the Administrator for those periods.

Investment Management Agreement

On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor.  Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis.

Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2022 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Independent Directors.  The Investment Management Agreement will automatically terminate in the event of assignment.  The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor.

From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf.  Amounts payable to the Advisor are settled in the normal course of business without formal payment terms.

The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount.

As of September 30, 2021, the Company had approximately $0.7 million payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statement of assets and liabilities.  As of December 31, 2020, the Company had approximately $0.5 million payable to Angelo Gordon for operating costs, which is included in "Accrued expenses and other liabilities payable to affiliate" on the consolidated statement of assets and liabilities.

Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees.  The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders.

The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents.  For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears.  The base management fee is calculated based on the average value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter.  Base management fees for any partial month or quarter will be appropriately pro-rated.  For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase.  Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents.

For the three and nine months ended September 30, 2021, the Company accrued approximately $155,000 and $416,000, respectively, of base management fees payable to the Advisor.  For the three and nine months ended September 30, 2020, the Company accrued approximately $94,000 and $259,000 of base management fees payable to the advisor. As of September 30, 2021 and December 31, 2020, base management fees payable by the Company to the Advisor were approximately $155,000 and $105,000, respectively.

Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains.

The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.00% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.”

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”).

For the three and nine months ended September 30, 2021, the Company accrued approximately $214,000 and $568,000, respectively, of income incentive fees payable to the Advisor.  For the three and nine months ended September 30, 2020, the Company accrued approximately $38,000 and $114,000, respectively, of income incentive fees payable to the Advisor. As of September 30, 2021 and December 31, 2020, the Company had approximately $214,000 and $99,000, respectively, of income incentive fees payable to the Advisor.

Affiliated Transactions

The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC.  The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors.

Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment.  Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations.

Investment in Affiliated Fund

Fair value as of September 30, 2021 and 2020 and transactions during the three and nine months ended September 30, 2021 and 2020 of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Fund at Fair Value for the Three Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of July 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	5,131	$	398	$	(13	)	$	-	$	220	$	5,736	$	-
Total non-controlled/affiliated investments	$	5,131	$	398	$	(13	)	$	-	$	220	$	5,736	$	-

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of January 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	3,721	$	1,259	$	(16	)	$	-	$	772	$	5,736	$	-
Total non-controlled/affiliated investments	$	3,721	$	1,259	$	(16	)	$	-	$	772	$	5,736	$	-

	Investment in Afilliated Fund at Fair Value for the Three Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of July 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,957	$	25	$	(23	)	$	-	$	270	$	2,229	$	-
Total non-controlled/affiliated investments	$	1,957	$	25	$	(23	)	$	-	$	270	$	2,229	$	-

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of January 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,641	$	690	$	(82	)	$	-	$	(20	)	$	2,229	$	-
Total non-controlled/affiliated investments	$	1,641	$	690	$	(82	)	$	-	$	(20	)	$	2,229	$	-

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Derivatives

9 Months Ended

Sep. 30, 2021

Derivatives [Abstract]

Derivatives

Note 7.  Derivatives

The Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For the three and nine months ended September 30, 2021, the Company’s average USD notional exposure to foreign currency forward contracts was approximately $1,212,000 and $1,392,000, respectively.

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of September 30, 2021.

Counterparty	Gross Amount of Assets		Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	$	23	$	15	$	8	$	-	$	8

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

The effect of transactions in derivative instruments on the consolidated statements of operations during the three and nine months ended September 30, 2021 was as follows:

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net change in unrealized gain (loss) on foreign currency forward contracts	$	4	$	8
Realized (loss) on foreign currency forward contracts		12		(47	)

There were no derivative transactions entered in to or outstanding for the year ended December 31, 2020.

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 8.  Commitments and Contingencies

Commitments

The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements.

Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued.  Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations.

As of September 30, 2021 and December 31, 2020, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	199	$	199
Abrasive Technology Intermediate, LLC		173		-
Advanced Lighting Acquisition, LLC		324		162
AFC Industries, Inc.		250		-
Affinitiv, Inc.		248		248
Agility Intermediate, Inc.		534		-
ALM Media, LLC		873		971
Altamira Material Solutions, LP		32		-
AM Buyer, LLC		111		108
Anne Arundel Dermatology Management, LLC		354		780
Apex Dental Partners, LLC		236		600
Aptitude Health Holdings, LLC		240		-
Aquatic Sales Solutions, LLC		38		135
ASP Global Acquisition, LLC		534		534
Banner Buyer, LLC		813		1,343
BBG Intermediate Holdings, Inc.		165		686
Beacon Oral Specialists Management LLC		311		-
Behavior Frontiers, LLC		19		-
BRTS Holdings, LLC		-		341
Bio Agri Mix Holdings Inc.		89		-
Brightview, LLC		427		-
Canadian Orthodontic Partners Corp.		380		-
Community Care Partners, LLC		263		-
Copperweld Group, Inc.		228		400
Cosmetic Solutions, LLC		710		710
Data Source Intermediate Holdings, LLC		123		-
DealerOn Inc.		314		314
Diamondback Buyer, LLC		68		-
Domino Equipment Company, LLC		79		-
Edko Acquisition, LLC		38		-
EH Management Company, LLC		38		-
Empire Equipment Company, LLC		1,379		1,254
EMSAR Acquisition LLC		567		-
Engelman Baking Co., LLC		157		157
E-Phoenix Acquisition Co. Inc.		75		-
Formulated Buyer, LLC		488		-
G2O Technologies, LLC		207		207
Geriatric Medical and Surgical Supply, LLC	$	300	$	270
Groundworks Operations, LLC		867		739
Guardian Dentistry Practice Management, LLC		218		-
Hydromax USA, LLC		205		330
Icelandirect, LLC		33		-
Industrial Dynamics Company, Ltd.		141		141
Innovative FlexPak, LLC		408		627

ISSA, LLC		131		-
Jansy Packaging, LLC		706		676
Kalkomey Enterprises, LLC		77		77
Lakeshirts LLC		663		703
Legility, LLC		123		123
Leonard Group, Inc.		197		-
Library Associates, LLC		127		211
MacNeill Pride Group Corp.		218		-
Mad Rose Company, LLC		104		-
Mattco Forge, Inc.		506		506
Millennia Patient Services, LLC		401		-
Montway LLC		825		825
Motis Brands, Inc.		115		-
MRC Keeler Acquisition, LLC		300		300
Nimlok Company, LLC		320		11
NSG Buyer, Inc.		294		294
NutriScience Innovations, LLC		131		-
Peak Dental Services, LLC		337		636
Peak Investment Holdings, LLC		908		809
Perimeter Brands Intermediate Holdco LLC		-		210
PPW Acquisition, LLC		38		-
Reliable Medical Supply LLC		206		138
Revival Animal Health, LLC		131		-
Revolution Plastics Buyer, LLC		188		492
RQM Buyer, Inc.		219		-
RTP Acquisition, LLC		38		-
SAMGI Buyer, Inc.		138		138
SCA Buyer, LLC		459		-
SCP ENT and Allergy Services, LLC		1,287		1,287
SCP Eye Care Services, LLC		-		469
Shearer Supply, LLC		113		-
ShiftKey, LLC		94		-
Silver Falls MSO, LLC		117		178
SimiTree Acquisition LLC		1,065		-
Southeast Primary Care Partners, LLC		525		525
Southern Orthodontic Partners Management, LLC		281		-
Spear Education, LLC		888		474
Spectrum Solutions, LLC		267		-
Starwest Botanicals Acquisition, LLC		174		-
Storm Smart Buyer LLC		131		-
Teel Plastics, LLC	$	324	$	324
Trademark Global, LLC		110		-
Triad Technologies, LLC		314		282
United Land Services Opco Parent, LLC		1,022		-
Vanguard Packaging, LLC		356		535
Varsity DuvaSawko Operating Corp.		474		474
Vital Care Buyer, LLC		580		580
Total unfunded portfolio company commitments	$	29,278	$	22,533

(1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

As of September 30, 2021 and December 31, 2020, approximately $188,000 and $181,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments.

Investor Commitments

As of September 30, 2021 and December 31, 2020, the Company had $216.0 million in total capital commitments from investors ($91.8 million and $126.4 million, respectively, undrawn).  These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO.

Four investors in the Company have aggregate capital commitments representing 100% of the Company’s total capital commitments. Such concentration of investor commitments could have a material effect on the Company.

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings during the normal course of business.  As of September 30, 2021, management was not aware of any material pending or threatened litigation.

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Net Assets

9 Months Ended

Sep. 30, 2021

Net Assets [Abstract]

Net Assets

Note 9.  Net Assets

Subscriptions and Drawdowns

As of September 30, 2021, the Company had 6,199,809 shares issued and outstanding with a par value of $0.001 per share. The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors.

During the nine months ended September 30, 2021 and 2020, the Advisor delivered the following capital call notices to investors:

Nine Months Ended September 30, 2021
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
March 16, 2021	March 30, 2021		540,000	$	10.80
June 30, 2021	July 15, 2021		802,493		16.20
August 30, 2021	September 15, 2021		375,316		7.56
Total			1,717,809	$	34.56

Nine Months Ended September 30, 2020
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
February 28, 2020	March 13, 2020		810,000	$	16.20
June 11, 2020	June 25, 2020		432,000		8.64
Total			1,242,000	$	24.84

Dividends

The following table reflects dividend declared on shares of the Company’s common stock during the nine months ended September 30, 2021 and 2020:

For the Nine Months Ended September 30, 2021
Date Declared	Record Date	Payment Date	Dividend per Share
April 22, 2021	April 26, 2021	April 30, 2021	$	0.20
July 22, 2021	July 26, 2021	July 30, 2021	$	0.20

For the Nine Months Ended September 30, 2020
Date Declared	Record Date	Payment Date	Dividend per Share
July 16, 2020	July 27, 2020	July 31, 2020	$	0.20

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Earnings Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings Per Share

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
(Amounts in thousands, except share and per share amounts)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net increase (decrease) in net assets resulting from operations	$	1,518	$	1,351	$	4,520	$	328
Weighted average shares of common stock		5,754,844		3,402,000		5,092,922		2,907,131
outstanding - basic and diluted
Earnings (loss) per common share - basic and diluted	$	0.26	$	0.40	$	0.89	$	0.11

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Income Taxes

9 Months Ended

Sep. 30, 2021

Income Taxes [Abstract]

Income Taxes

Note 11. Income Taxes

Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. There were no permanent differences for the nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, permanent differences were approximately $73,000 and $409,000, respectively, consisting of nondeductible offering costs.

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Financial Highlights

9 Months Ended

Sep. 30, 2021

Financial Highlights [Abstract]

Financial Highlights

Note 12.  Financial Highlights

The following are financial highlights for a common share outstanding during the nine months ended September 30, 2021 and 2020:

	Nine Months			Nine Months
	Ended			Ended
	September 30,			September 30,
(Amounts in thousands, except share and per share amounts)	2021			2020
Per share data:
Net asset value, beginning of period	$	19.75		$	19.77
Net investment income (loss)(1)		0.61			0.45
Net realized and unrealized gain (loss) on investment transactions(1)		0.28			(0.34	)
Total from operations		0.89			0.11
Impact of issuance of common stock		(0.01	)		0.07
Dividends declared from earnings		(0.40	)		(0.20	)
Total increase (decrease) in net assets		0.48			(0.02	)
Net asset value, end of period	$	20.23		$	19.75
Shares outstanding, end of period		6,199,809			3,402,000
Total return(2)		4.4	%		0.9	%
Ratios / supplemental data
Ratio of gross expenses to average net assets(3)(4)(5)		2.6	%		4.8	%
Ratio of net expenses to average net assets(3)(4)(6)		2.6	%		4.1	%
Ratio of net investment income (loss) to average net assets(3)(4)		3.1	%		2.4	%
Net assets, end of period	$	125,412		$	67,189
Weighted average shares outstanding		5,092,922			2,907,131
Total capital commitments, end of period	$	216,000		$	216,000
Ratio of total contributed capital to total committed capital, end of period		57.5	%		31.5	%
Portfolio turnover rate(7)		26.5	%		18.5	%
Asset coverage ratio(8)		N/A			6,818.9	%

(1)	The per share data was derived using the weighted average shares outstanding during the period.
(2)	Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. The total return for the period from May 6, 2019 (inception) to December 31, 2019 is calculated using the denominator of the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019.
(3)	Not annualized.
(4)	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.
(5)	Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator
(6)	Ratio of netexpenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator
(7)	Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.
(8)	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period.

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Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Note 13.  Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements.  There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below.

On October 13, 2021, the Advisor issued a capital call notice to investors relating to the sale of 805,806 shares of the Company’s common stock for an aggregate offering price of $16.2 million. The sale closed on October 27, 2021.

On October 15, 2021, the Board declared a dividend of $0.20 per share on the Company’s common stock, which was paid on October 29, 2021 to stockholders of record at the close of business on October 18, 2021.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Significant Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).  The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies.  These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.  The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2021.

Principles of Consolidation

Principles of Consolidation

The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp.  The Company consolidates subsidiaries that are controlled by the Company.  All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.

Cash

Cash

Cash is comprised of cash on deposit with major financial institutions.  The Company places its cash with high credit quality institutions to minimize credit risk exposure.

Investment Related Transactions, Revenue Recognition and Expenses

Investment Related Transactions, Revenue Recognition and Expenses

Investment transactions and the related revenue and expenses are recorded on a trade-date basis.  Realized gains and losses on investment transactions are determined using the specific identification method.  All costs associated with consummated investments are included in the cost of such investments.  Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations.

Interest income and interest expense are recognized on an accrual basis.  Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full.  For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received.  Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method.  Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations.  Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations.  The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans.  Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis.  These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations.

Investments at Fair Value

Investments at Fair Value

The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements.  ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.  In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value.  The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).  ASC 820 establishes three levels of the fair value hierarchy as follows:

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk.  Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors.  A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company.  The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.  The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument.

The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction.  To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.  Accordingly, the degree of judgment exercised by the Company, the Company’s Board of Directors (the “Board”), and the Advisor in determining fair value is greatest for instruments categorized in Level 3.  In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following:

• The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team.

• The Advisor’s management reviews the preliminary valuations with the investment professionals.  Agreed upon valuation recommendations are presented to the Board.

• The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties.

When determining the fair value of Level 3 investments, the Company may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available.  In such instances, the Company may use an internal pricing model as either a corroborating or sole data point in determining the price.  Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty.  The Company generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained.  The third party firm(s) either independently determine prices or assess the reasonableness of the Company’s prices.  The analyses provided by such third party firm(s) are reviewed and considered by the Company.  As part of the risk management process, the Company reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Company believes does not reflect fair value.  In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing.

Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure.  Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.

Foreign Currency Translation and Forward Contracts

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Foreign Currency Forward Contracts

The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities by counterparty on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date.

The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations.

Organizational Costs

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred.  These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering Costs

Offering Costs

Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations.  These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility.  Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method.  For the three and nine months ended September 30, 2021, the Company amortized approximately $58,000 and $167,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company amortized approximately $40,000 and $94,000 of financing costs, respectively, which have been included in “Interest” expense on the consolidated statements of operations.

Deferred Income

Deferred Income

Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments.  Such fees are deferred when received and recognized as earned over the applicable period.  For the three and nine months ended September 30, 2021, the Company received approximately $47,000 and $118,000 of agent fees, respectively. During the three and nine months ended September 30, 2021, approximately $48,000 and $131,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three and nine months ended September 30, 2020, the Company received approximately $46,000 and $70,000 of agent fees, respectively. During the three and nine months ended September 30, 2020, approximately $23,000 and $61,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations.

Income Taxes

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act.  The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended.  As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends.  To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise

tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal excise tax.

The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation.  Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax.  For the nine months ended September 30, 2021 and 2020, the Company did not accrue any U.S. federal tax expense.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority.  Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year.  All penalties and interest associated with income taxes are included in income tax expense.  Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.  There were no tax penalties, and no interest associated with income taxes was incurred through September 30, 2021.

Loan Syndications and Participations

Loan Syndications and Participations

The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three and nine months ended September 30, 2021, the Company earned approximately $46,000 and $170,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three and nine months ended September 30, 2020, the Company earned approximately $44,000 and $137,000, respectively, of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations.

The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period.

Distributions

Distributions

Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.

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Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments [Abstract]

Investments at Fair Value and Amortized Cost

Investments at fair value and amortized cost consisted of the following as of September 30, 2021 and December 31, 2020:

	September 30, 2021				December 31, 2020
(Amounts in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
First lien senior secured debt	$	105,693	$	105,645	$	76,415	$	75,805
Sponsor subordinated note		15		15		7		7
Investment in affiliated fund		4,444		5,736		3,201		3,721
Total investments	$	110,152	$	111,396	$	79,623	$	79,533

Composition of Investments

The industry composition of investments based on fair value as of September 30, 2021 and December 31, 2020 was as follows:

	September 30, 2021		December 31, 2020
Aerospace and defense	1.9	%	2.7	%
Chemicals	6.2	%	8.4	%
Commercial services and supplies	2.6	%	7.0	%
Construction and engineering	0.5	%	–
Containers and packaging	5.6	%	7.0	%
Distributors	0.5	%	1.5	%
Diversified consumer services	8.9	%	9.8	%
Electronic equipment, instruments and components	1.3	%	2.0	%
Food and staples retailing	1.3	%	0.9	%
Food products	1.3	%	1.3	%
Gas utilities	1.2	%	1.6	%
Health care equipment and supplies	2.8	%	0.8	%
Health care providers and services	23.8	%	24.0	%
Health care technology	1.6	%	1.6	%
Household durables	2.5	%	–
Internet and direct marketing retail	2.7	%	2.5	%
IT services	3.0	%	3.4	%
Leisure equipment and products	1.7	%	–
Life sciences tools and services	1.0	%	–
Machinery	1.6	%	1.1	%
Media	2.4	%	3.4	%
Metals and mining	2.1	%	2.6	%
Multisector holdings	5.2	%	4.7	%
Personal products	2.5	%	3.5	%
Pharmaceuticals	2.0	%	–
Real estate management and development	1.5	%	–
Software	3.0	%	2.9	%
Specialty retail	1.1	%	–
Textiles, apparel and luxury goods	1.5	%	2.0	%
Trading companies and distributors	5.9	%	5.3	%
Water utilities	0.8	%	–
Total	100.0	%	100.0	%

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Fair Value of Investments (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value of Investments [Abstract]

Assets at Fair Value

The following tables present the fair value hierarchy of financial instruments as of September 30, 2021 and December 31, 2020:

	Assets at Fair Value as of September 30, 2021
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	–	$	–	$	105,645	$	105,645
Sponsor subordinated note		–		–		15		15
Foreign currency forward contracts		–		8		–		8
Total	$	–	$	8	$	105,660	$	105,668
Investments measured at net asset value(1)								5,736
Total financial instruments, at fair value							$	111,404

(1)Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

	Assets at Fair Value as of December 31, 2020
(Amounts in thousands)	Level 1		Level 2		Level 3		Total
First lien senior secured debt	$	-	$	-	$	75,805	$	75,805
Sponsor subordinated note		-		-		7		7
Total	$	-	$	-	$	75,812	$	75,812
Investments measured at net asset value(1)								3,721
Total financial instruments, at fair value							$	79,533

(1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Changes within Level 3

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three and nine months ended September 30, 2021 and 2020:

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2021*
(Amounts in thousands)	Balance 7/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	92,947	$	19,865	$	(7,449	)	$	162	$	35	$	85	$	105,645	$	85
Sponsor subordinated note		8		4		-			1		-		2		15		2
Total	$	92,955	$	19,869	$	(7,449	)	$	163	$	35	$	87	$	105,660	$	87

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2021*
(Amounts in thousands)	Balance 1/1/2021		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2021		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2021
First lien senior secured debt	$	75,805	$	53,933	$	(25,252	)	$	475	$	122	$	562	$	105,645	$	562
Sponsor subordinated note		7		6		-			2		-		-		15		-
Total	$	75,812	$	53,939	$	(25,252	)	$	477	$	122	$	562	$	105,660	$	562

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Three Months Ended September 30, 2020*
(Amounts in thousands)	Balance 7/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)		Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	59,010	$	4,117	$	(1,716	)	$	65	$	1	$	489	$	61,966	$	489
Sponsor subordinated note		6		-		-			-		-		1		7		1
Total	$	59,016	$	4,117	$	(1,716	)	$	65	$	1	$	490	$	61,973	$	490

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

	Level 3 Assets at Fair Value for the Nine Months Ended September 30, 2020*
(Amounts in thousands)	Balance 1/1/2020		Purchases and Drawdowns		Sales and Paydowns			Other**		Realized Gains/ (Losses)		Change in Unrealized Appreciation/(Depreciation)			Balance 9/30/2020		Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 9/30/2020
First lien senior secured debt	$	38,156	$	34,119	$	(9,550	)	$	200	$	5	$	(964	)	$	61,966	$	(964	)
Sponsor subordinated note		–		6		–			–		–		1			7		1
Total	$	38,156	$	34,125	$	(9,550	)	$	200	$	5	$	(963	)	$	61,973	$	(963	)

*   Gains and losses are included in their respective captions in the consolidated statement of operations.

** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Significant Unobservable Inputs Used in Fair Value Measurement

In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2021 and December 31, 2020.  The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	9/30/21		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	93,788	Discounted cash flow	Yield		6.5% - 11.8	%		8.0	%	Decrease
Sponsor subordinated note		10	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	93,798

	Fair Value										Impact to Valuation
	as of		Valuation	Significant				Weighted			from an Increase
Asset Class	12/31/2020		Techniques	Unobservable Inputs	Input Ranges			Average			in Input
	(Amounts in thousands)
First lien senior secured debt	$	64,571	Discounted cash flow	Yield		6.3% - 11.4	%		8.0	%	Decrease
Sponsor subordinated note		7	Market comparable	LTM EBITDA multiple		7.0	x				Increase
	$	64,578

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Subscription Facility (Tables)

9 Months Ended

Sep. 30, 2021

Subscription Facility [Abstract]

Debt Obligations

Debt obligations consisted of the following as of September 30, 2021:

	As of September 30, 2021
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	10,098	$	-
Total debt	$	15,000	$	-	$	10,098	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

Debt obligations consisted of the following as of December 31, 2020

	As of December 31, 2020
(Amounts in thousands)	Maximum Principal Amount Committed		Principal Amount Outstanding		Principal Amount Available(1)		Carrying Value
Subscription facility	$	15,000	$	-	$	13,900	$	-
Total debt	$	15,000	$	-	$	13,900	$	-

(1)  The amount available reflects any limitations related to the Subscription Facility’s borrowing base.

Components of Interest Expense

For the three and nine months ended September 30, 2021 and 2020, the components of interest expense were as follows:

	Three Months Ended			Three Months Ended			Nine Months Ended			Nine Months Ended
(Amounts in thousands)	September 30, 2021			September 30, 2020			September 30, 2021			September 30, 2020
Interest expense	$	8		$	27		$	23		$	189
Amortization of deferred financing costs		58			40			167			94
Total interest expense	$	66		$	67		$	190		$	283
Average interest rate		1.77	%		2.08	%		2.46	%		2.88	%
Average daily borrowings	$	105		$	217		$	54		$	5,553

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Agreements and Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2021

Agreements and Related Party Transactions [Abstract]

Investments in Affiliates

Fair value as of September 30, 2021 and 2020 and transactions during the three and nine months ended September 30, 2021 and 2020 of the Company’s investments in affiliates were as follows:

	Investment in Affiliated Fund at Fair Value for the Three Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of July 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	5,131	$	398	$	(13	)	$	-	$	220	$	5,736	$	-
Total non-controlled/affiliated investments	$	5,131	$	398	$	(13	)	$	-	$	220	$	5,736	$	-

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2021
(Amounts in thousands)	Fair Value as of January 1, 2021		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2021		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	3,721	$	1,259	$	(16	)	$	-	$	772	$	5,736	$	-
Total non-controlled/affiliated investments	$	3,721	$	1,259	$	(16	)	$	-	$	772	$	5,736	$	-

	Investment in Afilliated Fund at Fair Value for the Three Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of July 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,957	$	25	$	(23	)	$	-	$	270	$	2,229	$	-
Total non-controlled/affiliated investments	$	1,957	$	25	$	(23	)	$	-	$	270	$	2,229	$	-

	Investment in Affiliated Fund at Fair Value for the Nine Months Ended September 30, 2020
(Amounts in thousands)	Fair Value as of January 1, 2020		Gross Additions		Gross Reductions			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Fair Value as of September 30, 2020		Dividend, Interest, PIK and Other Income
Non-controlled/affiliated investments
Twin Brook Equity Holdings, LLC	$	1,641	$	690	$	(82	)	$	-	$	(20	)	$	2,229	$	-
Total non-controlled/affiliated investments	$	1,641	$	690	$	(82	)	$	-	$	(20	)	$	2,229	$	-

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Derivatives (Tables)

9 Months Ended

Sep. 30, 2021

Derivatives [Abstract]

Offset of Assets and Liabilities

The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of September 30, 2021.

Counterparty	Gross Amount of Assets		Gross Amount of Liabilities		Net Amount of Assets/(Liabilities)		Collateral Received/Pledged(1)		Net Amounts(2)
Wells Fargo Bank, National Association	$	23	$	15	$	8	$	-	$	8

(1) Amount excludes excess cash collateral paid.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

Effect of Transactions in Derivative Instruments

The effect of transactions in derivative instruments on the consolidated statements of operations during the three and nine months ended September 30, 2021 was as follows:

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Net change in unrealized gain (loss) on foreign currency forward contracts	$	4	$	8
Realized (loss) on foreign currency forward contracts		12		(47	)

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Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies [Abstract]

Outstanding Commitments to Fund Investments

As of September 30, 2021 and December 31, 2020, the Company had the following outstanding commitments to fund investments in current portfolio companies:

Portfolio Company	September 30, 2021		December 31, 2020
First lien senior secured debt(1)	(Amounts in thousands)		(Amounts in thousands)
50Floor, LLC	$	199	$	199
Abrasive Technology Intermediate, LLC		173		-
Advanced Lighting Acquisition, LLC		324		162
AFC Industries, Inc.		250		-
Affinitiv, Inc.		248		248
Agility Intermediate, Inc.		534		-
ALM Media, LLC		873		971
Altamira Material Solutions, LP		32		-
AM Buyer, LLC		111		108
Anne Arundel Dermatology Management, LLC		354		780
Apex Dental Partners, LLC		236		600
Aptitude Health Holdings, LLC		240		-
Aquatic Sales Solutions, LLC		38		135
ASP Global Acquisition, LLC		534		534
Banner Buyer, LLC		813		1,343
BBG Intermediate Holdings, Inc.		165		686
Beacon Oral Specialists Management LLC		311		-
Behavior Frontiers, LLC		19		-
BRTS Holdings, LLC		-		341
Bio Agri Mix Holdings Inc.		89		-
Brightview, LLC		427		-
Canadian Orthodontic Partners Corp.		380		-
Community Care Partners, LLC		263		-
Copperweld Group, Inc.		228		400
Cosmetic Solutions, LLC		710		710
Data Source Intermediate Holdings, LLC		123		-
DealerOn Inc.		314		314
Diamondback Buyer, LLC		68		-
Domino Equipment Company, LLC		79		-
Edko Acquisition, LLC		38		-
EH Management Company, LLC		38		-
Empire Equipment Company, LLC		1,379		1,254
EMSAR Acquisition LLC		567		-
Engelman Baking Co., LLC		157		157
E-Phoenix Acquisition Co. Inc.		75		-
Formulated Buyer, LLC		488		-
G2O Technologies, LLC		207		207
Geriatric Medical and Surgical Supply, LLC	$	300	$	270
Groundworks Operations, LLC		867		739
Guardian Dentistry Practice Management, LLC		218		-
Hydromax USA, LLC		205		330
Icelandirect, LLC		33		-
Industrial Dynamics Company, Ltd.		141		141
Innovative FlexPak, LLC		408		627

ISSA, LLC		131		-
Jansy Packaging, LLC		706		676
Kalkomey Enterprises, LLC		77		77
Lakeshirts LLC		663		703
Legility, LLC		123		123
Leonard Group, Inc.		197		-
Library Associates, LLC		127		211
MacNeill Pride Group Corp.		218		-
Mad Rose Company, LLC		104		-
Mattco Forge, Inc.		506		506
Millennia Patient Services, LLC		401		-
Montway LLC		825		825
Motis Brands, Inc.		115		-
MRC Keeler Acquisition, LLC		300		300
Nimlok Company, LLC		320		11
NSG Buyer, Inc.		294		294
NutriScience Innovations, LLC		131		-
Peak Dental Services, LLC		337		636
Peak Investment Holdings, LLC		908		809
Perimeter Brands Intermediate Holdco LLC		-		210
PPW Acquisition, LLC		38		-
Reliable Medical Supply LLC		206		138
Revival Animal Health, LLC		131		-
Revolution Plastics Buyer, LLC		188		492
RQM Buyer, Inc.		219		-
RTP Acquisition, LLC		38		-
SAMGI Buyer, Inc.		138		138
SCA Buyer, LLC		459		-
SCP ENT and Allergy Services, LLC		1,287		1,287
SCP Eye Care Services, LLC		-		469
Shearer Supply, LLC		113		-
ShiftKey, LLC		94		-
Silver Falls MSO, LLC		117		178
SimiTree Acquisition LLC		1,065		-
Southeast Primary Care Partners, LLC		525		525
Southern Orthodontic Partners Management, LLC		281		-
Spear Education, LLC		888		474
Spectrum Solutions, LLC		267		-
Starwest Botanicals Acquisition, LLC		174		-
Storm Smart Buyer LLC		131		-
Teel Plastics, LLC	$	324	$	324
Trademark Global, LLC		110		-
Triad Technologies, LLC		314		282
United Land Services Opco Parent, LLC		1,022		-
Vanguard Packaging, LLC		356		535
Varsity DuvaSawko Operating Corp.		474		474
Vital Care Buyer, LLC		580		580
Total unfunded portfolio company commitments	$	29,278	$	22,533

(1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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Net Assets (Tables)

9 Months Ended

Sep. 30, 2021

Net Assets [Abstract]

Capital Call Notices

During the nine months ended September 30, 2021 and 2020, the Advisor delivered the following capital call notices to investors:

Nine Months Ended September 30, 2021
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
March 16, 2021	March 30, 2021		540,000	$	10.80
June 30, 2021	July 15, 2021		802,493		16.20
August 30, 2021	September 15, 2021		375,316		7.56
Total			1,717,809	$	34.56

Nine Months Ended September 30, 2020
		Number of		Aggregate Offering
Common Share		Common Shares		Price
Capital Drawdown Notice Date	Issuance Date	Issued		($ in millions)
February 28, 2020	March 13, 2020		810,000	$	16.20
June 11, 2020	June 25, 2020		432,000		8.64
Total			1,242,000	$	24.84

Dividends

The following table reflects dividend declared on shares of the Company’s common stock during the nine months ended September 30, 2021 and 2020:

For the Nine Months Ended September 30, 2021
Date Declared	Record Date	Payment Date	Dividend per Share
April 22, 2021	April 26, 2021	April 30, 2021	$	0.20
July 22, 2021	July 26, 2021	July 30, 2021	$	0.20

For the Nine Months Ended September 30, 2020
Date Declared	Record Date	Payment Date	Dividend per Share
July 16, 2020	July 27, 2020	July 31, 2020	$	0.20

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings (Loss) per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2021 and 2020:

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
(Amounts in thousands, except share and per share amounts)	September 30, 2021		September 30, 2020		September 30, 2021		September 30, 2020
Net increase (decrease) in net assets resulting from operations	$	1,518	$	1,351	$	4,520	$	328
Weighted average shares of common stock		5,754,844		3,402,000		5,092,922		2,907,131
outstanding - basic and diluted
Earnings (loss) per common share - basic and diluted	$	0.26	$	0.40	$	0.89	$	0.11

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2021

Financial Highlights [Abstract]

Financial Highlights

The following are financial highlights for a common share outstanding during the nine months ended September 30, 2021 and 2020:

	Nine Months			Nine Months
	Ended			Ended
	September 30,			September 30,
(Amounts in thousands, except share and per share amounts)	2021			2020
Per share data:
Net asset value, beginning of period	$	19.75		$	19.77
Net investment income (loss)(1)		0.61			0.45
Net realized and unrealized gain (loss) on investment transactions(1)		0.28			(0.34	)
Total from operations		0.89			0.11
Impact of issuance of common stock		(0.01	)		0.07
Dividends declared from earnings		(0.40	)		(0.20	)
Total increase (decrease) in net assets		0.48			(0.02	)
Net asset value, end of period	$	20.23		$	19.75
Shares outstanding, end of period		6,199,809			3,402,000
Total return(2)		4.4	%		0.9	%
Ratios / supplemental data
Ratio of gross expenses to average net assets(3)(4)(5)		2.6	%		4.8	%
Ratio of net expenses to average net assets(3)(4)(6)		2.6	%		4.1	%
Ratio of net investment income (loss) to average net assets(3)(4)		3.1	%		2.4	%
Net assets, end of period	$	125,412		$	67,189
Weighted average shares outstanding		5,092,922			2,907,131
Total capital commitments, end of period	$	216,000		$	216,000
Ratio of total contributed capital to total committed capital, end of period		57.5	%		31.5	%
Portfolio turnover rate(7)		26.5	%		18.5	%
Asset coverage ratio(8)		N/A			6,818.9	%

(1)	The per share data was derived using the weighted average shares outstanding during the period.
(2)	Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. The total return for the period from May 6, 2019 (inception) to December 31, 2019 is calculated using the denominator of the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019.
(3)	Not annualized.
(4)	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.
(5)	Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator
(6)	Ratio of netexpenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator
(7)	Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.
(8)	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period.

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Organization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Initial Public Offering [Abstract]
Common stock value, for Qualified IPO	$ 23,760	$ 0	$ 34,560	$ 24,840
Capital commitments percentage, for Qualified IPO			57.50%	31.50%
IPO [Member]
Initial Public Offering [Abstract]
Obligation period to purchase additional shares for investors			5 years
Common stock value, for Qualified IPO			$ 60,000
Capital commitments percentage, for Qualified IPO			17.50%

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Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Deferred Financing Costs [Abstract]
Amortization of deferred financing costs	$ 58	$ 40	$ 167	$ 94
Deferred Income [Abstract]
Received agent fees	47	46	118	70
Agent fees earned	48	23	$ 131	61
Income Taxes [Abstract]
Percentage of U.S. federal excise tax			4.00%
Percentage of net ordinary income			98.00%
Percentage capital gain net income			98.20%
Federal excise tax, accrued	0	0	$ 0	0
Accrued Income taxes	0	0	0	0
Tax penalties and interest			0
Loan Syndications and Participations [Abstract]
Syndication and other origination fee income	$ 46	$ 44	$ 170	$ 137

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Investments (Details) - USD ($) $ in Thousands		Sep. 30, 2021		Dec. 31, 2020
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost		$ 110,152		$ 79,623
Fair value	[1]	$ 111,396	[2]	$ 79,533	[3]
Composition of Investments [Abstract]
Total		100.00%		100.00%
United States [Member]
Composition of Investments [Abstract]
Total		98.80%
Canada [Member]
Composition of Investments [Abstract]
Total		1.20%
First Lien Senior Secured Debt [Member]
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost		$ 105,693		$ 76,415
Fair value		105,645		75,805
Sponsor Subordinated Note [Member]
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost		15		7
Fair value		15		7
Investment in Affiliated Fund [Member]
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost		4,444		3,201
Fair value		$ 5,736		$ 3,721
Aerospace and Defense [Member]
Composition of Investments [Abstract]
Total		1.90%		2.70%
Chemicals [Member]
Composition of Investments [Abstract]
Total		6.20%		8.40%
Commercial Services and Supplies [Member]
Composition of Investments [Abstract]
Total		2.60%		7.00%
Construction and Engineering [Member]
Composition of Investments [Abstract]
Total		0.50%		0.00%
Containers and Packaging [Member]
Composition of Investments [Abstract]
Total		5.60%		7.00%
Distributors [Member]
Composition of Investments [Abstract]
Total		0.50%		1.50%
Diversified Consumer Services [Member]
Composition of Investments [Abstract]
Total		8.90%		9.80%
Electronic Equipment, Instruments and Components [Member]
Composition of Investments [Abstract]
Total		1.30%		2.00%
Food and Staples Retailing [Member]
Composition of Investments [Abstract]
Total		1.30%		0.90%
Food Products [Member]
Composition of Investments [Abstract]
Total		1.30%		1.30%
Gas Utilities [Member]
Composition of Investments [Abstract]
Total		1.20%		1.60%
Health Care Equipment and Supplies [Member]
Composition of Investments [Abstract]
Total		2.80%		0.80%
Health Care Providers and Services [Member]
Composition of Investments [Abstract]
Total		23.80%		24.00%
Health Care Technology [Member]
Composition of Investments [Abstract]
Total		1.60%		1.60%
Household Durables [Member]
Composition of Investments [Abstract]
Total		2.50%		0.00%
Internet and Direct Marketing Retail [Member]
Composition of Investments [Abstract]
Total		2.70%		2.50%
IT Services [Member]
Composition of Investments [Abstract]
Total		3.00%		3.40%
Leisure Equipment and Products [Member]
Composition of Investments [Abstract]
Total		1.70%		0.00%
Life Sciences Tools and Services [Member]
Composition of Investments [Abstract]
Total		1.00%		0.00%
Machinery [Member]
Composition of Investments [Abstract]
Total		1.60%		1.10%
Media [Member]
Composition of Investments [Abstract]
Total		2.40%		3.40%
Metals and Mining [Member]
Composition of Investments [Abstract]
Total		2.10%		2.60%
Multisector Holdings [Member]
Composition of Investments [Abstract]
Total		5.20%		4.70%
Personal Products [Member]
Composition of Investments [Abstract]
Total		2.50%		3.50%
Pharmaceuticals [Member]
Composition of Investments [Abstract]
Total		2.00%		0.00%
Real Estate Management and Development [Member]
Composition of Investments [Abstract]
Total		1.50%		0.00%
Software [Member]
Composition of Investments [Abstract]
Total		3.00%		2.90%
Specialty Retail [Member]
Composition of Investments [Abstract]
Total		1.10%		0.00%
Textiles, Apparel and Luxury Goods [Member]
Composition of Investments [Abstract]
Total		1.50%		2.00%
Trading Companies and Distributions [Member]
Composition of Investments [Abstract]
Total		5.90%		5.30%
Water Utilities [Member]
Composition of Investments [Abstract]
Total		0.80%		0.00%

[1] Unless otherwise indicated, all investments are considered Level 3 investments.

[2] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

[3] Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

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Fair Value of Investments, Fair Value Disclosures (Details) - USD ($) $ in Thousands		Sep. 30, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Investments		$ 105,668	$ 75,812
Investments measured at net asset value	[1]	5,736	3,721
Total investments, at fair value		111,404	79,533
Foreign Currency Forward Contracts [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		8
First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		105,645	75,805
Sponsor Subordinated Note [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		15	7
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0	0
Level 1 [Member] | Foreign Currency Forward Contracts [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0
Level 1 [Member] | First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0	0
Level 1 [Member] | Sponsor Subordinated Note [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0	0
Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		8	0
Level 2 [Member] | Foreign Currency Forward Contracts [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		8
Level 2 [Member] | First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0	0
Level 2 [Member] | Sponsor Subordinated Note [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0	0
Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		105,660	75,812
Level 3 [Member] | Foreign Currency Forward Contracts [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		0
Level 3 [Member] | First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		105,645	75,805
Level 3 [Member] | Sponsor Subordinated Note [Member]
Assets, Fair Value Disclosure [Abstract]
Investments		$ 15	$ 7

[1] Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

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Fair Value of Investments, Changes within Level 3 (Details) - Level 3 [Member] - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	[1]	$ 92,955	$ 59,016	$ 75,812	$ 38,156
Purchases and Drawdowns	[1]	19,869	4,117	53,939	34,125
Sales and Paydowns	[1]	(7,449)	(1,716)	(25,252)	(9,550)
Other	[1],[2]	163	65	477	200
Realized Gains/(Losses)	[1]	35	1	122	5
Change in Unrealized Appreciation/(Depreciation)	[1]	87	490	562	(963)
Balance	[1]	105,660	61,973	105,660	61,973
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held	[1]	87	490	562	(963)
First Lien Senior Secured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	[1]	92,947	59,010	75,805	38,156
Purchases and Drawdowns	[1]	19,865	4,117	53,933	34,119
Sales and Paydowns	[1]	(7,449)	(1,716)	(25,252)	(9,550)
Other	[1],[2]	162	65	475	200
Realized Gains/(Losses)	[1]	35	1	122	5
Change in Unrealized Appreciation/(Depreciation)	[1]	85	489	562	(964)
Balance	[1]	105,645	61,966	105,645	61,966
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held	[1]	85	489	562	(964)
Sponsor Subordinated Note [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	[1]	8	6	7	0
Purchases and Drawdowns	[1]	4	0	6	6
Sales and Paydowns	[1]	0	0	0	0
Other	[1],[2]	1	0	2	0
Realized Gains/(Losses)	[1]	0	0	0	0
Change in Unrealized Appreciation/(Depreciation)	[1]	2	1	0	1
Balance	[1]	15	7	15	7
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held	[1]	$ 2	$ 1	$ 0	$ 1

[1] Gains and losses are included in their respective captions in the consolidated statement of operations.

[2] Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

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Fair Value of Investments, Significant Unobservable Inputs Used in Fair Value Measurement (Details) - Level 3 [Member] $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Valuation Technique and Input, Description [Abstract]
Assets	$ 93,798	$ 64,578
First Lien Senior Secured Debt [Member] | Discounted Cash Flow [Member]
Valuation Technique and Input, Description [Abstract]
Assets	$ 93,788	$ 64,571
First Lien Senior Secured Debt [Member] | Discounted Cash Flow [Member] | Minimum [Member] | Yield [Member]
Valuation Technique and Input, Description [Abstract]
Yield	6.50%	6.30%
First Lien Senior Secured Debt [Member] | Discounted Cash Flow [Member] | Maximum [Member] | Yield [Member]
Valuation Technique and Input, Description [Abstract]
Yield	11.80%	11.40%
First Lien Senior Secured Debt [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | Yield [Member]
Valuation Technique and Input, Description [Abstract]
Yield	8.00%	8.00%
Sponsor Subordinated Note [Member] | Market Comparable [Member]
Valuation Technique and Input, Description [Abstract]
Assets	$ 10	$ 7
LTM EBITDA multiple	7.0	7.0

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Subscription Facility (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Line of Credit [Abstract]
Asset coverage ratio	[1]		6818.90%		6818.90%
Maximum principal amount committed		$ 15,000		$ 15,000		$ 15,000
Principal amount outstanding		0		0		0
Principal amount available	[2]	10,098		10,098		13,900
Carrying value		0		0		$ 0
Interest Expense [Abstract]
Interest expense		8	$ 27	23	$ 189
Amortization of deferred financing costs		58	40	167	94
Total interest expense		$ 66	$ 67	$ 190	$ 283
Average interest rate		1.77%	2.08%	2.46%	2.88%
Average daily borrowings		$ 105	$ 217	$ 54	$ 5,553
Prime Rate [Member]
Line of Credit [Abstract]
Interest rate				3.25%		3.25%
Subscription Facility [Member]
Line of Credit [Abstract]
Maximum principal amount committed		15,000		$ 15,000		$ 15,000
Principal amount outstanding		0		0		0
Principal amount available	[2]	10,098		10,098		13,900
Carrying value		$ 0		$ 0		$ 0
Unused commitment fee percentage				0.20%
Maturity date				Aug. 12, 2022
Subscription Facility [Member] | LIBOR [Member]
Line of Credit [Abstract]
Interest rate				1.50%
Subscription Facility [Member] | Prime Rate [Member]
Line of Credit [Abstract]
Interest rate				0.50%

[1] Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period.

[2] The amount available reflects any limitations related to the Subscription Facility's borrowing base.

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Agreements and Related Party Transactions, Administration Agreement, Investment Management Agreement and Affiliated Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Transactions with Related Party [Abstract]
Accrued management fees	$ 155	$ 94	$ 416	$ 259
Management fees payable	155		155		$ 105
Income incentive fees	214	38	568	114
Income incentive fees payable	214		214		99
Administration Agreement [Member]
Transactions with Related Party [Abstract]
Option to charge costs and expenses	100	100	300	300
Costs and expenses waived	100	100	$ 400	400
Administration Agreement [Member] | Minimum [Member]
Transactions with Related Party [Abstract]
Agreement termination period, without penalty			60 days
Administration Agreement [Member] | Maximum [Member]
Transactions with Related Party [Abstract]
Organizational, offering and other prepaid expenses payable	1,250		$ 1,250
Investment Management Agreement [Member]
Transactions with Related Party [Abstract]
Percentage of base management fee on gross assets			0.60%
Percentage of base management fee upon occurrence of qualified IPO			1.25%
Accrued management fees	155	94	$ 416	259
Management fees payable	155		$ 155		105
Percentage of excess pre-incentive fee net investment income for immediate preceding calendar quarter			100.00%
Percentage of preferred return per quarter			1.00%
Percentage of preferred return annualized			4.00%
Percentage of income incentive fee payable quarterly			16.75%
Percentage of capital gains incentive fee payable at the end of each fiscal year			16.75%
Income incentive fees	214	$ 38	$ 568	$ 114
Income incentive fees payable					99
Investment Management Agreement [Member] | Accrued Expenses and Other Liabilities Payable to Affiliate [Member]
Transactions with Related Party [Abstract]
Organizational, offering and other prepaid expenses payable	$ 700		$ 700		$ 500
Investment Management Agreement [Member] | Minimum [Member]
Transactions with Related Party [Abstract]
Agreement termination period, without penalty			60 days

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Agreements and Related Party Transactions, Investment in Affiliated Fund (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Non-controlled/affiliated investments [Roll Forward]
Fair Value	$ 5,131	$ 1,957	$ 3,721	$ 1,641
Gross Additions	398	25	1,259	690
Gross Reductions	(13)	(23)	(16)	(82)
Net Realized Gain (Loss)	0	0	0	0
Net Change in Unrealized Appreciation (Depreciation)	220	270	772	(20)
Fair Value	5,736	2,229	5,736	2,229
Dividend, Interest, PIK and Other Income	0	0	0	0
Twin Brook Equity Holdings, LLC [Member]
Non-controlled/affiliated investments [Roll Forward]
Fair Value	5,131	1,957	3,721	1,641
Gross Additions	398	25	1,259	690
Gross Reductions	(13)	(23)	(16)	(82)
Net Realized Gain (Loss)	0	0	0	0
Net Change in Unrealized Appreciation (Depreciation)	220	270	772	(20)
Fair Value	5,736	2,229	5,736	2,229
Dividend, Interest, PIK and Other Income	$ 0	$ 0	$ 0	$ 0

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Derivatives (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Derivatives [Abstract]
Average notional amount		$ 1,212		$ 1,392
Effect of Transactions in Derivative Instruments on the Consolidated Statements of Operations [Abstract]
Net change in unrealized gain (loss) on foreign currency forward contracts		4	$ 0	8	$ 0
Realized (loss) on foreign currency forward contracts		12	$ 0	(47)	$ 0
Outstanding amount						$ 0
Wells Fargo Bank, National Association [Member]
Offset of Derivative Assets and Liabilities [Abstract]
Gross Amount of Assets		23		23
Gross Amount of Liabilities		15		15
Net Amount of Assets/(Liabilities)		8		8
Collateral Received/Pledged	[1]	0		0
Net Amounts	[2]	$ 8		$ 8

[1] Amount excludes excess cash collateral paid.

[2] Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable.

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Commitments and Contingencies (Details) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021 USD ($) Investor	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Investor Commitments [Abstract]
Unfunded revolver commitments reserved for letters of credit		$ 188		$ 181
Total capital commitments		216,000	$ 216,000	216,000
Undrawn capital commitments		$ 91,800		126,400
Number of investors have 100% of companies total capital commitments | Investor		4
First Lien Senior Secured Debt [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	$ 29,278		22,533
First Lien Senior Secured Debt [Member] | 50Floor, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	199		199
First Lien Senior Secured Debt [Member] | Abrasive Technology Intermediate, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	173		0
First Lien Senior Secured Debt [Member] | Advanced Lighting Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	324		162
First Lien Senior Secured Debt [Member] | AFC Industries, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	250		0
First Lien Senior Secured Debt [Member] | Affinitiv, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	248		248
First Lien Senior Secured Debt [Member] | Agility Intermediate, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	534		0
First Lien Senior Secured Debt [Member] | ALM Media, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	873		971
First Lien Senior Secured Debt [Member] | Altamira Material Solutions, LP [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	32		0
First Lien Senior Secured Debt [Member] | AM Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	111		108
First Lien Senior Secured Debt [Member] | Anne Arundel Dermatology Management, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	354		780
First Lien Senior Secured Debt [Member] | Apex Dental Partners, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	236		600
First Lien Senior Secured Debt [Member] | Aptitude Health Holdings, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	240		0
First Lien Senior Secured Debt [Member] | Aquatic Sales Solutions, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	38		135
First Lien Senior Secured Debt [Member] | ASP Global Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	534		534
First Lien Senior Secured Debt [Member] | Banner Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	813		1,343
First Lien Senior Secured Debt [Member] | BBG Intermediate Holdings, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	165		686
First Lien Senior Secured Debt [Member] | Beacon Oral Specialists Management LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	311		0
First Lien Senior Secured Debt [Member] | Behavior Frontiers, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	19		0
First Lien Senior Secured Debt [Member] | BRTS Holdings, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	0		341
First Lien Senior Secured Debt [Member] | Bio Agri Mix Holdings Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	89		0
First Lien Senior Secured Debt [Member] | Brightview, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	427		0
First Lien Senior Secured Debt [Member] | Canadian Orthodontic Partners Corp. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	380		0
First Lien Senior Secured Debt [Member] | Community Care Partners, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	263		0
First Lien Senior Secured Debt [Member] | Copperweld Group, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	228		400
First Lien Senior Secured Debt [Member] | Cosmetic Solutions, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	710		710
First Lien Senior Secured Debt [Member] | Data Source Intermediate Holdings, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	123		0
First Lien Senior Secured Debt [Member] | DealerOn Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	314		314
First Lien Senior Secured Debt [Member] | Diamondback Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	68		0
First Lien Senior Secured Debt [Member] | Domino Equipment Company, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	79		0
First Lien Senior Secured Debt [Member] | Edko Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	38		0
First Lien Senior Secured Debt [Member] | EH Management Company, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	38		0
First Lien Senior Secured Debt [Member] | Empire Equipment Company, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	1,379		1,254
First Lien Senior Secured Debt [Member] | EMSAR Acquisition LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	567		0
First Lien Senior Secured Debt [Member] | Engelman Baking Co., LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	157		157
First Lien Senior Secured Debt [Member] | E Phoenix Acquisition Co. Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	75		0
First Lien Senior Secured Debt [Member] | Formulated Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	488		0
First Lien Senior Secured Debt [Member] | G2O Technologies, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	207		207
First Lien Senior Secured Debt [Member] | Geriatric Medical and Surgical Supply, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	300		270
First Lien Senior Secured Debt [Member] | Groundworks Operations, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	867		739
First Lien Senior Secured Debt [Member] | Guardian Dentistry Practice Management, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	218		0
First Lien Senior Secured Debt [Member] | Hydromax USA, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	205		330
First Lien Senior Secured Debt [Member] | Icelandirect, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	33		0
First Lien Senior Secured Debt [Member] | Industrial Dynamics Company, Ltd. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	141		141
First Lien Senior Secured Debt [Member] | Innovative FlexPak, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	408		627
First Lien Senior Secured Debt [Member] | ISSA, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	131		0
First Lien Senior Secured Debt [Member] | Jansy Packaging, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	706		676
First Lien Senior Secured Debt [Member] | Kalkomey Enterprises, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	77		77
First Lien Senior Secured Debt [Member] | Lakeshirts LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	663		703
First Lien Senior Secured Debt [Member] | Legility, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	123		123
First Lien Senior Secured Debt [Member] | Leonard Group, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	197		0
First Lien Senior Secured Debt [Member] | Library Associates, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	127		211
First Lien Senior Secured Debt [Member] | MacNeill Pride Group Corp. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	218		0
First Lien Senior Secured Debt [Member] | Mad Rose Company, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	104		0
First Lien Senior Secured Debt [Member] | Mattco Forge, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	506		506
First Lien Senior Secured Debt [Member] | Millennia Patient Services, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	401		0
First Lien Senior Secured Debt [Member] | Montway LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	825		825
First Lien Senior Secured Debt [Member] | Motis Brands, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	115		0
First Lien Senior Secured Debt [Member] | MRC Keeler Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	300		300
First Lien Senior Secured Debt [Member] | Nimlok Company, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	320		11
First Lien Senior Secured Debt [Member] | NSG Buyer, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	294		294
First Lien Senior Secured Debt [Member] | NutriScience Innovations, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	131		0
First Lien Senior Secured Debt [Member] | Peak Dental Services, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	337		636
First Lien Senior Secured Debt [Member] | Peak Investment Holdings, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	908		809
First Lien Senior Secured Debt [Member] | Perimeter Brands Intermediate Holdco LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	0		210
First Lien Senior Secured Debt [Member] | PPW Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	38		0
First Lien Senior Secured Debt [Member] | Reliable Medical Supply LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	206		138
First Lien Senior Secured Debt [Member] | Revival Animal Health, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	131		0
First Lien Senior Secured Debt [Member] | RQM Buyer, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	219		0
First Lien Senior Secured Debt [Member] | Revolution Plastics Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	188		492
First Lien Senior Secured Debt [Member] | RTP Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	38		0
First Lien Senior Secured Debt [Member] | SAMGI Buyer, Inc. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	138		138
First Lien Senior Secured Debt [Member] | SCA Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	459		0
First Lien Senior Secured Debt [Member] | SCP ENT and Allergy Services, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	1,287		1,287
First Lien Senior Secured Debt [Member] | SCP Eye Care Services, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	0		469
First Lien Senior Secured Debt [Member] | Shearer Supply, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	113		0
First Lien Senior Secured Debt [Member] | ShiftKey, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	94		0
First Lien Senior Secured Debt [Member] | Silver Falls MSO, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	117		178
First Lien Senior Secured Debt [Member] | SimiTree Acquisition LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	1,065		0
First Lien Senior Secured Debt [Member] | Southeast Primary Care Partners, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	525		525
First Lien Senior Secured Debt [Member] | Southern Orthodontic Partners Management, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	281		0
First Lien Senior Secured Debt [Member] | Spear Education, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	888		474
First Lien Senior Secured Debt [Member] | Spectrum Solutions, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	267		0
First Lien Senior Secured Debt [Member] | Starwest Botanicals Acquisition, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	174		0
First Lien Senior Secured Debt [Member] | Storm Smart Buyer LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	131		0
First Lien Senior Secured Debt [Member] | Teel Plastics, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	324		324
First Lien Senior Secured Debt [Member] | Trademark Global, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	110		0
First Lien Senior Secured Debt [Member] | Triad Technologies, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	314		282
First Lien Senior Secured Debt [Member] | United Land Services Opco Parent, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	1,022		0
First Lien Senior Secured Debt [Member] | Vanguard Packaging, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	356		535
First Lien Senior Secured Debt [Member] | Varsity DuvaSawko Operating Corp. [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	474		474
First Lien Senior Secured Debt [Member] | Vital Care Buyer, LLC [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments	[1]	$ 580		$ 580

[1] Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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Net Assets (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jul. 22, 2021	Apr. 22, 2021	Jul. 16, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Net Assets [Abstract]
Common stock, shares issued (in shares)				6,199,809		6,199,809		4,482,000
Common stock, shares outstanding (in shares)				6,199,809		6,199,809		4,482,000
Common stock, par value (in dollars per share)				$ 0.001		$ 0.001		$ 0.001
Capital Call Notices to Investors [Abstract]
Number of common shares issued (in shares)				1,177,809	0	1,717,809	1,242,000
Aggregate offering price				$ 23,760	$ 0	$ 34,560	$ 24,840
Dividends [Abstract]
Dividends declared date	Jul. 22, 2021	Apr. 22, 2021	Jul. 16, 2020
Dividends record date	Jul. 26, 2021	Apr. 26, 2021	Jul. 27, 2020
Dividends payable date	Jul. 30, 2021	Apr. 30, 2021	Jul. 31, 2020
Dividends declared per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.40		$ 0.40			$ 0.20
Private Placement [Member]
Capital Call Notices to Investors [Abstract]
Number of common shares issued (in shares)						1,717,809	1,242,000
Aggregate offering price						$ 34,560	$ 24,840
Private Placement [Member] | March 16, 2021 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date						Mar. 16, 2021
Common share issuance date						Mar. 30, 2021
Number of common shares issued (in shares)						540,000
Aggregate offering price						$ 10,800
Private Placement [Member] | June 30, 2021 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date						Jun. 30, 2021
Common share issuance date						Jul. 15, 2021
Number of common shares issued (in shares)						802,493
Aggregate offering price						$ 16,200
Private Placement [Member] | August 30, 2021 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date						Aug. 30, 2021
Common share issuance date						Sep. 15, 2021
Number of common shares issued (in shares)						375,316
Aggregate offering price						$ 7,560
Private Placement [Member] | February 28, 2020 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date							Feb. 28, 2020
Common share issuance date							Mar. 13, 2020
Number of common shares issued (in shares)							810,000
Aggregate offering price							$ 16,200
Private Placement [Member] | June 11, 2020 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date							Jun. 11, 2020
Common share issuance date							Jun. 25, 2020
Number of common shares issued (in shares)							432,000
Aggregate offering price							$ 8,640

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Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,518	$ 1,351	$ 4,520	$ 328
Weighted average shares of common stock outstanding - basic (in shares)	5,754,844	3,402,000	5,092,922	2,907,131
Weighted average shares of common stock outstanding - diluted (in shares)	5,754,844	3,402,000	5,092,922	2,907,131
Earnings (loss) per common share - basic (in dollars per share)	$ 0.26	$ 0.40	$ 0.89	$ 0.11
Earnings (loss) per common share - diluted (in dollars per share)	$ 0.26	$ 0.40	$ 0.89	$ 0.11

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Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes [Abstract]
Nondeductible offering costs	$ 0	$ 73	$ 0	$ 409

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Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jul. 22, 2021	Jun. 30, 2021	Apr. 22, 2021	Jul. 16, 2020	Jun. 30, 2020	Dec. 31, 2019
Per share data [Roll Forward]
Net asset value, beginning of period (in dollars per share)		$ 19.75	$ 19.77	$ 19.77
Net investment income (loss) (in dollars per share)	[1]	0.61	0.45
Net realized and unrealized gain (loss) on investment transactions (in dollars per share)	[1]	0.28	(0.34)
Total from operations (in dollars per share)		0.89	0.11
Impact of issuance of common stock (in dollars per share)		(0.01)	0.07
Dividends declared from earnings (in dollars per share)		(0.40)			$ (0.20)		$ (0.20)	$ (0.20)	$ (0.20)
Total increase (decrease) in net assets (in dollars per share)		0.48	(0.02)
Net asset value, end of period (in dollars per share)		$ 20.23	$ 19.75	$ 19.75
Shares outstanding, end of period (in shares)		6,199,809	3,402,000
Total return	[2]	4.40%	0.90%
Ratios / supplemental data [Abstract]
Ratio of gross expenses to average net assets	[3],[4],[5]	2.60%	4.80%
Ratio of net expenses to average net assets	[3],[4],[6]	2.60%	4.10%
Ratio of net investment income (loss) to average net assets	[3],[4]	3.10%	2.40%
Net assets, end of period		$ 125,412	$ 67,189	$ 88,501		$ 101,299			$ 66,518	$ 42,701
Weighted average shares outstanding (in shares)		5,092,922	2,907,131
Total capital commitments, end of period		$ 216,000	$ 216,000	$ 216,000
Ratio of total contributed capital to total committed capital, end of period		57.50%	31.50%
Portfolio turnover rate	[7]	26.50%	18.50%
Asset coverage ratio	[8]		6818.90%
Offering price (in dollars per share)										$ 20.00

[1] The per share data was derived using the weighted average shares outstanding during the period.

[2] Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. The total return for the period from May 6, 2019 (inception) to December 31, 2019 is calculated using the denominator of the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019.

[3] Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

[4] Not annualized.

[5] Ratio of gross expenses to average net assets is computed using expenses before waivers from the Adviser and Administrator

[6] Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Adviser and Administrator

[7] Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

[8] Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of September 30, 2021 as there was no debt outstanding at the end of the period.

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Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended		9 Months Ended
	Oct. 15, 2021	Oct. 13, 2021	Jul. 22, 2021	Apr. 22, 2021	Jul. 16, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020
Subsequent Event [Abstract]
Number of common shares issued (in shares)						1,177,809	0	1,717,809	1,242,000
Aggregate offering price						$ 23,760	$ 0	$ 34,560	$ 24,840
Dividends [Abstract]
Dividends declared date			Jul. 22, 2021	Apr. 22, 2021	Jul. 16, 2020
Dividends declared per share (in dollars per share)			$ 0.20	$ 0.20	$ 0.20	$ 0.40		$ 0.40		$ 0.20
Dividends payable date			Jul. 30, 2021	Apr. 30, 2021	Jul. 31, 2020
Dividends record date			Jul. 26, 2021	Apr. 26, 2021	Jul. 27, 2020
Subsequent Event [Member]
Dividends [Abstract]
Dividends declared date	Oct. 15, 2021
Dividends declared per share (in dollars per share)	$ 0.20
Dividends payable date	Oct. 29, 2021
Dividends record date	Oct. 18, 2021
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Abstract]
Number of common shares issued (in shares)		805,806
Aggregate offering price		$ 16,200