10-Q

ROC

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 March 31, 2024

OR

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

Commission File Number: 814-01642

First Eagle Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)

Delaware	87-6975595
( State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1345 Avenue of the Americas New York, NY	10105
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 698-3300

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

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 May 13, 2024, the registrant had 12,425,338 common shares of beneficial interest, $0.001 par value per share, outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statement of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023	3
	Consolidated Statements of Operations for the three months ended March 31, 2024 (Unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 (Unaudited)	5
	Consolidated Statement of Cash Flows for the three months ended March 31, 2024 (Unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2024 (Unaudited) and December 31, 2023	7
	Notes to Consolidated Financial Statements (Unaudited)	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44
PART II.	OTHER INFORMATION	45
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	47
Signatures		48

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include these words.

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In addition to factors previously identified in the Item 1A. Risk Factors section of our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 29, 2024, as well as the risk factors set forth in “Risk Factors” of our Pre-Effective Registration Statement on Form N-2 filed on April 24, 2024, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•changes in political, economic or industry conditions, the interest rate environment, inflationary concerns, financial and capital markets, and other external factors, including pandemic-related or other widespread health crises, inflation, supply chain disruptions, instability in the banking system, and the conflicts between Russia and Ukraine and Israel and Hamas, which could result in changes in the value of our assets;

•our business prospects and the prospects of the companies in which we may invest;

•the impact of increased competition and the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the decommissioning of the London InterBank Offered Rate and use of alternative reference rates, such as the Secured Overnight Financing Rate (“SOFR”);

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with First Eagle Holdings, Inc. and its subsidiaries and affiliated entities (collectively, “First Eagle”), the Adviser (as defined herein), the Subadviser (as defined herein), their affiliates, and their investment teams;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage;

•the timing, form, amount, or our ability to make distributions;

•the ability of the Adviser and the Subadviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser, the Subadviser or their affiliates to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations issued thereunder;

1

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;

•the effect of changes to tax legislation and our tax position;

•the tax status of the enterprises in which we may invest;

•an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;

•upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;

•interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;

•currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

•risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events or natural disasters, such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics;

•the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and

•the risks, uncertainties and other factors we identify in our most recent Annual Report on Form 10-K, as well as our Pre-Effective Registration Statement on Form N-2 filed with the SEC on March 29, 2024 and April 24, 2024, respectively, and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our most recent Annual Report on Form 10-K, as well as our Pre-Effective Registration Statement on Form N-2 filed with the SEC on March 29, 2024 and April 24, 2024, respectively. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this prospectus or any prospectus supplement or other information incorporated herein by reference, as applicable. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in this Quarterly Report, except as required by applicable law.

Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

2

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

First Eagle Private Credit Fund

Consolidated Statement of Assets and Liabilities (unaudited)

(in thousands, except share and per share amounts)

	March 31, 2024			December 31, 2023
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $198,264 and $70,684, respectively)	$	198,509		$	70,883
Cash and cash equivalents		142,113			183,395
Interest and dividends receivable		2,186			1,654
Deferred financing costs		2,744			2,897
Deferred offering costs		1,135			978
Prepaid expenses and other assets		131			71
Total assets	$	346,818		$	259,878
LIABILITIES
Credit facility		5,000			—
Payable for investments purchased		36,717			4,750
Distributions payable		1,491			—
Offering costs payable		579			275
Trustees' fees payable		7			—
Financing costs payable		—			1,313
Accrued professional fees		427			444
Accrued administration expense		439			547
Accrued expenses and other liabilities		870			881
Total liabilities	$	45,530		$	8,210
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 12,425,318  and 10,366,818 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)		12		$	10
Paid-in capital in excess of par value		302,108			252,307
Distributable earnings (accumulated losses)		(832	)		(649	)
Total net assets	$	301,288		$	251,668
Net asset value per share	$	24.25		$	24.28

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

3

First Eagle Private Credit Fund

Consolidated Statements of Operations (unaudited)

(in thousands, except share and per share amounts)

	For the Three Months Ended March 31, 2024
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	3,251
Dividend income		2,013
Other income		279
Total investment income		5,543
Expenses:
Interest expense		820
Administration expense		422
Base management fees		785
Amortization of continuous offering costs		198
Trustees’ fees		98
Professional fees		281
Other general and administrative expenses		172
Income-based incentive fee		198
Capital gains incentive fee		6
Total expenses		2,980
Management fees waiver		(785	)
Incentive fees waiver		(204	)
Net expenses		1,991
Net investment income (loss)		3,552
Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		—
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		46
Net change in unrealized appreciation (depreciation)		46
Net realized and unrealized gain (loss)		46
Net increase (decrease) in net assets resulting from operations	$	3,598
Per share information - basic and diluted:
Net investment income (loss) per share (basic and diluted)	$	0.32
Net increase (decrease) in net assets resulting from operations per share (basic and diluted)	$	0.33
Distributions declared per share	$	0.36
Weighted average shares outstanding (basic and diluted)		11,060,438

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

4

First Eagle Private Credit Fund

Consolidated Statements of Changes in Net Assets (unaudited)

(in thousands, except shares)

								Accumulated Earnings
	Common Shares				Paid-in-Capital in			(Loss), Net of			Total
	Shares		Par Value		Excess of Par Value			Distributions			Net Assets
Balance, December 31, 2023		10,366,818	$	10	$	252,307		$	(649	)	$	251,668
Operations:
Net investment income		—		—		—			3,552			3,552
Net realized gain (loss)		—		—		—			—			—
Net change in unrealized appreciation (depreciation)		—		—		—			46			46
Net increase (decrease) in net assets resulting from operations		—		—		—			3,598			3,598
Shareholder distributions:
Distributions to shareholders		—		—		—			(3,979	)		(3,979	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—			(3,979	)		(3,979	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions (1)		40		—		1			—			1
Issuance of shares		2,058,460		2		49,998			—			50,000
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles		—		—		(198	)		198			—
Net increase (decrease) in net assets resulting from capital share transactions		2,058,500		2		49,801			198			50,001
Net increase (decrease) for the period		2,058,500		2		49,801			(183	)		49,620
Balance, March 31, 2024		12,425,318	$	12	$	302,108		$	(832	)	$	301,288

(1)Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

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

5

First Eagle Private Credit Fund

Consolidated Statement of Cash Flows (unaudited)

(in thousands, except shares)

	For the Three Months Ended March 31, 2024
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	3,598
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net accretion of discount and amortization of premium		(159	)
Proceeds from sale of investments and principal repayments		212
Purchases of investments		(95,666	)
Net realized (gains) losses on investments		—
Net change in unrealized (appreciation) depreciation on investments		(46	)
Amortization of deferred financing costs		153
Amortization of continuous offering costs		198
Changes in operating assets and liabilities:
Interest and dividends receivable		(532	)
Prepaid expenses and other assets		(60	)
Trustees' fees payable		7
Accrued administration expense		(108	)
Accrued professional fees		(17	)
Accrued expenses and other liabilities		(11	)
Net cash provided by (used in) operating activities		(92,431	)
Cash flow from financing activities
Proceeds from issuance of shares		50,000
Borrowings under credit facility		5,000
Distributions paid		(2,488	)
Deferred financing costs paid		(1,313	)
Deferred offering costs paid		(50	)
Net cash provided by (used in) financing activities		51,149
Net decrease in cash and cash equivalents		(41,282	)
Cash and cash equivalents, beginning of period		183,395
Cash and cash equivalents, end of period	$	142,113
Supplemental disclosure of cash flow information and non-cash financing activities
Distributions payable	$	1,491
Accrued but unpaid offering costs	$	579

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

6

First Eagle Private Credit Fund

Consolidated Schedule of Investments (unaudited)

March 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Acquisition Date	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Chromalloy	(7)(11)	United States	S + 3.75%	0.00%	n/a	3/22/2024	3/21/2031		3,000	$	2,970		$	2,995			0.99	%
											2,970			2,995			0.99
Building Products
MI Windows and Doors, LLC	(7)(11)	United States	S + 3.50%	0.00%	n/a	3/21/2024	3/20/2031		4,000		3,980			4,024			1.34
											3,980			4,024			1.34
Chemicals
Project Cloud Holdings, LLC	(7)(8)	United States	P + 6.25%	0.00%	14.75%	3/27/2024	3/31/2029		10,576		10,306			10,364			3.44
Project Cloud Holdings, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 6.25%	0.00%	11.68%	3/27/2024	3/31/2029		712		712			684			0.23
											11,018			11,048			3.67
Commercial Services & Supplies
LRS Holdings LLC	(7)(8)(11)	United States	S + 4.25%	0.00%	n/a	3/1/2024	8/31/2028		1,995		1,995			1,995			0.66
Prime Security Services Borrower, LLC	(12)(13)	United States	S + 2.50%	0.00%	7.83%	10/11/2023	10/13/2030		1,995		1,975			1,999			0.66
Waste Resource Management Inc.	(8)(12)	United States	S + 5.75%	1.00%	11.08%	12/28/2023	12/28/2029		5,628		5,547			5,543			1.84
Waste Resource Management Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	n/a	12/28/2023	12/28/2029		—		(10	)		(31	)		(0.01	)
Waste Resource Management Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	11.08%	12/28/2023	12/28/2029		124		112			112			0.04
											9,619			9,618			3.19
Construction & Engineering
RL James, Inc.	(8)(12)	United States	S + 6.00%	1.00%	11.43%	12/15/2023	12/15/2028		2,296		2,255			2,253			0.75
RL James, Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.00%	1.00%	n/a	12/15/2023	12/15/2028		—		(38	)		(41	)		(0.01	)
RL James, Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 6.00%	1.00%	n/a	12/15/2023	12/15/2028		—		(19	)		(20	)		(0.01	)
											2,198			2,192			0.73
Containers & Packaging
Canister International Group Inc.	(7)(11)	United States	S + 4.00%	0.00%	n/a	3/13/2024	3/13/2029		5,000		4,975			5,014			1.66
											4,975			5,014			1.66
Diversified Consumer Services
AMCP Clean Acquisition Co LLC	(8)(12)	United States	S + 7.50%	0.50%	12.96%	2/27/2024	6/10/2028		6,944		6,842			6,910			2.29
LaserAway	(8)(12)	United States	S + 5.75%	0.75%	11.07%	9/22/2023	10/14/2027		1,518		1,501			1,518			0.50
Mammoth Holdings, LLC	(8)(12)	United States	S + 5.75%	1.00%	11.05%	11/15/2023	11/15/2030		3,627		3,558			3,555			1.18
Mammoth Holdings, LLC (Delayed Draw)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	n/a	11/22/2023	11/15/2030		—		(9	)		(18	)		(0.01	)
Mammoth Holdings, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	11.06%	11/22/2023	11/15/2029		227		219			218			0.07
											12,111			12,183			4.03
Entertainment
StubHub	(7)	United States	S + 4.75%	0.00%	10.08%	3/12/2024	3/12/2030		5,000		4,950			5,014			1.66
											4,950			5,014			1.66

7

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Acquisition Date	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Financial Services
Ahead DB Holdings, LLC	(7)	United States	S + 4.25%	0.75%	9.56%	1/24/2024	1/24/2031		3,000		2,971			3,014			1.00
Apella Capital LLC	(8)(12)	United States	P + 5.50%	1.00%	14.00%	3/1/2024	3/1/2029		1,270		1,247			1,246			0.41
Apella Capital LLC (Delayed Draw)	(7)(8)(9)(10)	United States	P + 5.50%	1.00%	n/a	3/1/2024	3/1/2029		—		(2	)		(5	)		—
Apella Capital LLC (Revolver)	(7)(8)(9)(10)	United States	P + 5.50%	1.00%	14.00%	3/1/2024	3/1/2029		200		195			195			0.06
Auxey Bidco Ltd.	(7)(11)(13)	Europe	S + 6.00%	0.00%	n/a	3/29/2024	6/29/2027		2,993		2,933			2,929			0.97
Evertec Group, LLC	(8)(12)(13)	United States	S + 3.50%	0.00%	8.83%	10/12/2023	10/30/2030		1,800		1,774			1,807			0.60
											9,118			9,186			3.04
Health Care Facilities
Greenway Health, LLC	(7)(8)	United States	S + 6.75%	0.00%	11.93%	12/20/2023	3/31/2029		9,758		9,481			9,465			3.14
											9,481			9,465			3.14
Health Care Providers & Services
Aspen Dental Management Inc.	(11)(12)	United States	S + 5.75%	0.00%	11.08%	12/21/2023	12/23/2027		4,988		4,752			4,998			1.66
Elevate HD Parent, Inc.	(8)(12)	United States	S + 6.00%	1.00%	11.43%	8/18/2023	8/20/2029		995		978			983			0.33
Elevate HD Parent, Inc. (Delayed Draw)	(7)(8)	United States	S + 6.00%	1.00%	11.43%	8/18/2023	8/20/2029		23		23			23			0.01
Elevate HD Parent, Inc. (Delayed Draw)	(7)(8)(10)	United States	S + 6.00%	1.00%	n/a	8/18/2023	8/20/2029		—		(3	)		(7	)		—
Elevate HD Parent, Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 6.00%	1.00%	n/a	8/18/2023	8/20/2029		—		(3	)		(3	)		—
First Steps Recovery Acquisition, LLC	(8)(12)	United States	S + 6.25%	0.00%	11.58%	3/29/2024	3/29/2030		4,824		4,752			4,752			1.58
First Steps Recovery Acquisition, LLC (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.25%	0.00%	11.58%	3/29/2024	3/29/2030		—		(6	)		(17	)		(0.01	)
First Steps Recovery Acquisition, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 6.25%	0.00%	11.58%	3/29/2024	3/29/2030		—		(17	)		(17	)		(0.01	)
Houseworks Holdings	(8)(12)	United States	S + 6.50%	1.00%	11.99%	9/1/2023	12/15/2028		701		683			680			0.23
Houseworks Holdings (Delayed Draw)	(7)(8)(10)	United States	S + 6.50%	1.00%	n/a	9/1/2023	12/15/2028		—		(10	)		(15	)		—
Houseworks Holdings (Revolver)	(7)(8)(9)(10)	United States	S + 6.50%	1.00%	11.98%	9/1/2023	12/15/2028		67		62			61			0.02
In Vitro Sciences, LLC	(8)(12)	United States	S + 6.00%	1.00%	11.44%	2/29/2024	2/28/2029		8,809		8,679			8,676			2.88
In Vitro Sciences, LLC (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.00%	1.00%	11.44%	2/29/2024	2/28/2029		2,250		2,239			2,216			0.74
In Vitro Sciences, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 6.00%	1.00%	n/a	2/29/2024	2/28/2029		—		(8	)		(9	)		—
Medrina, LLC	(8)(12)	United States	S + 6.25%	1.00%	11.74%	10/20/2023	10/20/2029		7,340		7,213			7,202			2.39
Medrina, LLC (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.25%	1.00%	n/a	10/20/2023	10/20/2029		—		(9	)		(29	)		(0.01	)
Medrina, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 6.25%	1.00%	n/a	10/20/2023	10/20/2029		—		(19	)		(21	)		(0.01	)
Physician Partners, LLC	(8)(12)	United States	S + 5.50%	0.00%	10.81%	10/11/2023	10/23/2028		1,995		1,903			1,796			0.60
RMBUS Holdco Inc.	(8)(12)	United States	S + 6.50%	1.00%	n/a	1/8/2024	1/8/2029		5,645		5,554			5,550			1.84
RMBUS Holdco Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.50%	1.00%	11.68%	1/8/2024	1/8/2029		—		(17	)		(35	)		(0.01	)
RMBUS Holdco Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 6.50%	1.00%	n/a	1/8/2024	1/8/2029		—		(17	)		(17	)		(0.01	)
Visante Acquisition, LLC	(8)(12)	United States	S + 5.75%	1.00%	11.06%	1/31/2024	1/31/2030		8,462		8,338			8,334			2.77
Visante Acquisition, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	11.06%	1/31/2024	1/31/2030		130		116			116			0.04
											45,183			45,217			15.03

8

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Acquisition Date	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Household Durables
Air Conditioning Specialist, Inc.	(8)(12)	United States	S + 7.25%	0.00%	12.84%	8/16/2023	11/9/2026		897		886			890			0.30
Air Conditioning Specialist, Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 7.25%	0.00%	n/a	12/15/2023	11/9/2026		—		—			—			—
Air Conditioning Specialist, Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 7.25%	0.00%	n/a	8/16/2023	11/9/2026		30		30			30			0.01
Dorel Industries Inc.	(8)(12)(13)	Canada	S + 8.30%	2.00%	13.64%	12/8/2023	12/8/2026		5,978		5,891			5,881			1.95
											6,807			6,801			2.26
Insurance
Community Based Care Acquisition, Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 5.50%	1.00%	n/a	3/19/2024	9/16/2027		—		(37	)		—			—
The Mutual Group, LLC	(8)(12)	United States	S + 5.75%	1.00%	11.06%	1/31/2024	1/31/2030		9,740		9,598			9,594			3.18
The Mutual Group, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 5.75%	1.00%	n/a	1/31/2024	1/31/2030		—		(19	)		(19	)		(0.01	)
Truist Insurance Holdings LLC	(7)(11)	United States	S + 3.25%	0.00%	n/a	3/22/2024	3/22/2031		3,000		2,992			2,999			1.00
											12,534			12,574			4.17
IT Services
Acumera, Inc.	(8)(12)	United States	S + 7.00%	1.00%	12.43%	9/29/2023	6/7/2028		963		950			963			0.32
Acumera, Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 7.00%	1.00%	n/a	9/29/2023	6/7/2028		—		(1	)		—			—
Asurion, LLC	(7)	United States	S + 4.00%	0.00%	9.43%	3/1/2024	8/19/2028		4,987		4,975			4,816			1.60
											5,924			5,779			1.92
Machinery
Vertical Midco	(7)(11)(13)	Europe	S + 3.50%	0.00%	n/a	3/11/2024	4/11/2030		3,990		3,980			4,008			1.33
											3,980			4,008			1.33
Media
Cengage Learning Acquisitions, Inc.	(7)(13)	United States	S + 4.25%	0.00%	9.58%	3/18/2024	3/15/2031		3,000		2,970			3,001			1.00
MH Sub I, LLC	(7)(11)	United States	S + 4.25%	0.00%	n/a	3/1/2024	5/3/2028		4,987		4,935			4,964			1.65
											7,905			7,965			2.65
Oil, Gas & Consumable Fuels
Essar Oil (UK) Limited	(7)(8)(13)	Europe	S + 6.25%	3.00%	11.71%	10/31/2023	10/29/2024		7,609		7,563			7,533			2.51
											7,563			7,533			2.51
Passenger Airlines
American Airlines, Inc.	(7)(13)	United States	S + 3.50%	0.00%	8.77%	11/17/2023	6/4/2029		3,000		2,972			3,013			1.00
United Airlines, Inc.	(12)(13)	United States	S + 2.75%	0.00%	8.08%	2/15/2024	2/15/2031		4,000		3,980			4,011			1.33
											6,952			7,024			2.33

9

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

March 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (4)	Acquisition Date	Maturity Date	Principal (5)		Amortized Cost (6)			Fair Value			Percentage of Net Assets
Pharmaceuticals
Alvogen Pharma US, Inc.	(7)	United States	S + 5.00%	1.00%	10.33%	1/9/2024	6/30/2025		5,138		4,939			4,637			1.54
											4,939			4,637			1.54
Professional Services
SR Landscaping, LLC	(8)(12)	United States	S + 6.25%	1.00%	11.68%	10/30/2023	10/30/2029		5,391		5,315			5,310			1.76
SR Landscaping, LLC (Delayed Draw)	(7)(8)(9)(10)	United States	S + 6.25%	1.00%	n/a	10/30/2023	10/30/2029		—		(8	)		(27	)		(0.01	)
SR Landscaping, LLC (Revolver)	(7)(8)(9)(10)	United States	S + 6.25%	1.00%	11.68%	10/30/2023	10/30/2029		89		77			76			0.03
Teneo Holdings LLC	(7)(11)	United States	S + 4.75%	1.00%	n/a	3/8/2024	3/8/2031		3,000		2,970			3,013			1.00
											8,354			8,372			2.78
Software
AppLovin Corp.	(7)	United States	S + 2.50%	0.50%	n/a	3/11/2024	8/16/2030		5,000		4,987			5,003			1.66
Enverus Holdings, Inc.	(7)(8)(12)	United States	S + 5.50%	0.75%	10.83%	12/28/2023	12/24/2029		3,848		3,793			3,858			1.28
Enverus Holdings, Inc. (Delayed Draw)	(7)(8)(9)(10)	United States	S + 5.50%	0.75%	n/a	12/28/2023	12/24/2029		—		(1	)		—			—
Enverus Holdings, Inc. (Revolver)	(7)(8)(9)(10)	United States	S + 5.50%	0.75%	n/a	12/28/2023	12/24/2029		—		(4	)		1			—
QuickBase Inc.	(7)	United States	S + 4.00%	0.00%	n/a	3/13/2024	10/2/2028		4,987		4,962			4,984			1.65
											13,737			13,846			4.59
Specialty Retail
Sweetwater Borrower LLC	(7)(8)	United States	S + 4.25%	0.75%	9.69%	2/29/2024	8/7/2028		2,250		2,234			2,258			0.75
											2,234			2,258			0.75
Textiles, Apparel, & Luxury Goods
Rachel Zoe, Inc.	(8)(12)	United States	S + 7.66%	3.00%	12.97%	10/11/2023	10/9/2026		466		460			458			0.15
TR Apparel, LLC	(8)(12)	United States	S + 8.00%	2.00%	13.33%	8/9/2023	6/20/2027		1,296		1,272			1,296			0.43
										$	1,732		$	1,754			0.58
Total First Lien Debt										$	198,264		$	198,507			65.89	%
Warrant
IT Services
Acumera, Inc.	(8)	United States							1		—			2			—
Total Investments - non-controlled/non-affiliated										$	198,264		$	198,509			65.89	%

(1)Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2024. For portfolio companies with multiple

10

interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2024. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

(5)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

(6)The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities.

(7)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

(8)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

(9)Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.

(10)Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

(11)This position has not yet settled as of March 31, 2024. The Company will not accrue interest until the settlement date at which point SOFR will be established.

(12)These debt investments were pledged as collateral under the Company's Credit Facility as of March 31, 2024 (refer to Note 6, “Borrowings”).

(13)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented approximately 11.4% of the total assets of the Company.

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

11

First Eagle Private Credit Fund

Consolidated Schedule of Investments

December 31, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (5)	Acquisition Date	Maturity Date	Principal (6)		Amortized Cost (7)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Commercial Services & Supplies
Prime Security Services Borrower, LLC	(4)	United States	S + 2.50%	0.00%	7.84%	10/11/2023	10/13/2030		2,000	$	1,979		$	2,008			0.80	%
Waste Resource Management Inc.	(4)(8)	United States	S + 5.75%	1.00%	11.11%	12/28/2023	12/28/2029		5,628		5,543			5,543			2.20
Waste Resource Management Inc. (Delayed Draw)	(8)(9)(11)	United States	S + 5.75%	1.00%	n/a	12/28/2023	12/28/2029		—		(10	)		(31	)		(0.01	)
Waste Resource Management Inc. (Revolver)	(8)(9)(11)	United States	S + 5.75%	1.00%	n/a	12/28/2023	12/28/2029		—		(12	)		(12	)		—
											7,500			7,508			2.99
Construction & Engineering
RL James, Inc.	(4)(8)	United States	S + 6.00%	0.00%	11.46%	12/15/2023	12/15/2028		2,301		2,259			2,258			0.90
RL James, Inc. (Delayed Draw)	(8)(9)(11)	United States	S + 6.00%	0.00%	n/a	12/15/2023	12/15/2028		—		(40	)		(41	)		(0.02	)
RL James, Inc. (Revolver)	(8)(9)(11)	United States	S + 6.00%	0.00%	n/a	12/15/2023	12/15/2028		—		(20	)		(20	)		(0.01	)
											2,199			2,197			0.87
Diversified Consumer Services
LaserAway	(4)(8)	United States	S + 5.75%	0.75%	11.41%	9/22/2023	10/14/2027		1,522		1,504			1,522			0.60
Mammoth Holdings, LLC	(4)(8)	United States	S + 5.75%	0.00%	11.10%	11/15/2023	11/15/2030		3,636		3,565			3,564			1.42
Mammoth Holdings, LLC (Delayed Draw)	(8)(9)(11)	United States	S + 5.75%	0.00%	n/a	11/22/2023	11/15/2030		—		(9	)		(18	)		(0.01	)
Mammoth Holdings, LLC (Revolver)	(8)(9)(11)	United States	S + 5.75%	0.00%	n/a	11/22/2023	11/15/2029		—		(9	)		(9	)		—
											5,051			5,059			2.01
Financial Services
Evertec Group, LLC	(4)(8)(10)	United States	S + 3.50%	0.75%	8.96%	10/12/2023	10/30/2030		1,800		1,774			1,807			0.72
											1,774			1,807			0.72
Health Care Facilities
Greenway Health, LLC	(8)	United States	S + 6.75%	0.00%	11.93%	12/20/2023	3/31/2029		9,758		9,467			9,465			3.76
											9,467			9,465			3.76

12

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (5)	Acquisition Date	Maturity Date	Principal (6)		Amortized Cost (7)			Fair Value			Percentage of Net Assets
Health Care Providers & Services
Aspen Dental Management Inc.	(4)(8)(13)	United States	S + 5.75%	0.00%	n/a	12/21/2023	12/23/2027		5,000		4,750			4,937			1.96
Elevate HD Parent, Inc.	(4)(8)	United States	S + 6.00%	0.00%	11.46%	8/18/2023	8/20/2029		998		980			979			0.39
Elevate HD Parent, Inc. (Delayed Draw)	(8)(9)(12)	United States	S + 6.00%	0.00%	11.46%	8/18/2023	8/20/2029		23		22			21			0.01
Elevate HD Parent, Inc. (Delayed Draw)	(8)(9)(12)	United States	S + 6.00%	0.00%	n/a	8/18/2023	8/20/2029		—		(3	)		(10	)		—
Elevate HD Parent, Inc. (Revolver)	(8)(9)(11)	United States	S + 6.00%	0.00%	n/a	8/18/2023	8/20/2029		—		(4	)		(4	)		—
Houseworks Holdings	(4)(8)	United States	S + 6.50%	0.00%	12.04%	9/1/2023	12/15/2028		703		683			682			0.27
Houseworks Holdings (Delayed Draw)	(8)(9)(12)	United States	S + 6.50%	0.00%	n/a	9/1/2023	12/15/2028		—		(11	)		(15	)		(0.01	)
Houseworks Holdings (Revolver)	(8)(9)(11)	United States	S + 6.50%	0.00%	n/a	9/1/2023	12/15/2028		—		(5	)		(5	)		—
Medrina, LLC	(4)(8)	United States	S + 6.25%	0.00%	11.74%	10/20/2023	10/20/2029		7,358		7,225			7,220			2.87
Medrina, LLC (Delayed Draw)	(8)(9)(11)	United States	S + 6.25%	0.00%	n/a	10/20/2023	10/20/2029		—		(9	)		(29	)		(0.01	)
Medrina, LLC (Revolver)	(8)(9)(11)	United States	S + 6.25%	0.00%	n/a	10/20/2023	10/20/2029		—		(20	)		(21	)		(0.01	)
Physician Partners, LLC	(4)(8)	United States	S + 5.50%	0.00%	10.88%	10/11/2023	12/23/2028		2,000		1,903			1,910			0.75
											15,511			15,665			6.22
Household Durables
Air Conditioning Specialist, Inc.	(4)(8)	United States	S + 7.25%	0.00%	12.90%	8/16/2023	11/9/2026		900		887			886			0.35
Air Conditioning Specialist, Inc. (Delayed Draw)	(8)(9)(11)	United States	S + 7.25%	0.00%	n/a	12/15/2023	11/9/2026		—		—			—			—
Air Conditioning Specialist, Inc. (Revolver)	(8)(9)(11)	United States	S + 7.25%	0.00%	12.91%	8/16/2023	11/9/2026		30		30			29			0.01
Dorel Industries Inc.	(4)(8)(10)	Canada	S + 8.30%	2.00%	13.68%	12/8/2023	12/8/2026		5,978		5,883			5,881			2.34
											6,800			6,796			2.70
IT Services
Acumera, Inc.	(4)(8)	United States	S + 7.50%	1.00%	12.48%	9/29/2023	6/7/2028		969		955			954			0.38
Acumera, Inc. (Revolver)	(8)(9)(11)	United States	S + 7.50%	1.00%	n/a	9/29/2023	6/7/2028		—		(1	)		(1	)		—
											954			953			0.38
Oil, Gas & Consumable Fuels
Essar Oil (UK) Limited	(8)(10)	Europe	S + 6.25%	3.00%	11.74%	10/31/2023	10/29/2024		7,609		7,544			7,533			2.99
											7,544			7,533			2.99
Passenger Airlines
American Airlines, Inc.	(9)(10)	United States	S + 3.50%	0.00%	8.87%	11/17/2023	6/4/2029		3,000		2,970			3,010			1.20
											2,970			3,010			1.20

13

First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2023

(in thousands, except shares)

Investments (1)(2)(3)(4)	Footnotes	Region	Reference Rate and Spread	Interest Rate Floor	Interest Rate (5)	Acquisition Date	Maturity Date	Principal (6)		Amortized Cost (7)			Fair Value			Percentage of Net Assets
Professional Services
SR Landscaping, LLC	(4)(8)	United States	S + 6.25%	1.00%	11.70%	10/30/2023	10/30/2029		5,404		5,325			5,323			2.11
SR Landscaping, LLC (Delayed Draw)	(8)(9)(11)	United States	S + 6.25%	1.00%	n/a	10/30/2023	10/30/2029		—		(9	)		(27	)		(0.01	)
SR Landscaping, LLC (Revolver)	(8)(9)(11)	United States	S + 6.25%	1.00%	11.70%	10/30/2023	10/30/2029		89		76			76			0.03
											5,392			5,372			2.13
Software
Enverus Holdings, Inc.	(4)(8)(9)	United States	S + 5.50%	0.75%	10.86%	12/28/2023	12/24/2029		3,848		3,791			3,790			1.50
Enverus Holdings, Inc. (Delayed Draw)	(8)(9)(11)	United States	S + 5.50%	0.75%	n/a	12/28/2023	12/24/2029		—		(1	)		(3	)		—
Enverus Holdings, Inc. (Revolver)	(8)(9)(11)	United States	S + 5.50%	0.75%	n/a	12/28/2023	12/24/2029		—		(4	)		(4	)		—
											3,786			3,783			1.50
Textiles, Apparel, & Luxury Goods
Rachel Zoe, Inc.	(4)(8)	United States	S + 7.66%	3.00%	13.01%	10/11/2023	10/9/2026		470		462			462			0.18
TR Apparel, LLC	(4)(8)	United States	S + 8.00%	2.00%	13.32%	8/9/2023	6/20/2027		1,300		1,274			1,271			0.51
										$	1,736		$	1,733			0.69
Total First Lien Debt										$	70,684		$	70,881			28.16	%
Warrant
IT Services
Acumera, Inc.	(8)	United States							1		—			2			0.01
Total Investments - non-controlled/non-affiliated										$	70,684		$	70,883			28.17	%

(1)Security may be an obligation of one or more entities affiliated with the named portfolio company.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

(3)All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)These debt investments were pledged as collateral under the Company’s Credit Facility as of December 31, 2023 (refer to Note 6, “Borrowings”).

(5)Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2023. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

(6)Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

(7)The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized PIK, for debt securities.

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(8)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

(9)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

(10)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, non-qualifying assets represented approximately 7.1% of the total assets of the Company.

(11)Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.

(12)Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

(13)This position has not yet settled as of December 31, 2023. The Company will not accrue interest until the settlement date at which point SOFR will be established.

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

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First Eagle Private Credit Fund

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Organization

First Eagle Private Credit Fund (together with its subsidiaries, the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company expects to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a RIC annually thereafter.

The Company is externally managed by First Eagle Investment Management, LLC (“FEIM” or the “Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser”, and together with the Adviser, the “Advisers”). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator (the “Administrator”).

The Company has two wholly owned subsidiaries - First Eagle Private Credit Fund SPV, LLC, which is a financing subsidiary of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company’s Credit Facility.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days’ prior notice to shareholders, upon the completion of the Fund's next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company is offering and selling its common shares of beneficial interest, par value $0.001 per share (the “Common Shares”) in a continuous private placement (the “Private Offering”) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) (the “Initial Closing”) of the Private Offering on June 12, 2023 and commenced operations following its first capital call on July 10, 2023 (“Commencement of Operations”). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $25.00 per share.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The

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current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024.

The Company commenced operations on July 10, 2023. As a result, comparative consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Consolidation

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Fair Value of Financial Instruments

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—“Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

The Company had $3,251 of interest income during the three months ended March 31, 2024.

PIK Income

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The Company may have investments in its portfolio which contain a contractual PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during the three months ended March 31, 2024.

Dividend Income

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company had $2,013 of dividend income during the three months ended March 31, 2024.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. The Company had $279 of other income during the three months ended March 31, 2024.

Non-Accrual

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount (“OID”) and market discount are no longer accreted to interest income as of the date the 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 management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no loans on non-accrual status.

Organization and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offering.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility.

Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6—“Borrowings” for additional information.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company

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maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement 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, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed income.

Distributions

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On March 29, 2023, the Company’s Board unanimously approved an investment advisory agreement (the “Advisory Agreement”) and a subadvisory agreement (the “Subadvisory Agreement”), each of which became effective on March 30, 2023. Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations.

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first business day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

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For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing.

For the three months ended March 31, 2024, the Company accrued $785 in base management fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below:

(i)Incentive Fee Based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns.

“Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

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These calculations are appropriately prorated for any period less than three months and adjusted for any share issuances or repurchases during the current quarter.

For the three months ended March 31, 2024, the Company accrued $198 in income-based incentive fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to income-based incentive fees.

(ii)Incentive Fee on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2024, the Company accrued $6 in capital gains incentive fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to capital gain incentive fees.

Fee Waiver

For the twelve months following the Commencement of Operations, the Advisers have agreed to waive all management fees (including incentive fees) and subadvisory fees payable to them under the Advisory Agreement and Subadvisory Agreement (the “Advisory Fee Waiver”). The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC.

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Administration Agreement

The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, the Administrator assists in determining and publishing the Company’s net asset value (“NAV”), oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement and the Subadvisory Agreement, including facilities, office equipment, technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations.

For the three months ended March 31, 2024, the Company incurred administrator expenses of $422. As of March 31, 2024 and December 31, 2023, $439 and $547, respectively, of administrator expenses were due to the Administrator, which were included in accrued administrator expenses on the Consolidated Statement of Assets and Liabilities.

Note 4. Investments

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024							December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien loan	$	198,264	$	198,507		100.00	%	$	70,684	$	70,881		100.00	%
Warrant		—		2		—			—		2		—
Total investments	$	198,264	$	198,509		100.00	%	$	70,684	$	70,883		100.00	%

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The following is a summary of the industry classifications in which the Company invests as of March 31, 2024 and December 31, 2023:

March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Aerospace & Defense	$	2,970	$	2,995		1.51	%		0.99	%
Building Products		3,980		4,024		2.03			1.34
Chemicals		11,018		11,048		5.57			3.67
Commercial Services & Supplies		9,619		9,618		4.84			3.19
Construction & Engineering		2,198		2,192		1.10			0.73
Containers & Packaging		4,975		5,014		2.53			1.66
Diversified Consumer Services		12,111		12,183		6.14			4.03
Entertainment		4,950		5,014		2.53			1.66
Financial Services		9,118		9,186		4.63			3.04
Health Care Facilities		9,481		9,465		4.77			3.14
Health Care Providers & Services		45,183		45,217		22.77			15.03
Household Durables		6,807		6,801		3.43			2.26
Insurance		12,534		12,574		6.33			4.17
IT Services		5,924		5,781		2.91			1.92
Machinery		3,980		4,008		2.02			1.33
Media		7,905		7,965		4.01			2.65
Oil, Gas & Consumable Fuels		7,563		7,533		3.79			2.51
Passenger Airlines		6,952		7,024		3.54			2.33
Pharmaceuticals		4,939		4,637		2.34			1.54
Professional Services		8,354		8,372		4.22			2.78
Software		13,737		13,846		6.97			4.59
Specialty Retail		2,234		2,258		1.14			0.75
Textiles, Apparel, & Luxury Goods		1,732		1,754		0.88			0.58
	$	198,264	$	198,509		100.00	%		65.89	%

December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Commercial Services & Supplies	$	7,500	$	7,508		10.59	%		2.99	%
Construction & Engineering		2,199		2,197		3.10			0.87
Diversified Consumer Services		5,051		5,059		7.14			2.01
Financial Services		1,774		1,807		2.55			0.72
Health Care Facilities		9,467		9,465		13.35			3.76
Health Care Providers & Services		15,511		15,665		22.10			6.22
Household Durables		6,800		6,796		9.59			2.70
IT Services		954		955		1.35			0.39
Oil, Gas & Consumable Fuels		7,544		7,533		10.63			2.99
Passenger Airlines		2,970		3,010		4.25			1.20
Professional Services		5,392		5,372		7.58			2.13
Software		3,786		3,783		5.34			1.50
Textiles, Apparel, & Luxury Goods		1,736		1,733		2.43			0.69
Total	$	70,684	$	70,883		100.00	%		28.17	%

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The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	177,897	$	178,158		89.75	%		59.13	%
Canada		5,891		5,881		2.96			1.95
Europe		14,476		14,470		7.29			4.81
Total	$	198,264	$	198,509		100.00	%		65.89	%

	December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	57,257	$	57,469		81.07	%		22.84	%
Canada		5,883		5,881		8.30			2.34
Europe		7,544		7,533		10.63			2.99
Total	$	70,684	$	70,883		100.00	%		28.17	%

As of March 31, 2024 and December 31, 2023, there were no loans on non-accrual status.

As of March 31, 2024 and December 31, 2023, on a fair value basis, 100% of the Company’s performing debt investments bore interest at a floating rate.

Note 5. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability 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 management.

Pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), the Board has designated FEIM as the Company's valuation designee, as the term is defined in Rule 2a-5 (the “Valuation Designee”). FEIM, as the Valuation Designee, performs fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board’s Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the

24

value of the Company’s total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

1.the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

2.the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

3.the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

4.FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

5.on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

When we determine our net asset value (“NAV”) as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM’s valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company’s portfolio in good faith based on the input of any applicable respective independent valuation firms.

The types of factors that the Valuation Designee may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA.

For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral).

For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market

25

trading and/or transaction multiples, the portfolio company’s relative financial performance relative to public and private peer companies and leverage levels.

In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date.

As of March 31, 2024, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Fair Value Disclosures

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	74,436		$	124,071		$	198,507
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	74,436		$	124,073		$	198,509
Percentage of Total		0.00	%		37.50	%		62.50	%		100.00	%

	December 31, 2023
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	5,018		$	65,863		$	70,881
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	5,018		$	65,865		$	70,883
Percentage of Total		0.00	%		7.08	%		92.92	%		100.00	%

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
	First Lien Debt			Warrant		Total Investments
Fair value, beginning of period	$	65,862		$	2	$	65,864
Purchase of investments (including PIK)		63,082			—		63,082
Proceeds from principal repayments and sales of investments		(76	)		—		(76	)
Amortization of premium/accretion of discount, net		105			—		105
Net realized gain (loss) on investments		—			—		—
Net change in unrealized appreciation (depreciation) on investments		36			—		36
Transfers out of Level 3		(4,938	)		—		(4,938	)
Fair value, end of period	$	124,071		$	2	$	124,073
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	$	36		$	—	$	36

26

Investments were transferred out of Level 3 during the period ended March 31, 2024 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee.

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2024 and December 31, 2023. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low			High			Weighted Average (1)
First lien debt (2)	$	90,279	Discounted cash flows (income approach)	Comparative Yield		9.20	%		14.09	%		10.96	%
		15,168	Recoverability	Collateral Value	$19.6mm			$352.6mm			$197.7mm
		105,447
Warrant		2	Market comparable companies (market approach)	EBITDA Multiple		35.00	%		45.00	%		40.00	%
				Conversion Term (years)	3.0 yrs			4.0 yrs			3.5 yrs
Total	$	105,449

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $18,624 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

December 31, 2023

Range

Fair Value

Valuation Technique

Unobservable Input

Low

High

Weighted Average (1)

First lien debt (2)

$

46,999

Discounted cash flows (income approach)

Comparative Yield

9.38

%

14.90

%

11.27

%

15,146

Recoverability

Collateral Value

$19.6mm

$345.7mm

$196.1mm

62,145

Warrant

2

Market comparable companies (market approach)

EBITDA Multiple

14.4x

14.9x

14.7x

Total

$

62,147

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

The significant unobservable input used in the fair value measurement of the Company’s debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Company’s investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

Other Financial Assets and Liabilities

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As of March 31, 2024, the carrying amounts of the Company’s other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments. As of March 31, 2024, the carrying amount of the Company’s outstanding Credit Facility approximates fair value. The fair value of the Credit Facility is estimated based upon market interest rates and entities with similar credit risk.

As of March 31, 2024, within the fair value hierarchy, the Company’s cash equivalents would be categorized as Level 1 and the Company's outstanding Credit Facility would be categorized as Level 3.

Note 6. Borrowings

In connection with the Company’s organization, the Board and the Company’s initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024, the Company’s asset coverage ratio was 6125.8%.

SPV Financing Facility

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “SPV”), a wholly-owned financing subsidiary of the Company, entered into a $350,000 senior secured revolving credit facility (the “Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility.

The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement of 65% of the facility amount following a nine-month ramp-up period through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority security interest in substantially all of the assets of the SPV, including its portfolio of investments, and the Company’s equity interest in the SPV. As of March 31, 2024, the Company held 25 investments with a total fair market value of $96,205 in the SPV as collateral for the Credit Facility. As of March 31, 2024, the Company had $5,000 in borrowings outstanding under the Credit Facility. As of December 31, 2023, the Company held 17 investments with a total fair market value of $50,997 in the SPV as collateral for the Credit Facility. As of December 31, 2023, the Company had no outstanding borrowings under the Credit Facility.

The Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month term SOFR plus spread. The initial spread is 3.05% per annum for term SOFR advances during the revolving period and 3.55% per annum during the amortization period. Additionally, the SPV pays a fee of 0.15% per annum on the notional loan amount of $350,000 and an unused fee of 0.60% per annum on any unused portion of the Credit Facility.

Components of Interest Expense

The components of the Company’s interest expense were as follows:

	For the Three Months Ended March 31, 2024
Borrowing interest expense	$	3
Borrowing administration fees		133
Facility unused fees		531
Amortization of financing costs		153
Total interest expense	$	820
Average Debt Outstanding (1)		5,000
Average Stated Interest Rate (1)		8.35	%

(1)Average taken from date of initial borrowing on March 29, 2024.

Note 7. Commitments and Contingencies

Unfunded Commitments

Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These

28

commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.

As of March 31, 2024 and December 31, 2023, the Company has the following unfunded commitments to portfolio companies:

March 31, 2024
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Apella Capital LLC	Delayed Draw	3/1/2026	$	250	$	(5	)
Community Based Care Acquisition, Inc.	Delayed Draw	3/19/2026	$	3,750	$	—
RMBUS Holdco Inc.	Delayed Draw	1/8/2026	$	2,070	$	(35	)
First Steps Recovery Acquisition, LLC	Delayed Draw	9/29/2025	$	1,149	$	(17	)
In Vitro Sciences, LLC	Delayed Draw	7/31/2024	$	23	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(7	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	—
Housework Holdings	Delayed Draw	3/1/2025	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	10/24/2027	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2029	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2028	$	62	$	—
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	—
Apella Capital LLC	Revolver	3/1/2029	$	50	$	(1	)
RMBUS Holdco Inc.	Revolver	1/8/2029	$	1,035	$	(17	)
First Steps Recovery Acquisition, LLC	Revolver	3/29/2030	$	1,149	$	(17	)
Housework Holdings	Revolver	12/15/2028	$	111	$	(3	)
In Vitro Sciences, LLC	Revolver	2/28/2029	$	568	$	(9	)
Project Cloud Holdings, LLC	Revolver	3/31/2029	$	712	$	(14	)
The Mutual Group, LLC	Revolver	1/31/2030	$	1,299	$	(19	)
Visante Acquisition, LLC	Revolver	1/31/2030	$	846	$	(13	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(3	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	1
Mammoth Holdings, LLC	Revolver	11/15/2029	$	227	$	(5	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	703	$	(11	)
Total Unfunded Commitments			$	27,277	$	(389	)

December 31, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2024	$	110	$	(2	)
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(10	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	(3	)
Housework Holdings	Delayed Draw	12/15/2028	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	4/30/2025	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2025	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2025	$	62	$	(1	)
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	(1	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(4	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	(4	)
Housework Holdings	Revolver	12/15/2028	$	178	$	(5	)
Mammoth Holdings, LLC	Revolver	11/15/2029	$	455	$	(9	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	828	$	(12	)
Total Unfunded Commitments			$	14,906	$	(265	)

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Legal Proceedings

From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

Note 8. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares.

The following table summarizes the issuance of shares during the three months ended March 31, 2024:

Share Issuance Date	Number of Common Shares Issued		Aggregate Offering Proceeds
March 1, 2024		2,058,460	$	50,000
Total		2,058,460	$	50,000

During the three months ended March 31, 2024, the Company also issued 40 shares for an aggregate value of $1 under the DRIP (as defined below).

The sales of Common Shares were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase Common Shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten calendar days prior notice to the funding date.

As of March 31, 2024, the Company has received capital commitments totaling $302,700, which was fully called as of March 31, 2024.

Distributions

The following table presents distributions that were declared and payable during the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 5, 2024	February 6, 2024	February 27, 2024	$	0.12	$	1,244
February 29, 2024	February 29, 2024	March 26, 2024	$	0.12	$	1,244
March 28, 2024	March 28, 2024	April 26, 2024	$	0.12	$	1,491
					$	3,979

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months-ended March 31, 2024:

	March 31, 2024
Ordinary income (including net short-term capital gains)	$	3,979
Capital gains		—
Return of capital		—
Total taxable distributions	$	3,979

Distribution Reinvestment

The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan. Common Shares issued under the dividend reinvestment plan will not reduce outstanding Capital Commitments.

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Share Repurchase Program

Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the last calendar day of the applicable quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person.

31

Note 9. Financial Highlights and Senior Securities

The following is a schedule of financial highlights for the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
Per Share Data:
Net assets, beginning of period	$	24.28
Net investment income (loss) (1)		0.32
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0.01
Net increase (decrease) in net assets resulting from operations (1)		0.33
Distributions declared from net investment income		(0.36	)
Issuance of shares		—
Other (2)		—
Total increase (decrease) in net assets		(0.03	)
Net assets, end of period	$	24.25
Shares outstanding, end of period		12,425,318
Total return based on NAV (3)		(0.12	)%
Ratios:
Net expenses to average net assets (4)		3.97	%
Net investment income to average net assets (4)		3.79	%
Portfolio turnover rate (5)		0.16	%
Supplemental Data:
Net assets, end of period	$	301,288
Total capital commitments, end of period	$	302,700
Ratios of total contributed capital to total committed capital, end of period		100.00	%
Average debt outstanding	$	165
Asset coverage ratio		6125.8	%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(3)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 beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized.

(4)For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33%, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36% of average assets.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

The following is information about the Company’s senior securities as of March 31, 2024 and December 31, 2023:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Credit Facility
March 31, 2024	$	5,000	$	62,258	N/A	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)		Average Market Value per Unit (4)
Credit Facility
December 31, 2023 (5)	$	—	$	—		—	N/A

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(1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

(5) As of December 31, 2023, the Company had no debt outstanding under its Credit Facility.

Note 10. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2024 except as discussed below.

On April 30, 2024, the Company's Board declared a distribution of $0.12 per Common Share, which is payable on May 29, 2024 to shareholders of record as of April 30, 2024.

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

Except as otherwise specified, references to “we,” “us” and “our” refer to First Eagle Private Credit Fund and its consolidated subsidiaries; “FEIM” and “Adviser” refer to First Eagle Investment Management, LLC, our investment adviser; and “FEAC,” “Subadviser,” and “Administrator” refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the “Advisers”) and administrator.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

Overview

The Company is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a BDC under the 1940 Act. In addition, the Company expects to elect to be treated as a RIC under Subchapter M of the Code and expects to qualify as a RIC annually thereafter. The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) (the “Initial Closing”) of the continuous private placement (the “Private Offering”) of its shares of beneficial interest, par value $0.001 per share (the “Common Shares”) on June 12, 2023 and commenced operations following its first capital call on July 10, 2023 (“Commencement of Operations”). The Company intends to offer and sell its Common Shares in the Private Offering to (i) accredited investors (as defined in Regulation D under the Securities Act) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. person” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act.

The Company is externally managed by the Adviser. The Adviser oversees the management of the Company’s activities and supervises the activities of the Subadviser. FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Key Components of Our Results of Operations

Revenues

We generate revenue in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our debt investments will generally bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. OIDs and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonuses and benefits of such personnel and the routine overhead expenses (including rent, office equipment and utilities) allocable to such services, will be provided and paid for by the Advisers.

The Company will bear all other costs and expenses of the Company’s operations, administration and transactions. Our primary operating expenses include the payment of base management fees and incentive fees to the Adviser pursuant to the Advisory Agreement, the payment of fees to the Administrator for the Company’s allocable portion of compensation, overhead and other

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expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, interest expense on borrowing, and other operating costs. Refer to Note 3—“Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements for additional information on our Advisory Agreement and Administration Agreement.

Hedging

The Company may, but is not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but the Company does not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to the Company’s business or results of operations. Hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. The Company will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy the Company employs will be successful.

The Company intends to qualify as a “limited derivatives user” under SEC Rule 18f-4 under the 1940 Act, which will require the Company to limit its derivatives exposure to 10% of its net assets at any time, excluding certain currency and interest rate hedging transactions.

Portfolio and Investment Activity

For the three months ended March 31, 2024, the Company made new investments in 27 new portfolio companies for an aggregate principal amount of $141.9 million (including $12.8 million of unfunded commitments), all of which was first lien debt.

The following summarizes our investment activity (information presented is at cost unless otherwise indicated):

	As of and For the Three Months Ended March 31, 2024
Investments:
New portfolio investments	$	124,078
Follow-on investments		—
Delayed draw and revolver fundings		3,555
Amount of investments funded at principal:
First lien debt	$	201,538
Warrant		1
Total portfolio investments	$	201,539

	March 31, 2024			December 31, 2023
Number of portfolio companies		48			21
Weighted average yield on debt and income producing investments, at cost (1)		11.21	%		11.22	%
Weighted average yield on debt and income producing investments, at fair value (1)		11.21	%		11.20	%
Average loan to value (LTV) (2)		38.61	%		32.54	%
Percentage of debt investments bearing a floating rate, at fair value		100.00	%		100.00	%
Percentage of debt investments bearing a fixed rate, at fair value		0.00	%		0.00	%
Percentage of assets on non-accrual		0.00	%		0.00	%

(1) Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such securities, divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented above.

(2) Includes all debt private debt investments for which fair value is determined by our Valuation Designee and excludes quoted assets and asset-backed loans. Average loan-to-value represents the net ratio of loan-to-value for each portfolio company, weighted based on the fair value of total applicable private debt investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company as of the most recent quarter end.

As of March 31, 2024 and December 31, 2023, our portfolio companies had a weighted average annual adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of approximately $39.0 million and $48.3 million, respectively. Amounts are weighted based on fair value of each respective investment. These calculations include all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

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The following is a summary of the industry classifications in which we invested as of March 31, 2024 and December 31, 2023:

March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Aerospace & Defense	$	2,970	$	2,995		1.51	%		0.99	%
Building Products		3,980		4,024		2.03			1.34
Chemicals		11,018		11,048		5.57			3.67
Commercial Services & Supplies		9,619		9,618		4.84			3.19
Construction & Engineering		2,198		2,192		1.10			0.73
Containers & Packaging		4,975		5,014		2.53			1.66
Diversified Consumer Services		12,111		12,183		6.14			4.03
Entertainment		4,950		5,014		2.53			1.66
Financial Services		9,118		9,186		4.63			3.04
Health Care Facilities		9,481		9,465		4.77			3.14
Health Care Providers & Services		45,183		45,217		22.77			15.03
Household Durables		6,807		6,801		3.43			2.26
Insurance		12,534		12,574		6.33			4.17
IT Services		5,924		5,781		2.91			1.92
Machinery		3,980		4,008		2.02			1.33
Media		7,905		7,965		4.01			2.65
Oil, Gas & Consumable Fuels		7,563		7,533		3.79			2.51
Passenger Airlines		6,952		7,024		3.54			2.33
Pharmaceuticals		4,939		4,637		2.34			1.54
Professional Services		8,354		8,372		4.22			2.78
Software		13,737		13,846		6.97			4.59
Specialty Retail		2,234		2,258		1.14			0.75
Textiles, Apparel, & Luxury Goods		1,732		1,754		0.88			0.58
	$	198,264	$	198,509		100.00	%		65.89	%

December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Commercial Services & Supplies	$	7,500	$	7,508		10.59	%		2.99	%
Construction & Engineering		2,199		2,197		3.10			0.87
Diversified Consumer Services		5,051		5,059		7.14			2.01
Financial Services		1,774		1,807		2.55			0.72
Health Care Facilities		9,467		9,465		13.35			3.76
Health Care Providers & Services		15,511		15,665		22.10			6.22
Household Durables		6,800		6,796		9.59			2.70
IT Services		954		955		1.35			0.39
Oil, Gas & Consumable Fuels		7,544		7,533		10.63			2.99
Passenger Airlines		2,970		3,010		4.25			1.20
Professional Services		5,392		5,372		7.58			2.13
Software		3,786		3,783		5.34			1.50
Textiles, Apparel, & Luxury Goods		1,736		1,733		2.43			0.69
Total	$	70,684	$	70,883		100.00	%		28.17	%

Portfolio Asset Quality

We employ the use of board observation and information rights, regular dialogue with company management and sponsors, and detailed internally generated monitoring reports to actively monitor performance. Additionally, FEAC has developed a monitoring template that promotes compliance with these standards and that is used as a tool to assess investment performance relative to plan.

As part of the monitoring process, FEAC assesses the risk profile of each of our investments and assigns each portfolio investment a score of a 1, 2, 3, 4, or 5.

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The investment performance scores are as follows:

1 - The portfolio investment is performing above our underwriting expectations.

2 - The portfolio investment is performing as expected at the time of underwriting. All new investments are initially scored a 2.

3 - The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 - The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 - The portfolio investment is performing substantially below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

For purposes of clarity, underwriting as referenced herein may be redetermined after the initial investment as a result of a transformative credit event or other material event whereby such initial underwriting is deemed by FEAC to be no longer appropriate for the purpose of assessing investment performance relative to plan. For any investment receiving a score of a 3 or lower, FEAC will increase their level of focus and prepare regular updates for the investment committee summarizing current operating results, material impending events and recommended actions.

FEAC monitors and, when appropriate, changes the investment scores assigned to each investment in our portfolio. In connection with our investment valuation process, the Adviser, the Subadviser and the Board review these investment scores on a quarterly basis. Our average portfolio company investment score was 1.94 and 1.96 at March 31, 2024 and December 31, 2023, respectively. The following is a distribution of the investment scores of our portfolio companies at March 31, 2024 and December 31, 2023 (dollar amounts in thousands):

	As of March 31, 2024										As of December 31, 2023
Risk Rating	Fair Value		% of Portfolio			Amortized Cost		% of Portfolio			Fair Value		% of Portfolio			Amortized Cost		% of Portfolio
1	$	12,230		6.16	%	$	12,201		6.15	%	$	2,793		3.94	%	$	2,778		3.93	%
2		186,279		93.84			186,063		93.85			68,090		96.06			67,906		96.07
3		—		0.00			—		0.00			—		0.00			—		0.00
4		—		0.00			—		0.00			—		0.00			—		0.00
5		—		0.00			—		0.00			—		0.00			—		0.00
	$	198,509		100.00	%	$	198,264		100.00	%	$	70,883		100.00	%	$	70,684		100.00	%

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or when it is no longer probable that principal or interest will be collected. However, we may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, we had no loans on non-accrual status.

Results of Operations

We are a newly-formed entity that commenced our loan origination and investment activities on July 10, 2023. We therefore have no corresponding prior-year periods with which to compare our operating results.

The following table represents our operating results (in thousands):

	For the Three Months Ended March 31, 2024
Operating Results
Total investment income	$	5,543
Net expenses		1,991
Net unrealized appreciation (depreciation)		46
Net realized gain (loss)		—
Net increase (decrease) in net assets resulting from operations	$	3,598

Investment Income

The composition of our investment income was as follows (in thousands):

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	For the Three Months Ended March 31, 2024
Investment Income
Interest income		3,251
Dividend income		2,013
Other income		279
Total investment income	$	5,543

For the three months ended March 31, 2024, total investment income was $5.5 million driven by our deployment of capital, as well as dividend income earned on our cash equivalents. The size of our investment portfolio at fair value was $198.5 million as of March 31, 2024, with a weighted average yield of 11.2%.

Operating Expenses

The composition of our operating expenses was as follows:

	For the Three Months Ended March 31, 2024
Operating Expenses
Interest expense	$	820
Base management fees		785
Administrator expense		422
Amortization of continuous offering costs		198
Other Expenses		551
Income based incentive fee		198
Capital gains incentive fee		6
Total operating expenses		2,980
Management fees waiver		(785	)
Incentive fee waiver		(204	)
Total expenses, net of fee waivers	$	1,991

For the three months ended March 31, 2024, total expenses, net of fee waivers, were $1,991. The major expenses incurred by the Company include costs of our Credit Facility, fees due to the Adviser under the Advisory Agreement for base management fees and incentive fees, fees due to the Administrator under the Administration Agreement, expenses incurred in the organization of the Company, and the amortization of capitalized costs related to the continuous offering of our Common Shares. In addition, other expenses include professional fees (legal, audit and tax services), accounting and sub-administration fees, custodian fees, and printing fees.

For the twelve months following the Commencement of Operations, the Advisers have agreed to waive all management fees (including incentive fees) and subadvisory fees payable to them under the Advisory Agreement and Subadvisory Agreement. The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC.

Net Realized Gains and Losses Investments

During the three months ended March 31, 2024, the Company had no full or partial exits of investment and recognized no realized gains or losses on investment activity.

Net Change in Unrealized Appreciation (Depreciation) of Investments

Net change in unrealized appreciation (depreciation) primarily reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized, if any.

For the three months ended March 31, 2024, we had net unrealized appreciation on investments of $46 thousand.

Net Increase (Decrease) in Net Assets Resulting from Operations

Net increase (decrease) in net assets resulting from operations totaled $3.6 million, or $0.33 per common share based on a weighted average of 11,060,438 Common Shares outstanding for the three months ended March 31, 2024.

Financial Condition, Liquidity and Capital Resources

We generate our liquidity and capital resources primarily from (i) net proceeds from private offerings of our equity, (ii) cash flows from our operations (including interest and fees earned from our investments and principal repayments and proceeds from

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sales of our investments), and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Any such incurrences or issuances would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Our primary uses of cash include (i) investments in portfolio companies in accordance with our investment strategy, (ii) general corporate operations (including payments to the Adviser and Subadviser), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program, and (v) cash distributions to our shareholders. We believe our current cash position, available capacity on our Credit Facility and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

As of March 31, 2024 and December 31, 2023, we had $142.1 million and $183.4 million, respectively, in cash and cash equivalents. Additionally, as of March 31, 2024 we had $5.0 million of borrowings outstanding and $345.0 million available for additional borrowings under the Credit Facility, subject to borrowing base availability. As of December 31, 2023 we had no borrowings outstanding and $350.0 million available for additional borrowings under the Credit Facility, subject to borrowing base availability. See “Debt” below for additional information.

We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of March 31, 2024, our asset coverage ratio was 6125.8%.

Cash Flows

For the three months ended March 31, 2024, our operating activities used cash of $92.4 million, primarily in connection with the purchase of portfolio investments and payment of Company expenses.

For the three months ended March 31, 2024, our financing activities included proceeds of $50.0 million from the issuance of Common Shares and $5.0 million from borrowings under our Credit Facility. Additionally our financing activities included the payment of $0.1 million for offering costs and $1.3 million for deferred financing costs.

Share Issuances and Share Repurchases

Share Issuances:

Pursuant to a capital drawdown notice to its investors, the Company issued and sold 2,058,460 Common Shares on March 1, 2024 for an aggregate offering price of $50.0 million. After the capital drawdown, the Company had no unfunded commitments.

The following table summarizes the issuance of shares pursuant to subscription agreements as of March 31, 2024:

Share Issuance Date	Number of Common Shares Issued		Aggregate Offering Proceeds
March 1, 2024		2,058,460	$	50,000
Total		2,058,460	$	50,000

The sales of Common Shares were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten calendar days prior notice to the funding date.

Share Repurchases:

Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter.

As of March 31, 2024, the Company had not commenced its share repurchase program.

Distributions and Distribution Reinvestment

The following table presents distributions that were declared and payable during the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 5, 2024	February 6, 2024	February 27, 2024	$	0.12	$	1,244
February 29, 2024	February 29, 2024	March 26, 2024	$	0.12	$	1,244
March 28, 2024	March 28, 2024	April 26, 2024	$	0.12	$	1,491
					$	3,979

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With respect to distributions, we have adopted an “opt out” distribution reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not “opted out” of the distribution reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Debt

On September 22, 2023, the SPV, a wholly-owned financing subsidiary of the Company, the Company, as transferor, and FEPC Fund Servicer, LLC, as servicer, an affiliate of the Company, entered into a $350 million senior secured revolving credit facility (the “Credit Facility”) with Morgan Stanley Bank N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility.

The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement of 65% of the facility amount following a nine-month ramp-up period through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority security interest in substantially all of the assets of the SPV, including its portfolio of investments and the Company’s equity interest in the SPV. As of March 31, 2024, the Company held 25 positions in the SPV’s account for collateral under the Credit Facility. As of March 31, 2024, the Company had $5.0 million of borrowings outstanding under the Credit Facility. As of December 31, 2023, the Company held 17 positions in the SPV’s account for collateral under the Credit Facility. As of December 31, 2023, the Company had no outstanding borrowings under the Credit Facility.

The Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month SOFR plus a spread. The initial spread is 3.05% per annum for term SOFR advances during the revolving period and 3.55% per annum during the amortization period. Additionally, the SPV pays a fee of 0.15% per annum on the notional loan amount of $350 million and an unused fee of 0.60% per annum on any unused portion of the Credit Facility.

The components of interest expense were as follows (in thousands):

	For the Three Months Ended March 31, 2024
Borrowing interest expense	$	3
Borrowing administration fees		133
Facility unused fees		531
Amortization of financing costs		153
Total interest expense	$	820
Average Debt Outstanding (1)		5,000
Average Stated Interest Rate (1)		8.35	%

(1) Average for the period of March 29, 2024 (initial draw down on the Credit Facility) through March 31, 2024.

Commitments and Contingencies and Off-Balance Sheet Arrangements

As of March 31, 2024 and December 31, 2023, we had outstanding commitments to fund revolving lines of credit or delayed draw investments with an aggregate principal amount of $27.3 million and $14.9 million, respectively.

Related Party Transactions

Refer to Note 3—“Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements.

Critical Accounting Policies and Estimates

The preparation of the 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 environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting policies and estimates should be read in connection with our risk factors described in our Annual Report on Form 10-K and our Pre-Effective Registration Statement on Form N-2.

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Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

PIK Income

PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income.

Dividend Income

Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered.

Valuation of Portfolio Investments

The Board designated FEIM as the Valuation Designee as that term is defined in Rule 2a-5. As the Valuation Designee, the Board designated FEIM to perform fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Audit Committee, and in compliance with the requirements of Rule 2a-5.

In calculating the value of our total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

1. the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

2. the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

3. the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

4. FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

5. on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

The types of factors that FEIM may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted

41

cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

U.S. Federal Income Taxes, Including Excise Tax

The Company intends to elect to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify each year as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it will not be subject to corporate-level federal income tax on the portion of its ordinary income and capital gains distributed to shareholders as dividends.

In order to qualify for favorable tax treatment as a RIC, the Company is required to, among other things, distribute annually to its shareholders at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

Recent Developments

On April 30, 2024, the Company's Board declared a distribution of $0.12 per Common Share, which is payable on May 29, 2024 to shareholders of record as of April 30, 2024.

42

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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 in directly originated debt and equity securities of middle market companies. Because we expect that there will not be a readily available market value for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Valuation Designee in accordance with a documented valuation policy and GAAP and that has been reviewed and approved by our Board. The Valuation Designee will provide the Board and the Audit Committee with periodic reports, no less than quarterly, that discuss the functioning of the valuation process, if applicable to that period, and that identify issues and valuation problems that have arisen, if any. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facility and Term Loan have a floating interest rate provision. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2024 was to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

Change in Interest Rates	Interest Income		Interest Expense			Net Income
Up 300 basis points	$	10,099	$	(150	)	$	9,949
Up 200 basis points		8,083		(100	)		7,983
Up 100 basis points		6,068		(50	)		6,018
Down 100 basis points		2,037		50			2,087
Down 200 basis points		22		100			122

Market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. Market prices for floating rate investments may also fluctuate in rising rate environments with prices tending to decline when credit spreads widen. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the NAV of our Common Shares.

Inflation Risk

Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to global supply chain disruptions, a rise in energy prices, strong consumer demand as economies continue to reopen and other factors, inflation has accelerated in the U.S. and globally. We expect that certain of our portfolio companies will be in industries that have been impacted by inflation. Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations.

Additionally, the Federal Reserve has raised, and may continue raising, certain benchmark interest rates in an effort to combat inflation. As such, we believe inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures and supply chain issues could affect our portfolio companies’ profit margins. In addition, the inflation-adjusted value of the principal on our loan investments could decrease.

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Item 4. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of 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.

(b) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not a defendant in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies.

Item 1A. Risk Factors.

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Item 1A. Risk Factors of our annual report on Form 10-K, as well as those under the caption “Risk Factors” in our Registration Statement on Form N-2 filed with the SEC on March 29, 2024 and April 24, 2024, respectively. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

The Company is offering and selling its Common Shares in a continuous private placement in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.

Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the last calendar day of the applicable quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4, promulgated under the Exchange Act, and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

During the quarter ended March 31, 2024, there were no repurchases of Common Shares under the Company’s share repurchase program.

As of March 31, 2024, the Company had received capital commitments totaling $302.7 million. On February 16, 2024, the Company provided the investors with a capital drawdown notice relating to the sale of 2,058,460 of the Company’s Common Shares on March 1, 2024 with an aggregate offering price of $50.0 million. After the capital drawdowns, the Company had no uncalled capital commitments.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the period ended March 31, 2024, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each such term is defined in Item 408(c) of Regulation S-K.

Departure of Certain Officers; Appointment of Certain Officers

As disclosed in the Company’s current report on Form 8-K filed on February 6, 2024, Christopher J. Flynn previously notified the Board of his intention to resign as President, Chief Executive Officer and Trustee of the Company. On May 9, 2024, Mr. Flynn notified the Board that the effective date of his resignation as President, Chief Executive Officer and Trustee of the Company will

45

be as of the close of business on May 31, 2024. Mr. Flynn’s resignation was not a result of any disagreement with the Company, the Advisers or their affiliates regarding their operations, policies, practices or otherwise.

In connection with Mr. Flynn’s resignation, the Board has appointed David O’Connor to serve as President and Chief Executive Officer of the Company, effective as of the close of business on May 31, 2024. Mr. O’Connor will also continue to serve as a Trustee and will no longer serve as the Company’s Head of Legal & Compliance, a role that no longer exists with the Company. Mr. O’Connor is General Counsel and Head of Legal and Compliance at FEIM. Prior to joining First Eagle in January 2017, he served as executive vice president and General Counsel for Delaware Investments and the Delaware Investments Family of Funds. He was also responsible for strategic investment relationships and initiatives and served as chairman of Delaware’s Dublin-based UCITs fund group. Mr. O’Connor served on the firm’s Board of Directors, as well as a variety of committees. Prior to joining Delaware, he was an associate in the business and finance department of the Philadelphia office of Ballard Spahr, where he focused on mergers and acquisitions, contract negotiations and investment company work. Mr. O’Connor is a member of the Board of Directors and Executive Committee of Philadelphia Futures, a nonprofit organization providing urban high school and college students with resources necessary to obtain a college degree. He earned a bachelor's degree with a double major in sociology and biblical studies from Gordon College and a J.D. with honors from Villanova University School of Law.

Mr. O’Connor (i) was not appointed as the Company’s President and Chief Executive Officer pursuant to any arrangement or understanding with any other person; (ii) does not have a family relationship with any of the Company’s Trustees or other executive officers; (iii) has not engaged, since the beginning of the Company’s last fiscal year, nor proposes to engage, in any transaction in which the Company was or is a participant; and (iv) has not entered into, nor expects to enter into, any material plan, contract, arrangement, grant or award in connection with his appointment as the Company’s President and Chief Executive Officer.

46

Item 6. Exhibits.

Exhibit Number	Description
3.1	Second Amended and Restated Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report on Form 10-Q filed on August 11, 2023)
3.2	Bylaws (incorporated by reference to Exhibit 3.6 to the Registrant's Registration Statement on Form 10 filed on April 3, 2023)
31.1	Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

47

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	First Eagle Private Credit Fund
Date: May 13, 2024	By:	/s/ Christopher J. Flynn
		Christopher J. Flynn
		Chief Executive Officer
Date: May 13, 2024	By:	/s/ Jennifer M. Wilson
		Jennifer M. Wilson
		Chief Financial Officer and Treasurer

48

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Christopher J. Flynn, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (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 officers 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) [Intentionally Omitted];

c) 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;

d) 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 officers 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 trustees (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: May 13, 2024	By:	/s/ Christopher J. Flynn
		Christopher J. Flynn
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Jennifer M. Wilson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (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 officers 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) [Intentionally Omitted];

c) 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;

d) 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 officers 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 trustees (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: May 13, 2024	By:	/s/ Jennifer M. Wilson
		Jennifer M. Wilson
		Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of CEO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (the “Registrant”) for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher J. Flynn, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(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 Registrant.

/s/ Christopher J. Flynn
Name:	Christopher J. Flynn
Title:	Chief Executive Officer
Date:	May 13, 2024

EX-32.2

Exhibit 32.2

Certification of CAO Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of First Eagle Private Credit Fund (the “Registrant”) for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jennifer M. Wilson, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(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 Registrant.

/s/ Jennifer M. Wilson
Name:	Jennifer M. Wilson
Title:	Chief Financial Officer
Date:	May 13, 2024

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 13, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	First Eagle Private Credit Fund
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	814-01642
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-6975595
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
Entity Central Index Key	0001890107
City Area Code	212
Local Phone Number	698-3300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,425,338

XML

Consolidated Statement of Assets and Liabilities (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $198,264 and $70,684, respectively)	$ 198,509	$ 70,883
Cash and cash equivalents	142,113	183,395
Interest and dividends receivable	2,186	1,654
Deferred financing costs	2,744	2,897
Deferred offering costs	1,135	978
Prepaid expenses and other assets	131	71
Total assets	346,818	259,878
LIABILITIES
Credit facility	5,000	0
Payable for investments purchased	36,717	4,750
Distributions payable	1,491	0
Offering costs payable	579	275
Trustees' fees payable	7	0
Financing costs payable	0	1,313
Accrued professional fees	427	444
Accrued administration expense	439	547
Accrued expenses and other liabilities	870	881
Total liabilities	45,530	8,210
Commitments and contingencies (Note 7)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 12,425,318 and 10,366,818 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)	12	10
Paid-in capital in excess of par value	302,108	252,307
Distributable earnings (accumulated losses)	(832)	(649)
Total net assets	$ 301,288	$ 251,668
Net asset value per share	$ 24.25	$ 24.28

XML

Consolidated Statement of Assets and Liabilities (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment, Amortized Cost	$ 198,264	$ 70,684
Common stock, par value	$ 0.001	$ 0.001
Common stock, Authorized
Common stock, Issued	12,425,318	10,366,818
Common stock, Outstanding	12,425,318	10,366,818
Non-Controlled/Non-Affiliated Investments
Investment, Amortized Cost	$ 198,264	$ 70,684

XML

Consolidated Statements of Operations (unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
From non-controlled/non-affiliated investments:
Interest income	$ 3,251
Dividend income	2,013
Other Income	279
Total investment income	5,543
Expenses:
Interest expense	820
Administration expense	422
Base management fees	785
Amortization of continuous offering costs	198
Trustees' fees	98
Professional fees	281
Other general and administrative expenses	172
Income-based incentive fee	198
Capital gains incentive fee	6
Total expenses	2,980
Management fees waiver	(785)
Incentive fees waiver	(204)
Net expenses	1,991
Net investment income (loss)	3,552
Net realized gains (losses):
Non-controlled/non-affiliated investments	0
Net realized gain (loss)	0
Net change in unrealized appreciation (depreciation):
Non-controlled non-affiliated investments	46
Net change in unrealized appreciation (depreciation)	46
Net realized and unrealized gain (loss)	46
Net increase (decrease) in net assets resulting from operations	$ 3,598
Per share information - basic and diluted:
Net investment income (loss) per share (basic) | $ / shares	$ 0.32
Net investment income (loss) per share (diluted) | $ / shares	0.32
Net increase (decrease) in net assets resulting from operations per share (basic) | $ / shares	0.33
Net increase (decrease) in net assets resulting from operations per share (diluted) | $ / shares	0.33
Distributions declared per share | $ / shares	$ 0.36
Weighted average shares outstanding (basic) | shares	11,060,438
Weighted average shares outstanding (diluted) | shares	11,060,438

XML

Consolidated Statements of Changes in Net Assets (unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Balance, December 31, 2023	$ 251,668
Operations:
Net investment income (loss)	3,552
Net change in unrealized appreciation (depreciation)	46
Net increase (decrease) in net assets resulting from operations	3,598
Shareholder distributions:
Distributions to shareholders	(3,979)
Net increase (decrease) in net assets resulting from shareholder distributions	(3,979)
Capital Share Transactions:
Common shares value issued from reinvestment of distributions	$ 1	[1]
Issuance of shares | shares	2,058,460
Issuance of shares, value	$ 50,000
Net increase (decrease) in net assets resulting from capital share transactions	50,001
Net increase (decrease) for the period	49,620
Balance, March 30, 2024	$ 301,288
Common Shares
Balance, December 31, 2023, Shares | shares	10,366,818
Balance, December 31, 2023	$ 10
Shareholder distributions:
Distributions to shareholders	$ (3,979)
Capital Share Transactions:
Common shares issued from reinvestment of distributions | shares	40	[1]
Common shares value issued from reinvestment of distributions	$ 1
Issuance of shares | shares	2,058,460
Issuance of shares, value	$ 2
Net increase (decrease) in net assets resulting from capital share transactions , Shares | shares	2,058,500
Net increase (decrease) in net assets resulting from capital share transactions	$ 2
Net increase (decrease) for the period, Shares | shares	2,058,500
Net increase (decrease) for the period	$ 2
Balance, Shares | shares	12,425,318
Balance, March 30, 2024	$ 12
Paid-in-Capital in Excess of Par Value
Balance, December 31, 2023	252,307
Capital Share Transactions:
Common shares value issued from reinvestment of distributions	1	[1]
Issuance of shares, value	49,998
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles	(198)
Net increase (decrease) in net assets resulting from capital share transactions	49,801
Net increase (decrease) for the period	49,801
Balance, March 30, 2024	302,108
Accumulated Earnings (Loss), Net of Distributions
Balance, December 31, 2023	(649)
Operations:
Net investment income (loss)	3,552
Net change in unrealized appreciation (depreciation)	46
Net increase (decrease) in net assets resulting from operations	3,598
Shareholder distributions:
Distributions to shareholders	(3,979)
Net increase (decrease) in net assets resulting from shareholder distributions	(3,979)
Capital Share Transactions:
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles	198
Net increase (decrease) in net assets resulting from capital share transactions	198
Net increase (decrease) for the period	(183)
Balance, March 30, 2024	$ (832)

[1] Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

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Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$ 3,598
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net accretion of discount and amortization of premium	(159)
Proceeds from sale of investments and principal repayments	212
Purchases of investments	(95,666)
Net realized gain (loss) on investments	0
Net change in unrealized (appreciation) depreciation on investments	(46)
Amortization of deferred financing costs	153
Amortization of continuous offering costs	198
Changes in operating assets and liabilities:
Interest and dividends receivable	(532)
Prepaid expenses and other assets	(60)
Trustees' fees payable	7
Accrued administration expense	(108)
Accrued professional fees	(17)
Accrued expenses and other liabilities	(11)
Net cash provided by (used in) operating activities	(92,431)
Cash flow from financing activities
Proceeds from issuance of shares	50,000
Borrowings under credit facility	5,000
Distributions paid	(2,488)
Deferred Financing costs paid	(1,313)
Deferred offering costs paid	(50)
Net cash provided by (used in) financing activities	51,149
Net decrease in cash and cash equivalents	(41,282)
Cash and cash equivalents, beginning of period	183,395
Cash and cash equivalents, end of period	142,113
Supplemental disclosure of cash flow information and non-cash financing activities
Distributions payable	1,491
Accrued but unpaid offering costs	$ 579

XML

Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands		3 Months Ended		8 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 198,264		$ 70,684
Investment, Fair Value		$ 198,509		$ 70,883
Investment, Percentage of Net Assets		65.89%		28.17%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 198,264	[1],[2],[3],[4]	$ 70,684	[5],[6],[7],[8],[9]
Investment, Fair Value		$ 198,509	[1],[2],[3]	$ 70,883	[5],[6],[7],[9]
Investment, Percentage of Net Assets		65.89%	[1],[2],[3]	28.17%	[5],[6],[7],[9]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 198,264	[1],[2],[3],[4],[10]	$ 70,684	[5],[6],[7],[8],[9]
Investment, Fair Value		$ 198,507	[1],[2],[3],[10]	$ 70,881	[5],[6],[7],[9]
Investment, Percentage of Net Assets		65.89%	[1],[2],[3],[10]	28.16%	[5],[6],[7],[9]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Aerospace & Defense
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	$ 2,970
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 2,995
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	0.99%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Aerospace & Defense, Chromalloy, Region United States, Reference Rate and Spread S + 3.75%, Interest Rate Floor 0.00%, Acquisition Date 3/22/2024, Maturity Date 3/21/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	3.75%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 22, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	Mar. 21, 2031
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	2,970
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 2,995
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	0.99%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Building Products
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	$ 3,980
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 4,024
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.34%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Building Products, MI Windows and Doors, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Acquisition Date 3/21/2024, Maturity Date 3/20/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	3.50%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 21, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	Mar. 20, 2031
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 4,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	3,980
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 4,024
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.34%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ 11,018
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 11,048
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	3.67%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals, Project Cloud Holdings, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.68%, Acquisition Date 3/27/2024, Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.68%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 27, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 31, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 712
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	712
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 684
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.23%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals, Project Cloud Holdings, LLC, Region United States, Reference Rate and Spread P + 6.25%, Interest Rate Floor 0.00%, Interest Rate 14.75%, Acquisition Date 3/27/2024, Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[15]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[15],[16]	14.75%
Investment, Acquisition Date	[1],[2],[3],[11],[15]	Mar. 27, 2024
Investment, Maturity Date	[1],[2],[3],[11],[15]	Mar. 31, 2029
Investment, Principal	[1],[2],[3],[11],[13],[15]	$ 10,576
Investment, Amortized Cost	[1],[2],[3],[4],[11],[15]	10,306
Investment, Fair Value	[1],[2],[3],[11],[15]	$ 10,364
Investment, Percentage of Net Assets	[1],[2],[3],[11],[15]	3.44%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 9,619	[1],[2],[3],[4],[10],[11],[14],[15]	$ 7,500	[5],[6],[7],[8]
Investment, Fair Value		$ 9,618	[1],[2],[3],[10],[11],[14],[15]	$ 7,508	[5],[6],[7]
Investment, Percentage of Net Assets		3.19%	[1],[2],[3],[10],[11],[14],[15]	2.99%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, LRS Holdings LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Acquisition Date 3/1/2024, Maturity Date 8/31/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12],[15]	4.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12],[15]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12],[15]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12],[15]	Aug. 31, 2028
Investment, Principal	[1],[2],[3],[11],[12],[13],[15]	$ 1,995
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12],[15]	1,995
Investment, Fair Value	[1],[2],[3],[11],[12],[15]	$ 1,995
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12],[15]	0.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Prime Security Services Borrower, LLC, Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.00%, Interest Rate 7.83%, Acquisition Date 10/11/2023, Maturity Date 10/13/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[17],[18]	2.50%
Investment, Interest Rate Floor	[1],[2],[3],[17],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[16],[17],[18]	7.83%
Investment, Acquisition Date	[1],[2],[3],[17],[18]	Oct. 11, 2023
Investment, Maturity Date	[1],[2],[3],[17],[18]	Oct. 13, 2030
Investment, Principal	[1],[2],[3],[13],[17],[18]	$ 1,995
Investment, Amortized Cost	[1],[2],[3],[4],[17],[18]	1,975
Investment, Fair Value	[1],[2],[3],[17],[18]	$ 1,999
Investment, Percentage of Net Assets	[1],[2],[3],[17],[18]	0.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Prime Security Services Borrower, LLC, Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.00%, Interest Rate 7.84%, Acquisition Date 10/11/2023, Maturity Date 10/13/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9]			2.50%
Investment, Interest Rate Floor	[5],[6],[7],[9]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19]			7.84%
Investment, Acquisition Date	[5],[6],[7],[9]			Oct. 11, 2023
Investment, Maturity Date	[5],[6],[7],[9]			Oct. 13, 2030
Investment, Principal	[5],[6],[7],[9],[20]			$ 2,000
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9]			1,979
Investment, Fair Value	[5],[6],[7],[9]			$ 2,008
Investment, Percentage of Net Assets	[5],[6],[7],[9]			0.80%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread		5.75%	[1],[2],[3],[10],[11],[14],[15]	5.75%	[5],[6],[7],[21],[22],[23]
Investment, Interest Rate Floor		1.00%	[1],[2],[3],[10],[11],[14],[15]	1.00%	[5],[6],[7],[21],[22],[23]
Investment, Acquisition Date		Dec. 28, 2023	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2023	[5],[6],[7],[21],[22],[23]
Investment, Maturity Date		Dec. 28, 2029	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2029	[5],[6],[7],[21],[22],[23]
Investment, Amortized Cost	[4]	$ (10)	[1],[2],[3],[10],[11],[14],[15]	$ (10)	[5],[6],[7],[8],[21],[22],[23]
Investment, Fair Value		$ (31)	[1],[2],[3],[10],[11],[14],[15]	$ (31)	[5],[6],[7],[21],[22],[23]
Investment, Percentage of Net Assets		(0.01%)	[1],[2],[3],[10],[11],[14],[15]	(0.01%)	[5],[6],[7],[21],[22],[23]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.08%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.08%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 124
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	112
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 112
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.04%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.08%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.08%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Dec. 28, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Dec. 28, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 5,628
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	5,547
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 5,543
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	1.84%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.11%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			1.00%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19],[23]			11.11%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Dec. 28, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Dec. 28, 2029
Investment, Principal	[5],[6],[7],[9],[20],[23]			$ 5,628
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9],[23]			5,543
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 5,543
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			2.20%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies,Waste Resource Management Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			1.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Dec. 28, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Dec. 28, 2029
Investment, Amortized Cost	[4],[5],[6],[7],[8],[21],[22],[23]			$ (12)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			(12)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 2,198	[1],[2],[3],[4],[10],[11],[14],[15]	2,199	[5],[6],[7],[8]
Investment, Fair Value		$ 2,192	[1],[2],[3],[10],[11],[14],[15]	$ 2,197	[5],[6],[7]
Investment, Percentage of Net Assets		0.73%	[1],[2],[3],[10],[11],[14],[15]	0.87%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, , Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2028
Investment, Amortized Cost	[4],[5],[6],[7],[8],[21],[22],[23]			$ (40)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (41)
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			(0.02%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2028
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (38)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (41)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2028
Investment, Amortized Cost	[4],[5],[6],[7],[8],[21],[22],[23]			$ (20)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (20)
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2028
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (19)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (20)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19],[23]			11.46%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Dec. 15, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Dec. 15, 2028
Investment, Principal	[5],[6],[7],[9],[20],[23]			$ 2,301
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9],[23]			2,259
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 2,258
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.90%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.43%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Dec. 15, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Dec. 15, 2028
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 2,296
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	2,255
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 2,253
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.75%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Containers & Packaging
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	$ 4,975
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 5,014
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Containers & Packaging, Canister International Group Inc., Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Acquisition Date 3/13/2024 Maturity Date 3/13/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	4.00%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 13, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	Mar. 13, 2029
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 5,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	4,975
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 5,014
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 12,111	[1],[2],[3],[4],[10],[11],[14],[15]	$ 5,051	[5],[6],[7],[8]
Investment, Fair Value		$ 12,183	[1],[2],[3],[10],[11],[14],[15]	$ 5,059	[5],[6],[7]
Investment, Percentage of Net Assets		4.03%	[1],[2],[3],[10],[11],[14],[15]	2.01%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, AMCP Clean Acquisition Co LLC, Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 0.50%, Interest Rate 12.96%, Acquisition Date 2/27/2024, Maturity Date 6/10/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	7.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	0.50%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	12.96%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Feb. 27, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Jun. 10, 2028
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 6,944
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	6,842
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 6,910
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	2.29%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, LaserAway, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.75%, Interest Rate 11.07%, Acquisition Date 9/22/2023, Maturity Date 10/14/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	0.75%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.07%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Sep. 22, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Oct. 14, 2027
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 1,518
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	1,501
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 1,518
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.50%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, LaserAway, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.75%, Interest Rate 11.41% Acquisition Date 9/22/2023, Maturity Date 10/14/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.75%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19],[23]			11.41%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Sep. 22, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Oct. 14, 2027
Investment, Principal	[5],[6],[7],[9],[20],[23]			$ 1,522
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9],[23]			1,504
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 1,522
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.60%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Nov. 22, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Nov. 15, 2030
Investment, Amortized Cost	[4],[5],[6],[7],[8],[21],[22],[23]			$ (9)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (18)
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 22, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 15, 2030
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (9)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (18)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Revolver), LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Nov. 22, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Nov. 15, 2029
Investment, Amortized Cost	[4],[5],[6],[7],[8],[21],[22],[23]			$ (9)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (9)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 11/22/2023, Maturity Date 11/15/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.06%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 22, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 15, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 227
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	219
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 218
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.07%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.10% Acquisition Date 11/15/2023, Maturity Date 11/15/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19],[23]			11.10%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Nov. 15, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Nov. 15, 2030
Investment, Principal	[5],[6],[7],[9],[20],[23]			$ 3,636
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9],[23]			3,565
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 3,564
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			1.42%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.05%, Acquisition Date 11/15/2023, Maturity Date 11/15/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.05%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Nov. 15, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Nov. 15, 2030
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 3,627
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	3,558
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 3,555
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	1.18%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Entertainment
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11]	$ 4,950
Investment, Fair Value	[1],[2],[3],[11]	$ 5,014
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Entertainment, StubHub, Region United States, Reference Rate and Spread S + 4.75%, Interest Rate Floor 0.00%, Interest Rate 11.08%, Acquisition Date 3/12/2024, Maturity Date 3/12/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	4.75%
Investment, Interest Rate Floor	[1],[2],[3],[11]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[16]	10.08%
Investment, Acquisition Date	[1],[2],[3],[11]	Mar. 12, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Mar. 12, 2030
Investment, Principal	[1],[2],[3],[11],[13]	$ 5,000
Investment, Amortized Cost	[1],[2],[3],[4],[11]	4,950
Investment, Fair Value	[1],[2],[3],[11]	$ 5,014
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 9,118	[1],[2],[3],[4],[15],[17],[18]	$ 1,774	[5],[6],[7],[8]
Investment, Fair Value		$ 9,186	[1],[2],[3],[15],[17],[18]	$ 1,807	[5],[6],[7]
Investment, Percentage of Net Assets		3.04%	[1],[2],[3],[15],[17],[18]	0.72%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Ahead DB Holdings, LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.75%, Interest Rate 9.56%, Acquisition Date 1/24/2024, Maturity Date 1/24/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	4.25%
Investment, Interest Rate Floor	[1],[2],[3],[11]	0.75%
Investment, Interest Rate	[1],[2],[3],[11],[16]	9.56%
Investment, Acquisition Date	[1],[2],[3],[11]	Jan. 24, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Jan. 24, 2031
Investment, Principal	[1],[2],[3],[11],[13]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11]	2,971
Investment, Fair Value	[1],[2],[3],[11]	$ 3,014
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.00%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC (Delayed Draw), Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 01, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (2)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (5)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC (Revolver), Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Interest Rate 14.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	14.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 01, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 200
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	195
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 195
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.06%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC, Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Interest Rate 14.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	14.00%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Mar. 01, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 1,270
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	1,247
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 1,246
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.41%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Auxey Bidco Ltd., Region Europe, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 3/29/2024, Maturity Date 6/29/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12],[17]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12],[17]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12],[17]	Mar. 29, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12],[17]	Jun. 29, 2027
Investment, Principal	[1],[2],[3],[11],[12],[13],[17]	$ 2,993
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12],[17]	2,933
Investment, Fair Value	[1],[2],[3],[11],[12],[17]	$ 2,929
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12],[17]	0.97%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Evertec Group, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.83%, Acquisition Date 10/12/2023, Maturity Date 10/30/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[17],[18]	3.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[17],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[17],[18]	8.83%
Investment, Acquisition Date	[1],[2],[3],[15],[17],[18]	Oct. 12, 2023
Investment, Maturity Date	[1],[2],[3],[15],[17],[18]	Oct. 30, 2030
Investment, Principal	[1],[2],[3],[13],[15],[17],[18]	$ 1,800
Investment, Amortized Cost	[1],[2],[3],[4],[15],[17],[18]	1,774
Investment, Fair Value	[1],[2],[3],[15],[17],[18]	$ 1,807
Investment, Percentage of Net Assets	[1],[2],[3],[15],[17],[18]	0.60%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Evertec Group, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.75%, Interest Rate 8.96% Acquisition Date 10/12/2023, Maturity Date 10/30/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23],[24]			3.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23],[24]			0.75%
Investment, Interest Rate	[5],[6],[7],[9],[16],[19],[23],[24]			8.96%
Investment, Acquisition Date	[5],[6],[7],[9],[23],[24]			Oct. 12, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23],[24]			Oct. 30, 2030
Investment, Principal	[5],[6],[7],[9],[20],[23],[24]			$ 1,800
Investment, Amortized Cost	[4],[5],[6],[7],[8],[9],[23],[24]			1,774
Investment, Fair Value	[5],[6],[7],[9],[23],[24]			$ 1,807
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23],[24]			0.72%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 9,481	[1],[2],[3],[4],[11],[15]	$ 9,467	[5],[6],[7],[8]
Investment, Fair Value		$ 9,465	[1],[2],[3],[11],[15]	$ 9,465	[5],[6],[7]
Investment, Percentage of Net Assets		3.14%	[1],[2],[3],[11],[15]	3.76%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities, Greenway Health, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.93% Acquisition Date 12/20/2023, Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[23]			6.75%
Investment, Interest Rate Floor	[5],[6],[7],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[16],[19],[23]			11.93%
Investment, Acquisition Date	[5],[6],[7],[23]			Dec. 20, 2023
Investment, Maturity Date	[5],[6],[7],[23]			Mar. 31, 2029
Investment, Principal	[5],[6],[7],[20],[23]			$ 9,758
Investment, Amortized Cost	[4],[5],[6],[7],[8],[23]			9,467
Investment, Fair Value	[5],[6],[7],[23]			$ 9,465
Investment, Percentage of Net Assets	[5],[6],[7],[23]			3.76%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities, Greenway Health, LLC, Region United States, Reference Rate and Spread S + 6.75%, Interest Rate Floor 0.00%, Interest Rate 11.93%, Acquisition Date 12/20/2023, Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[15]	6.75%
Investment, Interest Rate Floor	[1],[2],[3],[11],[15]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[15],[16]	11.93%
Investment, Acquisition Date	[1],[2],[3],[11],[15]	Dec. 20, 2023
Investment, Maturity Date	[1],[2],[3],[11],[15]	Mar. 31, 2029
Investment, Principal	[1],[2],[3],[11],[13],[15]	$ 9,758
Investment, Amortized Cost	[1],[2],[3],[4],[11],[15]	9,481
Investment, Fair Value	[1],[2],[3],[11],[15]	$ 9,465
Investment, Percentage of Net Assets	[1],[2],[3],[11],[15]	3.14%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 45,183	[1],[2],[3],[4],[15]	$ 15,511	[5],[6],[7],[8]
Investment, Fair Value		$ 45,217	[1],[2],[3],[15]	$ 15,665	[5],[6],[7]
Investment, Percentage of Net Assets		15.03%	[1],[2],[3],[15]	6.22%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Aspen Dental Management Inc, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 12/21/2023, Maturity Date 12/23/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23],[25]			5.75%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23],[25]			0.00%
Investment, Acquisition Date	[5],[6],[7],[9],[23],[25]			Dec. 21, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23],[25]			Dec. 23, 2027
Investment, Principal	[5],[6],[7],[9],[23],[25]			$ 5,000
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23],[25]			4,750
Investment, Fair Value	[5],[6],[7],[9],[23],[25]			$ 4,937
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23],[25]			1.96%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Aspen Dental Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.08%, Acquisition Date 12/21/2023, Maturity Date 12/23/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[12],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[12],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[12],[16],[18]	11.08%
Investment, Acquisition Date	[1],[2],[3],[12],[18]	Dec. 21, 2023
Investment, Maturity Date	[1],[2],[3],[12],[18]	Dec. 23, 2027
Investment, Principal	[1],[2],[3],[12],[13],[18]	$ 4,988
Investment, Amortized Cost	[1],[2],[3],[4],[12],[18]	4,752
Investment, Fair Value	[1],[2],[3],[12],[18]	$ 4,998
Investment, Percentage of Net Assets	[1],[2],[3],[12],[18]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc, Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46% Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			11.46%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Aug. 18, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Aug. 20, 2029
Investment, Principal	[5],[6],[7],[9],[23]			$ 998
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			980
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 979
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.39%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[22],[23],[26]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[22],[23],[26]			0.00%
Investment, Acquisition Date	[5],[6],[7],[22],[23],[26]			Aug. 18, 2023
Investment, Maturity Date	[5],[6],[7],[22],[23],[26]			Aug. 20, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[22],[23],[26]			$ (3)
Investment, Fair Value	[5],[6],[7],[22],[23],[26]			$ (10)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[11],[14],[15]	Aug. 18, 2023
Investment, Maturity Date	[1],[2],[3],[11],[14],[15]	Aug. 20, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[11],[14],[15]	$ (3)
Investment, Fair Value	[1],[2],[3],[11],[14],[15]	$ (7)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[11],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[11],[15],[16]	11.43%
Investment, Acquisition Date	[1],[2],[3],[11],[15]	Aug. 18, 2023
Investment, Maturity Date	[1],[2],[3],[11],[15]	Aug. 20, 2029
Investment, Principal	[1],[2],[3],[11],[13],[15]	$ 23
Investment, Amortized Cost	[1],[2],[3],[4],[11],[15]	23
Investment, Fair Value	[1],[2],[3],[11],[15]	$ 23
Investment, Percentage of Net Assets	[1],[2],[3],[11],[15]	0.01%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Aug. 18, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Aug. 20, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			$ (4)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (4)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Aug. 18, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Aug. 20, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (3)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (3)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.43%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Aug. 18, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Aug. 20, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 995
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	978
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 983
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.33%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.58%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 29, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 29, 2030
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (6)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (17)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC (Revolver) Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.58%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 29, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 29, 2030
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (17)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (17)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.58%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Mar. 29, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Mar. 29, 2030
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 4,824
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	4,752
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 4,752
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	1.58%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[22],[23],[26]			6.50%
Investment, Interest Rate Floor	[5],[6],[7],[22],[23],[26]			0.00%
Investment, Acquisition Date	[5],[6],[7],[22],[23],[26]			Sep. 01, 2023
Investment, Maturity Date	[5],[6],[7],[22],[23],[26]			Dec. 15, 2028
Investment, Amortized Cost	[5],[6],[7],[8],[22],[23],[26]			$ (11)
Investment, Fair Value	[5],[6],[7],[22],[23],[26]			$ (15)
Investment, Percentage of Net Assets	[5],[6],[7],[22],[23],[26]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[14],[15]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[11],[14],[15]	Sep. 01, 2023
Investment, Maturity Date	[1],[2],[3],[11],[14],[15]	Dec. 15, 2028
Investment, Amortized Cost	[1],[2],[3],[4],[11],[14],[15]	$ (10)
Investment, Fair Value	[1],[2],[3],[11],[14],[15]	$ (15)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.50%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Sep. 01, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2028
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			$ (5)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (5)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.98%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.98%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Sep. 01, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2028
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 67
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	62
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 61
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.02%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings, Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Interest Rate 12.04% Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			6.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			12.04%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Sep. 01, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Dec. 15, 2028
Investment, Principal	[5],[6],[7],[9],[23]			$ 703
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			683
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 682
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.27%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings, Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.99%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.99%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Sep. 01, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Dec. 15, 2028
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 701
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	683
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 680
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.23%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.44%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.44%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Feb. 29, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Feb. 28, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 2,250
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	2,239
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 2,216
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.74%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Feb. 29, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Feb. 28, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (8)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (9)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC, Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.44%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.00%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.44%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Feb. 29, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Feb. 28, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 8,809
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	8,679
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 8,676
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	2.88%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Oct. 20, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Oct. 20, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			$ (9)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (29)
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 20, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 20, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (9)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (29)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Oct. 20, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Oct. 20, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			$ (20)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ (21)
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 20, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 20, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (19)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (21)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.74% Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			11.74%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Oct. 20, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Oct. 20, 2029
Investment, Principal	[5],[6],[7],[9],[23]			$ 7,358
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			7,225
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 7,220
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			2.87%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.74%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.74%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Oct. 20, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Oct. 20, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 7,340
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	7,213
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 7,202
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	2.39%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Physician Partners, LLC, Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.00%, Interest Rate 10.81%, Acquisition Date 10/11/2023, Maturity Date 10/23/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	10.81%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Oct. 11, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Oct. 23, 2028
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 1,995
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	1,903
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 1,796
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.60%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Physician Partners, LLC, Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.00%, Interest Rate 10.88% Acquisition Date 10/11/2023, Maturity Date 12/23/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			5.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			10.88%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Oct. 11, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Dec. 23, 2028
Investment, Principal	[5],[6],[7],[9],[23]			$ 2,000
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			1,903
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 1,910
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.75%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.68%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 08, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 08, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (17)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (35)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 08, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 08, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (17)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (17)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc., Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	6.50%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Jan. 08, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Jan. 08, 2029
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 5,645
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	5,554
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 5,550
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	1.84%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Visante Acquisition, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.06%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 31, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 31, 2030
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 130
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	116
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 116
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.04%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Visante Acquisition, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.06%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Jan. 31, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Jan. 31, 2030
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 8,462
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	8,338
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 8,334
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	2.77%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 6,807	[1],[2],[3],[4],[15],[17],[18]	$ 6,800	[5],[6],[7],[8]
Investment, Fair Value		$ 6,801	[1],[2],[3],[15],[17],[18]	$ 6,796	[5],[6],[7]
Investment, Percentage of Net Assets		2.26%	[1],[2],[3],[15],[17],[18]	2.70%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc (Delayed Draw) Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00, Acquisition Date 12/15/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			7.25%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Dec. 15, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Nov. 09, 2026
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc, Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.90% Acquisition Date 8/16/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			7.25%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			12.90%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Aug. 16, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Nov. 09, 2026
Investment, Principal	[5],[6],[7],[9],[23]			$ 900
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			887
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 886
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.35%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Acquisition Date 12/15/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	7.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 15, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 09, 2026
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Acquisition Date 8/16/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	7.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Aug. 16, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Nov. 09, 2026
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 30
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	30
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 30
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.01%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.91% Acquisition Date 8/16/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			7.25%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			0.00%
Investment, Interest Rate	[5],[6],[7],[19],[21],[22],[23]			12.91%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Aug. 16, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Nov. 09, 2026
Investment, Principal	[5],[6],[7],[21],[22],[23]			$ 30
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			30
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			$ 29
Investment, Percentage of Net Assets	[5],[6],[7],[21],[22],[23]			0.01%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc., Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.84%, Acquisition Date 8/16/2023, Maturity Date 11/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	7.25%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	12.84%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Aug. 16, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Nov. 09, 2026
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 897
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	886
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 890
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.30%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Dorel Industries Inc, Region Canada, Reference Rate and Spread S + 8.30%, Interest Rate Floor 2.00%, Interest Rate 13.68% Acquisition Date 12/8/2023, Maturity Date 12/8/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23],[24]			8.30%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23],[24]			2.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23],[24]			13.68%
Investment, Acquisition Date	[5],[6],[7],[9],[23],[24]			Dec. 08, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23],[24]			Dec. 08, 2026
Investment, Principal	[5],[6],[7],[9],[23],[24]			$ 5,978
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23],[24]			5,883
Investment, Fair Value	[5],[6],[7],[9],[23],[24]			$ 5,881
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23],[24]			2.34%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Dorel Industries Inc., Region Canada, Reference Rate and Spread S + 8.30%, Interest Rate Floor 2.00%, Interest Rate 13.64%, Acquisition Date 12/8/2023, Maturity Date 12/8/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[17],[18]	8.30%
Investment, Interest Rate Floor	[1],[2],[3],[15],[17],[18]	2.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[17],[18]	13.64%
Investment, Acquisition Date	[1],[2],[3],[15],[17],[18]	Dec. 08, 2023
Investment, Maturity Date	[1],[2],[3],[15],[17],[18]	Dec. 08, 2026
Investment, Principal	[1],[2],[3],[13],[15],[17],[18]	$ 5,978
Investment, Amortized Cost	[1],[2],[3],[4],[15],[17],[18]	5,891
Investment, Fair Value	[1],[2],[3],[15],[17],[18]	$ 5,881
Investment, Percentage of Net Assets	[1],[2],[3],[15],[17],[18]	1.95%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 5,924	[1],[2],[3],[4],[11]	$ 954	[5],[6],[7],[8]
Investment, Fair Value		$ 5,779	[1],[2],[3],[11]	$ 953	[5],[6],[7]
Investment, Percentage of Net Assets		1.92%	[1],[2],[3],[11]	0.38%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc, Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 1.00%, Interest Rate 12.48% Acquisition Date 9/29/2023, Maturity Date 6/7/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			7.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			1.00%
Investment, Interest Rate	[5],[6],[7],[9],[19],[23]			12.48%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Sep. 29, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Jun. 07, 2028
Investment, Principal	[5],[6],[7],[9],[23]			$ 969
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			955
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 954
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.38%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.00%, Interest Rate Floor 1.00%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	7.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Sep. 29, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Jun. 07, 2028
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (1)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 1.00%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[21],[22],[23]			7.50%
Investment, Interest Rate Floor	[5],[6],[7],[21],[22],[23]			1.00%
Investment, Acquisition Date	[5],[6],[7],[21],[22],[23]			Sep. 29, 2023
Investment, Maturity Date	[5],[6],[7],[21],[22],[23]			Jun. 07, 2028
Investment, Amortized Cost	[5],[6],[7],[8],[21],[22],[23]			$ (1)
Investment, Fair Value	[5],[6],[7],[21],[22],[23]			(1)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc., Region United States, Reference Rate and Spread S + 7.00%, Interest Rate Floor 1.00%, Interest Rate 12.43%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	7.00%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	12.43%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Sep. 29, 2023
Investment, Maturity Date	[1],[2],[3],[15],[18]	Jun. 07, 2028
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 963
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	950
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 963
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	0.32%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Asurion, LLC, Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Interest Rate 9.43%, Acquisition Date 3/1/2024, Maturity Date 8/19/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	4.00%
Investment, Interest Rate Floor	[1],[2],[3],[11]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[16]	9.43%
Investment, Acquisition Date	[1],[2],[3],[11]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Aug. 19, 2028
Investment, Principal	[1],[2],[3],[11],[13]	$ 4,987
Investment, Amortized Cost	[1],[2],[3],[4],[11]	4,975
Investment, Fair Value	[1],[2],[3],[11]	$ 4,816
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.60%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	$ 12,534
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 12,574
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	4.17%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, Community Based Care Acquisition, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 1.00%, Acquisition Date 3/19/2024, Maturity Date 9/16/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Mar. 19, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Sep. 16, 2027
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (37)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, The Mutual Group, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 31, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Jan. 31, 2030
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (19)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (19)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, The Mutual Group, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15],[18]	5.75%
Investment, Interest Rate Floor	[1],[2],[3],[15],[18]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16],[18]	11.06%
Investment, Acquisition Date	[1],[2],[3],[15],[18]	Jan. 31, 2024
Investment, Maturity Date	[1],[2],[3],[15],[18]	Jan. 31, 2030
Investment, Principal	[1],[2],[3],[13],[15],[18]	$ 9,740
Investment, Amortized Cost	[1],[2],[3],[4],[15],[18]	9,598
Investment, Fair Value	[1],[2],[3],[15],[18]	$ 9,594
Investment, Percentage of Net Assets	[1],[2],[3],[15],[18]	3.18%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, Truist Insurance Holdings LLC, Region United States, Reference Rate and Spread S + 3.25%, Interest Rate Floor 0.00%, Acquisition Date 3/22/2024, Maturity Date 3/22/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	3.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 22, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	Mar. 22, 2031
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	2,992
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 2,999
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.00%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Machinery
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12],[17]	$ 3,980
Investment, Fair Value	[1],[2],[3],[11],[12],[17]	$ 4,008
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12],[17]	1.33%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Machinery, Vertical Midco, Region Europe, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Acquisition Date 3/11/2024, Maturity Date 4/11/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12],[17]	3.50%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12],[17]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12],[17]	Mar. 11, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12],[17]	Apr. 11, 2030
Investment, Principal	[1],[2],[3],[11],[12],[13],[17]	$ 3,990
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12],[17]	3,980
Investment, Fair Value	[1],[2],[3],[11],[12],[17]	$ 4,008
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12],[17]	1.33%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	$ 7,905
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 7,965
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	2.65%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media, Cengage Learning Acquisitions, Inc., Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Interest Rate 9.58%, Acquisition Date 3/18/2024, Maturity Date 3/15/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[17]	4.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[17]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[16],[17]	9.58%
Investment, Acquisition Date	[1],[2],[3],[11],[17]	Mar. 18, 2024
Investment, Maturity Date	[1],[2],[3],[11],[17]	Mar. 15, 2031
Investment, Principal	[1],[2],[3],[11],[13],[17]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[17]	2,970
Investment, Fair Value	[1],[2],[3],[11],[17]	$ 3,001
Investment, Percentage of Net Assets	[1],[2],[3],[11],[17]	1.00%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media, MH Sub I, LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Acquisition Date 3/1/2024, Maturity Date 5/3/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	4.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 01, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	May 03, 2028
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 4,987
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	4,935
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 4,964
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.65%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 7,563	[1],[2],[3],[4],[11],[15],[17]	7,544	[5],[6],[7],[8]
Investment, Fair Value		$ 7,533	[1],[2],[3],[11],[15],[17]	$ 7,533	[5],[6],[7]
Investment, Percentage of Net Assets		2.51%	[1],[2],[3],[11],[15],[17]	2.99%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels, Essar Oil (UK) Limited, Region Europe, Reference Rate and Spread S + 6.25%, Interest Rate Floor 3.00%, Interest Rate 11.71%, Acquisition Date 10/31/2023, Maturity Date 10/29/2024
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[15],[17]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[11],[15],[17]	3.00%
Investment, Interest Rate	[1],[2],[3],[11],[15],[16],[17]	11.71%
Investment, Acquisition Date	[1],[2],[3],[11],[15],[17]	Oct. 31, 2023
Investment, Maturity Date	[1],[2],[3],[11],[15],[17]	Oct. 29, 2024
Investment, Principal	[1],[2],[3],[11],[13],[15],[17]	$ 7,609
Investment, Amortized Cost	[1],[2],[3],[4],[11],[15],[17]	7,563
Investment, Fair Value	[1],[2],[3],[11],[15],[17]	$ 7,533
Investment, Percentage of Net Assets	[1],[2],[3],[11],[15],[17]	2.51%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels, Essar Oil (UK) Limited, Region Europe, Reference Rate and Spread S + 6.25%, Interest Rate Floor 3.00%, Interest Rate 11.74% Acquisition Date 10/31/2023, Maturity Date 10/29/2024
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[23],[24]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[23],[24]			3.00%
Investment, Interest Rate	[5],[6],[7],[19],[23],[24]			11.74%
Investment, Acquisition Date	[5],[6],[7],[23],[24]			Oct. 31, 2023
Investment, Maturity Date	[5],[6],[7],[23],[24]			Oct. 29, 2024
Investment, Principal	[5],[6],[7],[23],[24]			$ 7,609
Investment, Amortized Cost	[5],[6],[7],[8],[23],[24]			7,544
Investment, Fair Value	[5],[6],[7],[23],[24]			$ 7,533
Investment, Percentage of Net Assets	[5],[6],[7],[23],[24]			2.99%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 6,952	[1],[2],[3],[4],[17],[18]	$ 2,970	[5],[6],[7],[8]
Investment, Fair Value		$ 7,024	[1],[2],[3],[17],[18]	$ 3,010	[5],[6],[7]
Investment, Percentage of Net Assets		2.33%	[1],[2],[3],[17],[18]	1.20%	[5],[6],[7]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, American Airlines, Inc, Region United Stat, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.87% Acquisition Date 11/17/2023, Maturity Date 6/4/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[22],[24]			3.50%
Investment, Interest Rate Floor	[5],[6],[7],[22],[24]			0.00%
Investment, Interest Rate	[5],[6],[7],[19],[22],[24]			8.87%
Investment, Acquisition Date	[5],[6],[7],[22],[24]			Nov. 17, 2023
Investment, Maturity Date	[5],[6],[7],[22],[24]			Jun. 04, 2029
Investment, Principal	[5],[6],[7],[22],[24]			$ 3,000
Investment, Amortized Cost	[5],[6],[7],[8],[22],[24]			2,970
Investment, Fair Value	[5],[6],[7],[22],[24]			$ 3,010
Investment, Percentage of Net Assets	[5],[6],[7],[22],[24]			1.20%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, American Airlines, Inc., Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.77%, Acquisition Date 11/17/2023, Maturity Date 6/4/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[17]	3.50%
Investment, Interest Rate Floor	[1],[2],[3],[11],[17]	0.00%
Investment, Interest Rate	[1],[2],[3],[11],[16],[17]	8.77%
Investment, Acquisition Date	[1],[2],[3],[11],[17]	Nov. 17, 2023
Investment, Maturity Date	[1],[2],[3],[11],[17]	Jun. 04, 2029
Investment, Principal	[1],[2],[3],[11],[13],[17]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[17]	2,972
Investment, Fair Value	[1],[2],[3],[11],[17]	$ 3,013
Investment, Percentage of Net Assets	[1],[2],[3],[11],[17]	1.00%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, United Airlines, Inc., Region United States, Reference Rate and Spread S + 2.75%, Interest Rate Floor 0.00%, Interest Rate 8.08%, Acquisition Date 2/15/2024, Maturity Date 2/15/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[17],[18]	2.75%
Investment, Interest Rate Floor	[1],[2],[3],[17],[18]	0.00%
Investment, Interest Rate	[1],[2],[3],[16],[17],[18]	8.08%
Investment, Acquisition Date	[1],[2],[3],[17],[18]	Feb. 15, 2024
Investment, Maturity Date	[1],[2],[3],[17],[18]	Feb. 15, 2031
Investment, Principal	[1],[2],[3],[13],[17],[18]	$ 4,000
Investment, Amortized Cost	[1],[2],[3],[4],[17],[18]	3,980
Investment, Fair Value	[1],[2],[3],[17],[18]	$ 4,011
Investment, Percentage of Net Assets	[1],[2],[3],[17],[18]	1.33%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Pharmaceuticals
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[11]	$ 4,939
Investment, Fair Value	[1],[2],[3],[11]	$ 4,637
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.54%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Pharmaceuticals, Alvogen Pharma US, Inc., Region United States, Reference Rate and Spread S + 5.00%, Interest Rate Floor 1.00%, Interest Rate 10.33%, Acquisition Date 1/9/2024, Maturity Date 6/30/2025
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	5.00%
Investment, Interest Rate Floor	[1],[2],[3],[11]	1.00%
Investment, Interest Rate	[1],[2],[3],[11],[16]	10.33%
Investment, Acquisition Date	[1],[2],[3],[11]	Jan. 09, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Jun. 30, 2025
Investment, Principal	[1],[2],[3],[11],[13]	$ 5,138
Investment, Amortized Cost	[1],[2],[3],[4],[11]	4,939
Investment, Fair Value	[1],[2],[3],[11]	$ 4,637
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.54%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 8,354	[1],[2],[3],[4],[11],[12]	$ 5,392	[5],[6],[7],[8],[9]
Investment, Fair Value		$ 8,372	[1],[2],[3],[11],[12]	$ 5,372	[5],[6],[7],[9]
Investment, Percentage of Net Assets		2.78%	[1],[2],[3],[11],[12]	2.13%	[5],[6],[7],[9]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Delayed Draw), Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[21],[22],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[9],[21],[22],[23]			1.00%
Investment, Acquisition Date	[5],[6],[7],[9],[21],[22],[23]			Oct. 30, 2023
Investment, Maturity Date	[5],[6],[7],[9],[21],[22],[23]			Oct. 30, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[9],[21],[22],[23]			$ (9)
Investment, Fair Value	[5],[6],[7],[9],[21],[22],[23]			$ (27)
Investment, Percentage of Net Assets	[5],[6],[7],[9],[21],[22],[23]			(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 30, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 30, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (8)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ (27)
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	(0.01%)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Revolver), Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 0.00% Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[21],[22],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[9],[21],[22],[23]			1.00%
Investment, Interest Rate	[5],[6],[7],[9],[21],[22],[23]			11.70%
Investment, Acquisition Date	[5],[6],[7],[9],[21],[22],[23]			Oct. 30, 2023
Investment, Maturity Date	[5],[6],[7],[9],[21],[22],[23]			Oct. 30, 2029
Investment, Principal	[5],[6],[7],[9],[21],[22],[23]			$ 89
Investment, Amortized Cost	[5],[6],[7],[8],[9],[21],[22],[23]			76
Investment, Fair Value	[5],[6],[7],[9],[21],[22],[23]			$ 76
Investment, Percentage of Net Assets	[5],[6],[7],[9],[21],[22],[23]			0.03%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[10],[11],[14],[15],[16]	11.68%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 30, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Oct. 30, 2029
Investment, Principal	[1],[2],[3],[10],[11],[13],[14],[15]	$ 89
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	77
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 76
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11],[14],[15]	0.03%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC, Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.70% Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			6.25%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			1.00%
Investment, Interest Rate	[5],[6],[7],[9],[23]			11.70%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Oct. 30, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Oct. 30, 2029
Investment, Principal	[5],[6],[7],[9],[23]			$ 5,404
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			5,325
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 5,323
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			2.11%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[15]	6.25%
Investment, Interest Rate Floor	[1],[2],[3],[15]	1.00%
Investment, Interest Rate	[1],[2],[3],[15],[16]	11.68%
Investment, Acquisition Date	[1],[2],[3],[15]	Oct. 30, 2023
Investment, Maturity Date	[1],[2],[3],[15]	Oct. 30, 2029
Investment, Principal	[1],[2],[3],[13],[15]	$ 5,391
Investment, Amortized Cost	[1],[2],[3],[4],[15]	5,315
Investment, Fair Value	[1],[2],[3],[15]	$ 5,310
Investment, Percentage of Net Assets	[1],[2],[3],[15]	1.76%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, Teneo Holdings LLC, Region United States, Reference Rate and Spread S + 4.75%, Interest Rate Floor 1.00%, Acquisition Date 3/8/2024, Maturity Date 3/8/2031
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[12]	4.75%
Investment, Interest Rate Floor	[1],[2],[3],[11],[12]	1.00%
Investment, Acquisition Date	[1],[2],[3],[11],[12]	Mar. 08, 2024
Investment, Maturity Date	[1],[2],[3],[11],[12]	Mar. 08, 2031
Investment, Principal	[1],[2],[3],[11],[12],[13]	$ 3,000
Investment, Amortized Cost	[1],[2],[3],[4],[11],[12]	2,970
Investment, Fair Value	[1],[2],[3],[11],[12]	$ 3,013
Investment, Percentage of Net Assets	[1],[2],[3],[11],[12]	1.00%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 13,737	[1],[2],[3],[4],[11]	$ 3,786	[5],[6],[7],[8],[9]
Investment, Fair Value		$ 13,846	[1],[2],[3],[11]	$ 3,783	[5],[6],[7],[9]
Investment, Percentage of Net Assets		4.59%	[1],[2],[3],[11]	1.50%	[5],[6],[7],[9]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, AppLovin Corp., Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.50%, Acquisition Date 3/11/2024, Maturity Date 8/16/2030
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	2.50%
Investment, Interest Rate Floor	[1],[2],[3],[11]	0.50%
Investment, Acquisition Date	[1],[2],[3],[11]	Mar. 11, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Aug. 16, 2030
Investment, Principal	[1],[2],[3],[11],[13]	$ 5,000
Investment, Amortized Cost	[1],[2],[3],[4],[11]	4,987
Investment, Fair Value	[1],[2],[3],[11]	$ 5,003
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.66%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc, Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Interest Rate 10.86% Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[22],[23]			5.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[22],[23]			0.75%
Investment, Interest Rate	[5],[6],[7],[9],[22],[23]			10.86%
Investment, Acquisition Date	[5],[6],[7],[9],[22],[23]			Dec. 28, 2023
Investment, Maturity Date	[5],[6],[7],[9],[22],[23]			Dec. 24, 2029
Investment, Principal	[5],[6],[7],[9],[22],[23]			$ 3,848
Investment, Amortized Cost	[5],[6],[7],[8],[9],[22],[23]			3,791
Investment, Fair Value	[5],[6],[7],[9],[22],[23]			$ 3,790
Investment, Percentage of Net Assets	[5],[6],[7],[9],[22],[23]			1.50%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Delayed Draw), Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[21],[22],[23]			5.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[21],[22],[23]			0.75%
Investment, Acquisition Date	[5],[6],[7],[9],[21],[22],[23]			Dec. 28, 2023
Investment, Maturity Date	[5],[6],[7],[9],[21],[22],[23]			Dec. 24, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[9],[21],[22],[23]			$ (1)
Investment, Fair Value	[5],[6],[7],[9],[21],[22],[23]			$ (3)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.75%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 24, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (1)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Revolver), Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[21],[22],[23]			5.50%
Investment, Interest Rate Floor	[5],[6],[7],[9],[21],[22],[23]			0.75%
Investment, Acquisition Date	[5],[6],[7],[9],[21],[22],[23]			Dec. 28, 2023
Investment, Maturity Date	[5],[6],[7],[9],[21],[22],[23]			Dec. 24, 2029
Investment, Amortized Cost	[5],[6],[7],[8],[9],[21],[22],[23]			$ (4)
Investment, Fair Value	[5],[6],[7],[9],[21],[22],[23]			(4)
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11],[14],[15]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11],[14],[15]	0.75%
Investment, Acquisition Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 28, 2023
Investment, Maturity Date	[1],[2],[3],[10],[11],[14],[15]	Dec. 24, 2029
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11],[14],[15]	$ (4)
Investment, Fair Value	[1],[2],[3],[10],[11],[14],[15]	$ 1
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc., Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Interest Rate 10.83%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11],[15],[18]	5.50%
Investment, Interest Rate Floor	[1],[2],[3],[11],[15],[18]	0.75%
Investment, Interest Rate	[1],[2],[3],[11],[15],[16],[18]	10.83%
Investment, Acquisition Date	[1],[2],[3],[11],[15],[18]	Dec. 28, 2023
Investment, Maturity Date	[1],[2],[3],[11],[15],[18]	Dec. 24, 2029
Investment, Principal	[1],[2],[3],[11],[13],[15],[18]	$ 3,848
Investment, Amortized Cost	[1],[2],[3],[4],[11],[15],[18]	3,793
Investment, Fair Value	[1],[2],[3],[11],[15],[18]	$ 3,858
Investment, Percentage of Net Assets	[1],[2],[3],[11],[15],[18]	1.28%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, QuickBase Inc, Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Acquisition Date 3/13/2024, Maturity Date 10/2/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[11]	4.00%
Investment, Interest Rate Floor	[1],[2],[3],[11]	0.00%
Investment, Acquisition Date	[1],[2],[3],[11]	Mar. 13, 2024
Investment, Maturity Date	[1],[2],[3],[11]	Oct. 02, 2028
Investment, Principal	[1],[2],[3],[11],[13]	$ 4,987
Investment, Amortized Cost	[1],[2],[3],[4],[11]	4,962
Investment, Fair Value	[1],[2],[3],[11]	$ 4,984
Investment, Percentage of Net Assets	[1],[2],[3],[11]	1.65%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail,
Schedule of Investments [Line Items]
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11]	$ 2,234
Investment, Fair Value	[1],[2],[3],[10],[11]	$ 2,258
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11]	0.75%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail, Sweetwater Borrower LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.75%, Interest Rate 9.69%, Acquisition Date 2/29/2024, Maturity Date 8/7/2028
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[11]	4.25%
Investment, Interest Rate Floor	[1],[2],[3],[10],[11]	0.75%
Investment, Interest Rate	[1],[2],[3],[10],[11],[16]	9.69%
Investment, Acquisition Date	[1],[2],[3],[10],[11]	Feb. 29, 2024
Investment, Maturity Date	[1],[2],[3],[10],[11]	Aug. 07, 2028
Investment, Principal	[1],[2],[3],[10],[11],[13]	$ 2,250
Investment, Amortized Cost	[1],[2],[3],[4],[10],[11]	2,234
Investment, Fair Value	[1],[2],[3],[10],[11]	$ 2,258
Investment, Percentage of Net Assets	[1],[2],[3],[10],[11]	0.75%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods
Schedule of Investments [Line Items]
Investment, Amortized Cost		$ 1,732	[1],[2],[3],[4],[10]	1,736	[5],[6],[7],[8],[9]
Investment, Fair Value		$ 1,754	[1],[2],[3],[10]	$ 1,733	[5],[6],[7],[9]
Investment, Percentage of Net Assets		0.58%	[1],[2],[3],[10]	0.69%	[5],[6],[7],[9]
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods, Rachel Zoe, Inc., Region United States, Reference Rate and Spread S + 7.66%, Interest Rate Floor 3.00%, Interest Rate 12.97%, Acquisition Date 10/11/2023, Maturity Date 10/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[18]	7.66%
Investment, Interest Rate Floor	[1],[2],[3],[10],[18]	3.00%
Investment, Interest Rate	[1],[2],[3],[10],[16],[18]	12.97%
Investment, Acquisition Date	[1],[2],[3],[10],[18]	Oct. 11, 2023
Investment, Maturity Date	[1],[2],[3],[10],[18]	Oct. 09, 2026
Investment, Principal	[1],[2],[3],[10],[13],[18]	$ 466
Investment, Amortized Cost	[1],[2],[3],[4],[10],[18]	460
Investment, Fair Value	[1],[2],[3],[10],[18]	$ 458
Investment, Percentage of Net Assets	[1],[2],[3],[10],[18]	0.15%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods, TR Apparel, LLC, Region United States, Reference Rate and Spread S + 8.00%, Interest Rate Floor 2.00%, Interest Rate 13.33%, Acquisition Date 8/9/2023, Maturity Date 6/20/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[1],[2],[3],[10],[18]	8.00%
Investment, Interest Rate Floor	[1],[2],[3],[10],[18]	2.00%
Investment, Interest Rate	[1],[2],[3],[10],[16],[18]	13.33%
Investment, Acquisition Date	[1],[2],[3],[10],[18]	Aug. 09, 2023
Investment, Maturity Date	[1],[2],[3],[10],[18]	Jun. 20, 2027
Investment, Principal	[1],[2],[3],[10],[13],[18]	$ 1,296
Investment, Amortized Cost	[1],[2],[3],[4],[10],[18]	1,272
Investment, Fair Value	[1],[2],[3],[10],[18]	$ 1,296
Investment, Percentage of Net Assets	[1],[2],[3],[10],[18]	0.43%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Rachel Zoe, Inc, Region United Stat, Reference Rate and Spread S + 7.66%, Interest Rate Floor 3.00%, Interest Rate 13.01% Acquisition Date 10/11/2023, Maturity Date 10/9/2026
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			7.66%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			3.00%
Investment, Interest Rate	[5],[6],[7],[9],[23]			13.01%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Oct. 11, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Oct. 09, 2026
Investment, Principal	[5],[6],[7],[9],[23]			$ 470
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			462
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 462
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.18%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, TR Apparel, LLC, Region United Stat, Reference Rate and Spread S + 8.00%, Interest Rate Floor 2.00%, Interest Rate 13.32% Acquisition Date 8/9/2023, Maturity Date 6/20/2027
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[9],[23]			8.00%
Investment, Interest Rate Floor	[5],[6],[7],[9],[23]			2.00%
Investment, Interest Rate	[5],[6],[7],[9],[23]			13.32%
Investment, Acquisition Date	[5],[6],[7],[9],[23]			Aug. 09, 2023
Investment, Maturity Date	[5],[6],[7],[9],[23]			Jun. 20, 2027
Investment, Principal	[5],[6],[7],[9],[23]			$ 1,300
Investment, Amortized Cost	[5],[6],[7],[8],[9],[23]			1,274
Investment, Fair Value	[5],[6],[7],[9],[23]			$ 1,271
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.51%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt,H ealth Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46% Acquisition Date 8/18/2023, Maturity Date 8/20/2029
Schedule of Investments [Line Items]
Investment, Reference Rate and Spread	[5],[6],[7],[22],[23],[26]			6.00%
Investment, Interest Rate Floor	[5],[6],[7],[22],[23],[26]			0.00%
Investment, Interest Rate	[5],[6],[7],[19],[22],[23],[26]			11.46%
Investment, Acquisition Date	[5],[6],[7],[22],[23],[26]			Aug. 18, 2023
Investment, Maturity Date	[5],[6],[7],[22],[23],[26]			Aug. 20, 2029
Investment, Principal	[5],[6],[7],[22],[23],[26]			$ 23
Investment, Amortized Cost	[5],[6],[7],[8],[22],[23],[26]			22
Investment, Fair Value	[5],[6],[7],[22],[23],[26]			$ 21
Investment, Percentage of Net Assets	[5],[6],[7],[22],[23],[26]			0.01%
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, Warrant, IT Services, Acumera, Inc, Region United States
Schedule of Investments [Line Items]
Investment, Principal		$ 1	[1],[2],[3],[10],[13]	$ 1	[5],[6],[7],[9],[23]
Investment, Fair Value		$ 2	[1],[2],[3],[10]	$ 2	[5],[6],[7],[9],[23]
Investment, Percentage of Net Assets	[5],[6],[7],[9],[23]			0.01%

[1] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

[2] All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

[3] Security may be an obligation of one or more entities affiliated with the named portfolio company.

[4] The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities.

[5] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.

[6] All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

[7] Security may be an obligation of one or more entities affiliated with the named portfolio company.

[8] The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized PIK, for debt securities.

[9] These debt investments were pledged as collateral under the Company’s Credit Facility as of December 31, 2023 (refer to Note 6, “Borrowings”).

[10] Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.

[11] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

[12] This position has not yet settled as of March 31, 2024. The Company will not accrue interest until the settlement date at which point SOFR will be established.

[13] Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

[14] Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

[15] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

[16] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2024. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2024. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

[17] The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented approximately 11.4% of the total assets of the Company.

[18] These debt investments were pledged as collateral under the Company's Credit Facility as of March 31, 2024 (refer to Note 6, “Borrowings”).

[19] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2023. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

[20] Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

[21] Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility

[22] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.

[23] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.

[24] The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, non-qualifying assets represented approximately 7.1% of the total assets of the Company.

[25] This position has not yet settled as of December 31, 2023. The Company will not accrue interest until the settlement date at which point SOFR will be established.

[26] Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.

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Consolidated Schedule of Investments (unaudited) (Parenthetical)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Percentage of qualifying assets	70.00%	70.00%
Percentage of non-qualifying assets	11.40%	7.10%
Portfolio [Member]
Schedule of Investments [Line Items]
Portfolio unfunded commitment fee	1.00%	1.00%
Portfolio [Member] | Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Portfolio unfunded commitment fee	0.50%	0.50%
Minimum [Member] | Non-Affiliated [Member] | Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of voting interests acquired in portfolio	5.00%	5.00%
Minimum [Member] | Non-Controlled [Member] | Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of voting interests acquired in portfolio	25.00%	25.00%
Maximum [Member] | Affiliated [Member] | Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of voting interests acquired in portfolio	5.00%	5.00%
Maximum [Member] | Controlled [Member] | Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of voting interests acquired in portfolio	25.00%	25.00%

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Pay vs Performance Disclosure $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,598

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

First Eagle Private Credit Fund (together with its subsidiaries, the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company expects to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a RIC annually thereafter.

The Company is externally managed by First Eagle Investment Management, LLC (“FEIM” or the “Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser”, and together with the Adviser, the “Advisers”). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator (the “Administrator”).

The Company has two wholly owned subsidiaries - First Eagle Private Credit Fund SPV, LLC, which is a financing subsidiary of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company’s Credit Facility.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days’ prior notice to shareholders, upon the completion of the Fund's next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

The Company is offering and selling its common shares of beneficial interest, par value $0.001 per share (the “Common Shares”) in a continuous private placement (the “Private Offering”) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) (the “Initial Closing”) of the Private Offering on June 12, 2023 and commenced operations following its first capital call on July 10, 2023 (“Commencement of Operations”). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $25.00 per share.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The

current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024.

The Company commenced operations on July 10, 2023. As a result, comparative consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Consolidation

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Fair Value of Financial Instruments

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—“Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

The Company had $3,251 of interest income during the three months ended March 31, 2024.

PIK Income

The Company may have investments in its portfolio which contain a contractual PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during the three months ended March 31, 2024.

Dividend Income

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company had $2,013 of dividend income during the three months ended March 31, 2024.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. The Company had $279 of other income during the three months ended March 31, 2024.

Non-Accrual

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount (“OID”) and market discount are no longer accreted to interest income as of the date the 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 management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no loans on non-accrual status.

Organization and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offering.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility.

Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6—“Borrowings” for additional information.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company

maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement 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, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed income.

Distributions

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

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Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

On March 29, 2023, the Company’s Board unanimously approved an investment advisory agreement (the “Advisory Agreement”) and a subadvisory agreement (the “Subadvisory Agreement”), each of which became effective on March 30, 2023. Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations.

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first business day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing.

For the three months ended March 31, 2024, the Company accrued $785 in base management fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below:

(i)Incentive Fee Based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns.

“Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

•No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

•100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

•12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are appropriately prorated for any period less than three months and adjusted for any share issuances or repurchases during the current quarter.

For the three months ended March 31, 2024, the Company accrued $198 in income-based incentive fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to income-based incentive fees.

(ii)Incentive Fee on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2024, the Company accrued $6 in capital gains incentive fees which were fully waived (see “Fee Waiver” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to capital gain incentive fees.

Fee Waiver

For the twelve months following the Commencement of Operations, the Advisers have agreed to waive all management fees (including incentive fees) and subadvisory fees payable to them under the Advisory Agreement and Subadvisory Agreement (the “Advisory Fee Waiver”). The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC.

Administration Agreement

The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, the Administrator assists in determining and publishing the Company’s net asset value (“NAV”), oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement and the Subadvisory Agreement, including facilities, office equipment, technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations.

For the three months ended March 31, 2024, the Company incurred administrator expenses of $422. As of March 31, 2024 and December 31, 2023, $439 and $547, respectively, of administrator expenses were due to the Administrator, which were included in accrued administrator expenses on the Consolidated Statement of Assets and Liabilities.

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Investments

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. Investments

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024							December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien loan	$	198,264	$	198,507		100.00	%	$	70,684	$	70,881		100.00	%
Warrant		—		2		—			—		2		—
Total investments	$	198,264	$	198,509		100.00	%	$	70,684	$	70,883		100.00	%

The following is a summary of the industry classifications in which the Company invests as of March 31, 2024 and December 31, 2023:

March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Aerospace & Defense	$	2,970	$	2,995		1.51	%		0.99	%
Building Products		3,980		4,024		2.03			1.34
Chemicals		11,018		11,048		5.57			3.67
Commercial Services & Supplies		9,619		9,618		4.84			3.19
Construction & Engineering		2,198		2,192		1.10			0.73
Containers & Packaging		4,975		5,014		2.53			1.66
Diversified Consumer Services		12,111		12,183		6.14			4.03
Entertainment		4,950		5,014		2.53			1.66
Financial Services		9,118		9,186		4.63			3.04
Health Care Facilities		9,481		9,465		4.77			3.14
Health Care Providers & Services		45,183		45,217		22.77			15.03
Household Durables		6,807		6,801		3.43			2.26
Insurance		12,534		12,574		6.33			4.17
IT Services		5,924		5,781		2.91			1.92
Machinery		3,980		4,008		2.02			1.33
Media		7,905		7,965		4.01			2.65
Oil, Gas & Consumable Fuels		7,563		7,533		3.79			2.51
Passenger Airlines		6,952		7,024		3.54			2.33
Pharmaceuticals		4,939		4,637		2.34			1.54
Professional Services		8,354		8,372		4.22			2.78
Software		13,737		13,846		6.97			4.59
Specialty Retail		2,234		2,258		1.14			0.75
Textiles, Apparel, & Luxury Goods		1,732		1,754		0.88			0.58
	$	198,264	$	198,509		100.00	%		65.89	%

December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Commercial Services & Supplies	$	7,500	$	7,508		10.59	%		2.99	%
Construction & Engineering		2,199		2,197		3.10			0.87
Diversified Consumer Services		5,051		5,059		7.14			2.01
Financial Services		1,774		1,807		2.55			0.72
Health Care Facilities		9,467		9,465		13.35			3.76
Health Care Providers & Services		15,511		15,665		22.10			6.22
Household Durables		6,800		6,796		9.59			2.70
IT Services		954		955		1.35			0.39
Oil, Gas & Consumable Fuels		7,544		7,533		10.63			2.99
Passenger Airlines		2,970		3,010		4.25			1.20
Professional Services		5,392		5,372		7.58			2.13
Software		3,786		3,783		5.34			1.50
Textiles, Apparel, & Luxury Goods		1,736		1,733		2.43			0.69
Total	$	70,684	$	70,883		100.00	%		28.17	%

The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	177,897	$	178,158		89.75	%		59.13	%
Canada		5,891		5,881		2.96			1.95
Europe		14,476		14,470		7.29			4.81
Total	$	198,264	$	198,509		100.00	%		65.89	%

	December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	57,257	$	57,469		81.07	%		22.84	%
Canada		5,883		5,881		8.30			2.34
Europe		7,544		7,533		10.63			2.99
Total	$	70,684	$	70,883		100.00	%		28.17	%

As of March 31, 2024 and December 31, 2023, there were no loans on non-accrual status.

As of March 31, 2024 and December 31, 2023, on a fair value basis, 100% of the Company’s performing debt investments bore interest at a floating rate.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability 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 management.

Pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), the Board has designated FEIM as the Company's valuation designee, as the term is defined in Rule 2a-5 (the “Valuation Designee”). FEIM, as the Valuation Designee, performs fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board’s Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the

value of the Company’s total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

1.the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

2.the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

3.the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

4.FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

5.on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

When we determine our net asset value (“NAV”) as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM’s valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company’s portfolio in good faith based on the input of any applicable respective independent valuation firms.

The types of factors that the Valuation Designee may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA.

For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral).

For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market

trading and/or transaction multiples, the portfolio company’s relative financial performance relative to public and private peer companies and leverage levels.

In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date.

As of March 31, 2024, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Fair Value Disclosures

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	74,436		$	124,071		$	198,507
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	74,436		$	124,073		$	198,509
Percentage of Total		0.00	%		37.50	%		62.50	%		100.00	%

	December 31, 2023
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	5,018		$	65,863		$	70,881
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	5,018		$	65,865		$	70,883
Percentage of Total		0.00	%		7.08	%		92.92	%		100.00	%

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
	First Lien Debt			Warrant		Total Investments
Fair value, beginning of period	$	65,862		$	2	$	65,864
Purchase of investments (including PIK)		63,082			—		63,082
Proceeds from principal repayments and sales of investments		(76	)		—		(76	)
Amortization of premium/accretion of discount, net		105			—		105
Net realized gain (loss) on investments		—			—		—
Net change in unrealized appreciation (depreciation) on investments		36			—		36
Transfers out of Level 3		(4,938	)		—		(4,938	)
Fair value, end of period	$	124,071		$	2	$	124,073
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	$	36		$	—	$	36

Investments were transferred out of Level 3 during the period ended March 31, 2024 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee.

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2024 and December 31, 2023. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low			High			Weighted Average (1)
First lien debt (2)	$	90,279	Discounted cash flows (income approach)	Comparative Yield		9.20	%		14.09	%		10.96	%
		15,168	Recoverability	Collateral Value	$19.6mm			$352.6mm			$197.7mm
		105,447
Warrant		2	Market comparable companies (market approach)	EBITDA Multiple		35.00	%		45.00	%		40.00	%
				Conversion Term (years)	3.0 yrs			4.0 yrs			3.5 yrs
Total	$	105,449

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $18,624 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

December 31, 2023

Range

Fair Value

Valuation Technique

Unobservable Input

Low

High

Weighted Average (1)

First lien debt (2)

$

46,999

Discounted cash flows (income approach)

Comparative Yield

9.38

%

14.90

%

11.27

%

15,146

Recoverability

Collateral Value

$19.6mm

$345.7mm

$196.1mm

62,145

Warrant

2

Market comparable companies (market approach)

EBITDA Multiple

14.4x

14.9x

14.7x

Total

$

62,147

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

The significant unobservable input used in the fair value measurement of the Company’s debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Company’s investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

Other Financial Assets and Liabilities

As of March 31, 2024, the carrying amounts of the Company’s other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments. As of March 31, 2024, the carrying amount of the Company’s outstanding Credit Facility approximates fair value. The fair value of the Credit Facility is estimated based upon market interest rates and entities with similar credit risk.

As of March 31, 2024, within the fair value hierarchy, the Company’s cash equivalents would be categorized as Level 1 and the Company's outstanding Credit Facility would be categorized as Level 3.

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Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 6. Borrowings

In connection with the Company’s organization, the Board and the Company’s initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024, the Company’s asset coverage ratio was 6125.8%.

SPV Financing Facility

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “SPV”), a wholly-owned financing subsidiary of the Company, entered into a $350,000 senior secured revolving credit facility (the “Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility.

The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement of 65% of the facility amount following a nine-month ramp-up period through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority security interest in substantially all of the assets of the SPV, including its portfolio of investments, and the Company’s equity interest in the SPV. As of March 31, 2024, the Company held 25 investments with a total fair market value of $96,205 in the SPV as collateral for the Credit Facility. As of March 31, 2024, the Company had $5,000 in borrowings outstanding under the Credit Facility. As of December 31, 2023, the Company held 17 investments with a total fair market value of $50,997 in the SPV as collateral for the Credit Facility. As of December 31, 2023, the Company had no outstanding borrowings under the Credit Facility.

The Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month term SOFR plus spread. The initial spread is 3.05% per annum for term SOFR advances during the revolving period and 3.55% per annum during the amortization period. Additionally, the SPV pays a fee of 0.15% per annum on the notional loan amount of $350,000 and an unused fee of 0.60% per annum on any unused portion of the Credit Facility.

Components of Interest Expense

The components of the Company’s interest expense were as follows:

	For the Three Months Ended March 31, 2024
Borrowing interest expense	$	3
Borrowing administration fees		133
Facility unused fees		531
Amortization of financing costs		153
Total interest expense	$	820
Average Debt Outstanding (1)		5,000
Average Stated Interest Rate (1)		8.35	%

(1)Average taken from date of initial borrowing on March 29, 2024.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Unfunded Commitments

Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These

commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.

As of March 31, 2024 and December 31, 2023, the Company has the following unfunded commitments to portfolio companies:

March 31, 2024
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Apella Capital LLC	Delayed Draw	3/1/2026	$	250	$	(5	)
Community Based Care Acquisition, Inc.	Delayed Draw	3/19/2026	$	3,750	$	—
RMBUS Holdco Inc.	Delayed Draw	1/8/2026	$	2,070	$	(35	)
First Steps Recovery Acquisition, LLC	Delayed Draw	9/29/2025	$	1,149	$	(17	)
In Vitro Sciences, LLC	Delayed Draw	7/31/2024	$	23	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(7	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	—
Housework Holdings	Delayed Draw	3/1/2025	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	10/24/2027	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2029	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2028	$	62	$	—
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	—
Apella Capital LLC	Revolver	3/1/2029	$	50	$	(1	)
RMBUS Holdco Inc.	Revolver	1/8/2029	$	1,035	$	(17	)
First Steps Recovery Acquisition, LLC	Revolver	3/29/2030	$	1,149	$	(17	)
Housework Holdings	Revolver	12/15/2028	$	111	$	(3	)
In Vitro Sciences, LLC	Revolver	2/28/2029	$	568	$	(9	)
Project Cloud Holdings, LLC	Revolver	3/31/2029	$	712	$	(14	)
The Mutual Group, LLC	Revolver	1/31/2030	$	1,299	$	(19	)
Visante Acquisition, LLC	Revolver	1/31/2030	$	846	$	(13	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(3	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	1
Mammoth Holdings, LLC	Revolver	11/15/2029	$	227	$	(5	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	703	$	(11	)
Total Unfunded Commitments			$	27,277	$	(389	)

December 31, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2024	$	110	$	(2	)
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(10	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	(3	)
Housework Holdings	Delayed Draw	12/15/2028	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	4/30/2025	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2025	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2025	$	62	$	(1	)
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	(1	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(4	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	(4	)
Housework Holdings	Revolver	12/15/2028	$	178	$	(5	)
Mammoth Holdings, LLC	Revolver	11/15/2029	$	455	$	(9	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	828	$	(12	)
Total Unfunded Commitments			$	14,906	$	(265	)

Legal Proceedings

From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

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Net Assets

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Net Assets

Note 8. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares.

The following table summarizes the issuance of shares during the three months ended March 31, 2024:

Share Issuance Date	Number of Common Shares Issued		Aggregate Offering Proceeds
March 1, 2024		2,058,460	$	50,000
Total		2,058,460	$	50,000

During the three months ended March 31, 2024, the Company also issued 40 shares for an aggregate value of $1 under the DRIP (as defined below).

The sales of Common Shares were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase Common Shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten calendar days prior notice to the funding date.

As of March 31, 2024, the Company has received capital commitments totaling $302,700, which was fully called as of March 31, 2024.

Distributions

The following table presents distributions that were declared and payable during the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 5, 2024	February 6, 2024	February 27, 2024	$	0.12	$	1,244
February 29, 2024	February 29, 2024	March 26, 2024	$	0.12	$	1,244
March 28, 2024	March 28, 2024	April 26, 2024	$	0.12	$	1,491
					$	3,979

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months-ended March 31, 2024:

	March 31, 2024
Ordinary income (including net short-term capital gains)	$	3,979
Capital gains		—
Return of capital		—
Total taxable distributions	$	3,979

Distribution Reinvestment

The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan. Common Shares issued under the dividend reinvestment plan will not reduce outstanding Capital Commitments.

Share Repurchase Program

Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the last calendar day of the applicable quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person.

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Financial Highlights and Senior Securities

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights and Senior Securities

Note 9. Financial Highlights and Senior Securities

The following is a schedule of financial highlights for the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
Per Share Data:
Net assets, beginning of period	$	24.28
Net investment income (loss) (1)		0.32
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0.01
Net increase (decrease) in net assets resulting from operations (1)		0.33
Distributions declared from net investment income		(0.36	)
Issuance of shares		—
Other (2)		—
Total increase (decrease) in net assets		(0.03	)
Net assets, end of period	$	24.25
Shares outstanding, end of period		12,425,318
Total return based on NAV (3)		(0.12	)%
Ratios:
Net expenses to average net assets (4)		3.97	%
Net investment income to average net assets (4)		3.79	%
Portfolio turnover rate (5)		0.16	%
Supplemental Data:
Net assets, end of period	$	301,288
Total capital commitments, end of period	$	302,700
Ratios of total contributed capital to total committed capital, end of period		100.00	%
Average debt outstanding	$	165
Asset coverage ratio		6125.8	%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(3)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 beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized.

(4)For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33%, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36% of average assets.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

The following is information about the Company’s senior securities as of March 31, 2024 and December 31, 2023:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Credit Facility
March 31, 2024	$	5,000	$	62,258	N/A	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)		Average Market Value per Unit (4)
Credit Facility
December 31, 2023 (5)	$	—	$	—		—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

(5) As of December 31, 2023, the Company had no debt outstanding under its Credit Facility.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 10. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2024 except as discussed below.

On April 30, 2024, the Company's Board declared a distribution of $0.12 per Common Share, which is payable on May 29, 2024 to shareholders of record as of April 30, 2024.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The

current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024.

The Company commenced operations on July 10, 2023. As a result, comparative consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented.

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

Consolidation

Consolidation

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

Use of Estimates

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—“Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy.

Revenue Recognition

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

The Company had $3,251 of interest income during the three months ended March 31, 2024.

PIK Income

The Company may have investments in its portfolio which contain a contractual PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during the three months ended March 31, 2024.

Dividend Income

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company had $2,013 of dividend income during the three months ended March 31, 2024.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. The Company had $279 of other income during the three months ended March 31, 2024.

Non-Accrual

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount (“OID”) and market discount are no longer accreted to interest income as of the date the 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 management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no loans on non-accrual status.

Organization and Offering Expenses

Organization and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offering.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility.

Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6—“Borrowings” for additional information.

U.S. Federal Income Taxes, Including Excise Tax

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company

maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement 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, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed incom

Distributions

Distributions

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of the Composition of the Company's Investment Portfolio at Cost and Fair Value

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024							December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien loan	$	198,264	$	198,507		100.00	%	$	70,684	$	70,881		100.00	%
Warrant		—		2		—			—		2		—
Total investments	$	198,264	$	198,509		100.00	%	$	70,684	$	70,883		100.00	%

Schedule of the Company' Investment on the Basis of Industry Classifications

The following is a summary of the industry classifications in which the Company invests as of March 31, 2024 and December 31, 2023:

March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Aerospace & Defense	$	2,970	$	2,995		1.51	%		0.99	%
Building Products		3,980		4,024		2.03			1.34
Chemicals		11,018		11,048		5.57			3.67
Commercial Services & Supplies		9,619		9,618		4.84			3.19
Construction & Engineering		2,198		2,192		1.10			0.73
Containers & Packaging		4,975		5,014		2.53			1.66
Diversified Consumer Services		12,111		12,183		6.14			4.03
Entertainment		4,950		5,014		2.53			1.66
Financial Services		9,118		9,186		4.63			3.04
Health Care Facilities		9,481		9,465		4.77			3.14
Health Care Providers & Services		45,183		45,217		22.77			15.03
Household Durables		6,807		6,801		3.43			2.26
Insurance		12,534		12,574		6.33			4.17
IT Services		5,924		5,781		2.91			1.92
Machinery		3,980		4,008		2.02			1.33
Media		7,905		7,965		4.01			2.65
Oil, Gas & Consumable Fuels		7,563		7,533		3.79			2.51
Passenger Airlines		6,952		7,024		3.54			2.33
Pharmaceuticals		4,939		4,637		2.34			1.54
Professional Services		8,354		8,372		4.22			2.78
Software		13,737		13,846		6.97			4.59
Specialty Retail		2,234		2,258		1.14			0.75
Textiles, Apparel, & Luxury Goods		1,732		1,754		0.88			0.58
	$	198,264	$	198,509		100.00	%		65.89	%

December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
Commercial Services & Supplies	$	7,500	$	7,508		10.59	%		2.99	%
Construction & Engineering		2,199		2,197		3.10			0.87
Diversified Consumer Services		5,051		5,059		7.14			2.01
Financial Services		1,774		1,807		2.55			0.72
Health Care Facilities		9,467		9,465		13.35			3.76
Health Care Providers & Services		15,511		15,665		22.10			6.22
Household Durables		6,800		6,796		9.59			2.70
IT Services		954		955		1.35			0.39
Oil, Gas & Consumable Fuels		7,544		7,533		10.63			2.99
Passenger Airlines		2,970		3,010		4.25			1.20
Professional Services		5,392		5,372		7.58			2.13
Software		3,786		3,783		5.34			1.50
Textiles, Apparel, & Luxury Goods		1,736		1,733		2.43			0.69
Total	$	70,684	$	70,883		100.00	%		28.17	%

Schedule of the Company' Investment on the Basis of Geographical Concentrations

The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	177,897	$	178,158		89.75	%		59.13	%
Canada		5,891		5,881		2.96			1.95
Europe		14,476		14,470		7.29			4.81
Total	$	198,264	$	198,509		100.00	%		65.89	%

	December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	57,257	$	57,469		81.07	%		22.84	%
Canada		5,883		5,881		8.30			2.34
Europe		7,544		7,533		10.63			2.99
Total	$	70,684	$	70,883		100.00	%		28.17	%

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Investment Portfolio at Cost and Fair Value

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	74,436		$	124,071		$	198,507
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	74,436		$	124,073		$	198,509
Percentage of Total		0.00	%		37.50	%		62.50	%		100.00	%

	December 31, 2023
	Level 1			Level 2			Level 3			Total
First Lien Loan	$	—		$	5,018		$	65,863		$	70,881
Warrant	$	—		$	—		$	2		$	2
Total Investments	$	—		$	5,018		$	65,865		$	70,883
Percentage of Total		0.00	%		7.08	%		92.92	%		100.00	%

Summary of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024:

	Three Months Ended March 31, 2024
	First Lien Debt			Warrant		Total Investments
Fair value, beginning of period	$	65,862		$	2	$	65,864
Purchase of investments (including PIK)		63,082			—		63,082
Proceeds from principal repayments and sales of investments		(76	)		—		(76	)
Amortization of premium/accretion of discount, net		105			—		105
Net realized gain (loss) on investments		—			—		—
Net change in unrealized appreciation (depreciation) on investments		36			—		36
Transfers out of Level 3		(4,938	)		—		(4,938	)
Fair value, end of period	$	124,071		$	2	$	124,073
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	$	36		$	—	$	36

Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2024 and December 31, 2023. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	March 31, 2024
					Range
	Fair Value		Valuation Technique	Unobservable Input	Low			High			Weighted Average (1)
First lien debt (2)	$	90,279	Discounted cash flows (income approach)	Comparative Yield		9.20	%		14.09	%		10.96	%
		15,168	Recoverability	Collateral Value	$19.6mm			$352.6mm			$197.7mm
		105,447
Warrant		2	Market comparable companies (market approach)	EBITDA Multiple		35.00	%		45.00	%		40.00	%
				Conversion Term (years)	3.0 yrs			4.0 yrs			3.5 yrs
Total	$	105,449

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $18,624 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

December 31, 2023

Range

Fair Value

Valuation Technique

Unobservable Input

Low

High

Weighted Average (1)

First lien debt (2)

$

46,999

Discounted cash flows (income approach)

Comparative Yield

9.38

%

14.90

%

11.27

%

15,146

Recoverability

Collateral Value

$19.6mm

$345.7mm

$196.1mm

62,145

Warrant

2

Market comparable companies (market approach)

EBITDA Multiple

14.4x

14.9x

14.7x

Total

$

62,147

(1)Weighted averages are calculated based on fair value of investments.

(2)Excluded from the presentation is $3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense

Components of Interest Expense

The components of the Company’s interest expense were as follows:

	For the Three Months Ended March 31, 2024
Borrowing interest expense	$	3
Borrowing administration fees		133
Facility unused fees		531
Amortization of financing costs		153
Total interest expense	$	820
Average Debt Outstanding (1)		5,000
Average Stated Interest Rate (1)		8.35	%

(1)Average taken from date of initial borrowing on March 29, 2024.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of unfunded commitments

As of March 31, 2024 and December 31, 2023, the Company has the following unfunded commitments to portfolio companies:

March 31, 2024
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Apella Capital LLC	Delayed Draw	3/1/2026	$	250	$	(5	)
Community Based Care Acquisition, Inc.	Delayed Draw	3/19/2026	$	3,750	$	—
RMBUS Holdco Inc.	Delayed Draw	1/8/2026	$	2,070	$	(35	)
First Steps Recovery Acquisition, LLC	Delayed Draw	9/29/2025	$	1,149	$	(17	)
In Vitro Sciences, LLC	Delayed Draw	7/31/2024	$	23	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(7	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	—
Housework Holdings	Delayed Draw	3/1/2025	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	10/24/2027	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2029	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2028	$	62	$	—
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	—
Apella Capital LLC	Revolver	3/1/2029	$	50	$	(1	)
RMBUS Holdco Inc.	Revolver	1/8/2029	$	1,035	$	(17	)
First Steps Recovery Acquisition, LLC	Revolver	3/29/2030	$	1,149	$	(17	)
Housework Holdings	Revolver	12/15/2028	$	111	$	(3	)
In Vitro Sciences, LLC	Revolver	2/28/2029	$	568	$	(9	)
Project Cloud Holdings, LLC	Revolver	3/31/2029	$	712	$	(14	)
The Mutual Group, LLC	Revolver	1/31/2030	$	1,299	$	(19	)
Visante Acquisition, LLC	Revolver	1/31/2030	$	846	$	(13	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(3	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	1
Mammoth Holdings, LLC	Revolver	11/15/2029	$	227	$	(5	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	703	$	(11	)
Total Unfunded Commitments			$	27,277	$	(389	)

December 31, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Delayed Draw
Air Conditioning Specialist, Inc.	Delayed Draw	9/30/2024	$	28	$	—
Elevate HD Parent, Inc.	Delayed Draw	2/18/2024	$	110	$	(2	)
Elevate HD Parent, Inc.	Delayed Draw	2/18/2025	$	533	$	(10	)
Enverus Holdings, Inc.	Delayed Draw	12/12/2026	$	192	$	(3	)
Housework Holdings	Delayed Draw	12/15/2028	$	502	$	(15	)
Mammoth Holdings, LLC	Delayed Draw	11/15/2025	$	909	$	(18	)
Medrina, LLC	Delayed Draw	4/20/2025	$	1,550	$	(29	)
RL James, Inc.	Delayed Draw	12/15/2025	$	2,162	$	(41	)
SR Landscaping, LLC	Delayed Draw	4/30/2025	$	1,784	$	(27	)
Waste Resource Management Inc.	Delayed Draw	12/28/2025	$	2,069	$	(31	)
Revolver
Acumera, Inc.	Revolver	6/7/2025	$	62	$	(1	)
Air Conditioning Specialist, Inc.	Revolver	11/9/2026	$	62	$	(1	)
Elevate HD Parent, Inc.	Revolver	8/20/2029	$	200	$	(4	)
Enverus Holdings, Inc.	Revolver	12/24/2029	$	293	$	(4	)
Housework Holdings	Revolver	12/15/2028	$	178	$	(5	)
Mammoth Holdings, LLC	Revolver	11/15/2029	$	455	$	(9	)
Medrina, LLC	Revolver	10/20/2029	$	1,107	$	(21	)
RL James, Inc.	Revolver	12/15/2028	$	1,081	$	(20	)
SR Landscaping, LLC	Revolver	10/30/2029	$	801	$	(12	)
Waste Resource Management Inc.	Revolver	12/28/2029	$	828	$	(12	)
Total Unfunded Commitments			$	14,906	$	(265	)

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Net Assets (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Schedule of the Issuance of Shares

The following table summarizes the issuance of shares during the three months ended March 31, 2024:

Share Issuance Date	Number of Common Shares Issued		Aggregate Offering Proceeds
March 1, 2024		2,058,460	$	50,000
Total		2,058,460	$	50,000

Schedule of the Distributions Declared and Payable

The following table presents distributions that were declared and payable during the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Distribution Per Share		Distribution Amount
February 5, 2024	February 6, 2024	February 27, 2024	$	0.12	$	1,244
February 29, 2024	February 29, 2024	March 26, 2024	$	0.12	$	1,244
March 28, 2024	March 28, 2024	April 26, 2024	$	0.12	$	1,491
					$	3,979

Schedule of Sources of Cash Distributions

The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months-ended March 31, 2024:

	March 31, 2024
Ordinary income (including net short-term capital gains)	$	3,979
Capital gains		—
Return of capital		—
Total taxable distributions	$	3,979

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Financial Highlights and Senior Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
Per Share Data:
Net assets, beginning of period	$	24.28
Net investment income (loss) (1)		0.32
Net realized gain (loss)		—
Net change in unrealized appreciation (depreciation)		0.01
Net increase (decrease) in net assets resulting from operations (1)		0.33
Distributions declared from net investment income		(0.36	)
Issuance of shares		—
Other (2)		—
Total increase (decrease) in net assets		(0.03	)
Net assets, end of period	$	24.25
Shares outstanding, end of period		12,425,318
Total return based on NAV (3)		(0.12	)%
Ratios:
Net expenses to average net assets (4)		3.97	%
Net investment income to average net assets (4)		3.79	%
Portfolio turnover rate (5)		0.16	%
Supplemental Data:
Net assets, end of period	$	301,288
Total capital commitments, end of period	$	302,700
Ratios of total contributed capital to total committed capital, end of period		100.00	%
Average debt outstanding	$	165
Asset coverage ratio		6125.8	%

(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(3)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 beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized.

(4)For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33%, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36% of average assets.

(5)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

Schedule of Investment Company's Senior Securities

The following is information about the Company’s senior securities as of March 31, 2024 and December 31, 2023:

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)	Average Market Value per Unit (4)
Credit Facility
March 31, 2024	$	5,000	$	62,258	N/A	N/A

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1)		Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)		Average Market Value per Unit (4)
Credit Facility
December 31, 2023 (5)	$	—	$	—		—	N/A

(1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

(2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading.

(5) As of December 31, 2023, the Company had no debt outstanding under its Credit Facility.

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Organization - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of total	65.89%	28.17%	80.00%
Common stock, par value	$ 0.001	$ 0.001
Adviser purchased common shares	4,000
Common shares of beneficial interest per share	$ 25

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Net assets	$ 301,288	$ 251,668
interest income	3,251
Dividend income	2,013
Other Income	279
Interest Income	0
Non-accural loans	$ 0	$ 0
Nondeductible federal excise tax on undistributed earnings	4.00%
Federal excise tax	4.00%
Minimum ordinary income distribution percentage	98.00%
Minimum capital gain distribution percentage	98.20%
Minimum [Member]
Significant Accounting Policies [Line Items]
Investment company taxable income percentage	90.00%

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Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Base management fee percentage	1.25%
Management Fee Waived	$ 785
Administrator expenses	422
Accrued Administration Expense	439	$ 547
Income-based incentive fee	198
Capital Gains Incentive Fees	$ 6
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.25%
Catch-up provision percentage of pre incentive net investment income annualized	5.00%
Incentive fee based on income description	100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
Percentage of incentive fee on capital gains	12.50%
Adviser
Related Party Transaction [Line Items]
Management Fee Payable	$ 0	$ 0
Catch-up provision percentage of pre incentive net investment income on quarterly basis	12.50%
Maximum [Member] | Incentive Fee on Ordinary Income
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.25%
Catch-up provision percentage of pre incentive net investment income annualized	5.00%
Maximum [Member] | Adviser
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.43%
Minimum [Member] | Incentive Fee on Ordinary Income
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.43%
Catch-up provision percentage of pre incentive net investment income annualized	5.72%

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Investments - Summary of Company's Investment Portfolio at Cost and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 198,264	$ 70,684
Investment, Fair Value	$ 198,509	$ 70,883
% of Total Investments at Fair Value	100.00%	100.00%
First lien loan
Schedule of Investments [Line Items]
Amortized Cost	$ 198,264	$ 70,684
Investment, Fair Value	$ 198,507	$ 70,881
% of Total Investments at Fair Value	100.00%	100.00%
Warrant [Member]
Schedule of Investments [Line Items]
Amortized Cost	$ 0	$ 0
Investment, Fair Value	$ 2	$ 2
% of Total Investments at Fair Value	0.00%	0.00%

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Investments - Summary of Company's Investments in Industry Classifications (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 198,264	$ 70,684
Investment, Fair Value	$ 198,509	$ 70,883
% of Total Investments at Fair Value	100.00%	100.00%
Investment, Percentage of Net Assets	65.89%	28.17%	80.00%
Aerospace & Defense
Schedule of Investments [Line Items]
Amortized Cost	$ 2,970
Investment, Fair Value	$ 2,995
% of Total Investments at Fair Value	1.51%
Investment, Percentage of Net Assets	0.99%
Building Products
Schedule of Investments [Line Items]
Amortized Cost	$ 3,980
Investment, Fair Value	$ 4,024
% of Total Investments at Fair Value	2.03%
Investment, Percentage of Net Assets	1.34%
Chemicals
Schedule of Investments [Line Items]
Amortized Cost	$ 11,018
Investment, Fair Value	$ 11,048
% of Total Investments at Fair Value	5.57%
Investment, Percentage of Net Assets	3.67%
Commercial Services & Supplies
Schedule of Investments [Line Items]
Amortized Cost	$ 9,619	$ 7,500
Investment, Fair Value	$ 9,618	$ 7,508
% of Total Investments at Fair Value	4.84%	10.59%
Investment, Percentage of Net Assets	3.19%	2.99%
Construction & Engineering
Schedule of Investments [Line Items]
Amortized Cost	$ 2,198	$ 2,199
Investment, Fair Value	$ 2,192	$ 2,197
% of Total Investments at Fair Value	1.10%	3.10%
Investment, Percentage of Net Assets	0.73%	0.87%
Containers & Packaging
Schedule of Investments [Line Items]
Amortized Cost	$ 4,975
Investment, Fair Value	$ 5,014
% of Total Investments at Fair Value	2.53%
Investment, Percentage of Net Assets	1.66%
Diversified Consumer Services
Schedule of Investments [Line Items]
Amortized Cost	$ 12,111	$ 5,051
Investment, Fair Value	$ 12,183	$ 5,059
% of Total Investments at Fair Value	6.14%	7.14%
Investment, Percentage of Net Assets	4.03%	2.01%
Entertainment
Schedule of Investments [Line Items]
Amortized Cost	$ 4,950
Investment, Fair Value	$ 5,014
% of Total Investments at Fair Value	2.53%
Investment, Percentage of Net Assets	1.66%
Financial Services
Schedule of Investments [Line Items]
Amortized Cost	$ 9,118	$ 1,774
Investment, Fair Value	$ 9,186	$ 1,807
% of Total Investments at Fair Value	4.63%	2.55%
Investment, Percentage of Net Assets	3.04%	0.72%
Health Care Facilities
Schedule of Investments [Line Items]
Amortized Cost	$ 9,481	$ 9,467
Investment, Fair Value	$ 9,465	$ 9,465
% of Total Investments at Fair Value	4.77%	13.35%
Investment, Percentage of Net Assets	3.14%	3.76%
Health Care Providers & Services
Schedule of Investments [Line Items]
Amortized Cost	$ 45,183	$ 15,511
Investment, Fair Value	$ 45,217	$ 15,665
% of Total Investments at Fair Value	22.77%	22.10%
Investment, Percentage of Net Assets	15.03%	6.22%
Household Durables
Schedule of Investments [Line Items]
Amortized Cost	$ 6,807	$ 6,800
Investment, Fair Value	$ 6,801	$ 6,796
% of Total Investments at Fair Value	3.43%	9.59%
Investment, Percentage of Net Assets	2.26%	2.70%
Insurance
Schedule of Investments [Line Items]
Amortized Cost	$ 12,534
Investment, Fair Value	$ 12,574
% of Total Investments at Fair Value	6.33%
Investment, Percentage of Net Assets	4.17%
IT Services
Schedule of Investments [Line Items]
Amortized Cost	$ 5,924	$ 954
Investment, Fair Value	$ 5,781	$ 955
% of Total Investments at Fair Value	2.91%	1.35%
Investment, Percentage of Net Assets	1.92%	0.39%
Machinery
Schedule of Investments [Line Items]
Amortized Cost	$ 3,980
Investment, Fair Value	$ 4,008
% of Total Investments at Fair Value	2.02%
Investment, Percentage of Net Assets	1.33%
Media
Schedule of Investments [Line Items]
Amortized Cost	$ 7,905
Investment, Fair Value	$ 7,965
% of Total Investments at Fair Value	4.01%
Investment, Percentage of Net Assets	2.65%
Oil, Gas & Consumable Fuels
Schedule of Investments [Line Items]
Amortized Cost	$ 7,563	$ 7,544
Investment, Fair Value	$ 7,533	$ 7,533
% of Total Investments at Fair Value	3.79%	10.63%
Investment, Percentage of Net Assets	2.51%	2.99%
Passenger Airlines
Schedule of Investments [Line Items]
Amortized Cost	$ 6,952	$ 2,970
Investment, Fair Value	$ 7,024	$ 3,010
% of Total Investments at Fair Value	3.54%	4.25%
Investment, Percentage of Net Assets	2.33%	1.20%
Pharmaceuticals
Schedule of Investments [Line Items]
Amortized Cost	$ 4,939
Investment, Fair Value	$ 4,637
% of Total Investments at Fair Value	2.34%
Investment, Percentage of Net Assets	1.54%
Professional Services
Schedule of Investments [Line Items]
Amortized Cost	$ 8,354	$ 5,392
Investment, Fair Value	$ 8,372	$ 5,372
% of Total Investments at Fair Value	4.22%	7.58%
Investment, Percentage of Net Assets	2.78%	2.13%
Software
Schedule of Investments [Line Items]
Amortized Cost	$ 13,737	$ 3,786
Investment, Fair Value	$ 13,846	$ 3,783
% of Total Investments at Fair Value	6.97%	5.34%
Investment, Percentage of Net Assets	4.59%	1.50%
Specialty Retail
Schedule of Investments [Line Items]
Amortized Cost	$ 2,234
Investment, Fair Value	$ 2,258
% of Total Investments at Fair Value	1.14%
Investment, Percentage of Net Assets	0.75%
Textiles, Apparel, & Luxury Goods
Schedule of Investments [Line Items]
Amortized Cost	$ 1,732	$ 1,736
Investment, Fair Value	$ 1,754	$ 1,733
% of Total Investments at Fair Value	0.88%	2.43%
Investment, Percentage of Net Assets	0.58%	0.69%

XML

Investments - Summary of Company's Investment Portfolio on Basis of Geographical Concentration (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 198,264	$ 70,684
Investment, Fair Value	$ 198,509	$ 70,883
% of Total Investments at Fair Value	100.00%	100.00%
Investment, Percentage of Net Assets	65.89%	28.17%	80.00%
United States
Schedule of Investments [Line Items]
Amortized Cost	$ 177,897	$ 57,257
Investment, Fair Value	$ 178,158	$ 57,469
% of Total Investments at Fair Value	89.75%	81.07%
Investment, Percentage of Net Assets	59.13%	22.84%
Canada
Schedule of Investments [Line Items]
Amortized Cost	$ 5,891	$ 5,883
Investment, Fair Value	$ 5,881	$ 5,881
% of Total Investments at Fair Value	2.96%	8.30%
Investment, Percentage of Net Assets	1.95%	2.34%
Europe
Schedule of Investments [Line Items]
Amortized Cost	$ 14,476	$ 7,544
Investment, Fair Value	$ 14,470	$ 7,533
% of Total Investments at Fair Value	7.29%	10.63%
Investment, Percentage of Net Assets	4.81%	2.99%

XML

Investments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Loans on Non Accrual Status	$ 0	$ 0
Debt Investment at Floting Rate	100.00%	100.00%

XML

Fair Value Measurements - Summary of Investment Portfolio at Cost and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 198,509	$ 70,883
Percentage of Total	100.00%	100.00%
Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 2	$ 2
First lien loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 198,507	$ 70,881
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Total	0.00%	0.00%
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 74,436	$ 5,018
Percentage of Total	37.50%	7.08%
Level 2 | First lien loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 74,436	$ 5,018
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 124,073	$ 65,865
Percentage of Total	62.50%	92.92%
Level 3 [Member] | Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 2	$ 2
Level 3 [Member] | First lien loan
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Investments	$ 124,071	$ 65,863

XML

Fair Value Measurements - Summary of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	$ 70,883
Purchase of investments (including PIK)	(95,666)
Proceeds from principal repayments and sales of investments	212
Amortization of premium/accretion of discount, net	(159)
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	(46)
Fair value, end of period	198,509
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	65,864
Purchase of investments (including PIK)	63,082
Proceeds from principal repayments and sales of investments	(76)
Amortization of premium/accretion of discount, net	105
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	36
Transfers out of Level 3	(4,938)
Fair value, end of period	124,073
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	36
Level 3 [Member] | Warrant [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	2
Purchase of investments (including PIK)	0
Proceeds from principal repayments and sales of investments	0
Amortization of premium/accretion of discount, net	0
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	0
Transfers out of Level 3	0
Fair value, end of period	2
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	0
Level 3 [Member] | First Lien Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	65,862
Purchase of investments (including PIK)	63,082
Proceeds from principal repayments and sales of investments	(76)
Amortization of premium/accretion of discount, net	105
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	36
Transfers out of Level 3	(4,938)
Fair value, end of period	124,071
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024	$ 36

XML

Fair Value Measurements - Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments (Details) - Level 3 [Member] $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) Measurement		Dec. 31, 2023 USD ($) Measurement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total invesatment of fair value | $		$ 105,449		$ 62,147
First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total invesatment of fair value | $		105,447		62,145
Discounted Cash Flows [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total invesatment of fair value | $		$ 90,279	[1]	$ 46,999	[2]
Discounted Cash Flows [Member] | Minimum [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		0.092	[1]	0.0938	[2]
Discounted Cash Flows [Member] | Maximum [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		0.1409	[1]	0.149	[2]
Discounted Cash Flows [Member] | Weighted Average [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		0.1096	[1],[3]	0.1127	[2],[4]
Recoverability [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total invesatment of fair value | $		$ 15,168		$ 15,146
Recoverability [Member] | Minimum [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		19.6		19.6
Recoverability [Member] | Maximum [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		352.6		345.7
Recoverability [Member] | Weighted Average [Member] | First Lien Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		197.7	[3]	196.1	[4]
Market Comparable Companies [Member] | Warrant [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total invesatment of fair value | $		$ 2		$ 2
Market Comparable Companies [Member] | Minimum [Member] | Warrant [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		35		14.4
Conversion Term		3 years
Market Comparable Companies [Member] | Maximum [Member] | Warrant [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		45		14.9
Conversion Term		4 years
Market Comparable Companies [Member] | Weighted Average [Member] | Warrant [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value inputs, discount rate		40	[3]	14.7	[4]
Conversion Term	[3]	3 years 6 months

[1] Excluded from the presentation is $18,624 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

[2] Excluded from the presentation is $3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

[3] Weighted averages are calculated based on fair value of investments.

[4] Weighted averages are calculated based on fair value of investments.

XML

Fair Value Measurements - Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
First Lien Senior Secured Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Secured debt	$ 18,624	$ 3,717

XML

Share Repurchase Program - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Maximum percentage of common shares outstanding intends to offer to repurchase	5.00%
Percentage of common shares repurchased at net asset value	98.00%

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Borrowings - Additional Information (Details) $ in Thousands		3 Months Ended	8 Months Ended
		Mar. 31, 2024 USD ($) Investments	Dec. 31, 2023 USD ($) Investments	Sep. 22, 2023 USD ($)
Line of Credit Facility [Line Items]
Investment company, asset coverage ratio		6125.80%
Line of credit facility, borrowing capacity, description		The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%.
Line of credit facility maximum borrowing capacity on principal balance		75.00%
Interest rate on maximum borrowings capicity		65.00%
Investment Owned, Fair Value		$ 198,509	$ 70,883
Outstanding borrowings	[1]	$ 5,000
Debt instrument, maturity date		Sep. 22, 2028
Interest rate during the amortization period		3.55%
Debt instrument, fee percentage		0.15%
Notional loan amount		$ 350,000
Unused fee percentage on borrowings		0.60%
SOFR [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		3.05%
Minimum [Member]
Line of Credit Facility [Line Items]
Asset coverage ratio		150.00%
Revolving Credit Facility [Member] | Morgan Stanley Bank [Member]
Line of Credit Facility [Line Items]
Senior secured revolving credit facility				$ 350,000
Credit Facility Member
Line of Credit Facility [Line Items]
Number of investments | Investments		25	17
Investment Owned, Fair Value		$ 96,205	$ 50,997
Outstanding borrowings		$ 5,000	$ 0
Credit Facility Member | Minimum [Member]
Line of Credit Facility [Line Items]
Minimum utilization of facility amount, percentage		65.00%

[1] Average taken from date of initial borrowing on March 29, 2024.

XML

Borrowings - Schedule of Components of Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Borrowing interest expense	$ 3
Borrowing administration fees	133
Facility unused fees	531
Amortization of financing costs	153
Total interest expense	820
Average Debt Outstanding	$ 5,000	[1]
Average Stated Interest Rate	8.35%	[1]

[1] Average taken from date of initial borrowing on March 29, 2024.

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Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	8 Months Ended	11 Months Ended
	Dec. 31, 2023	Mar. 31, 2024
Loss Contingencies [Line Items]
Investment, Fair Value	$ 70,883	$ 198,509
Unfunded Loan Commitment [Member]
Loss Contingencies [Line Items]
Unfunded Commitment	14,906	27,277
Investment, Fair Value	$ (265)	$ (389)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Air Conditioning Specialist, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Sep. 30, 2024	Sep. 30, 2024
Unfunded Commitment	$ 28	$ 28
Investment, Fair Value	$ 0	$ 0
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Apella Capital LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Delayed Draw
Commitment Expiration Date		Mar. 01, 2026
Unfunded Commitment		$ 250
Investment, Fair Value		$ (5)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Community Based Care Acquisition, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type		Delayed Draw
Commitment Expiration Date		Mar. 19, 2026
Unfunded Commitment		$ 3,750
Investment, Fair Value		$ 0
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | RMBUS Holdco Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type		Delayed Draw
Commitment Expiration Date		Jan. 08, 2026
Unfunded Commitment		$ 2,070
Investment, Fair Value		$ (35)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | First Steps Recovery Acquisition, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Delayed Draw
Commitment Expiration Date		Sep. 29, 2025
Unfunded Commitment		$ 1,149
Investment, Fair Value		$ (17)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | In Vitro Sciences, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Delayed Draw
Commitment Expiration Date		Jul. 31, 2024
Unfunded Commitment		$ 23
Investment, Fair Value		$ 0
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Elevate HD Parent, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Feb. 18, 2024	Feb. 18, 2025
Unfunded Commitment	$ 110	$ 533
Investment, Fair Value	$ (2)	$ (7)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Elevate HD Parent, Inc. 1 [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw
Commitment Expiration Date	Feb. 18, 2025
Unfunded Commitment	$ 533
Investment, Fair Value	$ (10)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Enverus Holdings, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Dec. 12, 2026	Dec. 12, 2026
Unfunded Commitment	$ 192	$ 192
Investment, Fair Value	$ (3)	$ 0
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Houseworks Holdings [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Dec. 15, 2028	Mar. 01, 2025
Unfunded Commitment	$ 502	$ 502
Investment, Fair Value	$ (15)	$ (15)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Mammoth Holdings, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Nov. 15, 2025	Nov. 15, 2025
Unfunded Commitment	$ 909	$ 909
Investment, Fair Value	$ (18)	$ (18)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Medrina, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Apr. 20, 2025	Apr. 20, 2025
Unfunded Commitment	$ 1,550	$ 1,550
Investment, Fair Value	$ (29)	$ (29)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | RL James, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Dec. 15, 2025	Dec. 15, 2025
Unfunded Commitment	$ 2,162	$ 2,162
Investment, Fair Value	$ (41)	$ (41)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | SR Landscaping, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Apr. 30, 2025	Oct. 24, 2027
Unfunded Commitment	$ 1,784	$ 1,784
Investment, Fair Value	$ (27)	$ (27)
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Waste Resource Management Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Delayed Draw	Delayed Draw
Commitment Expiration Date	Dec. 28, 2025	Dec. 28, 2029
Unfunded Commitment	$ 2,069	$ 2,069
Investment, Fair Value	$ (31)	$ (31)
Unfunded Loan Commitment [Member] | Revolver [Member] | Air Conditioning Specialist, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Nov. 09, 2026	Nov. 09, 2026
Unfunded Commitment	$ 62	$ 62
Investment, Fair Value	$ (1)	$ 0
Unfunded Loan Commitment [Member] | Revolver [Member] | Apella Capital LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Mar. 01, 2029
Unfunded Commitment		$ 50
Investment, Fair Value		$ (1)
Unfunded Loan Commitment [Member] | Revolver [Member] | RMBUS Holdco Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Jan. 08, 2029
Unfunded Commitment		$ 1,035
Investment, Fair Value		$ (17)
Unfunded Loan Commitment [Member] | Revolver [Member] | First Steps Recovery Acquisition, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Mar. 29, 2030
Unfunded Commitment		$ 1,149
Investment, Fair Value		$ (17)
Unfunded Loan Commitment [Member] | Revolver [Member] | In Vitro Sciences, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Feb. 28, 2029
Unfunded Commitment		$ 568
Investment, Fair Value		$ (9)
Unfunded Loan Commitment [Member] | Revolver [Member] | Elevate HD Parent, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Aug. 20, 2029	Aug. 20, 2029
Unfunded Commitment	$ 200	$ 200
Investment, Fair Value	$ (4)	$ (3)
Unfunded Loan Commitment [Member] | Revolver [Member] | Enverus Holdings, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Dec. 24, 2029	Dec. 24, 2029
Unfunded Commitment	$ 293	$ 293
Investment, Fair Value	$ (4)	$ 1
Unfunded Loan Commitment [Member] | Revolver [Member] | Houseworks Holdings [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Dec. 15, 2028	Dec. 15, 2028
Unfunded Commitment	$ 178	$ 111
Investment, Fair Value	$ (5)	$ (3)
Unfunded Loan Commitment [Member] | Revolver [Member] | Mammoth Holdings, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Nov. 15, 2029	Nov. 15, 2029
Unfunded Commitment	$ 455	$ 227
Investment, Fair Value	$ (9)	$ (5)
Unfunded Loan Commitment [Member] | Revolver [Member] | Medrina, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Oct. 20, 2029	Oct. 20, 2029
Unfunded Commitment	$ 1,107	$ 1,107
Investment, Fair Value	$ (21)	$ (21)
Unfunded Loan Commitment [Member] | Revolver [Member] | RL James, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Dec. 15, 2028	Dec. 15, 2028
Unfunded Commitment	$ 1,081	$ 1,081
Investment, Fair Value	$ (20)	$ (20)
Unfunded Loan Commitment [Member] | Revolver [Member] | SR Landscaping, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Oct. 30, 2029	Oct. 30, 2029
Unfunded Commitment	$ 801	$ 801
Investment, Fair Value	$ (12)	$ (12)
Unfunded Loan Commitment [Member] | Revolver [Member] | Waste Resource Management Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Dec. 28, 2029	Dec. 28, 2029
Unfunded Commitment	$ 828	$ 703
Investment, Fair Value	$ (12)	$ (11)
Unfunded Loan Commitment [Member] | Revolver [Member] | Acumera, Inc. [Member]
Loss Contingencies [Line Items]
Commitment Type	Revolver	Revolver
Commitment Expiration Date	Jun. 07, 2025	Jun. 07, 2028
Unfunded Commitment	$ 62	$ 62
Investment, Fair Value	$ (1)	$ 0
Unfunded Loan Commitment [Member] | Revolver [Member] | Project Cloud Holdings, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Mar. 31, 2029
Unfunded Commitment		$ 712
Investment, Fair Value		$ (14)
Unfunded Loan Commitment [Member] | Revolver [Member] | The Mutual Group, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Jan. 31, 2030
Unfunded Commitment		$ 1,299
Investment, Fair Value		$ (19)
Unfunded Loan Commitment [Member] | Revolver [Member] | Visante Acquisition, LLC [Member]
Loss Contingencies [Line Items]
Commitment Type		Revolver
Commitment Expiration Date		Jan. 31, 2030
Unfunded Commitment		$ 846
Investment, Fair Value		$ (13)

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Net Assets - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Schedule of Investments [Line Items]
Capital commitments total	$ 302,700
Common shares value issued from reinvestment of distributions	$ 1	[1]
Maximum percentage of common shares outstanding intends to offer to repurchase	5.00%
Percentage of common shares repurchased at net asset value	98.00%
Common Stock [Member]
Schedule of Investments [Line Items]
Common shares issued from reinvestment of distributions | shares	40	[1]
Common shares value issued from reinvestment of distributions	$ 1

[1] Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

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Net Assets - Schedule of the Issuance of Shares (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 01, 2024	Mar. 31, 2024
Schedule of Investments [Line Items]
Number of Common Shares Issued	2,058,460	2,058,460
Aggregate Offering Proceeds	$ 50,000	$ 50,000

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Net Assets - Schedule of the Distributions Declared and Payable (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Mar. 28, 2024	Feb. 29, 2024	Feb. 05, 2024	Mar. 31, 2024
Schedule of Investments [Line Items]
Distribution Per Share				$ 0.36
Distribution Amount				$ 3,979
Distributions Declared and Payable [Member]
Schedule of Investments [Line Items]
Date Declared	Mar. 28, 2024	Feb. 29, 2024	Feb. 05, 2024
Record Date	Mar. 28, 2024	Feb. 29, 2024	Feb. 06, 2024
Payment Date	Apr. 26, 2024	Mar. 26, 2024	Feb. 27, 2024
Distribution Per Share	$ 0.12	$ 0.12	$ 0.12
Distribution Amount	$ 1,491	$ 1,244	$ 1,244

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Net Assets - Schedule of Sources of Cash Distributions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Schedule of Investments [Line Items]
Total taxable distributions	$ 3,979
Common Stock [Member]
Schedule of Investments [Line Items]
Ordinary income (including net short-term capital gains)	3,979
Capital gains	0
Return of capital	0
Total taxable distributions	$ 3,979

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Financial Highlights and Senior Securities - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Per Share Data:
Net assets, beginning of period		$ 24.28
Net investment income (loss)	[1]	0.32
Net realized gain (loss)		0
Net change in unrealized appreciation (depreciation)		0.01
Net increase (decrease) in net assets resulting from operations	[1]	0.33
Distributions declared from net investment income		(0.36)
Issuance of shares		0
Other	[2]	0
Total increase (decrease) in net assets		(0.03)
Net assets, end of period		$ 24.25
Shares outstanding, end of period		12,425,318
Total return based on NAV	[3]	(0.12%)
Ratios:
Net expenses to average assets	[4]	3.97%
Net investment income to average net assets	[4]	3.79%
Portfolio turnover rate	[5]	0.16%
Supplemental Data:
Net assets, end of period		$ 301,288	$ 251,668
Total capital commitments, end of period		$ 302,700
Ratios of total contributed capital to total committed capital, end of period		100.00%
Average debt outstanding		$ 165
Asset coverage ratio		6125.80%

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

[2] Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

[3] 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 beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized.

[4] For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33%, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36% of average assets.

[5] Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

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Financial Highlights and Senior Securities - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024
Investment Company, Financial Highlights [Line Items]
Management fee and income based incentive fee waivers	0.36%

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Financial Highlights and Senior Securities - Schedule of Investment Company's Senior Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Line of Credit Facility [Line Items]
Asset Coverage per Unit	$ 1,000
Senior Securities [Member]
Line of Credit Facility [Line Items]
Total amount outstanding exclusive of treasury securities	5,000	[1]
Asset Coverage per Unit	$ 62,258	[2]

[1] Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.

[2] Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

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Financial Highlights and Senior Securities - Schedule of Investment Company's Senior Securities (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investment Company, Financial Highlights [Abstract]
Asset coverage expressed amounts	$ 1,000
Long-term debt		$ 0

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Subsequent Events - Additional Information (Details) - $ / shares		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Distribution payable, per share		$ 0.36
Subsequent Event [Member]
Subsequent Event [Line Items]
Distribution payable, date of declared	Apr. 30, 2024
Distribution payable, per share	$ 0.12
Distribution payable, date of payable	May 29, 2024
Distribution payable, date of record	Apr. 30, 2024