SECURED BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Components of Interest Expense and Debt Financing Expenses and Borrowings

For the years ended December 31, 2024, 2023, and for the the period from February 8, 2022 (inception) through December 31, 2022, the components of interest expense related to the Bank of America Credit Facility were as follows:

	For the Years Ended December 31,
	2024		2023		2022 (2)
Borrowing interest expense	$	6,912	$	10,144	$	3,697
Unused fees	516		434		312
Amortization of deferred financing costs (1)	621		174		74
Total interest and debt financing expenses	$	8,049	$	10,752	$	4,083

_______________

(1)For the years ended December 31, 2024, 2023, and for the the period from February 8, 2022 (inception) through December 31, 2022, $0, $2, and $462, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement.

(2)For the period February 8, 2022 (inception) through December 31, 2022.

For the year ended December 31, 2024, the components of interest expense related to the 2024 Notes were as follows:

	For the Year Ended December 31, 2024
Borrowing interest expense	$	10,009
Unused fees	—
Amortization of deferred financing costs	—
Total interest and debt financing expenses	$	10,009

For the period from December 11, 2024 through December 31, 2024, the components of interest expense related to the Scotiabank Credit Facility were as follows:

	For the period from December 11, 2024 through December 31, 2024
Borrowing interest expense	$	1,157
Unused fees	52
Amortization of deferred financing costs	2
Total interest and debt financing expenses	$	1,211

The Fund’s debt obligations consisted of the following as of December 31, 2024 and December 31, 2023:

	December 31, 2024
	Bank of America Credit Facility		CLO-I		Scotiabank Credit Facility		Total
Total Commitment	$	350,000	$	306,000	$	450,000	$	1,106,000
Borrowings Outstanding (1)	325,000		306,000		278,500		909,500
Unused Portion (2)	25,000		—		171,500		196,500
Amount Available (3)	12,003		—		145,347		157,350

_______________

(1)Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios.

	December 31, 2023
	Bank of America Credit Facility		Total
Total Commitment	$	250,000	$	250,000
Borrowings Outstanding (1)	165,750		165,750
Unused Portion (2)	84,250		84,250
Amount Available (3)	51,883		51,883

_______________

(1)Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs.

(2)The unused portion is the amount upon which commitment fees are based.

(3)Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios

For the years ended December 31, 2024, 2023, and for the period from February 8, 2022 (inception) through December 31, 2022, the components of interest expense and debt financing expenses were as follows:

	For the Years Ended December 31,
	2024			2023			2022 (1)
Borrowing interest expense	$	18,078		$	10,144		$	3,697
Unused fees	568			434			312
Amortization of deferred financing costs (2)	623			174			74
Total interest and debt financing expenses	$	19,269		$	10,752		$	4,083
Average interest rate (3)	7.43		%	7.73		%	4.90		%
Average daily borrowings	$	250,978		$	136,894		$	116,212

______________

(1)For the the period from February 8, 2022 (inception) through December 31, 2022

(2)For the years ended December 31, 2024, 2023, and for the the period from February 8, 2022 (inception) through December 31, 2022, $0, $2 and $462, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement.

(3)Average interest rate includes borrowing interest expense and unused fees.

Schedule of Contractual Maturities of the Fund Debt Obligations

The following tables show the contractual maturities of the Fund’s debt obligations as of December 31, 2024 and December 31, 2023:

	Payments Due by Period
As of December 31, 2024	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	325,000	$	—	$	—	$	325,000	$	—
Scotiabank Credit Facility	278,500		—		—		—		278,500
CLO-I	306,000		—		—		—		306,000
Total debt obligations	$	909,500	$	—	$	—	$	325,000	$	584,500

	Payments Due by Period
As of December 31, 2023	Total		Less than 1 Year		1 to 3 years		3 to 5 years		More than 5 Years
Bank of America Credit Facility	$	165,750	$	—	$	—	$	165,750	$	—
Total debt obligations	$	165,750	$	—	$	—	$	165,750	$	—