FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:

	December 31, 2023
	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	1,900	$	49,629	$	51,529
Other Investments	—		—		16		16
Total	$	—	$	1,900	$	49,645	$	51,545

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the year ended December 31, 2023:

	First Lien Debt		Second Lien Debt		Other Investments		Total Investments
Fair value, beginning of period	$	—	$	—	$	—	$	—
Purchases of investments	51,675		—		16		51,691
Proceeds from principal repayments and sales of investments	(2,309)		—		—		(2,309)
Accretion of discount/amortization of premium	78		—		—		78
Payment-in-kind	—		—		—		—
Net change in unrealized appreciation (depreciation)	185		—		—		185
Net realized gains (losses)	—		—		—		—
Transfers into/out of Level 3 (1)	—		—		—		—
Fair value, end of period	$	49,629	$	—	$	16	$	49,645
Net change in unrealized appreciation (depreciation) from investments still held as of December 31, 2023	$	185	$	—	$	—	$	185

(1) Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range				Weighted Average(1)
					Low		High
Investments in first lien debt	$	49,629	Yield Analysis	Discount Rate	9.72	%	12.03	%	10.97	%
Common equity	16		Market Approach	Revenue Multiple	7.60x		7.60x		7.60x
Total Investments	$	49,645

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:

	December 31, 2023
	Carrying Value		Fair Value
SMBC Facility	$	11,000	$	11,000
Total	$	11,000	$	11,000