Notes Payable

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Notes Payable

5.NOTES PAYABLE

The Company's outstanding debt obligations as of June 30, 2024 were as follows:

	Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value						Fair Value(1)
	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Promissory Notes	$	536	$	536	$	1,072	$	536	$	536	$	1,072	$	-	$	-	$	-	$	536	$	536	$	1,072	$	536	$	536	$	1,072

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2024. The valuation is based on transactional value.

Promissory Notes

On June 28, 2024, Series I and Series II issued unsecured promissory notes (the "Promissory Notes") with cumulative principal balances of $536 and $536, respectively. The Promissory Notes are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal balances at a rate of 12.4% per annum, payable semi-annually in arrears, with a legal maturity date of June 28, 2054. However, the Operating Manager intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.