10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 June 30, 2023

OR

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

Commission File Number 814-01481

_______________________________________________________________________

MSD Investment Corp.

(Exact name of Registrant as specified in its Charter)

_______________________________________________________________________

Maryland	87-4195402
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Vanderbilt Avenue, 26th Floor New York, New York	10017
(Address of principal executive offices)	(Zip Code)

212-303-4728

Registrant’s telephone number, including area code:

_______________________________________________________________________

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

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

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, smaller reporting company, or an emerging growth company. See the definition 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 Act). YES ☐ NO ☒

The number of shares of Registrant’s Common Stock, $0.001 par value per share, outstanding as of August 11, 2023 was 33,792,642.

Table of Contents

		Page
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of June 30, 2023 (Unaudited) and December 31, 2022	2
	Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 and 2022 (Unaudited)	4
	Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 (Unaudited)	6
	Consolidated Schedules of Investments as of June 30, 2023 (Unaudited) and December 31, 2022	7
	Notes to Consolidated Financial Statements (Unaudited)	16
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	41
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signatures		44

CERTAIN DEFINITIONS

· the terms “we,” “us,” “our,” and “Company” refer to MSD Investment, LLC prior to the Corporate Conversion (as defined below) and MSD Investment Corp. after the Corporate Conversion;

· the terms “Adviser” and “MSD” refer to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our investment adviser; and the term “Administrator” refers to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our administrator.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about MSD Investment Corp. (together, with its consolidated subsidiaries, the “Company,” “we,” “us” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. 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, including without limitation:

•an economic downturn could impair our portfolio companies’ ability to continue to operate, which could lead to the loss of some or all of our investments in such portfolio companies;

•an economic downturn could disproportionately impact the companies that we intend to target for investment, potentially causing us to experience a decrease in investment opportunities and diminished demand for capital from these companies;

•an economic downturn could also impact availability and pricing of our financing and our ability to access the debt capital markets;

•a contraction of available credit and/or an inability to access the equity markets could impair our lending and investment activities;

•interest rate volatility, including the decommissioning of the London Inter-Bank Offered Rate (“LIBOR”) and the rising interest rate environment, could adversely affect our results, particularly if we elect to 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;

•our limited operating history as a business development company (“BDC”);

•our future operating results;

•the impact of rising interest and inflation rates and the risk of recession on our business prospects and the prospects of our portfolio companies;

•our contractual arrangements and relationships with third parties;

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

•competition with other entities and our affiliates for investment opportunities;

•the loss of key personnel;

•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 use of financial leverage;

•risks related to the uncertainty of the value of our portfolio investments;

•the impact of geopolitical conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing war between Russia and Ukraine and general uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union, China, and other countries;

•the impact that environmental, social, and governance matters could have on our brand and reputation and our portfolio companies;

•the ability of MSD Partners, L.P. (the “Adviser”) to source suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser or its affiliates to attract and retain highly talented professionals;

•our ability to qualify for and maintain our qualification, for U.S. Federal income tax purposes, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and our ability to operate as a BDC;

•the effect of legal, tax and regulatory changes on our business and our portfolio companies; and

•other risks, uncertainties and other factors previously identified in the reports and other documents we have filed with the Securities and Exchange Commission (the “SEC”).

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those 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 report should not be regarded as a representation by us that our plans and objectives will be achieved. These forward-looking statements apply only as of the date of this report. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company. In addition to the other information set forth in this report, you should carefully consider the risk factors set forth in our most recent Annual Report on Form 10-K filed with the SEC on March 23, 2023, which is accessible on the SEC’s website at sec.gov. These factors could materially affect our business, financial condition and/or operating results.

1

MSD Investment Corp.

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	June 30, 2023			December 31, 2022
	(Unaudited)
ASSETS
Non-controlled/non-affiliated investments, at fair value (1)	$	1,572,769		$	981,738
Cash and cash equivalents		55,860			36,616
Restricted cash		8,910			4,320
Interest receivable		10,173			6,803
Principal receivable		4,483			16,523
Unrealized appreciation on forward contracts		382			—
Prepaid expenses and other assets		142			1,077
Total assets	$	1,652,719		$	1,047,077
LIABILITIES
SPV I facility	$	485,000		$	392,000
Subscription facility		185,000			145,000
Loan repurchase obligations		129,215			—
Deferred financing costs net of accumulated amortization		(4,105	)		(4,911	)
Total debt, net of financing costs		795,110			532,089
Payable for investments purchased		134,735			24,729
Interest payable		13,793			6,157
Income based incentive fee payable		4,255			59
Management fees payable		2,604			83
Financing costs payable		1,195			1,194
Due to affiliates		1,035			—
Accrued professional fees		471			350
Accrued expenses and other liabilities		415			234
Unrealized depreciation on forward contracts		—			336
Total liabilities	$	953,613		$	565,231
Commitments and contingencies (Note 8)
NET ASSETS
Common stock, par value $0.001 (100,000,000 shares authorized, 30,566,835 and 22,126,135 shares issued and outstanding, respectively)	$	31		$	22
Paid-in capital in excess of par value		725,972			535,300
Distributable earnings (accumulated losses)		(26,897	)		(53,476	)
Total net assets	$	699,106		$	481,846
Net asset value per share	$	22.87		$	21.78

(1)Non-controlled/non-affiliated investments at amortized cost $1,597,492 and $1,031,067 as of June 30, 2023 and December 31, 2022, respectively.

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

2

MSD Investment Corp.

Consolidated Statement of Operations (Unaudited)

(in thousands, except share and per share amounts)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	37,906		$	13,165		$	69,422		$	25,860
Payment-in-kind interest income		4,941			2,942			7,169			3,405
Payment-in-kind dividend income		972			843			1,903			1,672
Other income		2,214			76			2,657			120
Total investment income		46,033			17,026			81,151			31,057
Expenses:
Interest expense		13,737			4,615			25,402			7,718
Income based incentive fee		4,255			1,505			7,285			2,794
Management fees		2,604			1,456			4,630			2,784
Administration expense		647			382			1,324			873
Professional fees		382			255			586			513
General and other expenses		99			74			144			116
Custody expense		96			21			157			42
Board of directors’ fee		78			77			155			135
Transfer agency fees		23			13			75			26
Organization and offering costs		1			101			19			221
Capital gains incentive fee		—			—			—			(256	)
Total expenses		21,922			8,499			39,777			14,966
Net investment income (loss)		24,111			8,527			41,374			16,091
Realized and unrealized gain (loss):
Net realized gains (losses):
Non-controlled/non-affiliated investments		243			224			(885	)		3,547
Foreign currency forward contracts		(4,239	)		—			(3,633	)		—
Foreign currency transactions		77			(67	)		(143	)		(70	)
Net realized gain (loss)		(3,919	)		157			(4,661	)		3,477
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments		15,492			(26,624	)		24,606			(32,918	)
Foreign currency forward contracts		1,962			—			717			—
Foreign currency transactions		(3	)		(16	)		(6	)		(16	)
Net change in unrealized appreciation (depreciation)		17,451			(26,640	)		25,317			(32,934	)
Net realized and unrealized gain (loss)		13,532			(26,483	)		20,656			(29,457	)
Net increase (decrease) in net assets resulting from operations	$	37,643		$	(17,956	)	$	62,030		$	(13,366	)
Per share information - basic and diluted:
Net investment income (loss) per share (basic and diluted)	$	0.84		$	0.68		$	1.60		$	1.32
Earnings per share (basic and diluted)	$	1.31		$	(1.44	)	$	2.41		$	(1.09	)
Distributions declared per share	$	0.65		$	0.63		$	1.30		$	1.23
Weighted average shares outstanding (basic and diluted)		28,704,071			12,448,297			25,780,058			12,226,612

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

3

MSD Investment Corp.

Consolidated Statement 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, 2022		22,126,135	$	22	$	535,300	$	(53,476	)	$	481,846
Operations:
Net investment income		—		—		—		17,263			17,263
Net realized gain (loss)		—		—		—		(742	)		(742	)
Net change in unrealized appreciation (depreciation)		—		—		—		7,866			7,866
Net increase (decrease) in net assets resulting from operations		—		—		—		24,387			24,387
Shareholder distributions:
Distributions paid or accrued		—		—		—		(16,073	)		(16,073	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		(16,073	)		(16,073	)
Capital Share Transactions:
Issuance of shares		2,601,908		3		59,997		—			60,000
Net increase (decrease) for the period		2,601,908		3		59,997		8,314			68,314
Balance, March 31, 2023		24,728,043	$	25	$	595,297	$	(45,162	)	$	550,160
Operations:
Net investment income		—		—		—		24,111			24,111
Net realized gain (loss)		—		—		—		(3,919	)		(3,919	)
Net change in unrealized appreciation (depreciation)		—		—		—		17,451			17,451
Net increase (decrease) in net assets resulting from operations		—		—		—		37,643			37,643
Shareholder distributions:
Distributions to shareholders		—		—		—		(19,378	)		(19,378	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		(19,378	)		(19,378	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions		1,392,371		1		30,680		—			30,681
Issuance of shares		4,446,421		5		99,995		—			100,000
Net increase (decrease) for the period		5,838,792		6		130,675		18,265			148,946
Balance, June 30, 2023		30,566,835	$	31	$	725,972	$	(26,897	)	$	699,106

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

4

MSD Investment Corp.

Consolidated Statement 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, 2021 (1)		12,000,000	$	12	$	299,988	$	1,998		$	301,998
Operations:
Net investment income		—		—		—		7,564			7,564
Net realized gain (loss)		—		—		—		3,320			3,320
Net change in unrealized appreciation (depreciation)		—		—		—		(6,294	)		(6,294	)
Net increase (decrease) in net assets resulting from operations		—		—		—		4,590			4,590
Shareholder distributions:
Distributions paid or accrued		—		—		—		(7,200	)		(7,200	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		(7,200	)		(7,200	)
Net increase (decrease) for the period		—		—		—		(2,610	)		(2,610	)
Balance, March 31, 2022		12,000,000	$	12	$	299,988	$	(612	)	$	299,388
Operations:
Net investment income		—		—		—		8,527			8,527
Net realized gain (loss)		—		—		—		157			157
Net change in unrealized appreciation (depreciation)		—		—		—		(26,640	)		(26,640	)
Net increase (decrease) in net assets resulting from operations		—		—		—		(17,956	)		(17,956	)
Shareholder distributions:
Distributions to shareholders		—		—		—		(9,321	)		(9,321	)
Net increase (decrease) in net assets resulting from shareholder distributions		—		—		—		(9,321	)		(9,321	)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions (2)		286,055		—		7,200		—			7,200
Issuance of shares		2,509,410		3		59,997		—			60,000
Net increase (decrease) for the period		2,795,465		3		67,197		(27,277	)		39,923
Balance, June 30, 2022		14,795,465	$	15	$	367,185	$	(27,889	)	$	339,311

(1)The Company converted from MSD Investment, LLC to MSD Investment Corp. on January 1, 2022.

(2)Common shares issued from reinvestment of distributions par value is zero due to rounding.

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

5

MSD Investment Corp.

Consolidated Statement of Cash Flows (Unaudited)

(in thousands, except shares)

	For the Six Months Ended June 30,
	2023			2022
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$	62,030		$	(13,366	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind		(7,169	)		(5,077	)
Net accretion of discount and amortization of premium		(3,816	)		(1,921	)
Proceeds from sale of investments and principal repayments		77,933			166,528
Purchases of investments		(634,258	)		(267,273	)
Net realized (gains) losses on investments		885			(3,547	)
Net change in unrealized (appreciation) depreciation on investments		(24,606	)		32,918
Net receipt of settlement of derivatives		(3,633	)		—
Net realized (gains) losses on derivatives		3,633			—
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		(717	)		—
Amortization of deferred financing costs		806			754
(Increase) decrease in operating assets:
Interest receivable		(3,370	)		(5,618	)
Principal receivable		12,040			(52,287	)
Prepaid expenses and other assets		935			61
Increase (decrease) in operating liabilities:
Due to affiliates		1,035			(15	)
Payable for investments purchased		110,006			13,291
Management fees payable		2,521			1,301
Income based incentive fee payable		4,196			1,449
Capital gains incentive fee payable		—			(256	)
Interest payable		7,636			1,479
Accrued professional fees		121			108
Accrued expenses and other liabilities		181			172
Net cash provided (used in) by operating activities		(393,611	)		(131,299	)
Cash flow from financing activities
Proceeds from issuance of shares		160,000			60,000
Proceeds from repurchase obligations		129,215			—
Debt borrowings		303,000			186,000
Debt repayments		(170,000	)		(95,000	)
Distributions paid		(4,770	)		—
Deferred financing costs paid		—			(287	)
Net cash provided by (used in) financing activities		417,445			150,713
Net increase in cash, cash equivalents, and restricted cash		23,834			19,414
Cash, cash equivalents, and restricted cash, beginning of period		40,936			12,203
Cash, cash equivalents, and restricted cash, end of period	$	64,770		$	31,617
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	55,860		$	31,617
Restricted cash	$	8,910		$	—
Total cash, cash equivalents, and restricted cash	$	64,770		$	31,617
Supplemental disclosure of cash flow information and non-cash financing activities
Cash paid for interest	$	16,930		$	5,484
Reinvestment of shareholder distributions	$	30,681		$	7,200
Change in distributions payable	$	—		$	9,321
Incremental Financing Cost Payable	$	—		$	54

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

6

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited)

June 30, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Chromalloy Holdings LLC	(8)	S + 7.00%	1.00%	12.16%	11/23/2028		49,750	$	47,926		$	48,293			6.91		%
Chromalloy Holdings LLC - Revolving Credit Facility	(8)(9)(12)	S + 7.00%	1.00%	12.27%	11/23/2027		—		(162	)		(135	)		(0.02	)
Frontgrade Technologies Inc.	(8)(15)	S + 6.75%	0.75%	11.99%	1/9/2030		50,623		49,232			49,246			7.05
Frontgrade Technologies Inc. - Revolving Credit Facility	(8)(9)(12)(15)	S + 6.75%	0.75%	12.02%	1/9/2028		—		(143	)		(143	)		(0.02	)
Systems Planning and Analysis, Inc.	(8)	S + 5.90%	1.00%	11.24%	8/16/2027		10,768		10,604			10,518			1.50
Systems Planning and Analysis, Inc. - Revolving Credit Facility	(8)(9)(12)	S + 5.90%	1.00%	11.10%	8/16/2027		1,344		1,298			1,271			0.18
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan	(8)(9)(12)	S + 5.90%	0.00%	11.24%	8/16/2027		2,001		1,955			1,880			0.27
The Nordam Group Inc.		S + 5.60%	0.00%	10.70%	4/9/2026		11,706		10,598			9,950			1.42
									121,308			120,880			17.29
Automobile
McLaren Finance PLC	UK(10)(11)	N/A	N/A	7.50%	8/1/2026		2,689		2,714			2,336			0.33
Beverage, Food & Tobacco
LJ Perimeter Buyer, Inc.	(8)	S + 6.65%	1.00%	11.70%	10/31/2028		19,413		18,881			19,061			2.73
LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan	(8)(9)(12)	S + 6.65%	1.00%	11.94%	10/31/2028		2,496		2,393			2,441			0.35
									21,274			21,502			3.08
Capital Equipment
Faraday Buyer, LLC	(8)	S + 7.00%	1.00%	11.86%	10/10/2028		34,746		33,813			33,967			4.86
Faraday Buyer, LLC - Delayed Draw Term Loan	(8)(9)(12)	S + 7.00%	1.00%	12.04%	10/11/2028		2,420		2,347			2,360			0.34
Trillium FlowControl	LU(8)(10)(11)	S + 5.61%	1.00%	10.72%	6/28/2026		17,820		17,686			17,269			2.47
									53,846			53,596			7.67
Chemicals, Plastics & Rubber
Dubois Chemicals Group Inc.		S + 4.60%	0.00%	9.70%	9/30/2026		2,739		2,734			2,688			0.39
Hexion Holdings Corporation		S + 4.65%	0.50%	9.78%	3/15/2029		9,900		9,222			9,317			1.33
									11,956			12,005			1.72
Consumer Goods: Durable
Mattress Firm, Inc.	(9)	L + 4.25%	0.75%	9.95%	9/25/2028		1,326		1,265			1,295			0.19
Victra Finance Corp.	(9)	S + 7.25%	0.00%	12.49%	3/31/2029		12,958		12,710			12,780			1.83
Victra Finance Corp. - Corporate Bond	(9)	N/A	N/A	7.75%	2/15/2026		100		89			93			0.01
									14,064			14,168			2.03

7

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

June 30, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Energy: Oil & Gas
CITGO Holdings Inc.	(9)	N/A	N/A	9.25%	8/1/2024		26,051		25,762			26,069			3.73
CITGO Petroleum Corp.		N/A	N/A	6.38%	6/15/2026		2,121		2,151			2,044			0.29
Saturn Oil and Gas Inc.	CN(8)(10)(11)	C + 11.50%	1.00%	16.88%	2/28/2026		CAD 124,139		91,037			90,548			12.95
									118,950			118,661			16.97
Healthcare & Pharmaceuticals
Bayer Environmental Services		S + 4.38%	0.50%	9.62%	10/4/2029		19,900		18,418			18,998			2.72
Charlotte Buyer, Inc.		S + 5.25%	0.00%	10.40%	2/11/2028		33,167		31,139			32,429			4.64
Natural Partners, Inc.	(8)	S + 6.15%	1.00%	11.41%	11/29/2027		37,957		37,366			37,363			5.35
Natural Partners, Inc. - Revolving Credit Facility	(8)(9)(12)	S + 6.15%	1.00%	11.42%	11/29/2027		—		(43	)		(44	)		(0.01	)
Press Ganey Holdings	(9)	S + 3.61%	0.00%	8.72%	7/24/2026		4,270		3,934			4,143			0.59
									90,814			92,889			13.29
High Tech Industries
Inmar, Inc.		S + 5.50%	1.00%	10.71%	5/1/2026		40,000		38,606			38,750			5.54
Watchguard Technologies, Inc.		S + 5.25%	0.75%	10.11%	7/2/2029		34,737		32,677			32,928			4.71
									71,283			71,678			10.25
First Lien Debt (continued)
Hotel, Gaming & Leisure
Chuck E. Cheese		N/A	N/A	6.75%	5/1/2026		17,534		16,535			16,754			2.40
ClubCorp Holdings Inc.	(9)	L + 2.75%	0.00%	8.29%	9/18/2024		10,241		9,670			9,777			1.40
TouchTunes	(8)	S + 5.00%	0.50%	10.24%	4/2/2029		29,775		29,517			29,626			4.24
Viad Corp.	(11)	S + 5.11%	0.50%	10.22%	7/30/2028		4,347		4,340			4,216			0.60
									60,062			60,373			8.64
Media: Advertising, Printing & Publishing
Clear Channel Outdoor	(9)(11)	S + 3.76%	0.00%	8.81%	8/21/2026		26,373		24,835			25,139			3.60
Emerald Exhibitions	(9)(11)	S + 5.10%	0.00%	10.24%	5/22/2026		50,000		48,500			48,688			6.96
Patientpoint Network Solutions, LLC	(8)	S + 7.11%	1.00%	12.22%	3/7/2025		31,525		31,105			31,138			4.45
Sheffield United F.C.	UK(8)(9)(10)(11)	N/A	N/A	13.07%	7/22/2026		14,704		18,190			18,579			2.66
									122,630			123,544			17.67
Media: Diversified & Production
FilmRise Acquisitions, LLC	(8)(9)	N/A	N/A	13.50%	9/17/2025		17,224		17,233			17,039			2.44
Getty Images Inc.	(11)	S + 4.60%	0.00%	9.84%	2/19/2026		18,209		18,167			18,177			2.60
Candle Media Co Ltd	(8)	S + 6.10%	0.75%	11.34% (Incl 4.00% PIK)	6/18/2027		42,537		41,915			40,699			5.82
Candle Media Co Ltd	(8)(9)	S + 6.10%	0.75%	11.34% (Incl 4.00% PIK)	6/18/2027		16,840		16,612			16,112			2.30
									93,927			92,027			13.16

8

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

June 30, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)			Fair Value			Percentage of Net Assets
First Lien Debt (continued)
Retail
Xponential Fitness LLC	(8)(11)	L + 6.50%	1.00%	11.82%	2/28/2025		53,190		52,295			53,456			7.65
Services: Business
Momentive Global	(8)	S + 7.00%	1.00%	12.10%	5/31/2030		64,286		63,018			63,015			9.01
Momentive Global - Revolving Credit Facility	(8)(9)(12)	S + 7.00%	1.00%	12.14%	5/31/2029		—		(113	)		(113	)		(0.02	)
Muine Gall, LLC	(8)(9)(11)	S + 7.25%	0.50%	12.59% PIK	9/21/2024		23,299		23,306			23,505			3.36
Travelport Finance (Luxembourg) S.A.R.L.	LU(10)(11)	S + 8.85%	1.00%	13.59% (Incl 7.25% PIK)	2/28/2025		59,259		59,144			58,111			8.31
Wood Mackenzie, Inc.	(8)	S + 6.75%	0.75%	11.85%	2/1/2030		36,944		35,901			35,888			5.13
Wood Mackenzie, Inc. - Revolving Credit Facility	(8)(9)(12)	S + 6.75%	0.75%	11.89%	2/1/2028		—		(82	)		(85	)		(0.01	)
									181,174			180,321			25.78
Services: Consumer
CSC Serviceworks	(9)	S + 4.00%	0.75%	9.23%	3/4/2028		221		201			189			0.03
Spring Education Group Inc.		L + 4.00%	0.00%	9.54%	7/30/2025		46,507		44,986			46,090			6.59
Vision Purchaser Corp.	(8)	S + 6.40%	1.00%	11.64%	6/10/2025		28,796		28,459			27,768			3.97
Vision Purchaser Corp. - Incremental Term Loan	(8)	S + 6.40%	1.00%	11.64%	6/10/2025		2,511		2,478			2,422			0.35
									76,124			76,469			10.94
Transportation: Cargo
Boasso Global - Delayed Draw Term Loan	(8)(9)(12)	S + 6.75%	0.75%	11.89%	10/3/2024		—		(79	)		(81	)		(0.01	)
Boasso Global - Revolving Credit Facility	(8)(9)(12)	S + 6.75%	0.75%	12.02%	7/1/2026		—		(173	)		(159	)		(0.02	)
Boasso Global	(8)	S + 6.75%	0.75%	11.92%	7/3/2028		60,823		59,110			59,280			8.48
									58,858			59,040			8.45
Telecommunications
FirstLight Fiber	(9)	S + 3.61%	0.00%	8.72%	7/23/2025		7,406		7,036			6,908			0.99
Innovate Corp.	(11)	N/A	N/A	8.50%	2/1/2026		24,000		24,043			18,540			2.65
Intelsat S.A.	LU(9)(10)(11)	S + 4.35%	0.50%	9.44%	2/1/2029		6,647		6,507			6,614			0.95
Ligado Networks LLC	(9)(13)	N/A	N/A	15.50% PIK	11/1/2023		12,853		11,548			4,884			0.70
Maxar Technologies Inc. - Revolving Credit Facility	(8)(9)(12)	S + 7.25%	1.00%	12.34%	5/3/2029		5,663		5,290			5,395			0.77
Maxar Technologies Inc.	(8)	S + 7.25%	1.00%	12.34%	5/3/2030		82,212		79,783			80,486			11.51
									134,207			122,827			17.57
Wholesale
Cook & Boardman Group	(9)	S + 5.90%	1.00%	10.94%	10/18/2025		10,650		10,011			10,011			1.43
DFS Holdings Company, Inc. - Delayed Draw Term Loan	(8)(9)(12)	S + 7.10%	0.75%	12.37%	1/31/2029		—		(60	)		(60	)		(0.01	)
DFS Holdings Company, Inc.	(8)	S + 7.10%	0.75%	12.20%	1/31/2029		22,098		21,484			21,481			3.07
FleetPride Inc.		L + 4.50%	0.00%	9.69%	2/4/2026		21,598		21,586			21,517			3.08
									53,021			52,949			7.57
Total First Lien Debt									1,338,507			1,328,721			190.06		%

9

MSD Investment Corp.

Consolidated Schedule of Investments (Unaudited) - (Continued)

June 30, 2023

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)		Fair Value		Percentage of Net Assets
Second Lien Debt
Chemicals, Plastics & Rubber
Hexion Holdings Corporation	(9)	S + 7.54%	0.50%	12.63%	3/15/2030		35,000		34,140		28,583		4.09
Consumer goods: Non-durable
Protective Industrial Products Inc.	(8)	S + 8.36%	1.00%	13.47%	12/30/2028		34,198		33,478		33,236		4.75
Hotel, Gaming & Leisure
Mohegan Gaming & Entertainment	(9)	N/A	N/A	8.00%	2/1/2026		16,378		16,459		15,522		2.22
Services: Business
DISA Holdings Corp.	(8)	S + 10.00%	0.75%	15.13% (Incl 2.00% PIK)	3/9/2029		14,716		14,308		14,392		2.06
DISA Holdings Corp. - Delayed Draw Term Loan	(8)(9)	S + 10.00%	0.75%	15.13% (Incl 2.00% PIK)	3/9/2029		2,759		2,685		2,698		0.39
Trace3 Inc.	(8)(9)	L + 7.50%	0.50%	12.79%	10/8/2029		33,750		32,969		32,414		4.64
									49,962		49,504		7.09
Services: Consumer
Midwest Veterinary Partners LLC	(8)	L + 7.50%	0.75%	12.69%	4/26/2029		50,000		50,031		50,000		7.15
Southern Veterinary Partners LLC	(9)	S + 7.85%	1.00%	12.93%	10/5/2028		45,000		44,111		41,288		5.91
Spring Education Group Inc.	(9)	L + 8.25%	0.00%	13.79%	7/30/2026		100		91		95		0.01
									94,233		91,383		13.07
Total Second Lien Debt									228,272		218,228		31.22	%
Preferred Equity
Consumer goods: Non-durable
Protective Industrial Products Inc. - Series A Preferred	(8)(9)			13.00% PIK			31		30,432		25,585		3.66
Retail
Xponential Fitness LLC - Series A Preferred Stock	(8)(9)(11)			6.50%	7/27/2031		—		281		235		0.03
Total Preferred Equity									30,713		25,820		3.69
Total Investments - non-controlled/non-affiliated								$	1,597,492	$	1,572,769		224.97	%
Cash and Cash Equivalents
Cash and Cash Equivalents	(14)							$	55,860	$	55,860		7.99
Total Cash and Cash Equivalents									55,860		55,860		7.99
Total Portfolio Investments, Cash and Cash Equivalents								$	1,653,352	$	1,628,629		232.96	%

June 30, 2023
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Amortized Cost		Fair Value		% of Net Assets
Foreign Currency Forward Contracts
Goldman Sachs International	July 14, 2023	$	98,563		CAD 130,222		—	$	222		0.0	%
Goldman Sachs International	July 14, 2023	$	18,837		GBP 14,705		—	$	160		0.0	%
								$	382		0.0	%

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

(2)All debt and equity investments are 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.

10

(4)Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate (“LIBOR” or “LIBO Rate”) (denoted as “L”), Canadian Dollar Offered Rate (“CDOR”) (denoted as “C”) or Secured Overnight Financing Rate (“SOFR”) (denoted as “S”) and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023.

(5)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 June 30, 2023.

(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)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(8)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Board of Directors of the Company (the “Board”) (see Note 2 and Note 6), pursuant to the Company’s valuation policy.

(9)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's (see Note 7), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.

(10)The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.

(11)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 June 30, 2023, qualifying assets represented approximately 76.7% of total assets as calculated in accordance with regulatory requirements.

(12)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. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Boasso Global	Delayed Draw	10/3/2024	$	7,775	$	(81	)
Boasso Global	Revolver	7/1/2026		6,250		(159	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(135	)
DFS Holding Company	Delayed Draw	1/31/2029		4,615		(60	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		741		(6	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		5,250		(143	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		3,042		(10	)
Maxar Technologies Inc.	Revolver	5/3/2029		7,125		(150	)
Momentive Global	Revolver	5/31/2029		5,714		(113	)
Natural Partners, Inc.	Revolver	11/29/2027		2,814		(44	)
Systems Planning and Analysis, Inc.	Delayed Draw	8/16/2027		4,704		(74	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		1,792		(42	)
Wood Mackenzie, Inc.	Revolver	2/1/2028		2,963		(85	)
Total Unfunded Commitments			$	57,400	$	(1,102	)

(13)Investment was on non-accrual status as of June 30, 2023, meaning that the Company has ceased recognizing interest income on these investments. As of June 30, 2023, debt investments on non-accrual status represented 0.7% and 0.3% of total investments on an amortized cost basis and fair value basis, respectively.

(14)Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of June 30, 2023, $39,486 was held in FGTXX and had an average one year yield of 3.77%.

(15)Portfolio company formerly known as (fka) Cobham Holdings Inc.

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

11

MSD Investment Corp.

Consolidated Schedule of Investments

December 31, 2022

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)			Fair Value			Percentage of Net Assets
Investments - non-controlled/non-affiliated
First Lien Debt
Aerospace & Defense
Chromalloy Holdings LLC	(8)	S + 7.00%	1.00%	11.32%	11/23/2028		50,000	$	48,025		$	48,027			9.97		%
Chromalloy Holdings LLC - Revolving Credit Facility	(8)(9)(12)	S + 7.00%	1.00%	11.32%	11/23/2027		—		(181	)		(182	)		(0.04	)
Systems Planning and Analysis, Inc.	(8)(15)	S + 6.15%	1.00%	10.94%	8/16/2027		10,823		10,637			10,433			2.17
Systems Planning and Analysis, Inc. - Revolving Credit Facility	(8)(9)(12)(15)	S + 6.15%	1.00%	10.74%	8/16/2027		—		(51	)		(113	)		(0.02	)
Systems Planning and Analysis, Inc. - Delayed Draw Term Loan	(8)(9)(12)(15)	S + 6.15%	0.00%	10.94%	8/16/2027		2,011		1,956			1,805			0.37
The Nordam Group Inc.		L + 5.50%	0.00%	9.94%	4/9/2026		11,767		10,491			9,119			1.89
									70,877			69,089			14.34
Automobile
McLaren Finance PLC	UK(10)(11)	N/A	N/A	7.50%	8/1/2026		2,689		2,717			1,984			0.41
Beverage, Food & Tobacco
LJ Perimeter Buyer, Inc.	(8)	S + 6.65%	1.00%	10.74%	10/31/2028		19,462		18,888			18,902			3.92
LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan	(8)(9)(12)	S + 6.65%	1.00%	11.24%	10/31/2028		—		(78	)		(76	)		(0.01	)
									18,810			18,826			3.91
Capital Equipment
Faraday Buyer, LLC	(8)	S + 7.00%	1.00%	11.32%	10/10/2028		34,833		33,812			33,817			7.02
Faraday Buyer, LLC - Delayed Draw Term Loan	(8)(9)(12)	S + 7.00%	1.00%	11.32%	10/11/2028		—		(44	)		(45	)		(0.01	)
Trillium FlowControl	LU(8)(10)(11)	S + 5.61%	1.00%	9.94%	6/28/2026		17,910		17,744			16,919			3.51
									51,512			50,691			10.52
Chemicals, Plastics & Rubber
Dubois Chemicals Group Inc.	(8)	S + 4.50%	0.00%	8.92%	9/30/2026		2,754		2,745			2,588			0.53
Hexion Holdings Corporation		S + 4.65%	0.50%	8.93%	3/15/2029		9,950		9,224			8,517			1.77
									11,969			11,105			2.30
Energy: Oil & Gas
CITGO Holdings Inc.	(9)	N/A	N/A	9.25%	8/1/2024		26,051		25,640			26,155			5.43
CITGO Petroleum Corp.		N/A	N/A	6.38%	6/15/2026		2,121		2,156			2,036			0.42
Saturn Oil and Gas Inc.	CN(8)(10)(11)	C + 11.50%	1.00%	16.36%	7/6/2025		CAD 56,817		43,486			40,861			8.48
									71,282			69,052			14.33
Healthcare & Pharmaceuticals
Bayer Environmental Services		S + 4.38%	0.50%	7.97%	8/4/2029		20,000		18,422			18,185			3.77
Charlotte Buyer, Inc.		S + 5.25%	0.00%	9.53%	2/11/2028		33,333		31,119			31,514			6.54
Mallinckrodt International Financing SA	LU(10)(11)	L + 5.25%	0.75%	9.99%	9/30/2027		2,676		2,525			2,012			0.42
Natural Partners, Inc.	(8)	L + 6.00%	1.00%	9.57%	3/15/2028		38,149		37,481			36,874			7.65
Natural Partners, Inc. - Revolving Credit Facility	(8)(9)(12)	L + 6.00%	1.00%	11.14%	3/15/2028		—		(48	)		(94	)		(0.02	)
									89,499			88,491			18.36
High Tech Industries
Watchguard Technologies, Inc.		S + 5.25%	0.75%	9.57%	7/2/2029		34,913		32,717			33,272			6.91
Hotel, Gaming & Leisure
Chuck E. Cheese		N/A	N/A	6.75%	5/1/2026		17,534		16,385			16,263			3.38
TouchTunes	(8)	S + 5.25%	0.50%	8.98%	4/2/2029		29,925		29,644			29,102			6.04
Viad Corp.	(11)	L + 5.00%	0.50%	9.38%	7/30/2028		4,369		4,359			4,107			0.85
									50,388			49,472			10.27

12

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2022

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)		Fair Value		Percentage of Net Assets
Media: Advertising, Printing & Publishing
Patientpoint Network Solutions, LLC	(8)	S + 7.26%	1.00%	11.84%	3/7/2025		31,931		31,397		31,183		6.47
Real Betis Balompie SAD - Participation Interest	ES(8)(10)(11)	N/A	N/A	7.00%	6/5/2025		13,000		14,764		13,917		2.89
									46,161		45,100		9.36
Media: Diversified & Production
FilmRise Acquisitions, LLC	(8)(9)	N/A	N/A	13.50%	9/17/2025		18,086		18,094		18,043		3.75
Getty Images Inc.	(8)	L + 4.50%	0.00%	8.94%	2/19/2026		18,902		18,841		18,855		3.91
Candle Media Co Ltd	(8)	L + 6.00%	0.75%	10.38% (Incl 4.00% PIK)	6/18/2027		41,687		40,994		39,217		8.14
Candle Media Co Ltd - Delayed Draw Term Loan	(8)(9)(12)	L + 6.00%	0.75%	10.38% (Incl 4.00% PIK)	6/18/2027		15,239		14,998		14,273		2.96
									92,927		90,388		18.76
Metals & Mining
Conuma Coal Resources LTD	CN(9)(10)(11)	N/A	N/A	10.00%	5/1/2023		3,181		3,180		3,153		0.65
Retail
Xponential Fitness LLC	(8)(11)	L + 6.50%	1.00%	10.67%	2/28/2025		22,759		22,563		22,873		4.75
Services: Business
Muine Gall, LLC	(8)(9)(11)	L + 7.00%	0.50%	12.15% PIK	9/21/2024		46,047		46,063		46,308		9.61
Travelport Finance (Luxembourg) S.A.R.L.	LU(10)(11)	S + 8.75%	1.00%	13.48% (Incl 7.25% PIK)	2/28/2025		31,346		31,036		31,342		6.50
									77,099		77,650		16.11
Services: Consumer
CSC Serviceworks	(9)	L + 4.00%	0.75%	8.39%	3/4/2028		222		201		186		0.04
Spring Education Group Inc.		L + 4.00%	0.00%	8.73%	7/30/2025		46,750		44,890		45,540		9.45
Vision Purchaser Corp.	(8)	S + 6.40%	1.00%	10.98%	6/10/2025		28,946		28,530		26,989		5.60
Vision Purchaser Corp. - Incremental Term Loan	(8)	S + 6.40%	1.00%	10.98%	6/10/2025		2,523		2,484		2,353		0.49
									76,105		75,068		15.58
Telecommunications
Innovate Corp.	(11)	N/A	N/A	8.50%	2/1/2026		24,000		24,050		17,148		3.56
Ligado Networks LLC	(9)(13)	N/A	N/A	15.50% PIK	11/1/2023		11,928		11,071		3,853		0.80
									35,121		21,001		4.36
Wholesale
FleetPride Inc.	(8)	L + 4.50%	0.00%	8.88%	2/4/2026		21,710		21,684		21,330		4.43
									21,684		21,330		4.43
Total First Lien Debt									774,611		748,545		155.35	%

13

MSD Investment Corp.

Consolidated Schedule of Investments - (Continued)

December 31, 2022

(in thousands, except shares)

Investments (1)(2)(3)	Footnotes	Reference Rate and Spread (4)	Interest Rate Floor	Interest Rate (5)	Maturity Date	Par Amount / Shares (6)		Cost (7)		Fair Value		Percentage of Net Assets
Second Lien Debt
Chemicals, Plastics & Rubber
Hexion Holdings Corporation	(8)(9)	S + 7.54%	0.50%	11.86%	3/15/2030		35,000		34,091		27,300		5.67
Consumer goods: Non-durable
Protective Industrial Products Inc.	(8)	L + 8.25%	1.00%	12.63%	12/30/2028		34,199		33,415		31,471		6.53
Hotel, Gaming & Leisure
Mohegan Gaming & Entertainment	(9)	N/A	N/A	8.00%	2/1/2026		16,378		16,473		15,150		3.14
Services: Business
DISA Holdings Corp.	(8)	S + 10.00%	0.75%	14.32%	3/9/2029		14,641		14,207		14,207		2.95
DISA Holdings Corp. - Delayed Draw Term Loan	(8)(9)	S + 10.00%	0.75%	14.22%	3/9/2029		2,745		2,666		2,664		0.55
Trace3 Inc.	(8)(9)	L + 7.50%	0.50%	10.56%	10/8/2029		33,750		32,914		32,068		6.65
									49,787		48,939		10.15
Services: Consumer
Midwest Veterinary Partners LLC	(8)(9)	L + 7.50%	0.75%	11.88%	4/26/2029		50,000		50,042		47,027		9.76
Southern Veterinary Partners LLC	(8)(9)	S + 7.85%	1.00%	12.17%	10/5/2028		45,000		44,038		40,950		8.50
Spring Education Group Inc.	(9)	L + 8.25%	0.00%	13.02%	7/30/2026		100		91		89		0.02
									94,171		88,066		18.28
Total Second Lien Debt									227,937		210,926		43.77	%
Preferred Equity
Consumer goods: Non-durable
Protective Industrial Products Inc. - Series A Preferred	(8)(9)			13.00% PIK			29		28,519		22,267		4.62
Total Preferred Equity									28,519		22,267		4.62
Total Investments - non-controlled/non-affiliated								$	1,031,067	$	981,738		203.74	%
Cash and Cash Equivalents
Cash and Cash Equivalents	(14)							$	36,616	$	36,616		7.60	%
Total Cash and Cash Equivalents									36,616		36,616		7.60
Total Portfolio Investments, Cash and Cash Equivalents								$	1,067,683	$	1,018,354		211.34	%

December 31, 2022
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Amortized Cost		Fair Value			% of Net Assets
Foreign Currency Forward Contracts
Goldman Sachs International	March 15, 2023	$	13,574	€	12,688		—	$	(78	)		0.0	%
Goldman Sachs International	March 15, 2023	$	43,460		CAD 59,121		—	$	(252	)		(0.1	)%
Goldman Sachs International	March 15, 2023		CAD 3,151	$	2,336		—	$	(6	)		0.0	%
								$	(336	)		(0.1	)%

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

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

(3)All investments are non-controlled/non-affiliated investments as defined by 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.

14

(4)Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate” (“LIBOR”, or “LIBO Rate”) (denoted as “L”), Canadian Dollar Offered Rate (“CDOR”) (denoted as “C”) or Secured Overnight Financing Rate (“SOFR”) (denoted as "S") and generally reset 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, 2022.

(5)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, 2022.

(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)Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

(8)These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see Note 2 and Note 6), pursuant to the Company’s valuation policy.

(9)These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's, as defined below (see Note 7), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.

(10)The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”).

(11)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, 2022, qualifying assets represented approximately 80.8% of total assets as calculated in accordance with regulatory requirements.

(12)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. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):

Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Candle Media Co Ltd	Delayed Draw	6/18/2027	$	1,280	$	(63	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(182	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		3,167		(45	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		5,538		(76	)
Natural Partners, Inc.	Revolver	3/15/2028		2,813		(94	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Delayed Draw	8/16/2027		4,704		(134	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Revolver	8/16/2027		3,136		(113	)
Total Unfunded Commitments			$	25,253	$	(707	)

(13)Investment was on non-accrual status as of December 31, 2022, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2022, debt investments on non-accrual status represented 1.1% and 0.4% of total investments on an amortized cost basis and fair value basis, respectively.

(14)Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2022, $26,891 was held in FGTXX and had an average one year yield of 1.59%.

(15)Portfolio company formerly known as (fka) Management Consulting Research, LLC.

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

15

MSD Investment Corp.

Notes to Consolidated Financial Statements (Unaudited)

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

Note 1. Organization

MSD Investment Corp. (together with its consolidated subsidiaries, the “Company”) was originally established as a Delaware limited liability company on February 18, 2021, converted to a Maryland limited liability company named MSD Investment, LLC on October 22, 2021 and converted into a Maryland corporation (the “Corporate Conversion”) effective January 1, 2022, pursuant to Articles of Conversion filed on December 28, 2021. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” As a result of the Corporate Conversion, the issued and outstanding equity interests of MSD Investment, LLC were converted into a corresponding number of shares of common stock, par value $0.001 per share, of the Company (the “Shares,” and each a “Share”), and each holder of equity interests of MSD Investment, LLC became a shareholder of the Company (collectively the “Shareholders”). The Company is structured as an externally managed, non-diversified closed-end investment company. On December 29, 2021, 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 intends to elect, and to qualify annually thereafter, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On January 1, 2023, the Adviser completed the previously announced business combination with BDT & Company Holdings, L.P. (the “Transaction”), and its subsidiaries, which includes BDT Capital Partners, LLC (“BDT Capital”), an SEC-registered investment adviser, and BDT & MSD Partners, LLC, an SEC registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”). Upon the closing of the Transaction, BDT & Company Holdings, L.P. was renamed BDT & MSD Holdings, L.P. (“BDT”) and BDT, and its subsidiaries, became affiliates of the Adviser and the Company.

The Company’s investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

The Company previously entered into an investment advisory agreement (the “Original Advisory Agreement”) with MSD Partners, L.P., a Delaware limited partnership (the “Adviser”), under which the Adviser provided certain investment advisory and management services to the Company. Additionally, the Company entered into an administrative services agreement (the “Original Administration Agreement”) with MSD Partners, L.P. (in this capacity, the “Administrator” and, collectively with its role as the Adviser “MSD”) under which the Administrator provided certain administrative and other services necessary for the Company to operate.

Effective January 1, 2023, the Company entered into a new investment advisory agreement (the “Advisory Agreement”), by and between the Company and the Adviser, and a new administrative agreement (the “Administration Agreement” and together with the Advisory Agreement, the “New Agreements”), by and between the Company and the Administrator. The terms of the New Agreements are substantially identical to those of the Original Advisory Agreement and Original Administrative Agreement, except that the reimbursement required to be made to the Administrator by the Company pursuant to the Administration Agreement will be capped such that the amounts will not exceed 0.15% of total gross assets of the Company in any one calendar year.

MSD BDC SPV I, LLC (“SPV I”) is a Delaware limited liability company formed on June 14, 2021 and commenced operations on December 21, 2021, the date the first investment transaction closed. SPV I’s investment objectives are the same as the Company. MSD BDC SPV I, LLC (“SPV II” and together with SPV I, the “SPVs”) is a Delaware limited liability company formed on January 4, 2023 and commenced operations on March 31, 2023. The SPVs are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements, in accordance with the Company’s consolidation policy discussed in Note 2 Significant Accounting Policies.

The Company may from time to time conduct a private offering (each a “Private Offering”) of its Shares (i) to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and (ii) in the case of Shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor makes a capital commitment (“Capital Commitments”) to purchase Shares pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivers a notice to investors.

The first closing date of a Private Offering (the “Initial Closing Date”) took place on December 21, 2021. Additional closings are expected to occur from time to time as determined by the Company (each, a “Subsequent Closing”), and the final such closing (the “Final Closing”) will occur no later than the fifth anniversary of the Initial Closing Date, subject to a one-year extension at the discretion of the Board of Directors of the Company (the “Board”) (the “Commitment Period”). The proceeds received at the Initial Closing Date were used to acquire the initial portfolio of the Company from several funds managed by the Adviser or its affiliates prior to the Corporate Conversion. Following the Initial Closing Date, proceeds from the sale of Shares in Subsequent Closings were used to acquire investments in accordance with the Company’s investment guidelines and for other permitted purposes.

Note 2. Significant Accounting Policies

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Accounting principles generally accepted in the United States (“U.S. GAAP”) for an investment company requires investments to be recorded at fair value.

16

The accompanying consolidated financial statements and related financial information have been prepared in accordance U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

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 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted Cash

Restricted cash consists of cash collateral that has been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown 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. 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.

Valuation of Investments

The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurement and Disclosures (“ASC 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below:

•Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

•Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined by the Board. Such determination of fair values may involve subjective judgments and estimates, although the Company will also

17

engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Adviser and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process, as described below:

•Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•Agreed upon valuation recommendations are presented to the audit committee of the Board (the “Audit Committee”);

•At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

•The Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the Audit Committee.

The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements. The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions.

All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments.

The determination of fair value involves subjective judgements and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market quotation, the fair value of investments may differ materially from the values that would have been determined had a readily available market quotation existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market quotation in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company.

Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. New Rule 2a-5 under the 1940 Act (“Rule 2a-5”) established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits (but does not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Adviser as the valuation designee as of June 30, 2023, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii)

18

purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments

Derivative instruments solely consist of foreign currency forward contracts. All derivative instruments as assets or liabilities are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the consolidated statements of operations.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased 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 received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period.

The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the consolidated statement of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible.

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount 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. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company.

Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain.

19

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect, and to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to 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 consolidated financial statements of the Company.

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” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years.

The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both June 30, 2023 and December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three and six months ended June 30, 2023 and 2022, the Company did not incur any interest or penalties.

Prior to the Corporate Conversion, the Company was treated as a partnership for U.S. tax purposes and incurred no U.S. federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update 2021-01 (“ASU 2021-01”), Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2021-01 was effective for all entities through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update 2022-06 (“ASU 2022-06“) to defer the sunset date of ASC 848 until December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has evaluated and will continue to evaluate the adoption of ASU 2021-01 and has determined it has no material impact on its consolidated financial statements at this time.

Note 3. Agreements and Related Party Transactions

Initial Portfolio Acquisition

Commencing on the Initial Closing Date and concluding prior to the Company's election to be regulated as a BDC, the Company completed its purchase of a portfolio of investments (the “Initial Portfolio”) pursuant to agreements entered into with several funds managed by the Adviser (the “Initial Portfolio Acquisition”). Subsequent to the Initial Portfolio Acquisition the Company elected to be regulated as a BDC.

Investment Advisory Agreement

On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement. Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10. The Adviser is also responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the Advisory Agreement.

The Advisory Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by the vote of a majority of the Board, in accordance with the requirements of the 1940 Act, or by the Adviser. Additionally, the Advisory Agreement will automatically terminate in event

20

of an assignment. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Board who are not “interested persons” as defined in section 2(a)(19) of the 1940 Act (each an “Independent Director”) and (ii) the Board or the holders of a majority of the Company's outstanding voting securities.

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

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders.

Management Fee

The Management Fee is payable quarterly in arrears and shall be calculated as follows:

•Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing”), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters.

•Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).

For purposes of the Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed amounts. For avoidance of a doubt total assets does not include any undrawn Capital Commitments. For the first calendar quarter in which the Company had operations, gross assets were measured as the average of gross assets at the Initial Drawdown Date and at the end of such first calendar quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable period. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing.

Incentive Fees

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”), each as described below:

The Company pays the Income-Based Fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows:

•No income-based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5%;

•100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.77% (7.06% annualized) of the value of the Company’s net assets at the beginning of each applicable calendar quarter. This “catch-up” portion is meant to provide the Adviser with approximately 15% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch-up” is achieved; and

•15% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.77% (7.06% annualized).

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

The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 15% of realized capital gains, if any, on a cumulative basis from inception through the end of each 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 capital gain incentive fees as calculated in accordance with U.S. GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

Administration Agreement

On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The terms of the Administration Agreement are substantially similar to the Original Administration Agreement, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15% of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities.

21

The Administration Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by a vote of the outstanding voting securities of the Company, by the vote of a majority of the Board, or by the Administrator. Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Independent Directors and (ii) the Board or the holders of a majority of the Company's outstanding voting securities

For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of MSD or any of its affiliates, subject to the limitations described in the Administration Agreement.

Co-Investment Transactions Exemptive Relief

The Company was granted an SEC exemptive order, which grants the Company exemptive relief permitting the Company, subject to the satisfaction of specific conditions and requirements, to co-invest in privately negotiated investment transactions with certain affiliates of the Adviser.

License Agreement

The Company has entered into a license agreement (the “License Agreement”), pursuant to which the Adviser has granted the Company a non-exclusive license to use the name “MSD.” Under the License Agreement, the Company has a right to use the MSD name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “MSD” name or logo.

The following table presents the related party fees, expenses and transactions for the three and six months ended June 30, 2023 and 2022:

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Related Party	Source Agreement & Description	2023		2022		2023		2022
	Consolidated statement of operations:
Adviser	Advisory Agreement - management fees	$	2,604	$	1,456	$	4,630	$	2,784
Adviser	Advisory Agreement - income based incentive fee		4,255		1,505		7,285		2,794
Adviser	Advisory Agreement - board of directors' fees		78		77		155		135
Adviser	Advisory Agreement - capital gains incentive fee		—		—		—		(256	)
Administrator	Administration Agreement - administration expense		492		290		1,040		703

Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023							December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	1,338,507	$	1,328,721		84.48	%	$	774,611	$	748,545		76.25	%
Second lien debt		228,272		218,228		13.88			227,937		210,926		21.48
Preferred equity		30,713		25,820		1.64			28,519		22,267		2.27
Total investments	$	1,597,492	$	1,572,769		100.00	%	$	1,031,067	$	981,738		100.00	%

22

The industry composition of investments at fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Aerospace & Defense		7.69	%		7.04	%
Automobile		0.15			0.20
Beverage, Food & Tobacco		1.37			1.92
Capital Equipment		3.41			5.16
Chemicals, Plastics & Rubber		2.58			3.91
Consumer goods: Durable		0.90			—
Consumer goods: Non-durable		3.74			5.47
Energy: Oil & Gas		7.54			7.03
Healthcare & Pharmaceuticals		5.91			9.01
High Tech Industries		4.56			3.39
Hotel, Gaming & Leisure		4.83			6.58
Media: Advertising, Printing & Publishing		7.85			4.60
Media: Diversified & Production		5.85			9.21
Metals & Mining		—			0.32
Retail		3.41			2.33
Services: Business		14.61			12.90
Services: Consumer		10.67			16.62
Telecommunications		7.81			2.14
Transportation: Cargo		3.75			—
Wholesale		3.37			2.17
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,402,214	$	1,379,312		87.70	%		197.30	%
Canada		91,037		90,548		5.76			12.95
Luxembourg		83,337		81,994		5.21			11.73
United Kingdom		20,904		20,915		1.33			2.99
Total	$	1,597,492	$	1,572,769		100.00	%		224.97	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	915,615	$	871,550		88.78	%		180.88	%
Canada		46,666		44,014		4.48			9.13
Luxembourg		51,305		50,273		5.12			10.43
Spain		14,764		13,917		1.42			2.89
United Kingdom		2,717		1,984		0.20			0.41
Total	$	1,031,067	$	981,738		100.00	%		203.74	%

As of both June 30, 2023 and December 31, 2022, one investment in the portfolio was on non-accrual status.

As of June 30, 2023, on a fair value basis, approximately 92.1% of our performing debt investments bore interest at a floating rate and approximately 7.9% of our performing debt investments bore interest at a fixed rate.

As of December 31, 2022, on a fair value basis, approximately 87.7% of our performing debt investments bore interest at a floating rate and approximately 12.3% of our performing debt investments bore interest at a fixed rate.

Note 5. Derivative Instruments

The Company may enter into foreign currency forward contracts from time to time to facilitate the settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated

23

forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; we attempt to limit counterparty risk by only dealing with well-known counterparties and those that it believes have the financial resources to honor their obligations. The foreign currency forward contracts open at the end of the period are generally indicative of the volume of activity during the period.

The following tables present the open foreign currency forward contracts as of June 30, 2023 and December 31, 2022:

June 30, 2023
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CAD	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 130,222	$	98,563	$	98,341	$	222
GBP	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		GBP 14,705		18,837		18,677		160
Total						$	117,400	$	117,018	$	382

December 31, 2022
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement			Notional Value at Period End			Fair Value
EUR	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International	€	12,688	$	13,574		$	13,652		$	(78	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 59,121		43,460			43,712			(252	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD (3,151)		(2,336	)		(2,330	)		(6	)
Total						$	54,698		$	55,034		$	(336	)

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three and six months ended June 30, 2023:

	Statement Location	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
Net realized gains (losses)
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(4,239	)	$	(3,633	)
Net change in unrealized appreciation (depreciation)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		1,962			717
Net realized and unrealized gains on foreign currency forward contracts		$	(2,277	)	$	(2,916	)

There was no net realized or unrealized gains or losses on derivative instruments for the three and six months ended June 30, 2022.

For derivatives traded under an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Company or the counterparty. Cash collateral that has been pledged, if any, to cover obligations of the Company and cash collateral received from the counterparty, if any, is reported on the consolidated statements of assets and liabilities as collateral deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Company from a counterparty are not fully collateralized, the Company bears the risk of loss from counterparty non-performance.

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of June 30, 2023 and December 31, 2022:

24

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities		Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
June 30, 2023	Goldman Sachs International	$	382	$	—	$	—	$	382

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities			Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
December 31, 2022	Goldman Sachs International	$	—	$	(336	)	$	336	$	—

(1)Lesser of the amount pledged and the amount needed to offset the liability.

Note 6. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments, as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:

	June 30, 2023
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	489,435		$	839,286		$	1,328,721
Second lien debt		—			85,488			132,740			218,228
Preferred equity		—			—			25,820			25,820
Cash and cash equivalents		55,860			—			—			55,860
Total Portfolio Investments, Cash and Cash Equivalents	$	55,860		$	574,923		$	997,846		$	1,628,629
Percentage of total		3.43	%		35.30	%		61.27	%		100.00	%
Foreign currency forward contracts	$	—		$	382		$	—		$	—

	December 31, 2022
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	254,386		$	494,159		$	748,545
Second lien debt		—			15,239			195,687			210,926
Preferred equity		—			—			22,267			22,267
Cash and cash equivalents		36,616			—			—			36,616
Total Portfolio Investments, Cash and Cash Equivalents	$	36,616		$	269,625		$	712,113		$	1,018,354
Percentage of total		3.60	%		26.48	%		69.93	%		100.00	%
Foreign currency forward contracts	$	—		$	(336	)	$	—		$	—

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt		Preferred Equity			Total Investments
Fair value, beginning of period	$	635,646		$	127,677	$	23,156		$	786,479
Purchase of investments (including PIK)		234,211			89		972			235,272
Proceeds from principal repayments and sales of investments		(35,733	)		—		—			(35,733	)
Amortization of premium/accretion of discount, net		948			41		(3	)		986
Net realized gain (loss) on investments		212			—		—			212
Net change in unrealized appreciation (depreciation) on investments		6,659			4,933		1,695			13,287
Transfers out of Level 3 (1)		(2,657	)		—		—			(2,657	)
Fair value, end of period	$	839,286		$	132,740	$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	6,659		$	4,933	$	1,695		$	13,287

25

	For the Six Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	494,159		$	195,687		$	22,267		$	712,113
Purchase of investments (including PIK)		447,058			89			2,415			449,562
Proceeds from principal repayments and sales of investments		(70,138	)		—			(214	)		(70,352	)
Amortization of premium/accretion of discount, net		1,770			139			(6	)		1,903
Net realized gain (loss) on investments		(470	)		—			(1	)		(471	)
Net change in unrealized appreciation (depreciation) on investments		9,681			5,075			1,359			16,115
Transfers out of Level 3 (1)		(42,774	)		(68,250	)		—			(111,024	)
Fair value, end of period	$	839,286		$	132,740		$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	8,833		$	5,075		$	1,359		$	15,267

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2023 one and five investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was increased to two or more independent pricing services. For the three and six months ended June 30, 2023 there were no investments transferred from Level 2 to Level 3, as valuation coverage on level 2 investments did not drop below two independent pricing services.

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2022.

	For the Three Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of period	$	315,906		$	97,508		$	25,116		$	438,530
Purchase of investments (including PIK)		21,591			18,111.00			854			40,556
Proceeds from principal repayments and sales of investments		(44,459	)		—			—			(44,459	)
Amortization of premium/accretion of discount, net		432			45			2			479
Net realized gain (loss) on investments		972			—			—			972
Net change in unrealized appreciation (depreciation) on investments		(3,502	)		(4,350	)		(1,015	)		(8,867	)
Transfers out of Level 3 (1)		—			—			—			—
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2022	$	(3,762	)	$	(4,350	)	$	(1,015	)	$	(9,127	)

	For the Six Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	269,162		$	133,447		$	24,697		$	427,306
Purchase of investments (including PIK)		79,219			18,112			1,672			99,003
Proceeds from principal repayments and sales of investments		(52,152	)		(37,763	)		—			(89,915	)
Amortization of premium/accretion of discount, net		892			80			13			985
Net realized gain (loss) on investments		1,057			2,630			—			3,687
Net change in unrealized appreciation (depreciation) on investments		(4,463	)		(5,192	)		(1,425	)		(11,080	)
Transfers out of Level 3 (1)		(2,775	)		—			—			(2,775	)
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized depreciation on non-controlled/non-affiliated company investments still held at June 30, 2022		(4,568	)		(5,819	)		(1,425	)		(11,812	)

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was not reduced to one or less independent pricing service.

(2)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 2 to Level 3, as valuation coverage was not reduced to one or less independent pricing service.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of the investment. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s debt investment.

Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

26

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2023 and December 31, 2022, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	637,632	Market Yield Analysis	Market Yield Discount Rates		10.31	%		18.38	%		12.20	%
		172,029	Recent Transaction	Transaction Price	n/a			n/a				—
		809,661
Second lien debt		132,740	Market Yield Analysis	Market Yield Discount Rates		10.84	%		15.77	%		12.96	%
Preferred equity		25,820	Market Yield Analysis	Market Yield Discount Rates		9.00	%		20.49	%		17.70	%
			Black-Scholes	Volatility		31.80	%		31.80	%		31.80	%
Total	$	968,221

	December 31, 2022
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	408,366	Market Yield Analysis	Market Yield Discount Rates		10.48	%		24.98	%		14.09	%
		13,917	Recent Transaction	Transaction Price		100.00			100.00			100.00
		422,283
Second lien debt		127,437	Market Yield Analysis	Market Yield Discount Rates		13.24	%		15.87	%		14.49	%
		127,437
Preferred equity		22,267	Market Yield Analysis	Market Yield Discount Rates		17.11	%		20.52	%		18.81	%
Total	$	571,987

(1)The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of June 30, 2023 and December 31, 2022, the Company had investments of this nature measured at fair value totaling $29.6 million and $140.1 million, respectively.

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

Financial Instruments Disclosed, But Not Carried at Fair Value

Debt

The fair value of the Company’s credit facilities, which would be categorized as Level 3 within the fair value hierarchy, as of both June 30, 2023 and December 31, 2022, respectively, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates.

Other

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the fair value hierarchy.

27

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing if certain requirements are met.

The Company’s outstanding debt obligations as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	485,000	$	481,140	$	—	12/21/2026
Subscription facility		200,000		185,000		184,755		15,000	12/21/2023
Loan repurchase obligations		129,215		129,215		129,215		—	Various (3)
Total	$	814,215	$	799,215	$	795,110	$	15,000

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	392,000	$	387,590	$	93,000	12/21/2026
Subscription facility		200,000		145,000		144,499		55,000	12/21/2023
Total	$	685,000	$	537,000	$	532,089	$	148,000

(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs.

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

(3)Loan repurchase obligations entered into with Macquarie have a term of 90 days, with an option for repayment as early as 45 days. As of June 30, 2023, the remaining contractual maturities were between 53-87 days.

The components of interest expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	13,014		$	3,878		$	23,952		$	6,098
Unused/undrawn fees		11			108			42			366
Administration fees		307			250			602			500
Amortization of deferred financing costs		405			379			806			754
Total interest expense	$	13,737		$	4,615		$	25,402		$	7,718
Average borrowings	$	703,794		$	473,902		$	669,231		$	426,473
Weighted average interest rate (1)		7.58	%		3.58	%		7.35	%		3.27	%
Amortization of financing costs		0.23	%		0.32	%		0.24	%		0.35	%
Total borrowing costs		7.81	%		3.90	%		7.59	%		3.62	%

(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.

Description of the Company's Credit Facilities

SPV I Facility

On December 21, 2021, SPV I, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility with Deutsche Bank AG, New York Branch (“DB”), which was subsequently amended on November 21, 2022 and December 16, 2022 (the “SPV I Facility”). DB serves as facility agent, U.S. Bank National Association, serves as collateral agent and collateral custodian and the Company serves as servicer under the SPV I Facility.

As of the amendment on November 21, 2022 advances under the SPV I Facility bear interest at a per annum rate equal to the three-month SOFR in effect, plus the applicable margin of 2.41% per annum, inclusive of a credit spread adjustment (“CSA”) of 0.26%, with a SOFR floor of 0.25%. SPV I pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV I Facility. Additionally, SPV I pays DB an administrative agent fee 0.25% of the total commitment amount for serving as facility agent.

Prior to the amendment on November 21, 2022, Advances under the SPV I Facility bore interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.15% per annum with a LIBOR floor of 0.25%. The commitment fee and the administrative agent fee were unchanged.

In connection with the amendment on December 16, 2022, the maximum commitment amount of the SPV I Facility increased from $400 million to $485 million. Proceeds from borrowings under the SPV I Facility are used to fund portfolio investments by SPV I. The period during which SPV I may make borrowings under the SPV I Facility expires on December 31, 2024 and the SPV I Facility is scheduled to mature on December 21, 2026.

As of both June 30, 2023 and December 31, 2022, respectively, the Company was in compliance with all covenants associate with the SPV I Facility.

28

Subscription Facility

On December 21, 2021, the Company entered into a senior secured revolving credit facility (the “Subscription Facility”) with Bank of America, N.A. (“BAML”). BAML serves as administrative agent and lender.

The Subscription Facility provides for secured borrowings of up to $200 million. The maximum principal amount is subject to availability under the Subscription Facility, which is based on certain of the Company’s unfunded investor equity capital commitments, and restrictions imposed on borrowings under the 1940 Act. The Subscription Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $40 million. Proceeds from the borrowings under the Subscription Facility are used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. On December 21, 2022, the Subscription Facility’s maturity date was extended from December 21, 2022 to December 21, 2023.

Advances under the Subscription Facility generally bear interest at a per annum rate equal to the daily Bloomberg Short-Term Bank Yield Index (“BSBY”) rate in effect, plus the applicable margin of 2.00% per annum. The Company pays a commitment fee of 0.25% per annum on the average daily unused amount of the financing commitments.

As of both June 30, 2023 and December 31, 2022, respectively, the Company was in compliance with all covenants associated with the Subscription Facility.

Repurchase Obligations

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”).

In accordance with ASC Topic 860, Transfers and Servicing, these Macquarie Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by the Macquarie Transaction remains on the Company’s Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the “Repurchase Obligation”). The Repurchase Obligation is secured by the respective investment that is the subject of the repurchase agreement.

As of June 30, 2023, the Company had outstanding Repurchase Obligations of $129.2 million associated with repurchase agreements that were entered into on May 24, May 30, and June 26, 2023. Such Repurchase Obligations are collateralized by the Company’s term loans to Momentive Global and Inmar Inc., in addition to a portion of the Company’s term loan holdings in Maxar Technologies Inc, and Boasso Global. Interest under these Repurchase Obligations is calculated at the inception of each repurchase agreement, as the 3 month SOFR rate in effect, plus the applicable margin of 3.50%. As of June 30, 2023, the remaining contractual maturities of the repurchase agreements were between 53-87 days.

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statement of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitments consisted of the following:

June 30, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Boasso Global	Delayed Draw	10/3/2024	$	7,775	$	(81	)
Boasso Global	Revolver	7/1/2026		6,250		(159	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(135	)
DFS Holding Company	Delayed Draw	1/31/2029		4,615		(60	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		741		(6	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		5,250		(143	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		3,042		(10	)
Maxar Technologies Inc.	Revolver	5/3/2029		7,125		(150	)
Momentive Global	Revolver	5/31/2029		5,714		(113	)
Natural Partners, Inc.	Revolver	11/29/2027		2,814		(44	)
Systems Planning and Analysis, Inc.	Delayed Draw	8/16/2027		4,704		(74	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		1,792		(42	)
Wood Mackenzie, Inc.	Revolver	2/1/2028		2,963		(85	)
Total Unfunded Commitments			$	57,400	$	(1,102	)

29

December 31, 2022
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Candle Media Co Ltd	Delayed Draw	6/18/2027	$	1,280	$	(63	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(182	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		3,167		(45	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		5,538		(76	)
Natural Partners, Inc.	Revolver	3/15/2028		2,813		(94	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Delayed Draw	8/16/2027		4,704		(134	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Revolver	8/16/2027		3,136		(113	)
Total Unfunded Commitments			$	25,253	$	(707	)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both June 30, 2023 and December 31, 2022, management was not aware of any pending or threatened material litigation.

Note 9. Net Assets

Subscriptions and Drawdowns

The Company has the authority to issue up to 100 million shares. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “Subscription Agreements”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of June 30, 2023, the Company had received Capital Commitments totaling $1.2 billion ($585.2 million remaining undrawn), all of which were from affiliates of the Adviser.

The following table summarizes the total shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of June 30, 2023:

Share Issuance Date	Number of Shares Issued		Aggregate Offering Proceeds
December 21, 2021		12,000,000	$	299,988
June 23, 2022		2,509,410	$	60,000
September 21, 2022		2,787,307	$	65,000
December 29, 2022		2,991,256	$	65,000
March 8, 2023		2,601,909	$	60,000
April 21, 2023		4,446,421	$	100,000
Total		27,336,303	$	649,988

Distributions

The Company declared the following distributions for the six months ended June 30, 2023 and 2022:

			Regular		Special		Per Share
Date Declared	Record Date	Payment Date	Distribution		Distribution		Amount		Total Amount
For Calendar Year 2023
March 13, 2023	March 29, 2023	April 17, 2023	$	0.65	$	—	$	0.65	$	16,073
June 21, 2023	June 21, 2023	June 28, 2023	$	0.65	$	—	$	0.65	$	19,378
							$	1.30	$	35,451
For Calendar Year 2022
March 30, 2022	March 31, 2022	April 15, 2022	$	0.57	$	0.03	$	0.60	$	7,200
June 28, 2022	June 29, 2022	July 15, 2022	$	0.57	$	0.06	$	0.63	$	9,321
							$	1.23	$	16,521

Dividend 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 net asset value (“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

30

receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the DRP. Shares issued under the DRP will not reduce outstanding Capital Commitments.

The following table summarizes the DRP shares issued to shareholders who have “opted in” to the DRP as of June 30, 2023 and the value of such shares as of the payment dates:

Payment Date	DRP Shares Value		DRP Shares Issued
April 15, 2022	$	7,200		286,055
July 15, 2022	$	9,321		373,593
October 17, 2022	$	8,646		377,076
December 30, 2022	$	18,056		801,437
April 17, 2023	$	13,892		637,800
June 28, 2023	$	16,789		754,571
	$	73,904		3,230,532

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share during the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2023		2022			2023		2022
Net increase in net assets resulting from operations	$	37,643	$	(17,956	)	$	62,030	$	(13,366	)
Weighted average shares outstanding		28,704,071		12,448,297			25,780,058		12,226,612
Earnings per share	$	1.31	$	(1.44	)	$	2.41	$	(1.09	)

Note 11. Financial Highlights

The following are the financial highlights for the six months ended June 30, 2023 and 2022:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:
Net assets, beginning of period	$	21.78		$	25.17
Net investment income (1)		1.60			1.32
Net realized gain (loss) (1)		(0.18	)		0.28
Net change in unrealized appreciation (depreciation) (2)		1.00			(2.61	)
Net increase in net assets resulting from operations		2.42			(1.01	)
Distributions declared from net investment income (3)		(1.30	)		(1.23	)
Issuance of shares		(0.03	)		—
Total increase (decrease) in net assets		1.09			(2.24	)
Net assets, end of period	$	22.87		$	22.93
Shares outstanding, end of period		30,566,835			14,795,465
Total return based on NAV (4)		11.30	%		(4.36	)%
Ratios:
Expenses to average net assets (5)		13.78	%		9.50	%
Net investment income to average net assets (5)		13.88	%		10.16	%
Portfolio turnover rate (6)		6.25	%		22.98	%
Supplemental Data:
Net assets, end of period	$	699,107		$	339,311
Total capital commitments, end of period	$	1,235,213		$	800,000
Ratios of total contributed capital to total committed capital, end of period		52.62	%		45.00	%
Average debt outstanding	$	669,231		$	426,473
Asset coverage ratio (7)		187.5	%		171.6	%

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

(2)For the six months ended June 30, 2023 and 2022 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

31

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of August 11, 2023, the date that the consolidated financial statements were issued.

On July 25, 2023, MSD Investment Corp. (the “Company”) delivered a capital drawdown notice to its stockholders relating to the sale of approximately 3,225,807 shares (the “Shares”) of the Company's common stock, par value $0.001 per share for an aggregate offering price of $75.0 million. The Shares were issued on August 8, 2023.

On August 3, 2023, our Board elected to designate the Adviser as the valuation designee in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4, effective September 30, 2023.

32

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

The information in this management's discussion and analysis of financial condition and results of operations relates to MSD Investment Corp., including its wholly-owned subsidiaries (collectively, "we", "us", "our" or the "Company"). The terms “Adviser” and “MSD” refer to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our investment adviser, and the term “Administrator” refers to MSD Partners, L.P., a Delaware limited partnership, in its capacity as our administrator. The information contained in this section should be read in conjunction with “Item 1. Financial Statements.” The discussion contains forward-looking statements, which relate to future events our future performance or financial condition an involves numerous risks and uncertainties, including, but not limited to, those risks set forth in section entitled “Part I Item 1A Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC on March 23, 2023.

Overview

We were established as a Delaware limited liability company on February 18, 2021, and converted to MSD Investment, LLC, a Maryland limited liability company, on October 22, 2021. On December 1, 2021, the Company entered into purchase agreements to acquire a portfolio of investments (the “Initial Portfolio”) pursuant to agreements entered into with several funds managed by the Adviser (the “Initial Portfolio Acquisition”). The Initial Portfolio was acquired for an aggregate cash purchase price equal to the fair value of such assets, plus accrued but unpaid interest as of the closing date, less any principal payments received between signing of the purchase agreements and the closing of the transactions contemplated thereby. The closing of the purchase of the Initial Portfolio by the Company occurred on December 21, 2021. As consideration for the Initial Portfolio, the Company paid an aggregate purchase price of $656.5 million. On December 28, 2021, the Company filed Articles of Conversion (and related Articles of Incorporation) with the Maryland Department of Assessments and Taxation in order to convert to a Maryland corporation (the “Corporate Conversion”). In accordance with the Articles of Conversion and Maryland law, the Corporate Conversion became effective as of 12:01 a.m. on January 1, 2022 and, as result of the Corporate Conversion, each share representing a portion of the membership interests of the Company prior to the effective time of the Corporate Conversion was automatically converted into one share of common stock, par value $0.001 per share (the “Shares”), of the Company. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” On December 29, 2021, the Company filed a Form N-54A to elect to be regulated as a business development company (”BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).

We intend to elect, and to qualify annually thereafter, as a regulated investment company (”RIC”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a BDC and a RIC, we will be required to comply with certain regulatory requirements.

The Company’s investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

Economic Developments

Economic activity has continued to accelerate across sectors and regions. Nonetheless, we have observed and continue to observe supply chain interruptions, labor resource shortages, commodity inflation, rising interest rates, economic sanctions in response to international conflicts and instances of geopolitical, economic and financial market instability in the United States and abroad. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets.

Financial and Operating Highlights

The following table presents financial and operating highlights (i) as of June 30, 2023 and December 31, 2022 and (ii) for the three and six months ended June 30, 2023 and 2022:

	As of
	June 30, 2023			December 31, 2022
Total assets	$	1,652,719		$	1,047,077
Investments in portfolio companies, at fair value	$	1,572,769		$	981,738
Borrowings	$	799,215		$	537,000
Net assets	$	699,106		$	481,846
Net asset value per share	$	22.87		$	21.78
Leverage ratio (borrowings / total assets)		48.4	%		51.3	%

33

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Average net assets	$	624,633		$	339,311		$	577,037		$	313,566
Average borrowings	$	703,794		$	473,902		$	669,231		$	426,473
Cost of investments purchased	$	403,504		$	161,193		$	634,258		$	267,273
Sales of investments	$	—		$	35,259		$	19,687		$	35,259
Principal repayments	$	40,585		$	44,808		$	58,246		$	131,269
Net investment income	$	24,111		$	8,527		$	41,374		$	16,091
Net realized gains (losses)	$	(3,919	)	$	157		$	(4,661	)	$	3,477
Net change in unrealized appreciation (depreciation)	$	17,451		$	(26,640	)	$	25,317		$	(32,934	)
Net increase (decrease) in net assets resulting from operations	$	37,643		$	(17,956	)	$	62,030		$	(13,366	)
Net investment income per share - basic and diluted	$	0.84		$	0.68		$	1.60		$	1.32
Earnings per share - basic and diluted	$	1.31		$	(1.44	)	$	2.41		$	(1.09	)

Portfolio and Investment Activity for the Three and Six Months Ended June 30, 2023 and 2022

The following table presents our portfolio company activity for the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Portfolio companies at beginning of period		46			30			41			30
Number of added portfolio companies		10			7			17			10
Number of exited portfolio companies		(1	)		(1	)		(3	)		(4	)
Portfolio companies at period end		55			36			55			36
Number of debt investments period end		74			42			74			42
Number of preferred equity investments at period end		2			1			2			1

The following tables present a roll-forward of all investment purchase, sale and repayment activity and changes in fair value, within our investment portfolio for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt		Unsecured Debt		Preferred Equity		Total Investments
Fair value, beginning of period	$	951,303		$	212,776	$	—	$	23,156	$	1,187,235
Purchase of investments		403,504			—		—		—		403,504
Proceeds from principal repayments and sales of investments		(40,585	)		—		—		—		(40,585	)
Other changes in fair value (1)		14,499			5,452		—		2,664		22,615
Fair value, end of period	$	1,328,721		$	218,228	$	—	$	25,820	$	1,572,769

	Six Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt		Unsecured Debt		Preferred Equity			Total Investments
Fair value, beginning of year	$	748,545		$	210,926	$	—	$	22,267		$	981,738
Purchase of investments		633,757			—		—		501			634,258
Proceeds from principal repayments and sales of investments		(77,719	)		—		—		(214	)		(77,933	)
Other changes in fair value (1)		24,138			7,302		—		3,266			34,706
Fair value, end of period	$	1,328,721		$	218,228	$	—	$	25,820		$	1,572,769

(1)Other changes in fair value includes changes resulting from realized and unrealized gains and losses, amortization/accretion and increases from PIK income.

The following tables present a roll-forward of all investment purchase, sale and repayment activity and changes at fair value, within our investment portfolio for the three and six months ended June 30, 2022:

	Three Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Unsecured Debt		Preferred Equity			Total Investments
Fair value, beginning of period	$	538,893		$	147,187		$	—	$	25,116		$	711,196
Purchase of investments		99,093			62,099			—		—			161,192
Proceeds from principal repayments and sales of investments		(80,067	)		—			—		—			(80,067	)
Other changes in fair value (1)		(13,940	)		(7,493	)		—		(159	)		(21,592	)
Fair value, end of period	$	543,979		$	201,793		$	—	$	24,957		$	770,729

34

	Six Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Unsecured Debt			Preferred Equity		Total Investments
Fair value, beginning of year	$	486,044		$	145,396		$	36,220		$	24,697	$	692,357
Purchase of investments		166,239			101,034			—			—		267,273
Proceeds from principal repayments and sales of investments		(92,149	)		(37,763	)		(36,616	)		—		(166,528	)
Other changes in fair value (1)		(16,155	)		(6,874	)		396			260		(22,373	)
Fair value, end of period	$	543,979		$	201,793		$	—		$	24,957	$	770,729

(1)Other changes in fair value includes changes resulting from realized and unrealized gains and losses, amortization/accretion and increases from payment in kind (”PIK”) income.

The following table presents selected information regarding our investment portfolio as of June 30, 2023 and December 31, 2022:

	As of
	June 30, 2023			December 31, 2022
Investments:
Number of portfolio companies		55			41
Number of investments		76			53
Average investment at fair value	$	20,694		$	18,523
Average cost of debt investments as a percentage of par (1)		97.38	%		97.88	%
Debt investments on non-accrual status as a percent of amortized cost of total debt investments		0.74	%		1.10	%
Debt investments on non-accrual status as a percent of fair value of total debt investments		0.32	%		0.40	%
Number of debt investments on non-accrual status		1			1
Weighted average net debt through tranche (2)	4.6x			4.6x
Weighted average interest rate coverage (2)	2.7x			3.5x
Percentage of sponsored investments		84.21	%		83.20	%
Floating interest rate debt investments:
Percent of debt portfolio (3)		92.1	%		87.7	%
Weighted average interest rate floors		0.72	%		0.70	%
Weighted average coupon spread to base interest rate		679	bps		674	bps
Weighted average effective yield on floating rate debt investments at amortized cost (4)		12.85	%		11.68	%
Fixed interest debt investments: (5)
Percent of debt portfolio (3)		7.9	%		12.3	%
Weighted average coupon rate		9.67	%		9.43	%
Weighted average effective yield on fixed rate debt investments at amortized cost (4)		10.30	%		10.38	%
Other metrics:
Weighted average years to maturity on debt investments		4.16	years		4.23	years
Weighted average effective yield on the portfolio at amortized cost (4) (5)		12.65	%		11.54	%

(1)Calculated as amortized cost of all debt investments divided by the par value of all debt investments.

(2)Figures are based on portfolio company financial statements available to the Company at period end.

(3)Percent is calculated as a percentage of fair value of total debt investments.

(4)Weighted average effective yield is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all investments.

(5)Calculations exclude non-performing debt investments.

The following table presents the maturity schedule of our funded debt investments based on their principal amount as of:

	June 30, 2023					December 31, 2022
Maturity Year	Principal Amount		Percentage of Debt Portfolio			Principal Amount		Percentage of Debt Portfolio
2023	$	12,853		0.8	%	$	15,109		1.5	%
2024		59,592		3.7			72,098		7.0
2025		257,068		16.0			238,222		23.3
2026		368,020		22.9			135,865		13.3
2027		111,447		6.9			72,435		7.1
2028		287,906		17.9			259,567		25.3
2029		242,904		15.1			195,923		19.1
2030		269,065		16.7			35,000		3.4
	$	1,608,855		100.0	%	$	1,024,219		100.0	%

We utilize an investment rating system to monitor the credit profile of our underlying portfolio companies. We use a five-level ratings scale to classify individual investments.

•Investment Rating 1 - Investment is performing materially above expectations.

•Investment Rating 2 - Investment is performing above expectations.

35

•Investment Rating 3 - Investment is performing materially in-line with expectations. All new loans received a rating of 3 at initial investment.

•Investment Rating 4 - Investment is performing materially below expectations. Investments with a rating of 4 receive more frequent attention from our team as the risks of impairment have increased substantially since investment. Loss of principal is not expected, however there may be lost interest.

•Investment Rating 5 - Investment is performing materially below expectations and there is a high probability of impairment. Loss of principal and interest is probable.

The following tables show the investment rankings of the debt investments in our portfolio as of June 30, 2023 and December 31, 2022:

	As of June 30, 2023
Risk Rating	Fair Value		% of Portfolio			# of Investments
1	$	—		0.0	%		—
2		144,413		9.2			5
3		1,421,136		90.3			69
4		7,220		0.5			2
5		—		0.0			—
	$	1,572,769		100.0	%		76

	As of December 31, 2022
Risk Rating	Fair Value		% of Portfolio			# of Investments
1	$	—		0.0	%		—
2		116,109		11.8			7
3		859,792		87.6			44
4		5,837		0.6			2
5		—		0.0			—
	$	981,738		100.0	%		53

Results of Operations

Revenues

We generate revenues primarily in the form of interest on the debt securities of portfolio companies that we acquire and hold for investment purposes. Our investments in debt securities generally have expected maturities of two to eight years, although we have no lower or upper constraint on maturity, and typically earn interest at floating and fixed interest rates. Interest on our debt securities is generally payable to us monthly, quarterly or semi-annually. The outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the respective maturity dates. In addition, we may generate revenue in the form of dividends from preferred and common equity investments, amortization of original issue discount, prepayment fees, commitment fees, origination fees and fees for providing significant managerial assistance.

Operating Expenses

Our primary operating expenses include a management fee and, depending on our operating results, a performance-based incentive fee, interest expense, administrative services, custodian and accounting services and other third-party professional services fees and expenses. The management and performance-based incentive fees compensate the Adviser for its services in identifying, evaluating, negotiating, closing and monitoring our investments.

Operating results for the three and six months ended June 30, 2023 and 2022 are presented below:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Total investment income	$	46,033		$	17,026		$	81,151		$	31,057
Total expenses		21,922			8,499			39,777			14,966
Net investment income		24,111			8,527			41,374			16,091
Net realized gain (loss)		(3,919	)		157			(4,661	)		3,477
Net change in unrealized appreciation (depreciation)		17,451			(26,640	)		25,317			(32,934	)
Net increase (decrease) in net assets resulting from operations	$	37,643		$	(17,956	)	$	62,030		$	(13,366	)

36

Investment Income

Investment income consisted of the following components for the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Interest income on debt securities
Cash interest	$	35,966		$	12,156		$	65,606		$	23,952
PIK interest		4,941			2,942			7,169			3,405
Net accretion/amortization of discounts/premiums		1,940			1,009			3,816			1,908
Total interest on debt securities		42,847			16,107			76,591			29,265
PIK dividend		972			843			1,903			1,672
Total interest and dividend income		43,819			16,950			78,494			30,937
Other income		2,214			76			2,657			120
Total investment income	$	46,033		$	17,026		$	81,151		$	31,057
Average investments at cost (1)	$	1,412,471		$	758,944		$	1,285,336		$	736,207
Income return (2)		3.10	%		2.23	%		6.11	%		4.20	%

(1)Average investments at cost is calculated as the simple average of the total investments at amortized cost at the beginning and end of the period.

(2)Income return is calculated as total interest and dividend income for the period divided by average investments at cost.

Operating Expenses

Our operating expenses can be categorized into fixed operating expenses, variable operating expenses and performance-dependent expenses. Fixed operating expenses are generally static period over period. Variable expenses are calculated based on fund metrics such as total assets, net assets or total borrowings. Performance-dependent expenses fluctuate independent of our size.

The table below shows a breakdown of our operating expenses for the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Fixed Operating Expenses
Professional fees (1)	$	382	$	255	$	586	$	513
Board of directors' fees		78		77		155		135
General and other expenses		99		74		144		116
Organization and offering costs (2)		1		101		19		221
Total fixed operating expenses		560		507		904		985
Variable operating expenses:
Interest expense (3)		13,737		4,615		25,402		7,718
Management fees		2,604		1,456		4,630		2,784
Administrative expense (4)		647		382		1,324		873
Custody expense		96		21		157		42
Transfer agency fees		23		13		75		26
Total variable operating expenses		17,107		6,487		31,588		11,443
Performance-dependent expenses:
Income based incentive fee		4,255		1,505		7,285		2,794
Capital gains incentive fee		—		—		—		(256	)
Total performance-dependent expenses		4,255		1,505		7,285		2,538
Total expenses	$	21,922	$	8,499	$	39,777	$	14,966

(1)Professional fees includes the expenses for third-party service providers such as internal and independent auditors, tax return preparer and tax consultant, third-party investment valuation firms, and fund legal counsel.

(2)Organization and offering costs are associated with the initial formation, setup and distribution of the Company and may not be recurring.

(3)The composition of our interest expense for the three and six months ended June 30, 2023 and 2022 is described more fully in Note 7. Borrowings of our accompanying consolidated financial statements.

(4)Administrative services include the expenses for third-party services providers such as fund accountant, fund sub-administrator, and independent pricing services. Additionally, administrative expense includes costs reimbursable to the Administrator according to the terms of the administration agreement.

Net Realized and Unrealized Gains

For the three and six months ended June 30, 2023, our net realized gains (losses) were ($3.9) million and ($4.7) million , respectively, and our net change in unrealized appreciation (depreciation) were $17.5 million and $25.3 million.

For the three and six months ended June 30, 2022, our net realized gains (losses) were $0.2 million and $3.5 million , respectively, and our net change in unrealized appreciation (depreciation) were ($26.6) million and ($32.9) million.

Critical Accounting Policies and Estimates

37

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. The Company's comprehensive accounting policies are described more fully in Note 2. Significant Accounting Policies in the accompanying consolidated financial statements. We have identified “Basis of Presentation”, “Valuation of Investments”, and “Revenue Recognition” within Note 2 as critical accounting policies.

Valuation of Portfolio Investments and Net Asset Value of Shares

The Board of Directors of the Company (the “Board”), with the assistance of the audit committee of the Board (the “Audit Committee”), and in some cases an independent valuation firm, will determine the fair value of the Company’s assets on at least a quarterly basis, in accordance with Accounting Standards Codification Topic 820, Fair Value Measurement. The Audit Committee is comprised of directors who are not “interested persons,” as defined in Section 2(a)(19) of the 1940 Act, of the Company or the Adviser (each an “Independent Director”).

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value. Such determination of fair values may involve subjective judgments and estimates. The Company will also engage independent valuation providers to assist in the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers and the Audit Committee will recommend fair values to the Board for their ultimate determination. Elements that could be used to determine the fair value of an investment include, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company may appoint additional or different independent valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process each quarter, as described below:

•Securities for which no such market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party's estimate, of the fair value as of the date of determination, and provided to the Adviser's valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser's valuation committee;

•Agreed upon valuation recommendations are presented to the Audit Committee of the board of directors;

•At least once annually, the valuation for each investment that constitutes a material portion of the Company's portfolio and that does not have readily available market quotation will be reviewed by an independent valuation firm; and

•The Board will then discuss valuations and determine the fair value of each investment in the Company's portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the Audit Committee.

All values assigned to securities and other assets by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company’s portfolio securities.

The ranges of unobservable inputs used in the fair value measurement of our investments classified as Level 3 fair valued as of June 30, 2023 and December 31, 2022, respectively, are presented in Note 6. Fair Value Measurements in the accompanying consolidated financial statements.

In addition to impacting the fair value recorded for our investments on our consolidated statement of assets and liabilities, had we used different key unobservable inputs to determine the fair value of our investments, amounts recorded in our consolidated statement of operations, including the net change in unrealized appreciation and depreciation on investments, management and performance-based incentive fees would also be impacted. The table below outlines the impact on our results of a 5% increase in the fair value of our Level 3 investments for the three and six months ended June 30, 2023 and 2022:

38

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Fair value of level 3 investments at the end of the period	$	997,846		$	463,362		$	997,846		$	463,362
Fair value assuming a 5% increase in value		1,047,738			486,530			1,047,738			486,530
Increase in unrealized appreciation		49,892			23,168			49,892			23,168
(Increase) in management fees		(94	)		(43	)		(75	)		(43	)
(Increase) in capital gains incentive fees (1)		(7,484	)		(3,475	)		(7,484	)		(3,475	)
Increase in net assets resulting from operations	$	42,314		$	19,650		$	42,333		$	19,650
Weighted average shares outstanding		28,704,071			12,448,297			25,780,058			12,226,612
Shares outstanding at the end of the period		30,566,836			14,795,465			30,566,836			14,795,465
Increase in earnings per share	$	1.47		$	1.58		$	1.64		$	1.61
Increase in net assets per share	$	1.38		$	1.33		$	1.38		$	1.33

(1)Increase in capital gains incentive fee is calculated as 15% of the increase in unrealized appreciation.

Determination of Net Asset Value

The Board will determine the net asset value (”NAV”)of the Shares at least quarterly. The NAV per share is equal to the value of the Company’s total assets minus its liabilities and the liquidation value of any preferred shares outstanding divided by the total number of shares outstanding. Additionally, in connection with each offering of shares, to the extent the Company does not have Shareholder approval to sell below NAV, the Board or an authorized committee thereof will be required to make a good faith determination that the Company is not selling shares at a price below the then current NAV of the shares at the time at which the sale is made.

The value of investments for which recent market quotations are readily available will be the market price. The Board will be responsible for determining the fair value of the portfolio investments for which market prices are not readily available in good faith, and in such other instances where portfolio investments require a fair value determination. Because the Company expects that there typically will not be a readily available market price for its target portfolio investments, the Company expects that the value of most of its portfolio investments will be their fair value as determined by the Board consistent with a documented valuation policy and consistently applied valuation process. In making these determinations, the Board will receive input from the Adviser, an independent valuation firm and the Audit Committee.

Hedging

The Company may enter into currency hedging contracts, interest rate hedging agreements such as futures, options, swaps and forward contracts, and credit hedging contracts, such as credit default swaps. As of June 30, 2023 the Company had entered into foreign currency forward contracts in order to hedge its economic exposure to certain foreign currencies in which its investments were denominated (Note.5 Derivative Instruments). However, no assurance can be given that such hedging transactions will be effective.

Financial Condition, Liquidity and Capital Resources

Our primary sources of cash and cash equivalents may include: (i) the sale of our Shares, (ii) borrowings under various financing arrangements, (iii) cash flows from interest, dividends and transaction fees earned from investment in portfolio companies and (iv) principal repayments and sale proceeds from our investments.

Our primary uses of cash will be for (i) investments in portfolio companies and other investments to comply with certain portfolio diversification requirements, (ii) the cost of operations (including fees payable to MSD in its capacity as the Adviser and the Administrator), (iii) debt service of any borrowings, and (iv) cash distributions to our Shareholders.

Liquidity

The tables below present a summary of our liquidity position as of June 30, 2023 and December 31, 2022:

	June 30, 2023			December 31, 2022
Cash and cash equivalents	$	55,860		$	36,616
Unused borrowing capacity		15,000			148,000
Principal receivable		4,483			16,523
Unfunded investment commitments (1)		(57,400	)		(25,253	)
Undrawn capital commitments (2)		585,225			562,663
Other net working capital (3)		(148,330	)		(26,339	)
	$	454,838		$	712,210

(1)For a comprehensive list of our unfunded investment commitments see the footnotes to our consolidated schedule of investments included in our accompanying consolidated financial statements.

(2)Added undrawn capital commitments to December 31, 2022 for comparison purposes.

(3)Other networking capital is interest receivable less all liabilities exclusive of debt.

Capital Resources

39

We may from time to time enter into additional credit facilities and borrowing arrangements to increase the amount of our borrowings as our called equity capital increases. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such financing arrangements. We are currently required to maintain a minimum asset coverage ratio (total assets-to-senior securities) of 150% under the 1940 Act if certain conditions are met.

The table below summarizes certain financing obligations that are expected to have an impact on our liquidity and cash flow in specified future interval periods:

	Payments Due by Period
	Total		Less than 1 year		1-3 years		3-5 years		After 5 years
SPV I facility	$	485,000	$	—	$	—	$	485,000	$	—
Subscription facility		185,000		185,000		—		—		—
Loan repurchase obligations		129,215		129,215		—		—		—
Total Contractual Obligations	$	799,215	$	314,215	$	—	$	485,000	$	—

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Valuation Risk

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

Interest Rate Risk

We will be subject to financial market risks, including changes in interest rates. As of June 30, 2023 92.1% of our debt investments (90.6% of our total investments), or $1.43 billion measured at fair value, are subject to floating interest rates. Additionally, both of the SPV I Facility and the Subscription Facility are also subject to floating interest rates. A rise in the general level of interest rates can be expected to lead to (i) higher interest income from our floating rate debt investments, (ii) value declines for fixed interest rate investments we may hold and (iii) higher interest expense in connection with our credit facilities. Since the majority of our investments consist of floating rating investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Adviser to meet or exceed the quarterly threshold for Income-Based Fee as described in Note 3. Agreements and Related Party Transactions.

Since March 2022, the Federal Reserve has been rapidly raising interest rates and has indicated that it would consider additional rate hikes in response to ongoing inflation concerns. In a rising interest rate environment, our cost of funds would increase, which could reduce our net investment income if there is not a corresponding increase in interest income generated by our investment portfolio. It is possible that the Federal Reserve's tightening cycle could result the United States into a recession, which would likely decrease interest rates. A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in base rates, such as LIBOR and SOFR, are not offset by corresponding increases in the spread over such base rate that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate associated with our borrowings

The following table estimates the potential changes in net cash flow generated from interest income and expenses, should interest rates increase by 100, 200 or 300 basis points, or decrease by 100 or 200 basis points. Interest income is calculated as revenue from interest generated from our portfolio of investments held on June 30, 2023. Interest expense is calculated based on the terms of the Financing Facilities, using the outstanding balances as of June 30, 2023. The base interest rate case assumes the rates on our portfolio investments remain unchanged from the actual effective interest rates as of June 30, 2023. These hypothetical calculations are based on a model of the investments in our portfolio, held as of June 30, 2023, and are only adjusted for assumed changes in the underlying base interest rates. Actual results could differ significantly from those estimated in the table.

Change in Interest Rates	Interest Income			Interest Expense			Net Income
Up 300 basis points	$	45,389		$	(24,195	)	$	21,194
Up 200 basis points		30,677			(16,203	)		14,474
Up 100 basis points		15,964			(8,211	)		7,753
Down 100 basis points		(13,460	)		7,773			(5,687	)
Down 200 basis points		(28,173	)		15,765			(12,408	)

Currency Risk

From time to time, we may make investments that are denominated in a foreign currency. These investments are translated into U.S. dollars at each balance sheet date, exposing us to movements in foreign exchange rates. We have employed and may continue employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. We may seek to utilize instruments such as, but not limited to,

40

forward contracts to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates. We also have the ability to borrow in certain foreign currencies under our credit facilities. Instead of entering into a foreign currency forward contract in connection with loans or other investments we have made that are denominated in a foreign currency, we may borrow in that currency to establish a natural hedge against our loan or investment. To the extent the loan or investment is based on a floating rate other than a rate under which we can borrow under our credit facilities, we may seek to utilize interest rate derivatives to hedge our exposure to changes in the associated rate.

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

(b)Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended June 30, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us or them. From time to time, we and/or the Adviser may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors set forth below and in our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 23, 2023 (See “Part I Item 1A. Risk Factors”), which is accessible on the SEC’s website at sec.gov. These factors could materially affect our business, financial condition and/or operating results.

Russian Invasion of Ukraine

Russia’s invasion of Ukraine, and corresponding events, have had, and could continue to have, severe adverse effects on regional and global economic markets. Following Russia’s actions, various governments, including the United States, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The current sanctions and the potential for future sanctions, and other actions, and Russia’s retaliatory responses to those sanctions and actions, may continue to adversely impact the Russian economy and may result in the further decline of the value and liquidity of Russian securities, a continued weakening of the ruble, exchange closures and may have other adverse consequences on the Russian economy that could impact the value of Russian investments and impair the ability of a Client to buy, sell, receive, or deliver those securities. Moreover, those events have, and could continue to have, an adverse effect on global markets’ performance and liquidity, thereby negatively affecting the value of a Client’s investments beyond any direct exposure to Russian issuers. The duration of ongoing hostilities and the vast array of sanctions and related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of a Client and its investments or operations could be negatively impacted.

Financial Institution Risk; Distress Events

An investment in the Company is subject to the risk that one of the Company’s banks, brokers, hedging counterparties, lenders or other custodians of some or all of the Company’s assets (each, a “Financial Institution”) fails to perform its obligations or experiences insolvency, closure, receivership or other financial distress or difficulty, similar to that experienced by Silicon Valley Bank and Signature Bank in March 2023 (each, a “Distress Event”). Distress Events can be caused by factors including eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance or accounting irregularities. In the event a Financial Institution experiences a Distress Event, the Company may not be able to access deposits, borrowing facilities or other services for an extended period of time or ever. Although assets held by regulated Financial Institutions in the United States frequently are insured up to stated balance amounts by organizations such as the Federal Deposit Insurance Corporation (“FDIC”), in the case of banks, or the Securities Investor Protection Corporation (“SIPC”), in the case of certain broker-dealers, amounts in excess of the relevant insurance are subject to risk of loss, and any non-U.S. Financial Institutions that are not subject to similar regimes pose increased risk of loss. In the event of a failure of a banking institution, access to the Company’s bank accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC (and similar considerations may apply to banking institutions in other jurisdictions not subject to FDIC protection). In such instances, the Company may not recover such excess, uninsured amounts and instead, would only have an unsecured claim against the banking institution and participate pro rata with other unsecured creditors in the residual value of the banking institution’s

41

assets. Investors could also be similarly affected and unable to fund capital calls, further delaying or deferring new investments. In addition, the Company may not be able to identify all potential solvency or stress concerns with respect to a banking institution or to transfer assets from one bank to another in a timely manner in the event a banking institution comes under stress or fails. Although in recent years governmental intervention has resulted in additional protections for depositors, there can be no assurance that governmental intervention will be successful or avoid the risk of loss, substantial delays or negative impact on banking or brokerage conditions or markets.

Refinancing Risk

We cannot assure you that the Company’s business will generate sufficient cash flow from operations or that future borrowings will be available to the Company under existing credit facilities or otherwise in an amount sufficient to enable the Company to pay its indebtedness or to fund other liquidity needs. We may need to refinance all or a portion of the Company’s indebtedness on or before it matures. However, we cannot assure shareholders that the Company will be able to refinance any of its indebtedness on commercially reasonable terms or at all. If we cannot service the Company’s indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure shareholders that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of the Company’s existing or future debt agreements.

The alternative reference rates that have replaced LIBOR in our credit arrangements and other financial instruments may not yield the same or similar economic results as LIBOR over the life of such transactions.

LIBOR, the London Interbank Offered Rate, is an index rate that historically was widely used in lending transactions and was a common reference rate for setting the floating interest rate on private loans. LIBOR was typically the reference rate used in floating-rate loans extended to our portfolio companies.

The ICE Benchmark Administration (“IBA”) (the entity that is responsible for calculating LIBOR) ceased providing overnight, one, three, six and twelve months USD LIBOR tenors on June 30, 2023. In addition, the United Kingdom’s Financial Conduct Authority (“FCA”), which oversees the IBA, now prohibits entities supervised by the FCA from using LIBORs, including USD LIBOR, except in very limited circumstances.

In the United States, the Secured Overnight Financing Rate (“SOFR”) is the preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. SOFR is published by the Federal Reserve Bank of New York each U.S. Government Securities Business Day, for transactions made on the immediately preceding US. Government Securities Business Day. Alternative reference rates that may replace LIBOR, including SOFR for USD transactions, may not yield the same or similar economic results as LIBOR over the lives of such transactions.

Substantially all of our loans that referenced LIBOR have been amended to reference the forward-looking term rate published by CME Group Benchmark Administration Limited based on the secured overnight financing rate (“CME Term SOFR”). CME Term SOFR rates are forward-looking rates that are derived by compounding projected overnight SOFR rates over one, three, and six months taking into account the values of multiple consecutive, executed, one-month and three-month CME Group traded SOFR futures contracts and, in some cases, over-the[1]counter SOFR Overnight Indexed Swaps as an indicator of CME Term SOFR reference rate values. CME Term SOFR and the inputs on which it is based are derived from SOFR. Since CME Term SOFR is a relatively new market rate, there will likely be no established trading market for credit agreements or other financial instruments when they are issued, and an established market may never develop or may not be liquid. Market terms for instruments referencing CME Term SOFR rates may be lower than those of later-issued CME Term SOFR indexed instruments. Similarly, if CME Term SOFR does not prove to be widely used, the trading price of instruments referencing CME Term SOFR may be lower than those of instruments indexed to indices that are more widely used.

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

Except as previously reported by us on our Current Reports on Form 8-K, we did not sell any securities during the period covered by this Quarterly Report on Form 10-Q that were not registered under the Securities Act of 1933, as amended.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

(a)On July 25, 2023, the Company delivered a capital drawdown notice to its stockholders relating to the sale of approximately 3,225,807 Shares of the Company's common stock, for an aggregate offering price of $75.0 million. The Shares were issued on August 8, 2023.

(b)None.

(c)For the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company has entered into any contract, instruction or written plan for the purchase or sale of securities of the Company intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or (ii) any non-Rule 10b5-1 trading arrangement.

The Company has adopted insider trading policies and procedures governing the purchase, sale, and disposition of the Company’s securities by officers and directors of the Company that are reasonably designed to promote compliance with insider trading laws, rules and regulations.

42

Item 6. Exhibits.

Exhibit Number	Description of Exhibits
3.4	Articles of Incorporation effective as of January 1, 2022 (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
3.5	Amended and Restated By Laws (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form 10 (File No. 000-56375) filed on March 3, 2022)
4.1	Description of Securities (incorporated by reference to Exhibit 4.1 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.1	Investment Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.2	Investment Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.3	Administration Agreement Advisory Agreement between the Company and the Adviser dated November 24, 2021 (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.4	Administration Agreement Advisory Agreement between the Company and the Adviser effective January 1, 2023 (incorporated by reference to Exhibit 10.4 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.5	Distribution Reinvestment Plan (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.6	Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.7	First Amendment to the Custody Agreement between the Company and U.S. Bank National Association (incorporated by reference to Exhibit 10.7 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.8	Transfer Agent Servicing Agreement between the Company and U.S. Bancorp Fund Services, LLC (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.9	Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian. (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
10.10	Amendment No.1 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.10 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.11	Amendment No. 2 to the Loan Financing and Servicing Agreement by and among MSD BDC SPV I, LLC as borrower, the Company as equity-holder and servicer, each of the lenders from time to time party thereto, Deutsche Bank AG, New York Branch as facility agent and U.S. Bank National Association as collateral agent and collateral custodian (incorporated by reference to Exhibit 10.11 to the Annual Report on Form 10-K (File No. 814-01481) filed on March 23, 2023)
10.12	Revolving Credit Agreement by and among the Company as borrower, MSD Portfolio, L.P. - Investments as Guarantor and Bank of America, N.A. as the administrative agent, the sole lead arranger, the sole bookrunner, the structuring agent, the letter of credit issuer and a lender (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form 10 (File No. 000-56375) filed on February 8, 2022)
31.1	Certification of Principal Executive Officer Pursuant to Rule 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 Rule 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
101.SCH	Inline XBRL Taxonomy Extension Schema
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase
104	Cover page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

43

SIGNATURES

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

		MSD Investment Corp.
Date:	August 11, 2023	/s/ Robert Platek
		Robert Platek
		Chief Executive Officer
Date:	August 11, 2023	/s/ Brian S. Williams
		Brian S. Williams
		Chief Financial Officer & Treasurer

44

EX-31.1

Exhibit 31.1

CERTIFICATION 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

I, Robert Platek, Chief Executive Officer of MSD Investment Corp., certify that:

1.I have reviewed this quarterly report on Form 10-Q of MSD Investment Corp. (the “registrant”);

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

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

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) 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)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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; and

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

(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: August 11, 2023

By:	/s/ Robert Platek
	Robert Platek
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION 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

I, Brian S. Williams, Chief Financial Officer of MSD Investment Corp., certify that:

1.I have reviewed this quarterly report on Form 10-Q of MSD Investment Corp. (the “registrant”);

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

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

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f)) 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)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(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; and

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

(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: August 11, 2023

By:	/s/ Brian S. Williams
	Brian S. Williams
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of MSD Investment Corp. (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)the information contained in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2023

By:	/s/ Robert Platek
	Robert Platek
	Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of MSD Investment Corp. (the “Company”), does hereby certify that to the undersigned’s knowledge:

(1)the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)the information contained in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 11, 2023

By:	/s/ Brian S. Williams
	Brian S. Williams
	Chief Financial Officer

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	MSD Investment Corp.
No Trading Symbol Flag	true
Entity Central Index Key	0001849894
Current Fiscal Year End Date	--12-31
Securities Act File Number	814-01481
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	87-4195402
Entity Address, Address Line One	One Vanderbilt Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	303-4728
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,792,642

XML

Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Non-controlled/non-affiliated investments, at fair value	[1]	$ 1,572,769	$ 981,738
Cash and cash equivalents		55,860	36,616
Restricted cash		8,910	4,320
Interest receivable		10,173	6,803
Principal receivable		4,483	16,523
Unrealized appreciation on forward contracts		382
Prepaid expenses and other assets		142	1,077
Total assets		1,652,719	1,047,077
LIABILITIES
Credit facility		799,215	537,000
Loan repurchase obligations		129,215
Deferred financing costs net of accumulated amortization		(4,105)	(4,911)
Total debt, net of financing costs		795,110	532,089
Payable for investments purchased		134,735	24,729
Interest payable		13,793	6,157
Income based incentive fee payable		4,255	59
Management fees payable		2,604	83
Financing costs payable		1,195	1,194
Accrued professional fees		471	350
Accrued expenses and other liabilities		415	234
Unrealized depreciation on forward contracts			336
Total liabilities		953,613	565,231
Commitments and contingencies (Note 8)
NET ASSETS
Common stock, par value $0.001 (100,000,000 shares authorized, 30,566,835 and 22,126,135 shares issued and outstanding, respectively)		31	22
Paid-in capital in excess of par value		725,972	535,300
Distributable earnings (accumulated losses)		(26,897)	(53,476)
Total net assets		$ 699,106	$ 481,846
Net asset value per share		$ 22.87	$ 21.78
Affiliated Entity
LIABILITIES
Due to affiliates		$ 1,035
SPV I Facility
LIABILITIES
Credit facility		485,000	$ 392,000
Subscription Facility
LIABILITIES
Credit facility		$ 185,000	$ 145,000

[1] Non-controlled/non-affiliated investments at amortized cost $1,597,492 and $1,031,067 as of June 30, 2023 and December 31, 2022, respectively.

XML

Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments at amortized cost	$ 1,597,492	$ 1,031,067
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	30,566,835	22,126,135
Common stock, outstanding	30,566,835	22,126,135
Non-Controlled/ Non-Affiliated Investments
Investments at amortized cost	$ 1,597,492	$ 1,031,067

XML

Consolidated Statement of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment income, From non-controlled/non-affiliated investments:
Total investment income	$ 46,033	$ 17,026	$ 81,151	$ 31,057
Expenses:
Interest expense	13,737	4,615	25,402	7,718
Income based incentive fee	4,255	1,505	7,285	2,794
Management fees	2,604	1,456	4,630	2,784
Administration expense	647	382	1,324	873
Professional fees	382	255	586	513
General and other expenses	99	74	144	116
Custody expense	96	21	157	42
Board of directors' fee	78	77	155	135
Transfer agency fees	23	13	75	26
Organization and offering costs	1	101	19	221
Capital gains incentive fee				(256)
Total expenses	21,922	8,499	39,777	14,966
Net investment income (loss)	24,111	8,527	41,374	16,091
Realized and unrealized gain (loss):
Foreign currency forward contracts		0	(3,633)	0
Foreign currency transactions	77	(67)	(143)	(70)
Net realized gain (loss)	(3,919)	157	(4,661)	3,477
Net change in unrealized appreciation (depreciation):
Foreign currency forward contracts		0		0
Foreign currency transactions	(3)	(16)	(6)	(16)
Net change in unrealized appreciation (depreciation)	17,451	(26,640)	25,317	(32,934)
Net realized and unrealized gain (loss)	13,532	(26,483)	20,656	(29,457)
Net increase (decrease) in net assets resulting from operations	$ 37,643	$ (17,956)	$ 62,030	$ (13,366)
Per share information - basic and diluted:
Net investment income (loss) per share, basic	$ 0.84	$ 0.68	$ 1.6	$ 1.32
Net investment income (loss) per share, diluted	0.84	0.68	1.6	1.32
Earnings per share, basic	1.31	(1.44)	2.41	(1.09)
Earnings per share, diluted	1.31	(1.44)	2.41	(1.09)
Distributions declared per share	$ 0.65	$ 0.63	$ 1.3	$ 1.23
Weighted average shares outstanding, basic	28,704,071	12,448,297	25,780,058	12,226,612
Weighted average shares outstanding, diluted	28,704,071	12,448,297	25,780,058	12,226,612
Non-controlled/Non-affiliated Investments
Investment income, From non-controlled/non-affiliated investments:
Interest income	$ 37,906	$ 13,165	$ 69,422	$ 25,860
Payment-in-kind interest income	4,941	2,942	7,169	3,405
Payment-in-kind dividend income	972	843	1,903	1,672
Other income	2,214	76	2,657	120
Realized and unrealized gain (loss):
Net realized gains (losses)	243	224	(885)	3,547
Net change in unrealized appreciation (depreciation):
Net change in unrealized appreciation (depreciation)	15,492	$ (26,624)	24,606	$ (32,918)
Foreign Currency Forward Contracts
Realized and unrealized gain (loss):
Foreign currency forward contracts	(4,239)		(3,633)
Net change in unrealized appreciation (depreciation):
Foreign currency forward contracts	$ 1,962		$ 717

XML

Consolidated Statement of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022		Mar. 31, 2022		Jun. 30, 2023	Jun. 30, 2022
Beginning Balance, Shares		22,126,135					22,126,135
Beginning Balance, Net assets	$ 550,160	$ 481,846	$ 299,388		$ 301,998	[1]	$ 481,846	$ 301,998	[1]
Operations:
Net investment income	24,111	17,263	8,527		7,564
Net realized gain (loss)	(3,919)	(742)	157		3,320
Net change in unrealized appreciation (depreciation)	17,451	7,866	(26,640)		(6,294)
Net increase (decrease) in net assets resulting from operations	37,643	24,387	(17,956)		4,590		$ 62,030	$ (13,366)
Shareholder distributions:
Distributions paid or accrued/Distributions to shareholders	(19,378)	(16,073)	(9,321)		(7,200)
Net increase (decrease) in net assets resulting from shareholder distributions	(19,378)	(16,073)	(9,321)		(7,200)
Capital Share Transactions:
Common Shares issued from reinvestment of distributions, shares							3,230,532
Common Shares issued from reinvestment of distributions	30,681		7,200	[2]			$ 73,904
Issuance of shares, shares							100,000,000
Issuance of shares	100,000	60,000	60,000
Net increase (decrease) for the period	$ 148,946	68,314	$ 39,923		(2,610)
Ending Balance, Shares	30,566,835		14,795,465				30,566,835	14,795,465
Ending Balance, Net assets	$ 699,106	$ 550,160	$ 339,311		$ 299,388		$ 699,106	$ 339,311
Common Shares
Beginning Balance, Shares	24,728,043	22,126,135	12,000,000		12,000,000	[1]	22,126,135	12,000,000	[1]
Beginning Balance, Net assets	$ 25	$ 22	$ 12		$ 12	[1]	$ 22	$ 12	[1]
Capital Share Transactions:
Common Shares issued from reinvestment of distributions, shares	1,392,371		286,055	[2]
Common Shares issued from reinvestment of distributions	$ 1
Issuance of shares, shares	4,446,421	2,601,908	2,509,410
Issuance of shares	$ 5	$ 3	$ 3
Net increase (decrease) for the period, shares	5,838,792	2,601,908	2,795,465
Net increase (decrease) for the period	$ 6	$ 3	$ 3
Ending Balance, Shares	30,566,835	24,728,043	14,795,465		12,000,000		30,566,835	14,795,465
Ending Balance, Net assets	$ 31	$ 25	$ 15		$ 12		$ 31	$ 15
Paid-in-Capital in Excess of Par Value
Beginning Balance, Net assets	595,297	535,300	299,988		299,988	[1]	535,300	299,988	[1]
Capital Share Transactions:
Common Shares issued from reinvestment of distributions	30,680		7,200	[2]
Issuance of shares	99,995	59,997	59,997
Net increase (decrease) for the period	130,675	59,997	67,197
Ending Balance, Net assets	725,972	595,297	367,185		299,988		725,972	367,185
Accumulated Earnings (Loss), Net of Distributions
Beginning Balance, Net assets	(45,162)	(53,476)	(612)		1,998	[1]	(53,476)	1,998	[1]
Operations:
Net investment income	24,111	17,263	8,527		7,564
Net realized gain (loss)	(3,919)	(742)	157		3,320
Net change in unrealized appreciation (depreciation)	17,451	7,866	(26,640)		(6,294)
Net increase (decrease) in net assets resulting from operations	37,643	24,387	(17,956)		4,590
Shareholder distributions:
Distributions paid or accrued/Distributions to shareholders	(19,378)	(16,073)	(9,321)		(7,200)
Net increase (decrease) in net assets resulting from shareholder distributions	(19,378)	(16,073)	(9,321)		(7,200)
Capital Share Transactions:
Net increase (decrease) for the period	18,265	8,314	(27,277)		(2,610)
Ending Balance, Net assets	$ (26,897)	$ (45,162)	$ (27,889)		$ (612)		$ (26,897)	$ (27,889)

[1] The Company converted from MSD Investment, LLC to MSD Investment Corp. on January 1, 2022

[2] Common shares issued from reinvestment of distributions par value is zero due to rounding.

XML

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$ 62,030	$ (13,366)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Accrued interest and dividends received in-kind	(7,169)	(5,077)
Net accretion of discount and amortization of premium	(3,816)	(1,921)
Proceeds from sale of investments and principal repayments	77,933	166,528
Purchases of investments	(634,258)	(267,273)
Net realized (gains) losses on investments	885	(3,547)
Net change in unrealized (appreciation) depreciation on investments	(24,606)	32,918
Net receipt of settlement of derivatives	(3,633)
Net realized (gains) losses on derivatives	3,633	0
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts	(717)
Amortization of deferred financing costs	806	754
(Increase) decrease in operating assets:
Interest receivable	(3,370)	(5,618)
Principal receivable	12,040	(52,287)
Prepaid expenses and other assets	935	61
Increase (decrease) in operating liabilities:
Due to affiliates	1,035	(15)
Payable for investments purchased	110,006	13,291
Management fees payable	2,521	1,301
Income based incentive fee payable	4,196	1,449
Capital gains incentive fee payable		(256)
Interest payable	7,636	1,479
Accrued professional fees	121	108
Accrued expenses and other liabilities	181	172
Net cash provided (used in) by operating activities	(393,611)	(131,299)
Cash flow from financing activities
Proceeds from issuance of shares	160,000	60,000
Proceeds from repurchase obligations	129,215
Debt borrowings	303,000	186,000
Debt repayments	(170,000)	(95,000)
Distributions paid	(4,770)
Deferred financing costs paid		(287)
Net cash provided by (used in) financing activities	417,445	150,713
Net increase in cash, cash equivalents, and restricted cash	23,834	19,414
Cash, cash equivalents, and restricted cash, beginning of period	40,936	12,203
Cash, cash equivalents, and restricted cash, end of period	64,770	31,617
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	55,860	31,617
Restricted cash	8,910
Total cash, cash equivalents, and restricted cash	64,770	31,617
Supplemental disclosure of cash flow information and non-cash financing activities
Cash paid for interest	16,930	5,484
Reinvestment of shareholder distributions	$ 30,681	7,200
Change in distributions payable		9,321
Incremental Financing Cost Payable		$ 54

XML

Consolidated Schedule of Investments (Unaudited) $ in Thousands, $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) shares		Dec. 31, 2022 USD ($) shares		Jun. 30, 2023 CAD ($) shares		Dec. 31, 2022 CAD ($) shares
Schedule of Investments [Line Items]
Cost		$ 1,597,492		$ 1,031,067
Fair Value		1,572,769		981,738
Investment, Identifier [Axis]: Cash and Cash Equivalents
Schedule of Investments [Line Items]
Cost		55,860	[1],[2],[3],[4],[5]	36,616	[6],[7],[8],[9]
Fair Value		$ 55,860	[1],[2],[3],[5]	$ 36,616	[6],[7],[9]
Percentage of Net Assets		7.99%	[1],[2],[3],[5]	7.60%	[6],[7],[9]	7.99%	[1],[2],[3],[5]	7.60%	[6],[7],[9]
Investment, Identifier [Axis]: Cash and Cash Equivalents Cash and Cash Equivalents
Schedule of Investments [Line Items]
Cost	[6],[7],[8],[9],[10]			$ 36,616
Fair Value	[6],[7],[9],[10]			$ 36,616
Percentage of Net Assets	[6],[7],[9],[10]			7.60%				7.60%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated
Schedule of Investments [Line Items]
Cost	[6],[7],[8],[9]			$ 1,031,067
Fair Value	[6],[7],[9]			$ 981,738
Percentage of Net Assets	[6],[7],[9]			203.74%				203.74%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt
Schedule of Investments [Line Items]
Cost		$ 1,338,507	[1],[2],[5]	$ 774,611	[6],[7],[8],[9]
Fair Value		$ 1,328,721	[1],[2],[5]	$ 748,545	[6],[7],[9]
Percentage of Net Assets		190.06%	[1],[2],[5]	155.35%	[6],[7],[9]	190.06%	[1],[2],[5]	155.35%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense
Schedule of Investments [Line Items]
Cost		$ 121,308	[1],[2],[4],[5],[11]	$ 70,877	[6],[7],[8],[9]
Fair Value		$ 120,880	[1],[2],[5],[11]	$ 69,089	[6],[7],[9]
Percentage of Net Assets		17.29%	[1],[2],[5],[11]	14.34%	[6],[7],[9]	17.29%	[1],[2],[5],[11]	14.34%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC - Revolving Credit Facility Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 11/23/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15]			S + 7.00%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15]			7.00%				7.00%
Interest Rate Floor	[6],[7],[9],[12],[13],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[15]			11.32%				11.32%
Maturity Date	[6],[7],[9],[12],[13],[14]			Nov. 23, 2027				Nov. 23, 2027
Cost	[6],[7],[8],[9],[12],[13],[14]			$ 181
Fair Value	[6],[7],[9],[12],[13],[14]			$ (182)
Percentage of Net Assets	[6],[7],[9],[12],[13],[14]			(0.04%)				(0.04%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC - Revolving Credit Facility Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 12.27% Maturity Date 11/23/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.27%				12.27%
Maturity Date	[1],[2],[5],[11],[16],[17]	Nov. 23, 2027				Nov. 23, 2027
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 162
Fair Value	[1],[2],[5],[11],[16],[17]	$ (135)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 11/23/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 7.00%
Reference Rate and Spread	[6],[7],[9],[14],[15]			7.00%				7.00%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[15]			11.32%				11.32%
Maturity Date	[6],[7],[9],[14]			Nov. 23, 2028				Nov. 23, 2028
Par Amount / Shares	[6],[7],[9],[14],[15]			$ 50,000
Cost	[6],[7],[8],[9],[14]			48,025
Fair Value	[6],[7],[9],[14]			$ 48,027
Percentage of Net Assets	[6],[7],[9],[14]			9.97%				9.97%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Chromalloy Holdings LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 12.16% Maturity Date 11/23/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	12.16%				12.16%
Maturity Date	[1],[2],[5],[11]	Nov. 23, 2028				Nov. 23, 2028
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 49,750
Cost	[1],[2],[4],[5],[11]	47,926
Fair Value	[1],[2],[5],[11]	$ 48,293
Percentage of Net Assets	[1],[2],[5],[11]	6.91%				6.91%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 12.02% Maturity Date 1/9/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18],[21]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18],[21]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11],[16],[17],[21]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[16],[17],[19],[21]	12.02%				12.02%
Maturity Date	[1],[2],[5],[11],[16],[17],[21]	Jan. 09, 2028				Jan. 09, 2028
Cost	[1],[2],[4],[5],[11],[16],[17],[21]	$ 143
Fair Value	[1],[2],[5],[11],[16],[17],[21]	$ (143)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17],[21]	(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Frontgrade Technologies Inc. Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.99% Maturity Date 1/9/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18],[21]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[18],[21]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11],[21]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19],[21]	11.99%				11.99%
Maturity Date	[1],[2],[5],[11],[21]	Jan. 09, 2030				Jan. 09, 2030
Par Amount / Shares	[1],[2],[5],[11],[20],[21]	$ 50,623
Cost	[1],[2],[4],[5],[11],[21]	49,232
Fair Value	[1],[2],[5],[11],[21]	$ 49,246
Percentage of Net Assets	[1],[2],[5],[11],[21]	7.05%				7.05%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Reference Rate Draw Spread S + 6.15% Interest Rate Floor 0.00% Interest Rate 10.94% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15],[22]			S + 6.15%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15],[22]			6.15%				6.15%
Interest Rate Floor	[6],[7],[9],[12],[13],[14],[22]			0.00%				0.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[15],[22]			10.94%				10.94%
Maturity Date	[6],[7],[9],[12],[13],[14],[22]			Aug. 16, 2027				Aug. 16, 2027
Par Amount / Shares	[6],[7],[9],[12],[13],[14],[15],[22]			$ 2,011
Cost	[6],[7],[8],[9],[12],[13],[14],[22]			1,956
Fair Value	[6],[7],[9],[12],[13],[14],[22]			$ 1,805
Percentage of Net Assets	[6],[7],[9],[12],[13],[14],[22]			0.37%				0.37%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 5.90% Interest Rate Floor 0.00% Interest Rate 11.24% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 5.90%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	5.90%				5.90%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	11.24%				11.24%
Maturity Date	[1],[2],[5],[11],[16],[17]	Aug. 16, 2027				Aug. 16, 2027
Par Amount / Shares	[1],[2],[5],[11],[16],[17],[20]	$ 2,001
Cost	[1],[2],[4],[5],[11],[16],[17]	1,955
Fair Value	[1],[2],[5],[11],[16],[17]	$ 1,880
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	0.27%				0.27%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 11.10% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 5.90%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	5.90%				5.90%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	11.10%				11.10%
Maturity Date	[1],[2],[5],[11],[16],[17]	Aug. 16, 2027				Aug. 16, 2027
Par Amount / Shares	[1],[2],[5],[11],[16],[17],[20]	$ 1,344
Cost	[1],[2],[4],[5],[11],[16],[17]	1,298
Fair Value	[1],[2],[5],[11],[16],[17]	$ 1,271
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	0.18%				0.18%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 10.74% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15],[22]			S + 6.15%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15],[22]			6.15%				6.15%
Interest Rate Floor	[6],[7],[9],[12],[13],[14],[22]			1.00%				1.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[15],[22]			10.74%				10.74%
Maturity Date	[6],[7],[9],[12],[13],[14],[22]			Aug. 16, 2027				Aug. 16, 2027
Cost	[6],[7],[8],[9],[12],[13],[14],[22]			$ 51
Fair Value	[6],[7],[9],[12],[13],[14],[22]			$ (113)
Percentage of Net Assets	[6],[7],[9],[12],[13],[14],[22]			(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 11.24% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 5.90%
Reference Rate and Spread	[1],[2],[5],[11],[18]	5.90%				5.90%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.24%				11.24%
Maturity Date	[1],[2],[5],[11]	Aug. 16, 2027				Aug. 16, 2027
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 10,768
Cost	[1],[2],[4],[5],[11]	10,604
Fair Value	[1],[2],[5],[11]	$ 10,518
Percentage of Net Assets	[1],[2],[5],[11]	1.50%				1.50%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense Systems Planning and Analysis, Inc. Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 10.94% Maturity Date 8/16/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15],[22]			S + 6.15%
Reference Rate and Spread	[6],[7],[9],[14],[15],[22]			6.15%				6.15%
Interest Rate Floor	[6],[7],[9],[14],[22]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[15],[22]			10.94%				10.94%
Maturity Date	[6],[7],[9],[14],[22]			Aug. 16, 2027				Aug. 16, 2027
Par Amount / Shares	[6],[7],[9],[14],[15],[22]			$ 10,823
Cost	[6],[7],[8],[9],[14],[22]			10,637
Fair Value	[6],[7],[9],[14],[22]			$ 10,433
Percentage of Net Assets	[6],[7],[9],[14],[22]			2.17%				2.17%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. Reference Rate Spread L + 5.50% Interest Rate Floor 0.00% Interest Rate 9.94% Maturity Date 4/9/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			L + 5.50%
Reference Rate and Spread	[6],[7],[9],[15]			5.50%				5.50%
Interest Rate Floor	[6],[7],[9]			0.00%				0.00%
Interest Rate	[6],[7],[9],[15]			9.94%				9.94%
Maturity Date	[6],[7],[9]			Apr. 09, 2026				Apr. 09, 2026
Par Amount / Shares	[6],[7],[9],[15]			$ 11,767
Cost	[6],[7],[8],[9]			10,491
Fair Value	[6],[7],[9]			$ 9,119
Percentage of Net Assets	[6],[7],[9]			1.89%				1.89%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Aerospace & Defense The Nordam Group Inc. Reference Rate and Spread S + 5.60% Interest Rate Floor 0.00% Interest Rate 10.70% Maturity Date 4/9/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 5.60%
Reference Rate and Spread	[1],[2],[5],[11],[18]	5.60%				5.60%
Interest Rate Floor	[1],[2],[5]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19]	10.70%				10.70%
Maturity Date	[1],[2],[5]	Apr. 09, 2026				Apr. 09, 2026
Par Amount / Shares	[1],[2],[5],[20]	$ 11,706
Cost	[1],[2],[4],[5]	10,598
Fair Value	[1],[2],[5]	$ 9,950
Percentage of Net Assets	[1],[2],[5]	1.42%				1.42%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Automobile McLaren Finance PLC Interest Rate 7.50% Maturity Date 8/1/2026
Schedule of Investments [Line Items]
Interest Rate	[1],[2],[5],[19],[23],[24]	7.50%				7.50%
Maturity Date	[1],[2],[5],[23],[24]	Aug. 01, 2026				Aug. 01, 2026
Par Amount / Shares	[1],[2],[5],[20],[23],[24]	$ 2,689
Cost	[1],[2],[4],[5],[23],[24]	2,714
Fair Value	[1],[2],[5],[23],[24]	$ 2,336
Percentage of Net Assets	[1],[2],[5],[23],[24]	0.33%				0.33%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Automobile McLaren Finance PLC Reference Rate and Spread N/A Interest Rate Floor N/A Interest Rate 7.50% Maturity Date 8/1/2026
Schedule of Investments [Line Items]
Interest Rate	[6],[7],[9],[15],[25],[26]			7.50%				7.50%
Maturity Date	[6],[7],[9],[25],[26]			Aug. 01, 2026				Aug. 01, 2026
Par Amount / Shares	[6],[7],[9],[15],[25],[26]			$ 2,689
Cost	[6],[7],[8],[9],[25],[26]			2,717
Fair Value	[6],[7],[9],[25],[26]			$ 1,984
Percentage of Net Assets	[6],[7],[9],[25],[26]			0.41%				0.41%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco
Schedule of Investments [Line Items]
Cost		$ 21,274	[1],[2],[4],[5]	$ 18,810	[6],[7],[8],[9]
Fair Value		$ 21,502	[1],[2],[5]	$ 18,826	[6],[7],[9]
Percentage of Net Assets		3.08%	[1],[2],[5]	3.91%	[6],[7],[9]	3.08%	[1],[2],[5]	3.91%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.24% Maturity Date 10/31/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15]			S + 6.65%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15]			6.65%				6.65%
Interest Rate Floor	[6],[7],[9],[12],[13],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[15]			11.24%				11.24%
Maturity Date	[6],[7],[9],[12],[13],[14]			Oct. 31, 2028				Oct. 31, 2028
Cost	[6],[7],[8],[9],[12],[13],[14]			$ 78
Fair Value	[6],[7],[9],[12],[13],[14]			$ (76)
Percentage of Net Assets	[6],[7],[9],[12],[13],[14]			(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.94% Maturity Date 10/31/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[11],[16],[17],[18]	S + 6.65%
Reference Rate and Spread	[11],[16],[17],[18]	6.65%				6.65%
Interest Rate Floor	[11],[16],[17]	1.00%				1.00%
Interest Rate	[11],[16],[17],[19]	11.94%				11.94%
Maturity Date	[11],[16],[17]	Oct. 31, 2028				Oct. 31, 2028
Par Amount / Shares	[11],[16],[17],[20]	$ 2,496
Cost	[4],[11],[16],[17]	2,393
Fair Value	[11],[16],[17]	$ 2,441
Percentage of Net Assets	[11],[16],[17]	0.35%				0.35%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. Reference Rate and Spread S + 6.65% Interest Rate Floor 1.00% Interest Rate 11.70% Maturity Date 10/31/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.65%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.65%				6.65%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.70%				11.70%
Maturity Date	[1],[2],[5],[11]	Oct. 31, 2028				Oct. 31, 2028
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 19,413
Cost	[1],[2],[4],[5],[11]	18,881
Fair Value	[1],[2],[5],[11]	$ 19,061
Percentage of Net Assets	[1],[2],[5],[11]	2.73%				2.73%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Beverage, Food & Tobacco LJ Perimeter Buyer, Inc. Reference Rate and Spread S + 6.65% Interest Rate Floor1.00% Interest Rate 10.74% Maturity Date 10/31/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 6.65%
Reference Rate and Spread	[6],[7],[9],[14],[15]			6.65%				6.65%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[15]			10.74%				10.74%
Maturity Date	[6],[7],[9],[14]			Oct. 31, 2028				Oct. 31, 2028
Par Amount / Shares	[6],[7],[9],[14],[15]			$ 19,462
Cost	[6],[7],[8],[9],[14]			18,888
Fair Value	[6],[7],[9],[14]			$ 18,902
Percentage of Net Assets	[6],[7],[9],[14]			3.92%				3.92%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment
Schedule of Investments [Line Items]
Cost		$ 53,846	[1],[2],[4],[5]	$ 51,512	[6],[7],[8],[9]
Fair Value		$ 53,596	[1],[2],[5]	$ 50,691	[6],[7],[9]
Percentage of Net Assets		7.67%	[1],[2],[5]	10.52%	[6],[7],[9]	7.67%	[1],[2],[5]	10.52%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer Faraday Buyer, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 10/11/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15]			S + 7.00%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15]			7.00%				7.00%
Interest Rate Floor	[6],[7],[9],[12],[13],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[15]			11.32%				11.32%
Maturity Date	[6],[7],[9],[12],[13],[14]			Oct. 11, 2028				Oct. 11, 2028
Cost	[6],[7],[8],[9],[12],[13],[14]			$ 44
Fair Value	[6],[7],[9],[12],[13],[14]			$ (45)
Percentage of Net Assets	[6],[7],[9],[12],[13],[14]			(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC - Delayed Draw Term Loan Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 12.04% Maturity Date 10/11/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.04%				12.04%
Maturity Date	[1],[2],[5],[11],[16],[17]	Oct. 11, 2028				Oct. 11, 2028
Par Amount / Shares	[1],[2],[5],[11],[16],[17],[20]	$ 2,420
Cost	[1],[2],[4],[5],[11],[16],[17]	2,347
Fair Value	[1],[2],[5],[11],[16],[17]	$ 2,360
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	0.34%				0.34%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.32% Maturity Date 10/10/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 7.00%
Reference Rate and Spread	[6],[7],[9],[14],[15]			7.00%				7.00%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[15]			11.32%				11.32%
Maturity Date	[6],[7],[9],[14]			Oct. 10, 2028				Oct. 10, 2028
Par Amount / Shares	[6],[7],[9],[14],[15]			$ 34,833
Cost	[6],[7],[8],[9],[14]			33,812
Fair Value	[6],[7],[9],[14]			$ 33,817
Percentage of Net Assets	[6],[7],[9],[14]			7.02%				7.02%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Faraday Buyer, LLC Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 11.86% Maturity Date 10/10/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.86%				11.86%
Maturity Date	[1],[2],[5],[11]	Oct. 10, 2028				Oct. 10, 2028
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 34,746
Cost	[1],[2],[4],[5],[11]	33,813
Fair Value	[1],[2],[5],[11]	$ 33,967
Percentage of Net Assets	[1],[2],[5],[11]	4.86%				4.86%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium FlowControl Reference Rate and Spread S + 5.61% Interest Rate Floor 1.00% Interest Rate 10.72% Maturity Date 6/28/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18],[23],[24]	S + 5.61%
Reference Rate and Spread	[1],[2],[5],[11],[18],[23],[24]	5.61%				5.61%
Interest Rate Floor	[1],[2],[5],[11],[23],[24]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19],[23],[24]	10.72%				10.72%
Maturity Date	[1],[2],[5],[11],[23],[24]	Jun. 28, 2026				Jun. 28, 2026
Par Amount / Shares	[1],[2],[5],[11],[20],[23],[24]	$ 17,820
Cost	[1],[2],[4],[5],[11],[23],[24]	17,686
Fair Value	[1],[2],[5],[11],[23],[24]	$ 17,269
Percentage of Net Assets	[1],[2],[5],[11],[23],[24]	2.47%				2.47%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Capital Equipment Trillium, FlowControl Reference Rate and Spread S + 5.61% Interest Rate Floor 1.00% Interest Rate 9.94% Maturity Date 6/28/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15],[25],[26]			S + 5.61%
Reference Rate and Spread	[6],[7],[9],[14],[15],[25],[26]			5.61%				5.61%
Interest Rate Floor	[6],[7],[9],[14],[25],[26]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[15],[25],[26]			9.94%				9.94%
Maturity Date	[6],[7],[9],[14],[25],[26]			Jun. 28, 2026				Jun. 28, 2026
Par Amount / Shares	[6],[7],[9],[14],[15],[25],[26]			$ 17,910
Cost	[6],[7],[8],[9],[14],[25],[26]			17,744
Fair Value	[6],[7],[9],[14],[25],[26]			$ 16,919
Percentage of Net Assets	[6],[7],[9],[14],[25],[26]			3.51%				3.51%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber
Schedule of Investments [Line Items]
Cost		$ 11,956	[1],[2],[4],[5]	$ 11,969	[6],[7],[8],[9]
Fair Value		$ 12,005	[1],[2],[5]	$ 11,105	[6],[7],[9]
Percentage of Net Assets		1.72%	[1],[2],[5]	2.30%	[6],[7],[9]	1.72%	[1],[2],[5]	2.30%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Dubois Chemicals Group Inc. Reference Rate and Spread S + 4.50% Interest Rate Floor 0.00% Interest Rate 8.92% Maturity Date 9/30/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 4.50%
Reference Rate and Spread	[6],[7],[9],[14],[15]			4.50%				4.50%
Interest Rate Floor	[6],[7],[9],[14]			0.00%				0.00%
Interest Rate	[6],[7],[9],[14],[15]			8.92%				8.92%
Maturity Date	[6],[7],[9],[14]			Sep. 30, 2026				Sep. 30, 2026
Par Amount / Shares	[6],[7],[9],[14],[15]			$ 2,754
Cost	[6],[7],[8],[9],[14]			2,745
Fair Value	[6],[7],[9],[14]			$ 2,588
Percentage of Net Assets	[6],[7],[9],[14]			0.53%				0.53%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Dubois Chemicals Group Inc. Reference Rate and Spread S + 4.60% Interest Rate Floor 0.00% Interest Rate 9.70% Maturity Date 9/30/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 4.60%
Reference Rate and Spread	[1],[2],[5],[18]	4.60%				4.60%
Interest Rate Floor	[1],[2],[5]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19]	9.70%				9.70%
Maturity Date	[1],[2],[5]	Sep. 30, 2026				Sep. 30, 2026
Par Amount / Shares	[1],[2],[5],[20]	$ 2,739
Cost	[1],[2],[4],[5]	2,734
Fair Value	[1],[2],[5]	$ 2,688
Percentage of Net Assets	[1],[2],[5]	0.39%				0.39%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 4.65% Interest Rate Floor 0.50% Interest Rate 8.93% Maturity Date 3/15/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			S + 4.65%
Reference Rate and Spread	[6],[7],[9],[15]			4.65%				4.65%
Interest Rate Floor	[6],[7],[9]			0.50%				0.50%
Interest Rate	[6],[7],[9],[15]			8.93%				8.93%
Maturity Date	[6],[7],[9]			Mar. 15, 2029				Mar. 15, 2029
Par Amount / Shares	[6],[7],[9],[15]			$ 9,950
Cost	[6],[7],[8],[9]			9,224
Fair Value	[6],[7],[9]			$ 8,517
Percentage of Net Assets	[6],[7],[9]			1.77%				1.77%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 4.65% Interest Rate Floor 0.50% Interest Rate 9.78% Maturity Date 3/15/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 4.65%
Reference Rate and Spread	[1],[2],[5],[18]	4.65%				4.65%
Interest Rate Floor	[1],[2],[5]	0.50%				0.50%
Interest Rate	[1],[2],[5],[19]	9.78%				9.78%
Maturity Date	[1],[2],[5]	Mar. 15, 2029				Mar. 15, 2029
Par Amount / Shares	[1],[2],[5],[20]	$ 9,900
Cost	[1],[2],[4],[5]	9,222
Fair Value	[1],[2],[5]	$ 9,317
Percentage of Net Assets	[1],[2],[5]	1.33%				1.33%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 14,064
Fair Value	[1],[2],[5]	$ 14,168
Percentage of Net Assets	[1],[2],[5]	2.03%				2.03%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Mattress Firm, Inc. Reference Rate and Spread L + 4.25% Interest Rate Floor 0.75% Interest Rate 9.75% Maturity Date 9/25/2028
Schedule of Investments [Line Items]
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 1,326
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Mattress Firm, Inc. Reference Rate and Spread L + 4.25% Interest Rate Floor 0.75% Interest Rate 9.95% Maturity Date 9/25/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	L + 4.25%
Reference Rate and Spread	[1],[2],[5],[17],[18]	4.25%				4.25%
Interest Rate Floor	[1],[2],[5],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[17],[19]	9.95%				9.95%
Maturity Date	[1],[2],[5],[17]	Sep. 25, 2028				Sep. 25, 2028
Cost	[1],[2],[4],[5],[17]	$ 1,265
Fair Value	[1],[2],[5],[17]	$ 1,295
Percentage of Net Assets	[1],[2],[5],[17]	0.19%				0.19%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Victra Finance Corp. - Corporate Bond Interest Rate 7.75% Maturity Date 2/15/2026
Schedule of Investments [Line Items]
Interest Rate	[1],[2],[5],[17],[19]	7.75%				7.75%
Maturity Date	[1],[2],[5],[17]	Feb. 15, 2026				Feb. 15, 2026
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 100
Cost	[1],[2],[4],[5],[17]	89
Fair Value	[1],[2],[5],[17]	$ 93
Percentage of Net Assets	[1],[2],[5],[17]	0.01%				0.01%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Consumer Goods: Durable Victra Finance Corp. Reference Rate and Spread S + 7.25% Interest Rate Floor 0.00% Interest Rate 12.49% Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 7.25%
Reference Rate and Spread	[1],[2],[5],[17],[18]	7.25%				7.25%
Interest Rate Floor	[1],[2],[5],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19]	12.49%				12.49%
Maturity Date	[1],[2],[5],[17]	Mar. 31, 2029				Mar. 31, 2029
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 12,958
Cost	[1],[2],[4],[5],[17]	12,710
Fair Value	[1],[2],[5],[17]	$ 12,780
Percentage of Net Assets	[1],[2],[5],[17]	1.83%				1.83%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas
Schedule of Investments [Line Items]
Cost		$ 118,950	[1],[2],[4],[5]	$ 71,282	[6],[7],[8],[9]
Fair Value		$ 118,661	[1],[2],[5]	$ 69,052	[6],[7],[9]
Percentage of Net Assets		16.97%	[1],[2],[5]	14.33%	[6],[7],[9]	16.97%	[1],[2],[5]	14.33%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Holdings Inc. Interest Rate 9.25% Maturity Date 8/1/2024
Schedule of Investments [Line Items]
Interest Rate		9.25%	[1],[2],[5],[17],[19]	9.25%	[6],[7],[9],[13],[27]	9.25%	[1],[2],[5],[17],[19]	9.25%	[6],[7],[9],[13],[27]
Maturity Date		Aug. 01, 2024	[1],[2],[5],[17]	Aug. 01, 2024	[6],[7],[9],[13]	Aug. 01, 2024	[1],[2],[5],[17]	Aug. 01, 2024	[6],[7],[9],[13]
Par Amount / Shares		$ 26,051	[1],[2],[5],[17],[20]	$ 26,051	[6],[7],[9],[13],[28]
Cost		25,762	[1],[2],[4],[5],[17]	25,640	[6],[7],[8],[9],[13]
Fair Value		$ 26,069	[1],[2],[5],[17]	$ 26,155	[6],[7],[9],[13]
Percentage of Net Assets		3.73%	[1],[2],[5],[17]	5.43%	[6],[7],[9],[13]	3.73%	[1],[2],[5],[17]	5.43%	[6],[7],[9],[13]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas CITGO Petroleum Corp. Interest Rate 6.38% Maturity Date 6/15/2026
Schedule of Investments [Line Items]
Interest Rate		6.38%	[1],[2],[5],[19]	6.38%	[6],[7],[9],[27]	6.38%	[1],[2],[5],[19]	6.38%	[6],[7],[9],[27]
Maturity Date		Jun. 15, 2026	[1],[2],[5]	Jun. 15, 2026	[6],[7],[9]	Jun. 15, 2026	[1],[2],[5]	Jun. 15, 2026	[6],[7],[9]
Par Amount / Shares		$ 2,121	[1],[2],[5],[20]	$ 2,121	[6],[7],[9],[28]
Cost		2,151	[1],[2],[4],[5]	2,156	[6],[7],[8],[9]
Fair Value		$ 2,044	[1],[2],[5]	$ 2,036	[6],[7],[9]
Percentage of Net Assets		0.29%	[1],[2],[5]	0.42%	[6],[7],[9]	0.29%	[1],[2],[5]	0.42%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas Saturn Oil and Gas Inc. Reference Rate and Spread C + 11.50% Interest Rate Floor 1.00% Interest Rate 16.36% Maturity Date 7/6/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[15],[25],[26]			C + 11.50%
Reference Rate and Spread	[6],[7],[9],[13],[15],[25],[26]			11.50%				11.50%
Interest Rate Floor	[6],[7],[9],[13],[25],[26]			1.00%				1.00%
Interest Rate	[6],[7],[9],[13],[25],[26],[27]			16.36%				16.36%
Maturity Date	[6],[7],[9],[13],[25],[26]			Jul. 06, 2025				Jul. 06, 2025
Par Amount / Shares	[6],[7],[9],[13],[25],[26],[28]							$ 56,817
Cost	[6],[7],[8],[9],[13],[25],[26]			$ 43,486
Fair Value	[6],[7],[9],[13],[25],[26]			$ 40,861
Percentage of Net Assets	[6],[7],[9],[13],[25],[26]			8.48%				8.48%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Energy: Oil & Gas Saturn Oil and Gas Inc. Reference Rate and Spread C + 11.50% Interest Rate Floor 1.00% Interest Rate 16.88% Maturity Date 2/28/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18],[23],[24]	C + 11.50%
Reference Rate and Spread	[1],[2],[5],[11],[18],[23],[24]	11.50%				11.50%
Interest Rate Floor	[1],[2],[5],[11],[23],[24]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19],[23],[24]	16.88%				16.88%
Maturity Date	[1],[2],[5],[11],[23],[24]	Feb. 28, 2026				Feb. 28, 2026
Par Amount / Shares	[1],[2],[5],[11],[20],[23],[24]					$ 124,139
Cost	[1],[2],[4],[5],[11],[23],[24]	$ 91,037
Fair Value	[1],[2],[5],[11],[23],[24]	$ 90,548
Percentage of Net Assets	[1],[2],[5],[11],[23],[24]	12.95%				12.95%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Cost		$ 90,814	[1],[2],[4],[5]	$ 89,499	[6],[7],[8],[9]
Fair Value		$ 92,889	[1],[2],[5]	$ 88,491	[6],[7],[9]
Percentage of Net Assets		13.29%	[1],[2],[5]	18.36%	[6],[7],[9]	13.29%	[1],[2],[5]	18.36%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Bayer Environmental Services Reference Rate and Spread S + 4.38% Interest Rate Floor 0.50% Interest Rate 7.97% Maturity Date 8/4/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			S + 4.38%
Reference Rate and Spread	[6],[7],[9],[15]			4.38%				4.38%
Interest Rate Floor	[6],[7],[9]			0.50%				0.50%
Interest Rate	[6],[7],[9],[27]			7.97%				7.97%
Maturity Date	[6],[7],[9]			Aug. 04, 2029				Aug. 04, 2029
Par Amount / Shares	[6],[7],[9],[28]			$ 20,000
Cost	[6],[7],[8],[9]			18,422
Fair Value	[6],[7],[9]			$ 18,185
Percentage of Net Assets	[6],[7],[9]			3.77%				3.77%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Bayer Environmental Services Reference Rate and Spread S + 4.38% Interest Rate Floor 0.50% Interest Rate 9.62% Maturity Date 10/4/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 4.38%
Reference Rate and Spread	[1],[2],[5],[18]	4.38%				4.38%
Interest Rate Floor	[1],[2],[5]	0.50%				0.50%
Interest Rate	[1],[2],[5],[19]	9.62%				9.62%
Maturity Date	[1],[2],[5]	Oct. 04, 2029				Oct. 04, 2029
Par Amount / Shares	[1],[2],[5],[20]	$ 19,900
Cost	[1],[2],[4],[5]	18,418
Fair Value	[1],[2],[5]	$ 18,998
Percentage of Net Assets	[1],[2],[5]	2.72%				2.72%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Charlotte Buyer, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.00% Interest Rate 10.40% Maturity Date 2/11/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 5.25%
Reference Rate and Spread	[1],[2],[5],[18]	5.25%				5.25%
Interest Rate Floor	[1],[2],[5]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19]	10.40%				10.40%
Maturity Date	[1],[2],[5]	Feb. 11, 2028				Feb. 11, 2028
Par Amount / Shares	[1],[2],[5],[20]	$ 33,167
Cost	[1],[2],[4],[5]	31,139
Fair Value	[1],[2],[5]	$ 32,429
Percentage of Net Assets	[1],[2],[5]	4.64%				4.64%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Charlotte Buyer, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.00% Interest Rate 9.35% Maturity Date 2/11/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			S + 5.25%
Reference Rate and Spread	[6],[7],[9],[15]			5.25%				5.25%
Interest Rate Floor	[6],[7],[9]			0.00%				0.00%
Interest Rate	[6],[7],[9],[27]			9.53%				9.53%
Maturity Date	[6],[7],[9]			Feb. 11, 2028				Feb. 11, 2028
Par Amount / Shares	[6],[7],[9],[28]			$ 33,333
Cost	[6],[7],[8],[9]			31,119
Fair Value	[6],[7],[9]			$ 31,514
Percentage of Net Assets	[6],[7],[9]			6.54%				6.54%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Mallinckrodt International Financing SA Reference Rate and Spread L + 5.25% Interest Rate Floor 0.75% Interest Rate 9.99% Maturity Date 9/30/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15],[25],[26]			L + 5.25%
Reference Rate and Spread	[6],[7],[9],[15],[25],[26]			5.25%				5.25%
Interest Rate Floor	[6],[7],[9],[25],[26]			0.75%				0.75%
Interest Rate	[6],[7],[9],[25],[26],[27]			9.99%				9.99%
Maturity Date	[6],[7],[9],[25],[26]			Sep. 30, 2027				Sep. 30, 2027
Par Amount / Shares	[6],[7],[9],[25],[26],[28]			$ 2,676
Cost	[6],[7],[8],[9],[25],[26]			2,525
Fair Value	[6],[7],[9],[25],[26]			$ 2,012
Percentage of Net Assets	[6],[7],[9],[25],[26]			0.42%				0.42%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. - Revolving Credit Facility Reference Rate and Spread L + 6.00% Interest Rate Floor 1.00% Interest Rate 11.14% Maturity Date 3/15/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15]			L + 6.00%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15]			6.00%				6.00%
Interest Rate Floor	[6],[7],[9],[12],[13],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[12],[13],[14],[27]			11.14%				11.14%
Maturity Date	[6],[7],[9],[12],[13],[14]			Mar. 15, 2028				Mar. 15, 2028
Cost	[6],[7],[8],[9],[12],[13],[14]			$ 48
Fair Value	[6],[7],[9],[12],[13],[14]			$ (94)
Percentage of Net Assets	[6],[7],[9],[12],[13],[14]			(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 11.42% Maturity Date 11/29/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 6.15%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	6.15%				6.15%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	11.42%				11.42%
Maturity Date	[1],[2],[5],[11],[16],[17]	Nov. 29, 2027				Nov. 29, 2027
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 43
Fair Value	[1],[2],[5],[11],[16],[17]	$ (44)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread L+ 6.00% Interest Rate Floor 1.00% Interest Rate 9.57% Maturity Date 3/15/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			L + 6.00%
Reference Rate and Spread	[6],[7],[9],[14],[15]			6.00%				6.00%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[27]			9.57%				9.57%
Maturity Date	[6],[7],[9],[14]			Mar. 15, 2028				Mar. 15, 2028
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 38,149
Cost	[6],[7],[8],[9],[14]			37,481
Fair Value	[6],[7],[9],[14]			$ 36,874
Percentage of Net Assets	[6],[7],[9],[14]			7.65%				7.65%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Natural Partners, Inc. Reference Rate and Spread S + 6.15% Interest Rate Floor 1.00% Interest Rate 11.41% Maturity Date 11/29/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.15%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.15%				6.15%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.41%				11.41%
Maturity Date	[1],[2],[5],[11]	Nov. 29, 2027				Nov. 29, 2027
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 37,957
Cost	[1],[2],[4],[5],[11]	37,366
Fair Value	[1],[2],[5],[11]	$ 37,363
Percentage of Net Assets	[1],[2],[5],[11]	5.35%				5.35%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Healthcare & Pharmaceuticals Press Ganey Holdings Reference Rate and Spread S + 3.61% Interest Rate Floor 0.00% Interest Rate 8.72% Maturity Date 7/24/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 3.61%
Reference Rate and Spread	[1],[2],[5],[17],[18]	3.61%				3.61%
Interest Rate Floor	[1],[2],[5],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19]	8.72%				8.72%
Maturity Date	[1],[2],[5],[17]	Jul. 24, 2026				Jul. 24, 2026
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 4,270
Cost	[1],[2],[4],[5],[17]	3,934
Fair Value	[1],[2],[5],[17]	$ 4,143
Percentage of Net Assets	[1],[2],[5],[17]	0.59%				0.59%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 71,283
Fair Value	[1],[2],[5]	$ 71,678
Percentage of Net Assets	[1],[2],[5]	10.25%				10.25%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Inmar, Inc. Reference Rate and Spread S + 5.50% Interest Rate Floor 1.00% Interest Rate 10.71% Maturity Date 5/1/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 5.50%
Reference Rate and Spread	[1],[2],[5],[18]	5.50%				5.50%
Interest Rate Floor	[1],[2],[5]	1.00%				1.00%
Interest Rate	[1],[2],[5],[19]	10.71%				10.71%
Maturity Date	[1],[2],[5]	May 01, 2026				May 01, 2026
Par Amount / Shares	[1],[2],[5],[20]	$ 40,000
Cost	[1],[2],[4],[5]	38,606
Fair Value	[1],[2],[5]	$ 38,750
Percentage of Net Assets	[1],[2],[5]	5.54%				5.54%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 10.11% Maturity Date 7/2/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	S + 5.25%
Reference Rate and Spread	[1],[2],[5],[18]	5.25%				5.25%
Interest Rate Floor	[1],[2],[5]	0.75%				0.75%
Interest Rate	[1],[2],[5],[19]	10.11%				10.11%
Maturity Date	[1],[2],[5]	Jul. 02, 2029				Jul. 02, 2029
Par Amount / Shares	[1],[2],[5],[20]	$ 34,737
Cost	[1],[2],[4],[5]	32,677
Fair Value	[1],[2],[5]	$ 32,928
Percentage of Net Assets	[1],[2],[5]	4.71%				4.71%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt High Tech Industries Watchguard Technologies, Inc. Reference Rate and Spread S + 5.25% Interest Rate Floor 0.75% Interest Rate 9.57% Maturity Date 7/2/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			S + 5.25%
Reference Rate and Spread	[6],[7],[9],[15]			5.25%				5.25%
Interest Rate Floor	[6],[7],[9]			0.75%				0.75%
Interest Rate	[6],[7],[9],[27]			9.57%				9.57%
Maturity Date	[6],[7],[9]			Jul. 02, 2029				Jul. 02, 2029
Par Amount / Shares	[6],[7],[9],[28]			$ 34,913
Cost	[6],[7],[8],[9]			32,717
Fair Value	[6],[7],[9]			$ 33,272
Percentage of Net Assets	[6],[7],[9]			6.91%				6.91%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure
Schedule of Investments [Line Items]
Cost		$ 60,062	[1],[2],[4],[5]	$ 50,388	[6],[7],[8],[9]
Fair Value		$ 60,373	[1],[2],[5]	$ 49,472	[6],[7],[9]
Percentage of Net Assets		8.64%	[1],[2],[5]	10.27%	[6],[7],[9]	8.64%	[1],[2],[5]	10.27%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Chuck E. Cheese Interest Rate 6.75% Maturity Date 5/1/2026
Schedule of Investments [Line Items]
Interest Rate		6.75%	[1],[2],[5],[19]	6.75%	[6],[7],[9],[27]	6.75%	[1],[2],[5],[19]	6.75%	[6],[7],[9],[27]
Maturity Date		May 01, 2026	[1],[2],[5]	May 01, 2026	[6],[7],[9]	May 01, 2026	[1],[2],[5]	May 01, 2026	[6],[7],[9]
Par Amount / Shares		$ 17,534	[1],[2],[5],[20]	$ 17,534	[6],[7],[9],[28]
Cost		16,535	[1],[2],[4],[5]	16,385	[6],[7],[8],[9]
Fair Value		$ 16,754	[1],[2],[5]	$ 16,263	[6],[7],[9]
Percentage of Net Assets		2.40%	[1],[2],[5]	3.38%	[6],[7],[9]	2.40%	[1],[2],[5]	3.38%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure ClubCorp Holdings Inc. Reference Rate and Spread L + 2.75% Interest Rate Floor 0.00% Interest Rate 8.29% Maturity Date 9/18/2024
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	L + 2.75%
Reference Rate and Spread	[1],[2],[5],[17],[18]	2.75%				2.75%
Interest Rate Floor	[1],[2],[5],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19]	8.29%				8.29%
Maturity Date	[1],[2],[5],[17]	Sep. 18, 2024				Sep. 18, 2024
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 10,241
Cost	[1],[2],[4],[5],[17]	9,670
Fair Value	[1],[2],[5],[17]	$ 9,777
Percentage of Net Assets	[1],[2],[5],[17]	1.40%				1.40%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure TouchTunes Reference Rate and Spread S + 5.00% Interest Rate Floor 0.50% Interest Rate 10.24% Maturity Date 4/2/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 5.00%
Reference Rate and Spread	[1],[2],[5],[11],[18]	5.00%				5.00%
Interest Rate Floor	[1],[2],[5],[11]	0.50%				0.50%
Interest Rate	[1],[2],[5],[11],[19]	10.24%				10.24%
Maturity Date	[1],[2],[5],[11]	Apr. 02, 2029				Apr. 02, 2029
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 29,775
Cost	[1],[2],[4],[5],[11]	29,517
Fair Value	[1],[2],[5],[11]	$ 29,626
Percentage of Net Assets	[1],[2],[5],[11]	4.24%				4.24%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure TouchTunes Reference Rate and Spread S + 5.25% Interest Rate Floor 0.50% Interest Rate 8.98% Maturity Date 4/2/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 5.25%
Reference Rate and Spread	[6],[7],[9],[14],[15]			5.25%				5.25%
Interest Rate Floor	[6],[7],[9],[14]			0.50%				0.50%
Interest Rate	[6],[7],[9],[14],[27]			8.98%				8.98%
Maturity Date	[6],[7],[9],[14]			Apr. 02, 2029				Apr. 02, 2029
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 29,925
Cost	[6],[7],[8],[9],[14]			29,644
Fair Value	[6],[7],[9],[14]			$ 29,102
Percentage of Net Assets	[6],[7],[9],[14]			6.04%				6.04%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Viad Corp. Reference Rate and Spread L + 5.00% Interest Rate Floor 0.50% Interest Rate 9.38% Maturity Date 7/30/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15],[25]			L + 5.00%
Reference Rate and Spread	[6],[7],[9],[15],[25]			5.00%				5.00%
Interest Rate Floor	[6],[7],[9],[25]			0.50%				0.50%
Interest Rate	[6],[7],[9],[25],[27]			9.38%				9.38%
Maturity Date	[6],[7],[9],[25]			Jul. 30, 2028				Jul. 30, 2028
Par Amount / Shares	[6],[7],[9],[25],[28]			$ 4,369
Cost	[6],[7],[8],[9],[25]			4,359
Fair Value	[6],[7],[9],[25]			$ 4,107
Percentage of Net Assets	[6],[7],[9],[25]			0.85%				0.85%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Hotel, Gaming & Leisure Viad Corp. Reference Rate and Spread S + 5.11% Interest Rate Floor 0.50% Interest Rate 10.22% Maturity Date 7/30/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18],[23]	S + 5.11%
Reference Rate and Spread	[1],[2],[5],[18],[23]	5.11%				5.11%
Interest Rate Floor	[1],[2],[5],[23]	0.50%				0.50%
Interest Rate	[1],[2],[5],[19],[23]	10.22%				10.22%
Maturity Date	[1],[2],[5],[23]	Jul. 30, 2028				Jul. 30, 2028
Par Amount / Shares	[1],[2],[5],[20],[23]	$ 4,347
Cost	[1],[2],[4],[5],[23]	4,340
Fair Value	[1],[2],[5],[23]	$ 4,216
Percentage of Net Assets	[1],[2],[5],[23]	0.60%				0.60%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 122,630
Fair Value	[1],[2],[5]	$ 123,544
Percentage of Net Assets	[1],[2],[5]	17.67%				17.67%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Clear Channel Outdoor Reference Rate and Spread S + 3.76% Interest Rate Floor 0.00% Interest Rate 8.81% Maturity Date 8/21/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18],[23]	S + 3.76%
Reference Rate and Spread	[1],[2],[5],[17],[18],[23]	3.76%				3.76%
Interest Rate Floor	[1],[2],[5],[17],[23]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19],[23]	8.81%				8.81%
Maturity Date	[1],[2],[5],[17],[23]	Aug. 21, 2026				Aug. 21, 2026
Par Amount / Shares	[1],[2],[5],[17],[20],[23]	$ 26,373
Cost	[1],[2],[4],[5],[17],[23]	24,835
Fair Value	[1],[2],[5],[17],[23]	$ 25,139
Percentage of Net Assets	[1],[2],[5],[17],[23]	3.60%				3.60%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Emerald Exhibitions Reference Rate and Spread S + 5.10% Interest Rate Floor 0.00% Interest Rate 10.24% Maturity Date 5/22/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18],[23]	S + 5.10%
Reference Rate and Spread	[1],[2],[5],[17],[18],[23]	5.10%				5.10%
Interest Rate Floor	[1],[2],[5],[17],[23]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19],[23]	10.24%				10.24%
Maturity Date	[1],[2],[5],[17],[23]	May 22, 2026				May 22, 2026
Par Amount / Shares	[1],[2],[5],[17],[20],[23]	$ 50,000
Cost	[1],[2],[4],[5],[17],[23]	48,500
Fair Value	[1],[2],[5],[17],[23]	$ 48,688
Percentage of Net Assets	[1],[2],[5],[17],[23]	6.96%				6.96%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Patientpoint Network Solutions, LLC Reference Rate and Spread S + 7.11% Interest Rate Floor 1.00% Interest Rate 12.22% Maturity Date 3/7/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.11%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.11%				7.11%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	12.22%				12.22%
Maturity Date	[1],[2],[5],[11]	Mar. 07, 2025				Mar. 07, 2025
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 31,525
Cost	[1],[2],[4],[5],[11]	31,105
Fair Value	[1],[2],[5],[11]	$ 31,138
Percentage of Net Assets	[1],[2],[5],[11]	4.45%				4.45%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Patientpoint Network Solutions, LLC Reference Rate and Spread S + 7.26% Interest Rate Floor 1.00% Interest Rate 11.84% Maturity Date 3/7/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 7.26%
Reference Rate and Spread	[6],[7],[9],[14],[15]			7.26%				7.26%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[27]			11.84%				11.84%
Maturity Date	[6],[7],[9],[14]			Mar. 07, 2025				Mar. 07, 2025
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 31,931
Cost	[6],[7],[8],[9],[14]			31,397
Fair Value	[6],[7],[9],[14]			$ 31,183
Percentage of Net Assets	[6],[7],[9],[14]			6.47%				6.47%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Real Betis Balompie SAD - Participation Interest Interest Rate 7.00% Maturity Date 6/5/2025
Schedule of Investments [Line Items]
Interest Rate	[6],[7],[9],[14],[25],[26],[27]			7.00%				7.00%
Maturity Date	[6],[7],[9],[14],[25],[26]			Jun. 05, 2025				Jun. 05, 2025
Par Amount / Shares	[6],[7],[9],[14],[25],[26],[28]			$ 13,000
Cost	[6],[7],[8],[9],[14],[25],[26]			14,764
Fair Value	[6],[7],[9],[14],[25],[26]			$ 13,917
Percentage of Net Assets	[6],[7],[9],[14],[25],[26]			2.89%				2.89%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Advertising, Printing & Publishing Sheffield United F.C. Interest Rate 13.07% Maturity Date 7/22/2026
Schedule of Investments [Line Items]
Interest Rate	[1],[2],[5],[11],[17],[19],[23],[24]	13.07%				13.07%
Maturity Date	[1],[2],[5],[11],[17],[23],[24]	Jul. 22, 2026				Jul. 22, 2026
Par Amount / Shares	[1],[2],[5],[11],[17],[20],[23],[24]	$ 14,704
Cost	[1],[2],[4],[5],[11],[17],[23],[24]	18,190
Fair Value	[1],[2],[5],[11],[17],[23],[24]	$ 18,579
Percentage of Net Assets	[1],[2],[5],[11],[17],[23],[24]	2.66%				2.66%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production
Schedule of Investments [Line Items]
Cost		$ 93,927	[1],[2],[4],[5]	$ 92,927	[6],[7],[8],[9]
Fair Value		$ 92,027	[1],[2],[5]	$ 90,388	[6],[7],[9]
Percentage of Net Assets		13.16%	[1],[2],[5]	18.76%	[6],[7],[9]	13.16%	[1],[2],[5]	18.76%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd - Delayed Draw Term Loan Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.38% (Incl 4.00% PIK) Maturity Date 6/18/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[12],[13],[14],[15]			L + 6.00%
Reference Rate and Spread	[6],[7],[9],[12],[13],[14],[15]			6.00%				6.00%
Interest Rate Floor	[6],[7],[9],[12],[13],[14]			0.75%				0.75%
Interest Rate	[6],[7],[9],[12],[13],[14],[27]			10.38%				10.38%
PIK	[6],[7],[9],[12],[13],[14],[27]			4.00%				4.00%
Maturity Date	[6],[7],[9],[12],[13],[14]			Jun. 18, 2027				Jun. 18, 2027
Par Amount / Shares	[6],[7],[9],[12],[13],[14],[28]			$ 15,239
Cost	[6],[7],[8],[9],[12],[13],[14]			14,998
Fair Value	[6],[7],[9],[12],[13],[14]			$ 14,273
Percentage of Net Assets	[6],[7],[9],[12],[13],[14]			2.96%				2.96%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd One Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 11.34% (Incl 4.00% PIK) Maturity Date 6/18/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[17],[18]	S + 6.10%
Reference Rate and Spread	[1],[2],[5],[11],[17],[18]	6.10%				6.10%
Interest Rate Floor	[1],[2],[5],[11],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[17],[19]	11.34%				11.34%
PIK	[1],[2],[5],[11],[17],[19]	4.00%				4.00%
Maturity Date	[1],[2],[5],[11],[17]	Jun. 18, 2027				Jun. 18, 2027
Par Amount / Shares	[1],[2],[5],[11],[17],[20]	$ 16,840
Cost	[1],[2],[4],[5],[11],[17]	16,612
Fair Value	[1],[2],[5],[11],[17]	$ 16,112
Percentage of Net Assets	[1],[2],[5],[11],[17]	2.30%				2.30%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd Reference Rate and Spread L + 6.00% Interest Rate Floor 0.75% Interest Rate 10.38% (Incl 4.00% PIK) Maturity Date 6/18/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			L + 6.00%
Reference Rate and Spread	[6],[7],[9],[14],[15]			6.00%				6.00%
Interest Rate Floor	[6],[7],[9],[14]			0.75%				0.75%
Interest Rate	[6],[7],[9],[14],[27]			10.38%				10.38%
PIK	[6],[7],[9],[14],[27]			4.00%				4.00%
Maturity Date	[6],[7],[9],[14]			Jun. 18, 2027				Jun. 18, 2027
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 41,687
Cost	[6],[7],[8],[9],[14]			40,994
Fair Value	[6],[7],[9],[14]			$ 39,217
Percentage of Net Assets	[6],[7],[9],[14]			8.14%				8.14%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Candle Media Co Ltd Reference Rate and Spread S + 6.10% Interest Rate Floor 0.75% Interest Rate 11.34% (Incl 4.00% PIK) Maturity Date 6/18/2027
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.10%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.10%				6.10%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	11.34%				11.34%
PIK	[1],[2],[5],[11],[19]	4.00%				4.00%
Maturity Date	[1],[2],[5],[11]	Jun. 18, 2027				Jun. 18, 2027
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 42,537
Cost	[1],[2],[4],[5],[11]	41,915
Fair Value	[1],[2],[5],[11]	$ 40,699
Percentage of Net Assets	[1],[2],[5],[11]	5.82%				5.82%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production FilmRise Acquisitions, LLC Interest Rate 13.50% Maturity Date 9/17/2025
Schedule of Investments [Line Items]
Interest Rate		13.50%	[1],[2],[5],[11],[17],[19]	13.50%	[6],[7],[9],[13],[14],[27]	13.50%	[1],[2],[5],[11],[17],[19]	13.50%	[6],[7],[9],[13],[14],[27]
Maturity Date		Sep. 17, 2025	[1],[2],[5],[11],[17]	Sep. 17, 2025	[6],[7],[9],[13],[14]	Sep. 17, 2025	[1],[2],[5],[11],[17]	Sep. 17, 2025	[6],[7],[9],[13],[14]
Par Amount / Shares		$ 17,224	[1],[2],[5],[11],[17],[20]	$ 18,086	[6],[7],[9],[13],[14],[28]
Cost		17,233	[1],[2],[4],[5],[11],[17]	18,094	[6],[7],[8],[9],[13],[14]
Fair Value		$ 17,039	[1],[2],[5],[11],[17]	$ 18,043	[6],[7],[9],[13],[14]
Percentage of Net Assets		2.44%	[1],[2],[5],[11],[17]	3.75%	[6],[7],[9],[13],[14]	2.44%	[1],[2],[5],[11],[17]	3.75%	[6],[7],[9],[13],[14]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Getty Images Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 8.94% Maturity Date 2/19/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			L + 4.50%
Reference Rate and Spread	[6],[7],[9],[14],[15]			4.50%				4.50%
Interest Rate Floor	[6],[7],[9],[14]			0.00%				0.00%
Interest Rate	[6],[7],[9],[14],[27]			8.94%				8.94%
Maturity Date	[6],[7],[9],[14]			Feb. 19, 2026				Feb. 19, 2026
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 18,902
Cost	[6],[7],[8],[9],[14]			18,841
Fair Value	[6],[7],[9],[14]			$ 18,855
Percentage of Net Assets	[6],[7],[9],[14]			3.91%				3.91%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Media: Diversified & Production Getty Images Inc. Reference Rate and Spread S + 4.60% Interest Rate Floor 0.00% Interest Rate 9.84% Maturity Date 2/19/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18],[23]	S + 4.60%
Reference Rate and Spread	[1],[2],[5],[18],[23]	4.60%				4.60%
Interest Rate Floor	[1],[2],[5],[23]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19],[23]	9.84%				9.84%
Maturity Date	[1],[2],[5],[23]	Feb. 19, 2026				Feb. 19, 2026
Par Amount / Shares	[1],[2],[5],[20],[23]	$ 18,209
Cost	[1],[2],[4],[5],[23]	18,167
Fair Value	[1],[2],[5],[23]	$ 18,177
Percentage of Net Assets	[1],[2],[5],[23]	2.60%				2.60%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Metals & Mining Conuma Coal Resources LTD Interest Rate 10.00% Maturity Date 5/1/2023
Schedule of Investments [Line Items]
Interest Rate	[6],[7],[9],[13],[25],[26],[27]			10.00%				10.00%
Maturity Date	[6],[7],[9],[13],[25],[26]			May 01, 2023				May 01, 2023
Par Amount / Shares	[6],[7],[9],[13],[25],[26],[28]			$ 3,181
Cost	[6],[7],[8],[9],[13],[25],[26]			3,180
Fair Value	[6],[7],[9],[13],[25],[26]			$ 3,153
Percentage of Net Assets	[6],[7],[9],[13],[25],[26]			0.65%				0.65%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Retail Xponential Fitness LLC Reference Rate and Spread L + 6.50% Interest Rate Floor 1.00% Interest Rate 10.67% Maturity Date 2/28/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15],[25]			L + 6.50%
Reference Rate and Spread	[6],[7],[9],[14],[15],[25]			6.50%				6.50%
Interest Rate Floor	[6],[7],[9],[14],[25]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[25],[27]			10.67%				10.67%
Maturity Date	[6],[7],[9],[14],[25]			Feb. 28, 2025				Feb. 28, 2025
Par Amount / Shares	[6],[7],[9],[14],[25],[28]			$ 22,759
Cost	[6],[7],[8],[9],[14],[25]			22,563
Fair Value	[6],[7],[9],[14],[25]			$ 22,873
Percentage of Net Assets	[6],[7],[9],[14],[25]			4.75%				4.75%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Retail Xponential Fitness LLC Reference Rate and Spread L + 6.50% Interest Rate Floor 1.00% Interest Rate 11.82% Maturity Date 2/28/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18],[23]	L + 6.50%
Reference Rate and Spread	[1],[2],[5],[11],[18],[23]	6.50%				6.50%
Interest Rate Floor	[1],[2],[5],[11],[23]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19],[23]	11.82%				11.82%
Maturity Date	[1],[2],[5],[11],[23]	Feb. 28, 2025				Feb. 28, 2025
Par Amount / Shares	[1],[2],[5],[11],[20],[23]	$ 53,190
Cost	[1],[2],[4],[5],[11],[23]	52,295
Fair Value	[1],[2],[5],[11],[23]	$ 53,456
Percentage of Net Assets	[1],[2],[5],[11],[23]	7.65%				7.65%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business
Schedule of Investments [Line Items]
Cost		$ 181,174	[1],[2],[4],[5]	$ 77,099	[6],[7],[8],[9]
Fair Value		$ 180,321	[1],[2],[5]	$ 77,650	[6],[7],[9]
Percentage of Net Assets		25.78%	[1],[2],[5]	16.11%	[6],[7],[9]	25.78%	[1],[2],[5]	16.11%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Momentive Global - Revolving Credit Facility Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 12.14% Maturity Date 5/31/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.14%				12.14%
Maturity Date	[1],[2],[5],[11],[16],[17]	May 31, 2029				May 31, 2029
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 113
Fair Value	[1],[2],[5],[11],[16],[17]	$ (113)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Momentive Global Reference Rate and Spread S + 7.00% Interest Rate Floor 1.00% Interest Rate 12.10% Maturity Date 5/31/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.00%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.00%				7.00%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	12.10%				12.10%
Maturity Date	[1],[2],[5],[11]	May 31, 2030				May 31, 2030
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 64,286
Cost	[1],[2],[4],[5],[11]	63,018
Fair Value	[1],[2],[5],[11]	$ 63,015
Percentage of Net Assets	[1],[2],[5],[11]	9.01%				9.01%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Muine Gall, LLC Reference Rate and Spread L + 7.00% Interest Rate Floor 0.50% Interest Rate 12.15% PIK Maturity Date 9/21/2024
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15],[25]			L + 7.00%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15],[25]			7.00%				7.00%
Interest Rate Floor	[6],[7],[9],[13],[14],[25]			0.50%				0.50%
PIK	[6],[7],[9],[13],[14],[25],[27]			12.15%				12.15%
Maturity Date	[6],[7],[9],[13],[14],[25]			Sep. 21, 2024				Sep. 21, 2024
Par Amount / Shares	[6],[7],[9],[13],[14],[25],[28]			$ 46,047
Cost	[6],[7],[8],[9],[13],[14],[25]			46,063
Fair Value	[6],[7],[9],[13],[14],[25]			$ 46,308
Percentage of Net Assets	[6],[7],[9],[13],[14],[25]			9.61%				9.61%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Muine Gall, LLC Reference Rate and Spread S + 7.25% Interest Rate Floor 0.50% Interest Rate 12.59% PIK Maturity Date 9/21/2024
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[17],[18],[23]	S + 7.25%
Reference Rate and Spread	[1],[2],[5],[11],[17],[18],[23]	7.25%				7.25%
Interest Rate Floor	[1],[2],[5],[11],[17],[23]	0.50%				0.50%
PIK	[1],[2],[5],[11],[17],[19],[23]	12.59%				12.59%
Maturity Date	[1],[2],[5],[11],[17],[23]	Sep. 21, 2024				Sep. 21, 2024
Par Amount / Shares	[1],[2],[5],[11],[17],[20],[23]	$ 23,299
Cost	[1],[2],[4],[5],[11],[17],[23]	23,306
Fair Value	[1],[2],[5],[11],[17],[23]	$ 23,505
Percentage of Net Assets	[1],[2],[5],[11],[17],[23]	3.36%				3.36%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.75% Interest Rate Floor 1.00% Interest Rate 13.48% (Incl 7.25% PIK) Maturity Date 2/28/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15],[25],[26]			S + 8.75%
Reference Rate and Spread	[6],[7],[9],[15],[25],[26]			8.75%				8.75%
Interest Rate Floor	[6],[7],[9],[25],[26]			1.00%				1.00%
Interest Rate	[6],[7],[9],[25],[26],[27]			13.48%				13.48%
PIK	[6],[7],[9],[25],[26],[27]			7.25%				7.25%
Maturity Date	[6],[7],[9],[25],[26]			Feb. 28, 2025				Feb. 28, 2025
Par Amount / Shares	[6],[7],[9],[25],[26],[28]			$ 31,346
Cost	[6],[7],[8],[9],[25],[26]			31,036
Fair Value	[6],[7],[9],[25],[26]			$ 31,342
Percentage of Net Assets	[6],[7],[9],[25],[26]			6.50%				6.50%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Travelport Finance (Luxembourg) S.A.R.L Reference Rate and Spread S + 8.85% Interest Rate Floor 1.00% Interest Rate 13.59% (Incl 7.25% PIK) Maturity Date 2/28/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18],[23],[24]	S + 8.85%
Reference Rate and Spread	[1],[2],[5],[18],[23],[24]	8.85%				8.85%
Interest Rate Floor	[1],[2],[5],[23],[24]	1.00%				1.00%
Interest Rate	[1],[2],[5],[19],[23],[24]	13.59%				13.59%
PIK	[1],[2],[5],[19],[23],[24]	7.25%				7.25%
Maturity Date	[1],[2],[5],[23],[24]	Feb. 28, 2025				Feb. 28, 2025
Par Amount / Shares	[1],[2],[5],[20],[23],[24]	$ 59,259
Cost	[1],[2],[4],[5],[23],[24]	59,144
Fair Value	[1],[2],[5],[23],[24]	$ 58,111
Percentage of Net Assets	[1],[2],[5],[23],[24]	8.31%				8.31%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Wood Mackenzie, Inc. - Revolving Credit Facility Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.89% Maturity Date 2/1/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	11.89%				11.89%
Maturity Date	[1],[2],[5],[11],[16],[17]	Feb. 01, 2028				Feb. 01, 2028
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 82
Fair Value	[1],[2],[5],[11],[16],[17]	$ (85)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Business Wood Mackenzie, Inc. Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.85% Maturity Date 2/1/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	11.85%				11.85%
Maturity Date	[1],[2],[5],[11]	Feb. 01, 2030				Feb. 01, 2030
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 36,944
Cost	[1],[2],[4],[5],[11]	35,901
Fair Value	[1],[2],[5],[11]	$ 35,888
Percentage of Net Assets	[1],[2],[5],[11]	5.13%				5.13%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer
Schedule of Investments [Line Items]
Cost		$ 76,124	[1],[2],[4],[5]	$ 76,105	[6],[7],[8],[9]
Fair Value		$ 76,469	[1],[2],[5]	$ 75,068	[6],[7],[9]
Percentage of Net Assets		10.94%	[1],[2],[5]	15.58%	[6],[7],[9]	10.94%	[1],[2],[5]	15.58%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer CSC Serviceworks Reference Rate and Spread L + 4.00% Interest Rate Floor 0.75% Interest Rate 8.39% Maturity Date 3/4/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[15]			L + 4.00%
Reference Rate and Spread	[6],[7],[9],[13],[15]			4.00%				4.00%
Interest Rate Floor	[6],[7],[9],[13]			0.75%				0.75%
Interest Rate	[6],[7],[9],[13],[27]			8.39%				8.39%
Maturity Date	[6],[7],[9],[13]			Mar. 04, 2028				Mar. 04, 2028
Par Amount / Shares	[6],[7],[9],[13],[28]			$ 222
Cost	[6],[7],[8],[9],[13]			201
Fair Value	[6],[7],[9],[13]			$ 186
Percentage of Net Assets	[6],[7],[9],[13]			0.04%				0.04%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer CSC Serviceworks Reference Rate and Spread S + 4.00% Interest Rate Floor 0.75% Interest Rate 9.23% Maturity Date 3/4/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 4.00%
Reference Rate and Spread	[1],[2],[5],[17],[18]	4.00%				4.00%
Interest Rate Floor	[1],[2],[5],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[17],[19]	9.23%				9.23%
Maturity Date	[1],[2],[5],[17]	Mar. 04, 2028				Mar. 04, 2028
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 221
Cost	[1],[2],[4],[5],[17]	201
Fair Value	[1],[2],[5],[17]	$ 189
Percentage of Net Assets	[1],[2],[5],[17]	0.03%				0.03%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 4.00% Interest Rate Floor 0.00% Interest Rate 8.73% Maturity Date 7/30/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[15]			L + 4.00%
Reference Rate and Spread	[6],[7],[9],[15]			4.00%				4.00%
Interest Rate Floor	[6],[7],[9]			0.00%				0.00%
Interest Rate	[6],[7],[9],[27]			8.73%				8.73%
Maturity Date	[6],[7],[9]			Jul. 30, 2025				Jul. 30, 2025
Par Amount / Shares	[6],[7],[9],[28]			$ 46,750
Cost	[6],[7],[8],[9]			44,890
Fair Value	[6],[7],[9]			$ 45,540
Percentage of Net Assets	[6],[7],[9]			9.45%				9.45%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 4.00% Interest Rate Floor 0.00% Interest Rate 9.54% Maturity Date 7/30/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	L + 4.00%
Reference Rate and Spread	[1],[2],[5],[18]	4.00%				4.00%
Interest Rate Floor	[1],[2],[5]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19]	9.54%				9.54%
Maturity Date	[1],[2],[5]	Jul. 30, 2025				Jul. 30, 2025
Par Amount / Shares	[1],[2],[5],[20]	$ 46,507
Cost	[1],[2],[4],[5]	44,986
Fair Value	[1],[2],[5]	$ 46,090
Percentage of Net Assets	[1],[2],[5]	6.59%				6.59%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 10.98% Maturity Date 6/10/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 6.40%
Reference Rate and Spread	[6],[7],[9],[14],[15]			6.40%				6.40%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[27]			10.98%				10.98%
Maturity Date	[6],[7],[9],[14]			Jun. 10, 2025				Jun. 10, 2025
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 2,523
Cost	[6],[7],[8],[9],[14]			2,484
Fair Value	[6],[7],[9],[14]			$ 2,353
Percentage of Net Assets	[6],[7],[9],[14]			0.49%				0.49%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. - Incremental Term Loan Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 11.64% Maturity Date 6/10/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.40%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.40%				6.40%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.64%				11.64%
Maturity Date	[1],[2],[5],[11]	Jun. 10, 2025				Jun. 10, 2025
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 2,511
Cost	[1],[2],[4],[5],[11]	2,478
Fair Value	[1],[2],[5],[11]	$ 2,422
Percentage of Net Assets	[1],[2],[5],[11]	0.35%				0.35%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 10.98% Maturity Date 6/10/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 6.40%
Reference Rate and Spread	[6],[7],[9],[14],[15]			6.40%				6.40%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[27]			10.98%				10.98%
Maturity Date	[6],[7],[9],[14]			Jun. 10, 2025				Jun. 10, 2025
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 28,946
Cost	[6],[7],[8],[9],[14]			28,530
Fair Value	[6],[7],[9],[14]			$ 26,989
Percentage of Net Assets	[6],[7],[9],[14]			5.60%				5.60%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Services: Consumer Vision Purchaser Corp. Reference Rate and Spread S + 6.40% Interest Rate Floor 1.00% Interest Rate 11.64% Maturity Date 6/10/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.40%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.40%				6.40%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	11.64%				11.64%
Maturity Date	[1],[2],[5],[11]	Jun. 10, 2025				Jun. 10, 2025
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 28,796
Cost	[1],[2],[4],[5],[11]	28,459
Fair Value	[1],[2],[5],[11]	$ 27,768
Percentage of Net Assets	[1],[2],[5],[11]	3.97%				3.97%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications
Schedule of Investments [Line Items]
Cost		$ 134,207	[1],[2],[4],[5]	$ 35,121	[6],[7],[8],[9]
Fair Value		$ 122,827	[1],[2],[5]	$ 21,001	[6],[7],[9]
Percentage of Net Assets		17.57%	[1],[2],[5]	4.36%	[6],[7],[9]	17.57%	[1],[2],[5]	4.36%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications FirstLight Fiber Reference Rate and Spread S + 3.61% Interest Rate Floor 0.00% Interest Rate 8.72% Maturity Date 7/23/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 3.61%
Reference Rate and Spread	[1],[2],[5],[17],[18]	3.61%				3.61%
Interest Rate Floor	[1],[2],[5],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19]	8.72%				8.72%
Maturity Date	[1],[2],[5],[17]	Jul. 23, 2025				Jul. 23, 2025
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 7,406
Cost	[1],[2],[4],[5],[17]	7,036
Fair Value	[1],[2],[5],[17]	$ 6,908
Percentage of Net Assets	[1],[2],[5],[17]	0.99%				0.99%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Innovate Corp. Interest Rate 8.50% Maturity Date 2/1/2026
Schedule of Investments [Line Items]
Interest Rate		8.50%	[1],[2],[5],[19],[23]	8.50%	[6],[7],[9],[25],[27]	8.50%	[1],[2],[5],[19],[23]	8.50%	[6],[7],[9],[25],[27]
Maturity Date		Feb. 01, 2026	[1],[2],[5],[23]	Feb. 01, 2026	[6],[7],[9],[25]	Feb. 01, 2026	[1],[2],[5],[23]	Feb. 01, 2026	[6],[7],[9],[25]
Par Amount / Shares		$ 24,000	[1],[2],[5],[20],[23]	$ 24,000	[6],[7],[9],[25],[28]
Cost		24,043	[1],[2],[4],[5],[23]	24,050	[6],[7],[8],[9],[25]
Fair Value		$ 18,540	[1],[2],[5],[23]	$ 17,148	[6],[7],[9],[25]
Percentage of Net Assets		2.65%	[1],[2],[5],[23]	3.56%	[6],[7],[9],[25]	2.65%	[1],[2],[5],[23]	3.56%	[6],[7],[9],[25]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Intelsat S.A. Reference Rate and Spread S + 4.35% Interest Rate Floor 0.50% Interest Rate 9.44% Maturity Date 2/1/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18],[23],[24]	S + 4.35%
Reference Rate and Spread	[1],[2],[5],[17],[18],[23],[24]	4.35%				4.35%
Interest Rate Floor	[1],[2],[5],[17],[23],[24]	0.50%				0.50%
Interest Rate	[1],[2],[5],[17],[19],[23],[24]	9.44%				9.44%
Maturity Date	[1],[2],[5],[17],[23],[24]	Feb. 01, 2029				Feb. 01, 2029
Par Amount / Shares	[1],[2],[5],[17],[20],[23],[24]	$ 6,647
Cost	[1],[2],[4],[5],[17],[23],[24]	6,507
Fair Value	[1],[2],[5],[17],[23],[24]	$ 6,614
Percentage of Net Assets	[1],[2],[5],[17],[23],[24]	0.95%				0.95%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Ligado Networks LLC Interest Rate 15.50% PIK Maturity Date 11/1/2023
Schedule of Investments [Line Items]
PIK		15.50%	[1],[2],[5],[17],[19],[29]	15.50%	[6],[7],[9],[13],[27],[30]	15.50%	[1],[2],[5],[17],[19],[29]	15.50%	[6],[7],[9],[13],[27],[30]
Maturity Date		Nov. 01, 2023	[1],[2],[5],[17],[29]	Nov. 01, 2023	[6],[7],[9],[13],[30]	Nov. 01, 2023	[1],[2],[5],[17],[29]	Nov. 01, 2023	[6],[7],[9],[13],[30]
Par Amount / Shares		$ 12,853	[1],[2],[5],[17],[20],[29]	$ 11,928	[6],[7],[9],[13],[28],[30]
Cost		11,548	[1],[2],[4],[5],[17],[29]	11,071	[6],[7],[8],[9],[13],[30]
Fair Value		$ 4,884	[1],[2],[5],[17],[29]	$ 3,853	[6],[7],[9],[13],[30]
Percentage of Net Assets		0.70%	[1],[2],[5],[17],[29]	0.80%	[6],[7],[9],[13],[30]	0.70%	[1],[2],[5],[17],[29]	0.80%	[6],[7],[9],[13],[30]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Maxar Technologies Inc. - Revolving Credit Facility Reference Rate and Spread S + 7.25% Interest Rate Floor 1.00% Interest Rate 12.34% Maturity Date 5/3/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 7.25%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	7.25%				7.25%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.34%				12.34%
Maturity Date	[1],[2],[5],[11],[16],[17]	May 03, 2029				May 03, 2029
Par Amount / Shares	[1],[2],[5],[11],[16],[17],[20]	$ 5,663
Cost	[1],[2],[4],[5],[11],[16],[17]	5,290
Fair Value	[1],[2],[5],[11],[16],[17]	$ 5,395
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	0.77%				0.77%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Telecommunications Maxar Technologies Inc. Reference Rate and Spread S + 7.25% Interest Rate Floor 1.00% Interest Rate 12.34% Maturity Date 5/3/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.25%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.25%				7.25%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	12.34%				12.34%
Maturity Date	[1],[2],[5],[11]	May 03, 2030				May 03, 2030
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 82,212
Cost	[1],[2],[4],[5],[11]	79,783
Fair Value	[1],[2],[5],[11]	$ 80,486
Percentage of Net Assets	[1],[2],[5],[11]	11.51%				11.51%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 58,858
Fair Value	[1],[2],[5]	$ 59,040
Percentage of Net Assets	[1],[2],[5]	8.45%				8.45%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Delayed Draw Term Loan Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.89% Maturity Date 10/3/2024
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	11.89%				11.89%
Maturity Date	[1],[2],[5],[11],[16],[17]	Oct. 03, 2024				Oct. 03, 2024
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 79
Fair Value	[1],[2],[5],[11],[16],[17]	$ (81)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global - Revolving Credit Facility Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 12.02% Maturity Date 7/1/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.02%				12.02%
Maturity Date	[1],[2],[5],[11],[16],[17]	Jul. 01, 2026				Jul. 01, 2026
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 173
Fair Value	[1],[2],[5],[11],[16],[17]	$ (159)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.02%)				(0.02%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Transportation: Cargo Boasso Global Reference Rate and Spread S + 6.75% Interest Rate Floor 0.75% Interest Rate 11.92% Maturity Date 7/3/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 6.75%
Reference Rate and Spread	[1],[2],[5],[11],[18]	6.75%				6.75%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	11.92%				11.92%
Maturity Date	[1],[2],[5],[11]	Jul. 03, 2028				Jul. 03, 2028
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 60,823
Cost	[1],[2],[4],[5],[11]	59,110
Fair Value	[1],[2],[5],[11]	$ 59,280
Percentage of Net Assets	[1],[2],[5],[11]	8.48%				8.48%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale
Schedule of Investments [Line Items]
Cost		$ 53,021	[1],[2],[4],[5]	$ 21,684	[6],[7],[8],[9]
Fair Value		$ 52,949	[1],[2],[5]	$ 21,330	[6],[7],[9]
Percentage of Net Assets		7.57%	[1],[2],[5]	4.43%	[6],[7],[9]	7.57%	[1],[2],[5]	4.43%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale Cook & Boardman Group Reference Rate and Spread S + 5.90% Interest Rate Floor 1.00% Interest Rate 10.94% Maturity Date 10/18/2025
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 5.90%
Reference Rate and Spread	[1],[2],[5],[17],[18]	5.90%				5.90%
Interest Rate Floor	[1],[2],[5],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[17],[19]	10.94%				10.94%
Maturity Date	[1],[2],[5],[17]	Oct. 18, 2025				Oct. 18, 2025
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 10,650
Cost	[1],[2],[4],[5],[17]	10,011
Fair Value	[1],[2],[5],[17]	$ 10,011
Percentage of Net Assets	[1],[2],[5],[17]	1.43%				1.43%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. - Delayed Draw Term Loan Reference Rate and Spread S + 7.10% Interest Rate Floor 0.75% Interest Rate 12.37% Maturity Date 1/31/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[16],[17],[18]	S + 7.10%
Reference Rate and Spread	[1],[2],[5],[11],[16],[17],[18]	7.10%				7.10%
Interest Rate Floor	[1],[2],[5],[11],[16],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[16],[17],[19]	12.37%				12.37%
Maturity Date	[1],[2],[5],[11],[16],[17]	Jan. 31, 2029				Jan. 31, 2029
Cost	[1],[2],[4],[5],[11],[16],[17]	$ 60
Fair Value	[1],[2],[5],[11],[16],[17]	$ (60)
Percentage of Net Assets	[1],[2],[5],[11],[16],[17]	(0.01%)				(0.01%)
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale DFS Holdings Company, Inc. Reference Rate and Spread S + 7.10% Interest Rate Floor 0.75% Interest Rate 12.20% Maturity Date 1/31/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 7.10%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.10%				7.10%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	12.20%				12.20%
Maturity Date	[1],[2],[5],[11]	Jan. 31, 2029				Jan. 31, 2029
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 22,098
Cost	[1],[2],[4],[5],[11]	21,484
Fair Value	[1],[2],[5],[11]	$ 21,481
Percentage of Net Assets	[1],[2],[5],[11]	3.07%				3.07%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale FleetPride Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 8.88% Maturity Date 2/4/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			L + 4.50%
Reference Rate and Spread	[6],[7],[9],[14],[15]			4.50%				4.50%
Interest Rate Floor	[6],[7],[9],[14]			0.00%				0.00%
Interest Rate	[6],[7],[9],[14],[27]			8.88%				8.88%
Maturity Date	[6],[7],[9],[14]			Feb. 04, 2026				Feb. 04, 2026
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 21,710
Cost	[6],[7],[8],[9],[14]			21,684
Fair Value	[6],[7],[9],[14]			$ 21,330
Percentage of Net Assets	[6],[7],[9],[14]			4.43%				4.43%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated First Lien Debt Wholesale FleetPride Inc. Reference Rate and Spread L + 4.50% Interest Rate Floor 0.00% Interest Rate 9.69% Maturity Date 2/4/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[18]	L + 4.50%
Reference Rate and Spread	[1],[2],[5],[18]	4.50%				4.50%
Interest Rate Floor	[1],[2],[5]	0.00%				0.00%
Interest Rate	[1],[2],[5],[19]	9.69%				9.69%
Maturity Date	[1],[2],[5]	Feb. 04, 2026				Feb. 04, 2026
Par Amount / Shares	[1],[2],[5],[20]	$ 21,598
Cost	[1],[2],[4],[5]	21,586
Fair Value	[1],[2],[5]	$ 21,517
Percentage of Net Assets	[1],[2],[5]	3.08%				3.08%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity
Schedule of Investments [Line Items]
Cost	[6],[7],[8],[9]			$ 28,519
Fair Value	[6],[7],[9]			$ 22,267
Percentage of Net Assets	[6],[7],[9]			4.62%				4.62%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity Consumer goods: Non-durable Protective Industrial Products Inc. - Series A Preferred Interest Rate 13.00% PIK
Schedule of Investments [Line Items]
PIK		13.00%	[1],[2],[5],[11],[17],[19]	13.00%	[6],[7],[9],[13],[14],[27]	13.00%	[1],[2],[5],[11],[17],[19]	13.00%	[6],[7],[9],[13],[14],[27]
Par Amount / Shares | shares		31	[1],[2],[5],[11],[17],[20]	29	[6],[7],[9],[13],[14],[28]	31	[1],[2],[5],[11],[17],[20]	29	[6],[7],[9],[13],[14],[28]
Cost		$ 30,432	[1],[2],[4],[5],[11],[17]	$ 28,519	[6],[7],[8],[9],[13],[14]
Fair Value		$ 25,585	[1],[2],[5],[11],[17]	$ 22,267	[6],[7],[9],[13],[14]
Percentage of Net Assets		3.66%	[1],[2],[5],[11],[17]	4.62%	[6],[7],[9],[13],[14]	3.66%	[1],[2],[5],[11],[17]	4.62%	[6],[7],[9],[13],[14]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Preferred Equity Retail Xponential Fitness LLC - Series A Preferred Stock Interest Rate 6.50% Maturity Date 7/27/2031
Schedule of Investments [Line Items]
Interest Rate	[1],[2],[5],[11],[17],[19],[23]	6.50%				6.50%
Maturity Date	[1],[2],[5],[11],[17],[23]	Jul. 27, 2031				Jul. 27, 2031
Cost	[1],[2],[4],[5],[11],[17],[23]	$ 281
Fair Value	[1],[2],[5],[11],[17],[23]	$ 235
Percentage of Net Assets	[1],[2],[5],[11],[17],[23]	0.03%				0.03%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt
Schedule of Investments [Line Items]
Cost		$ 228,272	[1],[2],[4],[5]	$ 227,937	[6],[7],[8],[9]
Fair Value		$ 218,228	[1],[2],[5]	$ 210,926	[6],[7],[9]
Percentage of Net Assets		31.22%	[1],[2],[5]	43.77%	[6],[7],[9]	31.22%	[1],[2],[5]	43.77%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 11.86% Maturity Date 3/15/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15]			S + 7.54%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15]			7.54%				7.54%
Interest Rate Floor	[6],[7],[9],[13],[14]			0.50%				0.50%
Interest Rate	[6],[7],[9],[13],[14],[27]			11.86%				11.86%
Maturity Date	[6],[7],[9],[13],[14]			Mar. 15, 2030				Mar. 15, 2030
Par Amount / Shares	[6],[7],[9],[13],[14],[28]			$ 35,000
Cost	[6],[7],[8],[9],[13],[14]			34,091
Fair Value	[6],[7],[9],[13],[14]			$ 27,300
Percentage of Net Assets	[6],[7],[9],[13],[14]			5.67%				5.67%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Chemicals, Plastics & Rubber Hexion Holdings Corporation Reference Rate and Spread S + 7.54% Interest Rate Floor 0.50% Interest Rate 12.63% Maturity Date 3/15/2030
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 7.54%
Reference Rate and Spread	[1],[2],[5],[17],[18]	7.54%				7.54%
Interest Rate Floor	[1],[2],[5],[17]	0.50%				0.50%
Interest Rate	[1],[2],[5],[17],[19]	12.63%				12.63%
Maturity Date	[1],[2],[5],[17]	Mar. 15, 2030				Mar. 15, 2030
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 35,000
Cost	[1],[2],[4],[5],[17]	34,140
Fair Value	[1],[2],[5],[17]	$ 28,583
Percentage of Net Assets	[1],[2],[5],[17]	4.09%				4.09%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Consumer goods: Non-durable Protective Industrial Products Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 1.00% Interest Rate 12.63% Maturity Date 12/30/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			L + 8.25%
Reference Rate and Spread	[6],[7],[9],[14],[15]			8.25%				8.25%
Interest Rate Floor	[6],[7],[9],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[14],[27]			12.63%				12.63%
Maturity Date	[6],[7],[9],[14]			Dec. 30, 2028				Dec. 30, 2028
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 34,199
Cost	[6],[7],[8],[9],[14]			33,415
Fair Value	[6],[7],[9],[14]			$ 31,471
Percentage of Net Assets	[6],[7],[9],[14]			6.53%				6.53%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Consumer goods: Non-durable Protective Industrial Products Inc. Reference Rate and Spread S + 8.36% Interest Rate Floor 1.00% Interest Rate 13.47% Maturity Date 12/30/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 8.36%
Reference Rate and Spread	[1],[2],[5],[11],[18]	8.36%				8.36%
Interest Rate Floor	[1],[2],[5],[11]	1.00%				1.00%
Interest Rate	[1],[2],[5],[11],[19]	13.47%				13.47%
Maturity Date	[1],[2],[5],[11]	Dec. 30, 2028				Dec. 30, 2028
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 34,198
Cost	[1],[2],[4],[5],[11]	33,478
Fair Value	[1],[2],[5],[11]	$ 33,236
Percentage of Net Assets	[1],[2],[5],[11]	4.75%				4.75%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Hotel, Gaming & Leisure Mohegan Gaming & Entertainment Interest Rate 8.00% Maturity Date 2/1/2026
Schedule of Investments [Line Items]
Interest Rate		8.00%	[1],[2],[5],[17],[19]	8.00%	[6],[7],[9],[13],[27]	8.00%	[1],[2],[5],[17],[19]	8.00%	[6],[7],[9],[13],[27]
Maturity Date		Feb. 01, 2026	[1],[2],[5],[17]	Feb. 01, 2026	[6],[7],[9],[13]	Feb. 01, 2026	[1],[2],[5],[17]	Feb. 01, 2026	[6],[7],[9],[13]
Par Amount / Shares		$ 16,378	[1],[2],[5],[17],[20]	$ 16,378	[6],[7],[9],[13],[28]
Cost		16,459	[1],[2],[4],[5],[17]	16,473	[6],[7],[8],[9],[13]
Fair Value		$ 15,522	[1],[2],[5],[17]	$ 15,150	[6],[7],[9],[13]
Percentage of Net Assets		2.22%	[1],[2],[5],[17]	3.14%	[6],[7],[9],[13]	2.22%	[1],[2],[5],[17]	3.14%	[6],[7],[9],[13]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business
Schedule of Investments [Line Items]
Cost		$ 49,962	[1],[2],[4],[5]	$ 49,787	[6],[7],[8],[9],[13],[14]
Fair Value		$ 49,504	[1],[2],[5]	$ 48,939	[6],[7],[9],[13],[14]
Percentage of Net Assets		7.09%	[1],[2],[5]	10.15%	[6],[7],[9],[13],[14]	7.09%	[1],[2],[5]	10.15%	[6],[7],[9],[13],[14]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.22% Maturity Date 3/9/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15]			S + 10.00%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15]			10.00%				10.00%
Interest Rate Floor	[6],[7],[9],[13],[14]			0.75%				0.75%
Interest Rate	[6],[7],[9],[13],[14],[27]			14.22%				14.22%
Maturity Date	[6],[7],[9],[13],[14]			Mar. 09, 2029				Mar. 09, 2029
Par Amount / Shares	[6],[7],[9],[13],[14],[28]			$ 2,745
Cost	[6],[7],[8],[9],[13],[14]			2,666
Fair Value	[6],[7],[9],[13],[14]			$ 2,664
Percentage of Net Assets	[6],[7],[9],[13],[14]			0.55%				0.55%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. - Delayed Draw Term Loan Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 15.13% (Incl 2.00% PIK) Maturity Date 3/9/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[17],[18]	S + 10.00%
Reference Rate and Spread	[1],[2],[5],[11],[17],[18]	10.00%				10.00%
Interest Rate Floor	[1],[2],[5],[11],[17]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[17],[19]	15.13%				15.13%
PIK	[1],[2],[5],[11],[17],[19]	2.00%				2.00%
Maturity Date	[1],[2],[5],[11],[17]	Mar. 09, 2029				Mar. 09, 2029
Par Amount / Shares	[1],[2],[5],[11],[17],[20]	$ 2,759
Cost	[1],[2],[4],[5],[11],[17]	2,685
Fair Value	[1],[2],[5],[11],[17]	$ 2,698
Percentage of Net Assets	[1],[2],[5],[11],[17]	0.39%				0.39%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 14.32% Maturity Date 3/9/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[14],[15]			S + 10.00%
Reference Rate and Spread	[6],[7],[9],[14],[15]			10.00%				10.00%
Interest Rate Floor	[6],[7],[9],[14]			0.75%				0.75%
Interest Rate	[6],[7],[9],[14],[27]			14.32%				14.32%
Maturity Date	[6],[7],[9],[14]			Mar. 09, 2029				Mar. 09, 2029
Par Amount / Shares	[6],[7],[9],[14],[28]			$ 14,641
Cost	[6],[7],[8],[9],[14]			14,207
Fair Value	[6],[7],[9],[14]			$ 14,207
Percentage of Net Assets	[6],[7],[9],[14]			2.95%				2.95%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business DISA Holdings Corp. Reference Rate and Spread S + 10.00% Interest Rate Floor 0.75% Interest Rate 15.13% (Incl 2.00% PIK) Maturity Date 3/9/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	S + 10.00%
Reference Rate and Spread	[1],[2],[5],[11],[18]	10.00%				10.00%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	15.13%				15.13%
PIK	[1],[2],[5],[11],[19]	2.00%				2.00%
Maturity Date	[1],[2],[5],[11]	Mar. 09, 2029				Mar. 09, 2029
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 14,716
Cost	[1],[2],[4],[5],[11]	14,308
Fair Value	[1],[2],[5],[11]	$ 14,392
Percentage of Net Assets	[1],[2],[5],[11]	2.06%				2.06%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Reference Rate and Spread L + 7.50% Interest Rate Floor 0.50% Interest Rate 10.56% Maturity Date 10/8/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15]			L + 7.50%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15]			7.50%				7.50%
Interest Rate Floor	[6],[7],[9],[13],[14]			0.50%				0.50%
Interest Rate	[6],[7],[9],[13],[14],[27]			10.56%				10.56%
Maturity Date	[6],[7],[9],[13],[14]			Oct. 08, 2029				Oct. 08, 2029
Par Amount / Shares	[6],[7],[9],[13],[14],[28]			$ 33,750
Cost	[6],[7],[8],[9],[13],[14]			32,914
Fair Value	[6],[7],[9],[13],[14]			$ 32,068
Percentage of Net Assets	[6],[7],[9],[13],[14]			6.65%				6.65%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Business Trace3 Inc. Reference Rate and Spread L + 7.50% Interest Rate Floor 0.50% Interest Rate 12.79% Maturity Date 10/8/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[17],[18]	L + 7.50%
Reference Rate and Spread	[1],[2],[5],[11],[17],[18]	7.50%				7.50%
Interest Rate Floor	[1],[2],[5],[11],[17]	0.50%				0.50%
Interest Rate	[1],[2],[5],[11],[17],[19]	12.79%				12.79%
Maturity Date	[1],[2],[5],[11],[17]	Oct. 08, 2029				Oct. 08, 2029
Par Amount / Shares	[1],[2],[5],[11],[17],[20]	$ 33,750
Cost	[1],[2],[4],[5],[11],[17]	32,969
Fair Value	[1],[2],[5],[11],[17]	$ 32,414
Percentage of Net Assets	[1],[2],[5],[11],[17]	4.64%				4.64%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer
Schedule of Investments [Line Items]
Cost		$ 94,233	[1],[2],[4],[5]	$ 94,171	[6],[7],[8],[9]
Fair Value		$ 91,383	[1],[2],[5]	$ 88,066	[6],[7],[9]
Percentage of Net Assets		13.07%	[1],[2],[5]	18.28%	[6],[7],[9]	13.07%	[1],[2],[5]	18.28%	[6],[7],[9]
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Midwest Veterinary Partners LLC Reference Rate and Spread L + 7.50% Interest Rate Floor 0.75% Interest Rate 11.88% Maturity Date 4/26/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15]			L + 7.50%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15]			7.50%				7.50%
Interest Rate Floor	[6],[7],[9],[13],[14]			0.75%				0.75%
Interest Rate	[6],[7],[9],[13],[14],[27]			11.88%				11.88%
Maturity Date	[6],[7],[9],[13],[14]			Apr. 26, 2029				Apr. 26, 2029
Par Amount / Shares	[6],[7],[9],[13],[14],[28]			$ 50,000
Cost	[6],[7],[8],[9],[13],[14]			50,042
Fair Value	[6],[7],[9],[13],[14]			$ 47,027
Percentage of Net Assets	[6],[7],[9],[13],[14]			9.76%				9.76%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Midwest Veterinary Partners LLC Reference Rate and Spread L + 7.50% Interest Rate Floor 0.75% Interest Rate 12.69% Maturity Date 4/26/2029
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[11],[18]	L + 7.50%
Reference Rate and Spread	[1],[2],[5],[11],[18]	7.50%				7.50%
Interest Rate Floor	[1],[2],[5],[11]	0.75%				0.75%
Interest Rate	[1],[2],[5],[11],[19]	12.69%				12.69%
Maturity Date	[1],[2],[5],[11]	Apr. 26, 2029				Apr. 26, 2029
Par Amount / Shares	[1],[2],[5],[11],[20]	$ 50,000
Cost	[1],[2],[4],[5],[11]	50,031
Fair Value	[1],[2],[5],[11]	$ 50,000
Percentage of Net Assets	[1],[2],[5],[11]	7.15%				7.15%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Southern Veterinary Partners LLC Reference Rate and Spread S + 7.85% Interest Rate Floor 1.00% Interest Rate 12.17% Maturity Date 10/5/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[14],[15]			S + 7.85%
Reference Rate and Spread	[6],[7],[9],[13],[14],[15]			7.85%				7.85%
Interest Rate Floor	[6],[7],[9],[13],[14]			1.00%				1.00%
Interest Rate	[6],[7],[9],[13],[14],[27]			12.17%				12.17%
Maturity Date	[6],[7],[9],[13],[14]			Oct. 05, 2028				Oct. 05, 2028
Par Amount / Shares	[6],[7],[9],[13],[14],[28]			$ 45,000
Cost	[6],[7],[8],[9],[13],[14]			44,038
Fair Value	[6],[7],[9],[13],[14]			$ 40,950
Percentage of Net Assets	[6],[7],[9],[13],[14]			8.50%				8.50%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Southern Veterinary Partners LLC Reference Rate and Spread S + 7.85% Interest Rate Floor 1.00% Interest Rate 12.93% Maturity Date 10/5/2028
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	S + 7.85%
Reference Rate and Spread	[1],[2],[5],[17],[18]	7.85%				7.85%
Interest Rate Floor	[1],[2],[5],[17]	1.00%				1.00%
Interest Rate	[1],[2],[5],[17],[19]	12.93%				12.93%
Maturity Date	[1],[2],[5],[17]	Oct. 05, 2028				Oct. 05, 2028
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 45,000
Cost	[1],[2],[4],[5],[17]	44,111
Fair Value	[1],[2],[5],[17]	$ 41,288
Percentage of Net Assets	[1],[2],[5],[17]	5.91%				5.91%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 0.00% Interest Rate 13.02% Maturity Date 7/30/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[6],[7],[9],[13],[15]			L + 8.25%
Reference Rate and Spread	[6],[7],[9],[13],[15]			8.25%				8.25%
Interest Rate Floor	[6],[7],[9],[13]			0.00%				0.00%
Interest Rate	[6],[7],[9],[13],[27]			13.02%				13.02%
Maturity Date	[6],[7],[9],[13]			Jul. 30, 2026				Jul. 30, 2026
Par Amount / Shares	[6],[7],[9],[13],[28]			$ 100
Cost	[6],[7],[8],[9],[13]			91
Fair Value	[6],[7],[9],[13]			$ 89
Percentage of Net Assets	[6],[7],[9],[13]			0.02%				0.02%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Second Lien Debt Services: Consumer Spring Education Group Inc. Reference Rate and Spread L + 8.25% Interest Rate Floor 0.00% Interest Rate 13.79% Maturity Date 7/30/2026
Schedule of Investments [Line Items]
Interest Rate Terms	[1],[2],[5],[17],[18]	L + 8.25%
Reference Rate and Spread	[1],[2],[5],[17],[18]	8.25%				8.25%
Interest Rate Floor	[1],[2],[5],[17]	0.00%				0.00%
Interest Rate	[1],[2],[5],[17],[19]	13.79%				13.79%
Maturity Date	[1],[2],[5],[17]	Jul. 30, 2026				Jul. 30, 2026
Par Amount / Shares	[1],[2],[5],[17],[20]	$ 100
Cost	[1],[2],[4],[5],[17]	91
Fair Value	[1],[2],[5],[17]	$ 95
Percentage of Net Assets	[1],[2],[5],[17]	0.01%				0.01%
Investment, Identifier [Axis]: Investments Investments - non-controlled/non-affiliated Total Preferred Equity
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 30,713
Fair Value	[1],[2],[5]	$ 25,820
Percentage of Net Assets	[1],[2],[5]	3.69%				3.69%
Investment, Identifier [Axis]: Investments Investments Total Investments - non-controlled/non-affiliated
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 1,597,492
Fair Value	[1],[2],[5]	$ 1,572,769
Percentage of Net Assets	[1],[2],[5]	224.97%				224.97%
Investment, Identifier [Axis]: Media: Advertising, Printing & Publishing
Schedule of Investments [Line Items]
Cost	[6],[7],[8],[9]			$ 46,161
Fair Value	[6],[7],[9]			$ 45,100
Percentage of Net Assets	[6],[7],[9]			9.36%				9.36%
Investment, Identifier [Axis]: Portfolio Investments, Cash and Cash Equivalents
Schedule of Investments [Line Items]
Cost	[6],[7],[8],[9]			$ 1,067,683
Fair Value	[6],[7],[9]			$ 1,018,354
Percentage of Net Assets	[6],[7],[9]			211.34%				211.34%
Investment, Identifier [Axis]: Total Cash and Cash Equivalents
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 55,860
Fair Value	[1],[2],[5]	$ 55,860
Percentage of Net Assets	[1],[2],[5]	7.99%				7.99%
Investment, Identifier [Axis]: Total Portfolio Investments, Cash and Cash Equivalents
Schedule of Investments [Line Items]
Cost	[1],[2],[4],[5]	$ 1,653,352
Fair Value	[1],[2],[5]	$ 1,628,629
Percentage of Net Assets	[1],[2],[5]	232.96%				232.96%

[1] All debt and equity investments are 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] Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of June 30, 2023, $39,486 was held in FGTXX and had an average one year yield of 3.77%.

[4] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

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

[6] All debt and equity investments are income producing unless otherwise noted

[7] All investments are non-controlled/non-affiliated investments as defined by 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.

[8] Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred stock.

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

[10] Cash and Cash equivalents balance represents amounts held in cash and in the interest-bearing money market fund - Goldman Sachs Financial Square Government Fund (FGTXX). As of December 31, 2022, $26,891 was held in FGTXX and had an average one year yield of 1.59%.

[11] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Board of Directors of the Company (the “Board”) (see Note 2 and Note 6), pursuant to the Company’s valuation policy.

[12] 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. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted): Investments—non-controlled/non-affiliated   Commitment Type   Commitment
Expiration Date   Unfunded
Commitment     Fair
Value   First and Second Lien Debt                     Candle Media Co Ltd   Delayed Draw   6/18/2027   $ 1,280     $ (63 ) Chromalloy Holdings LLC   Revolver   11/23/2027     4,615       (182 ) Faraday Buyer, LLC   Delayed Draw   10/11/2028     3,167       (45 ) LJ Perimeter Buyer, Inc   Delayed Draw   10/31/2028     5,538       (76 ) Natural Partners, Inc.   Revolver   3/15/2028     2,813       (94 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)   Delayed Draw   8/16/2027     4,704       (134 ) Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)   Revolver   8/16/2027     3,136       (113 ) Total Unfunded Commitments           $ 25,253     $ (707 )

[13] These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's, as defined below (see Note 7), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.

[14] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Board (see Note 2 and Note 6), pursuant to the Company’s valuation policy.

[15] Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate” (“LIBOR”, or “LIBO Rate”) (denoted as “L”), Canadian Dollar Offered Rate (“CDOR”) (denoted as “C”) or Secured Overnight Financing Rate (“SOFR”) (denoted as "S") and generally reset 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, 2022.

[16] 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. See below for more information on the Company’s unfunded commitments (all commitments are first lien, unless otherwise noted):

[17] These debt investments are not pledged as collateral under any of the Company's credit facilities. For other debt investments that are pledged to the Company's (see Note 7), credit facilities, a single investment may be divided into parts that are individually pledged as collateral to our credit facilities.

[18] Variable rate loans to the portfolio companies are indexed to the London Interbank Offered Rate (“LIBOR” or “LIBO Rate”) (denoted as “L”), Canadian Dollar Offered Rate (“CDOR”) (denoted as “C”) or Secured Overnight Financing Rate (“SOFR”) (denoted as “S”) and generally reset periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2023.

[19] 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 June 30, 2023.

[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 formerly known as (fka) Cobham Holdings Inc.

[22] Portfolio company formerly known as (fka) Management Consulting Research, LLC.

[23] 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 June 30, 2023, qualifying assets represented approximately 76.7% of total assets as calculated in accordance with regulatory requirements

[24] The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”). Portfolio companies domiciled in a foreign country are not “qualifying assets” under Section 55(a) of the 1940 Act.

[25] 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, 2022, qualifying assets represented approximately 80.8% of total assets as calculated in accordance with regulatory requirements.

[26] The portfolio company is domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different jurisdiction than the domicile of the portfolio company. Foreign countries include Canada (denoted as “CN”), Luxembourg (denoted as “LU”), Spain (denoted as “ES”) and the United Kingdom (denoted as “UK”).

[27] 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, 2022.

[28] 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.

[29] Investment was on non-accrual status as of June 30, 2023, meaning that the Company has ceased recognizing interest income on these investments. As of June 30, 2023, debt investments on non-accrual status represented 0.7% and 0.3% of total investments on an amortized cost basis and fair value basis, respectively.

[30] Investment was on non-accrual status as of December 31, 2022, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2022, debt investments on non-accrual status represented 1.1% and 0.4% of total investments on an amortized cost basis and fair value basis, respectively.

XML

Consolidated Schedule of Investments (Unaudited) (Derivatives) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts
Schedule of Investments [Line Items]
Fair Value	$ 382	$ (336)
% of Net Assets	0.00%	(0.10%)	0.00%	0.00%	(0.10%)	(0.10%)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date July 14, 2023
Schedule of Investments [Line Items]
Settlement Date	Jul. 14, 2023
Amount Purchased	$ 98,563
Amount Sold			$ 130,222
Fair Value	$ 222
% of Net Assets	0.00%		0.00%	0.00%
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Schedule of Investments [Line Items]
Settlement Date		Mar. 15, 2023
Amount Purchased		$ 13,574
Amount Sold | €						€ 12,688
Fair Value		$ (78)
% of Net Assets		0.00%			0.00%	0.00%
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Three - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Schedule of Investments [Line Items]
Settlement Date		Mar. 15, 2023
Amount Purchased					$ 3,151
Amount Sold		$ 2,336
Fair Value		$ (6)
% of Net Assets		0.00%			0.00%	0.00%
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date July 14, 2023
Schedule of Investments [Line Items]
Settlement Date	Jul. 14, 2023
Amount Purchased	$ 18,837
Amount Sold | £				£ 14,705
Fair Value	$ 160
% of Net Assets	0.00%		0.00%	0.00%
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Schedule of Investments [Line Items]
Settlement Date		Mar. 15, 2023
Amount Purchased		$ 43,460
Amount Sold					$ 59,121
Fair Value		$ (252)
% of Net Assets		(0.10%)			(0.10%)	(0.10%)

XML

Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Percentage of non-qualifying assets to total assets	70.00%	70.00%
Percentage of qualifying assets to total assets	76.70%	80.80%
Percentage of investments on an amortized cost basis	0.70%	1.10%
Percentage of investments on fair value basis	0.30%	0.40%
Money Market Fund
Schedule of Investments [Line Items]
Interest earning income	$ 39,486	$ 26,891
Average yield	3.77%	1.59%
Controlled
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	25.00%	25.00%
Non-controlled
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	25.00%	25.00%
Non-affiliated
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	5.00%	5.00%
Affiliated
Schedule of Investments [Line Items]
Percentage of outstanding voting securities owned	5.00%	5.00%

XML

Consolidated Schedule of Investments (Unaudited) ( Unfunded Commitments) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Unfunded Commitment	$ 57,400	$ 25,253
Fair Value	$ (1,102)	$ (707)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 10/3/2024
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 03, 2024
Unfunded Commitment	$ 7,775
Fair Value	$ (81)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/2026
Schedule of Investments [Line Items]
Commitment Expiration Date	Jul. 01, 2026
Unfunded Commitment	$ 6,250
Fair Value	$ (159)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Candle Media Co Ltd Commitment Type Delayed Draw Commitment Expiration Date 6/18/2027
Schedule of Investments [Line Items]
Commitment Expiration Date		Jun. 18, 2027
Unfunded Commitment		$ 1,280
Fair Value		$ (63)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Chromalloy Holdings LLC Commitment Type Revolver Commitment Expiration Date 11/23/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Nov. 23, 2027	Nov. 23, 2027
Unfunded Commitment	$ 4,615	$ 4,615
Fair Value	$ (135)	$ (182)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt DFS Holding Company Commitment Type Delayed Draw Commitment Expiration Date 1/31/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	Jan. 31, 2029
Unfunded Commitment	$ 4,615
Fair Value	$ (60)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 10/11/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 11, 2028	Oct. 11, 2028
Unfunded Commitment	$ 741	$ 3,167
Fair Value	$ (6)	$ (45)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Jan. 09, 2028
Unfunded Commitment	$ 5,250
Fair Value	$ (143)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt LJ Perimeter Buyer, Inc Commitment Type Delayed Draw Commitment Expiration Date 10/31/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 31, 2028	Oct. 31, 2028
Unfunded Commitment	$ 3,042	$ 5,538
Fair Value	$ (10)	$ (76)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	May 03, 2029
Unfunded Commitment	$ 7,125
Fair Value	$ (150)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Momentive Global Commitment Type Revolver Commitment Expiration Date 5/31/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	May 31, 2029
Unfunded Commitment	$ 5,714
Fair Value	$ (113)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Nov. 29, 2027
Unfunded Commitment	$ 2,814
Fair Value	$ (44)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/2028
Schedule of Investments [Line Items]
Commitment Expiration Date		Mar. 15, 2028
Unfunded Commitment		$ 2,813
Fair Value		$ (94)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 8/16/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Aug. 16, 2027	Aug. 16, 2027
Unfunded Commitment	$ 4,704	$ 4,704
Fair Value	$ (74)	$ (134)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Aug. 16, 2027	Aug. 16, 2027
Unfunded Commitment	$ 1,792	$ 3,136
Fair Value	(42)	(113)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Total Unfunded Commitments
Schedule of Investments [Line Items]
Unfunded Commitment	57,400	25,253
Fair Value	$ (1,102)	$ (707)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Wood Mackenzie, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Feb. 01, 2028
Unfunded Commitment	$ 2,963
Fair Value	$ (85)

XML

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 37,643	$ (17,956)	$ 62,030	$ (13,366)

XML

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

XML

Insider Trading Policies and Procedures	6 Months Ended
	Jun. 30, 2023
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

XML

Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

MSD Investment Corp. (together with its consolidated subsidiaries, the “Company”) was originally established as a Delaware limited liability company on February 18, 2021, converted to a Maryland limited liability company named MSD Investment, LLC on October 22, 2021 and converted into a Maryland corporation (the “Corporate Conversion”) effective January 1, 2022, pursuant to Articles of Conversion filed on December 28, 2021. In connection with the Corporate Conversion the Company changed its name from “MSD Investment, LLC” to “MSD Investment Corp.” As a result of the Corporate Conversion, the issued and outstanding equity interests of MSD Investment, LLC were converted into a corresponding number of shares of common stock, par value $0.001 per share, of the Company (the “Shares,” and each a “Share”), and each holder of equity interests of MSD Investment, LLC became a shareholder of the Company (collectively the “Shareholders”). The Company is structured as an externally managed, non-diversified closed-end investment company. On December 29, 2021, 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 intends to elect, and to qualify annually thereafter, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

On January 1, 2023, the Adviser completed the previously announced business combination with BDT & Company Holdings, L.P. (the “Transaction”), and its subsidiaries, which includes BDT Capital Partners, LLC (“BDT Capital”), an SEC-registered investment adviser, and BDT & MSD Partners, LLC, an SEC registered broker-dealer and member of the Financial Industry Regulatory Authority (“FINRA”). Upon the closing of the Transaction, BDT & Company Holdings, L.P. was renamed BDT & MSD Holdings, L.P. (“BDT”) and BDT, and its subsidiaries, became affiliates of the Adviser and the Company.

The Company’s investment objective is to invest in a broad range of portfolio companies, primarily through senior secured loans and notes where we believe the probability of losses are limited and the opportunity to generate attractive risk adjusted returns is maximized. The Adviser (as defined below) expects to execute this strategy by continuing its long history of leveraging its network to source and diligence what it believes to be attractive opportunities across a broad range of industries. The strategy will be executed by a team of experienced investment professionals who have more than a 20-year history of successfully deploying capital in both liquid and illiquid investments.

The Company previously entered into an investment advisory agreement (the “Original Advisory Agreement”) with MSD Partners, L.P., a Delaware limited partnership (the “Adviser”), under which the Adviser provided certain investment advisory and management services to the Company. Additionally, the Company entered into an administrative services agreement (the “Original Administration Agreement”) with MSD Partners, L.P. (in this capacity, the “Administrator” and, collectively with its role as the Adviser “MSD”) under which the Administrator provided certain administrative and other services necessary for the Company to operate.

Effective January 1, 2023, the Company entered into a new investment advisory agreement (the “Advisory Agreement”), by and between the Company and the Adviser, and a new administrative agreement (the “Administration Agreement” and together with the Advisory Agreement, the “New Agreements”), by and between the Company and the Administrator. The terms of the New Agreements are substantially identical to those of the Original Advisory Agreement and Original Administrative Agreement, except that the reimbursement required to be made to the Administrator by the Company pursuant to the Administration Agreement will be capped such that the amounts will not exceed 0.15% of total gross assets of the Company in any one calendar year.

MSD BDC SPV I, LLC (“SPV I”) is a Delaware limited liability company formed on June 14, 2021 and commenced operations on December 21, 2021, the date the first investment transaction closed. SPV I’s investment objectives are the same as the Company. MSD BDC SPV I, LLC (“SPV II” and together with SPV I, the “SPVs”) is a Delaware limited liability company formed on January 4, 2023 and commenced operations on March 31, 2023. The SPVs are wholly owned subsidiaries of the Company and are consolidated in these consolidated financial statements, in accordance with the Company’s consolidation policy discussed in Note 2 Significant Accounting Policies.

The Company may from time to time conduct a private offering (each a “Private Offering”) of its Shares (i) to accredited investors, as defined in Regulation D under the Securities Act of 1933, as amended (the “1933 Act”), and (ii) in the case of Shares sold outside the United States, to persons that are not “U.S. persons,” as defined in Regulation S under the 1933 Act, in reliance on exemptions from the registration requirements of the 1933 Act. At each closing of the Private Offering, each investor makes a capital commitment (“Capital Commitments”) to purchase Shares pursuant to a subscription agreement entered into with the Company. Investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their Capital Commitments on an as-needed basis each time the Company delivers a notice to investors.

The first closing date of a Private Offering (the “Initial Closing Date”) took place on December 21, 2021. Additional closings are expected to occur from time to time as determined by the Company (each, a “Subsequent Closing”), and the final such closing (the “Final Closing”) will occur no later than the fifth anniversary of the Initial Closing Date, subject to a one-year extension at the discretion of the Board of Directors of the Company (the “Board”) (the “Commitment Period”). The proceeds received at the Initial Closing Date were used to acquire the initial portfolio of the Company from several funds managed by the Adviser or its affiliates prior to the Corporate Conversion. Following the Initial Closing Date, proceeds from the sale of Shares in Subsequent Closings were used to acquire investments in accordance with the Company’s investment guidelines and for other permitted purposes.

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Accounting principles generally accepted in the United States (“U.S. GAAP”) for an investment company requires investments to be recorded at fair value.

The accompanying consolidated financial statements and related financial information have been prepared in accordance U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

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 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted Cash

Restricted cash consists of cash collateral that has been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown 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. 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.

Valuation of Investments

The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurement and Disclosures (“ASC 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below:

•Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

•Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined by the Board. Such determination of fair values may involve subjective judgments and estimates, although the Company will also

engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Adviser and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process, as described below:

•Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•Agreed upon valuation recommendations are presented to the audit committee of the Board (the “Audit Committee”);

•At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

•The Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the Audit Committee.

The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements. The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions.

All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments.

The determination of fair value involves subjective judgements and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market quotation, the fair value of investments may differ materially from the values that would have been determined had a readily available market quotation existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market quotation in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company.

Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. New Rule 2a-5 under the 1940 Act (“Rule 2a-5”) established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits (but does not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Adviser as the valuation designee as of June 30, 2023, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii)

purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments

Derivative instruments solely consist of foreign currency forward contracts. All derivative instruments as assets or liabilities are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the consolidated statements of operations.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased 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 received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period.

The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the consolidated statement of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible.

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount 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. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company.

Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares.

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect, and to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to 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 consolidated financial statements of the Company.

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” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years.

The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both June 30, 2023 and December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three and six months ended June 30, 2023 and 2022, the Company did not incur any interest or penalties.

Prior to the Corporate Conversion, the Company was treated as a partnership for U.S. tax purposes and incurred no U.S. federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements.

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update 2021-01 (“ASU 2021-01”), Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2021-01 was effective for all entities through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update 2022-06 (“ASU 2022-06“) to defer the sunset date of ASC 848 until December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has evaluated and will continue to evaluate the adoption of ASU 2021-01 and has determined it has no material impact on its consolidated financial statements at this time.

XML

Agreements and Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 3. Agreements and Related Party Transactions

Initial Portfolio Acquisition

Commencing on the Initial Closing Date and concluding prior to the Company's election to be regulated as a BDC, the Company completed its purchase of a portfolio of investments (the “Initial Portfolio”) pursuant to agreements entered into with several funds managed by the Adviser (the “Initial Portfolio Acquisition”). Subsequent to the Initial Portfolio Acquisition the Company elected to be regulated as a BDC.

Investment Advisory Agreement

On November 24, 2021, the Company entered into the Original Advisory Agreement with the Adviser. Effective January 1, 2023, the Company entered into the Advisory Agreement. The terms of the Advisory Agreement are substantially identical to those of the Original Advisory Agreement. Pursuant to the Advisory Agreement the Adviser is responsible for managing the investment and reinvestment of the assets of the Company, subject to the supervision of the Board, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s registration statement on Form 10. The Adviser is also responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring its investments and portfolio companies on an ongoing basis. For its services, the Adviser is entitled to receive a base management fee and an incentive fee as set forth in the Advisory Agreement.

The Advisory Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by the vote of a majority of the Board, in accordance with the requirements of the 1940 Act, or by the Adviser. Additionally, the Advisory Agreement will automatically terminate in event

of an assignment. Unless earlier terminated, the Advisory Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Board who are not “interested persons” as defined in section 2(a)(19) of the 1940 Act (each an “Independent Director”) and (ii) the Board or the holders of a majority of the Company's outstanding voting securities.

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

The Company pays the Adviser a fee for its services under the Advisory Agreement consisting of two components: a management fee (the “Management Fee”) and an incentive fee (the “Incentive Fee”). The cost of both the Management Fee and the Incentive Fee will ultimately be borne by the Shareholders.

Management Fee

The Management Fee is payable quarterly in arrears and shall be calculated as follows:

•Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing”), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters.

•Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).

For purposes of the Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with U.S. GAAP, including assets purchased with borrowed amounts. For avoidance of a doubt total assets does not include any undrawn Capital Commitments. For the first calendar quarter in which the Company had operations, gross assets were measured as the average of gross assets at the Initial Drawdown Date and at the end of such first calendar quarter. The Management Fee will be appropriately adjusted for any share issuances or repurchases during the applicable period. If an Exchange Listing occurs on a date other than the first day of a calendar quarter, the management fee will be calculated for such calendar quarter at a weighted rate calculated based on the fee rates applicable before and after the Exchange Listing based on the number of days in such calendar quarter before and after the Exchange Listing.

Incentive Fees

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”), each as described below:

The Company pays the Income-Based Fee with respect to the pre-incentive fee net investment income in each calendar quarter as follows:

•No income-based incentive fee if the Company’s pre-incentive fee net investment income, expressed as a return on the value of our net assets at the end of the immediately preceding calendar quarter, does not exceed the hurdle rate of 1.5%;

•100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.77% (7.06% annualized) of the value of the Company’s net assets at the beginning of each applicable calendar quarter. This “catch-up” portion is meant to provide the Adviser with approximately 15% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if the “catch-up” is achieved; and

•15% of the Company’s pre-incentive fee net investment income, if any, that exceeds the rate of return of 1.77% (7.06% annualized).

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

The Capital Gains Fee will be determined and payable in arrears as of the end of each calendar year in an amount equal to 15% of realized capital gains, if any, on a cumulative basis from inception through the end of each 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 capital gain incentive fees as calculated in accordance with U.S. GAAP. The Company will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Company were to sell the relevant investment and realize a capital gain.

Administration Agreement

On November 24, 2021, the Company entered into the Original Administration Agreement with the Administrator. Under the terms of the Administration Agreement, the Administrator provides, or oversees the performance of, administrative and compliance services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring (including diligence and oversight of the Company’s other service providers), preparing reports to Shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Board, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services. The Administrator may also offer to provide, on the Company’s behalf, managerial assistance to the Company’s portfolio companies. The terms of the Administration Agreement are substantially similar to the Original Administration Agreement, except that the reimbursements required to be made to the Administrator by the Company will be capped such that the amounts will not exceed an amount of 0.15% of the total gross assets of the Company in any one calendar year. Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and provides clerical, bookkeeping, recordkeeping and other administrative services at such facilities.

The Administration Agreement may be terminated at any time, without the payment of any penalty upon 60 days' written notice, by a vote of the outstanding voting securities of the Company, by the vote of a majority of the Board, or by the Administrator. Unless earlier terminated, the Administration Agreement will remain in effect for a period of two years from January 1, 2023 and will remain in effect year to year thereafter if approved annually (i) by a majority of the Independent Directors and (ii) the Board or the holders of a majority of the Company's outstanding voting securities

For providing these services, the Company will reimburse the Administrator for its costs, expenses and allocable portion of overhead (including rent, office equipment and utilities) and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, including but not limited to: (i) the Company’s chief compliance officer, chief financial officer and their respective staffs; (ii) investor relations, legal, information technology, operations and other non-investment professionals at the Administrator that perform duties for the Company; and (iii) any internal audit group personnel of MSD or any of its affiliates, subject to the limitations described in the Administration Agreement.

Co-Investment Transactions Exemptive Relief

The Company was granted an SEC exemptive order, which grants the Company exemptive relief permitting the Company, subject to the satisfaction of specific conditions and requirements, to co-invest in privately negotiated investment transactions with certain affiliates of the Adviser.

License Agreement

The Company has entered into a license agreement (the “License Agreement”), pursuant to which the Adviser has granted the Company a non-exclusive license to use the name “MSD.” Under the License Agreement, the Company has a right to use the MSD name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “MSD” name or logo.

The following table presents the related party fees, expenses and transactions for the three and six months ended June 30, 2023 and 2022:

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Related Party	Source Agreement & Description	2023		2022		2023		2022
	Consolidated statement of operations:
Adviser	Advisory Agreement - management fees	$	2,604	$	1,456	$	4,630	$	2,784
Adviser	Advisory Agreement - income based incentive fee		4,255		1,505		7,285		2,794
Adviser	Advisory Agreement - board of directors' fees		78		77		155		135
Adviser	Advisory Agreement - capital gains incentive fee		—		—		—		(256	)
Administrator	Administration Agreement - administration expense		492		290		1,040		703

XML

Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. Investments

The composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023							December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	1,338,507	$	1,328,721		84.48	%	$	774,611	$	748,545		76.25	%
Second lien debt		228,272		218,228		13.88			227,937		210,926		21.48
Preferred equity		30,713		25,820		1.64			28,519		22,267		2.27
Total investments	$	1,597,492	$	1,572,769		100.00	%	$	1,031,067	$	981,738		100.00	%

The industry composition of investments at fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Aerospace & Defense		7.69	%		7.04	%
Automobile		0.15			0.20
Beverage, Food & Tobacco		1.37			1.92
Capital Equipment		3.41			5.16
Chemicals, Plastics & Rubber		2.58			3.91
Consumer goods: Durable		0.90			—
Consumer goods: Non-durable		3.74			5.47
Energy: Oil & Gas		7.54			7.03
Healthcare & Pharmaceuticals		5.91			9.01
High Tech Industries		4.56			3.39
Hotel, Gaming & Leisure		4.83			6.58
Media: Advertising, Printing & Publishing		7.85			4.60
Media: Diversified & Production		5.85			9.21
Metals & Mining		—			0.32
Retail		3.41			2.33
Services: Business		14.61			12.90
Services: Consumer		10.67			16.62
Telecommunications		7.81			2.14
Transportation: Cargo		3.75			—
Wholesale		3.37			2.17
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,402,214	$	1,379,312		87.70	%		197.30	%
Canada		91,037		90,548		5.76			12.95
Luxembourg		83,337		81,994		5.21			11.73
United Kingdom		20,904		20,915		1.33			2.99
Total	$	1,597,492	$	1,572,769		100.00	%		224.97	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	915,615	$	871,550		88.78	%		180.88	%
Canada		46,666		44,014		4.48			9.13
Luxembourg		51,305		50,273		5.12			10.43
Spain		14,764		13,917		1.42			2.89
United Kingdom		2,717		1,984		0.20			0.41
Total	$	1,031,067	$	981,738		100.00	%		203.74	%

As of both June 30, 2023 and December 31, 2022, one investment in the portfolio was on non-accrual status.

As of June 30, 2023, on a fair value basis, approximately 92.1% of our performing debt investments bore interest at a floating rate and approximately 7.9% of our performing debt investments bore interest at a fixed rate.

As of December 31, 2022, on a fair value basis, approximately 87.7% of our performing debt investments bore interest at a floating rate and approximately 12.3% of our performing debt investments bore interest at a fixed rate.

XML

Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 5. Derivative Instruments

The Company may enter into foreign currency forward contracts from time to time to facilitate the settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated

forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; we attempt to limit counterparty risk by only dealing with well-known counterparties and those that it believes have the financial resources to honor their obligations. The foreign currency forward contracts open at the end of the period are generally indicative of the volume of activity during the period.

The following tables present the open foreign currency forward contracts as of June 30, 2023 and December 31, 2022:

June 30, 2023
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CAD	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 130,222	$	98,563	$	98,341	$	222
GBP	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		GBP 14,705		18,837		18,677		160
Total						$	117,400	$	117,018	$	382

December 31, 2022
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement			Notional Value at Period End			Fair Value
EUR	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International	€	12,688	$	13,574		$	13,652		$	(78	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 59,121		43,460			43,712			(252	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD (3,151)		(2,336	)		(2,330	)		(6	)
Total						$	54,698		$	55,034		$	(336	)

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three and six months ended June 30, 2023:

	Statement Location	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
Net realized gains (losses)
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(4,239	)	$	(3,633	)
Net change in unrealized appreciation (depreciation)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		1,962			717
Net realized and unrealized gains on foreign currency forward contracts		$	(2,277	)	$	(2,916	)

There was no net realized or unrealized gains or losses on derivative instruments for the three and six months ended June 30, 2022.

For derivatives traded under an International Swaps and Derivatives Association Master Agreement (“ISDA Master Agreement”), the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Company or the counterparty. Cash collateral that has been pledged, if any, to cover obligations of the Company and cash collateral received from the counterparty, if any, is reported on the consolidated statements of assets and liabilities as collateral deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Company from a counterparty are not fully collateralized, the Company bears the risk of loss from counterparty non-performance.

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of June 30, 2023 and December 31, 2022:

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities		Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
June 30, 2023	Goldman Sachs International	$	382	$	—	$	—	$	382

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities			Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
December 31, 2022	Goldman Sachs International	$	—	$	(336	)	$	336	$	—

(1)Lesser of the amount pledged and the amount needed to offset the liability.

XML

Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6. Fair Value Measurements

The following tables present the fair value hierarchy of financial instruments, as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:

	June 30, 2023
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	489,435		$	839,286		$	1,328,721
Second lien debt		—			85,488			132,740			218,228
Preferred equity		—			—			25,820			25,820
Cash and cash equivalents		55,860			—			—			55,860
Total Portfolio Investments, Cash and Cash Equivalents	$	55,860		$	574,923		$	997,846		$	1,628,629
Percentage of total		3.43	%		35.30	%		61.27	%		100.00	%
Foreign currency forward contracts	$	—		$	382		$	—		$	—

	December 31, 2022
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	254,386		$	494,159		$	748,545
Second lien debt		—			15,239			195,687			210,926
Preferred equity		—			—			22,267			22,267
Cash and cash equivalents		36,616			—			—			36,616
Total Portfolio Investments, Cash and Cash Equivalents	$	36,616		$	269,625		$	712,113		$	1,018,354
Percentage of total		3.60	%		26.48	%		69.93	%		100.00	%
Foreign currency forward contracts	$	—		$	(336	)	$	—		$	—

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt		Preferred Equity			Total Investments
Fair value, beginning of period	$	635,646		$	127,677	$	23,156		$	786,479
Purchase of investments (including PIK)		234,211			89		972			235,272
Proceeds from principal repayments and sales of investments		(35,733	)		—		—			(35,733	)
Amortization of premium/accretion of discount, net		948			41		(3	)		986
Net realized gain (loss) on investments		212			—		—			212
Net change in unrealized appreciation (depreciation) on investments		6,659			4,933		1,695			13,287
Transfers out of Level 3 (1)		(2,657	)		—		—			(2,657	)
Fair value, end of period	$	839,286		$	132,740	$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	6,659		$	4,933	$	1,695		$	13,287

	For the Six Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	494,159		$	195,687		$	22,267		$	712,113
Purchase of investments (including PIK)		447,058			89			2,415			449,562
Proceeds from principal repayments and sales of investments		(70,138	)		—			(214	)		(70,352	)
Amortization of premium/accretion of discount, net		1,770			139			(6	)		1,903
Net realized gain (loss) on investments		(470	)		—			(1	)		(471	)
Net change in unrealized appreciation (depreciation) on investments		9,681			5,075			1,359			16,115
Transfers out of Level 3 (1)		(42,774	)		(68,250	)		—			(111,024	)
Fair value, end of period	$	839,286		$	132,740		$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	8,833		$	5,075		$	1,359		$	15,267

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2023 one and five investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was increased to two or more independent pricing services. For the three and six months ended June 30, 2023 there were no investments transferred from Level 2 to Level 3, as valuation coverage on level 2 investments did not drop below two independent pricing services.

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2022.

	For the Three Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of period	$	315,906		$	97,508		$	25,116		$	438,530
Purchase of investments (including PIK)		21,591			18,111.00			854			40,556
Proceeds from principal repayments and sales of investments		(44,459	)		—			—			(44,459	)
Amortization of premium/accretion of discount, net		432			45			2			479
Net realized gain (loss) on investments		972			—			—			972
Net change in unrealized appreciation (depreciation) on investments		(3,502	)		(4,350	)		(1,015	)		(8,867	)
Transfers out of Level 3 (1)		—			—			—			—
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2022	$	(3,762	)	$	(4,350	)	$	(1,015	)	$	(9,127	)

	For the Six Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	269,162		$	133,447		$	24,697		$	427,306
Purchase of investments (including PIK)		79,219			18,112			1,672			99,003
Proceeds from principal repayments and sales of investments		(52,152	)		(37,763	)		—			(89,915	)
Amortization of premium/accretion of discount, net		892			80			13			985
Net realized gain (loss) on investments		1,057			2,630			—			3,687
Net change in unrealized appreciation (depreciation) on investments		(4,463	)		(5,192	)		(1,425	)		(11,080	)
Transfers out of Level 3 (1)		(2,775	)		—			—			(2,775	)
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized depreciation on non-controlled/non-affiliated company investments still held at June 30, 2022		(4,568	)		(5,819	)		(1,425	)		(11,812	)

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was not reduced to one or less independent pricing service.

(2)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 2 to Level 3, as valuation coverage was not reduced to one or less independent pricing service.

The Company generally employs the Income Based Approach (as described below) to estimate the fair value of the investment. Additionally, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company or any applicable collateral, in order to evaluate coverage of the Company’s debt investment.

Income Based Approach: The Company may use a discounted cash flow analysis to estimate the fair value of the investment, specifically the yield method. Projected cash flows represent the relevant investment’s contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment as well as changes in company specific factors. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement.

Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing cash flow (typically EBITDA or revenue, or the relevant industry metric) multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company multiples to the portfolio company’s latest twelve month EBITDA, revenue or other applicable metric to calculate the enterprise value of the portfolio company. The Company may also consider projected multiples in the assessment if applicable.

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2023 and December 31, 2022, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	637,632	Market Yield Analysis	Market Yield Discount Rates		10.31	%		18.38	%		12.20	%
		172,029	Recent Transaction	Transaction Price	n/a			n/a				—
		809,661
Second lien debt		132,740	Market Yield Analysis	Market Yield Discount Rates		10.84	%		15.77	%		12.96	%
Preferred equity		25,820	Market Yield Analysis	Market Yield Discount Rates		9.00	%		20.49	%		17.70	%
			Black-Scholes	Volatility		31.80	%		31.80	%		31.80	%
Total	$	968,221

	December 31, 2022
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	408,366	Market Yield Analysis	Market Yield Discount Rates		10.48	%		24.98	%		14.09	%
		13,917	Recent Transaction	Transaction Price		100.00			100.00			100.00
		422,283
Second lien debt		127,437	Market Yield Analysis	Market Yield Discount Rates		13.24	%		15.87	%		14.49	%
		127,437
Preferred equity		22,267	Market Yield Analysis	Market Yield Discount Rates		17.11	%		20.52	%		18.81	%
Total	$	571,987

(1)The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of June 30, 2023 and December 31, 2022, the Company had investments of this nature measured at fair value totaling $29.6 million and $140.1 million, respectively.

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

Financial Instruments Disclosed, But Not Carried at Fair Value

Debt

The fair value of the Company’s credit facilities, which would be categorized as Level 3 within the fair value hierarchy, as of both June 30, 2023 and December 31, 2022, respectively, approximates their carrying value as the credit facilities have variable interest based on selected short-term rates.

Other

The carrying amounts of the Company’s assets and liabilities, other than investments at fair value and debt, approximate fair value. These financial instruments are categorized as Level 3 within the fair value hierarchy.

XML

Borrowings

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Note 7. Borrowings

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing if certain requirements are met.

The Company’s outstanding debt obligations as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	485,000	$	481,140	$	—	12/21/2026
Subscription facility		200,000		185,000		184,755		15,000	12/21/2023
Loan repurchase obligations		129,215		129,215		129,215		—	Various (3)
Total	$	814,215	$	799,215	$	795,110	$	15,000

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	392,000	$	387,590	$	93,000	12/21/2026
Subscription facility		200,000		145,000		144,499		55,000	12/21/2023
Total	$	685,000	$	537,000	$	532,089	$	148,000

(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs.

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

(3)Loan repurchase obligations entered into with Macquarie have a term of 90 days, with an option for repayment as early as 45 days. As of June 30, 2023, the remaining contractual maturities were between 53-87 days.

The components of interest expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	13,014		$	3,878		$	23,952		$	6,098
Unused/undrawn fees		11			108			42			366
Administration fees		307			250			602			500
Amortization of deferred financing costs		405			379			806			754
Total interest expense	$	13,737		$	4,615		$	25,402		$	7,718
Average borrowings	$	703,794		$	473,902		$	669,231		$	426,473
Weighted average interest rate (1)		7.58	%		3.58	%		7.35	%		3.27	%
Amortization of financing costs		0.23	%		0.32	%		0.24	%		0.35	%
Total borrowing costs		7.81	%		3.90	%		7.59	%		3.62	%

(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.

Description of the Company's Credit Facilities

SPV I Facility

On December 21, 2021, SPV I, the Company’s wholly-owned subsidiary, entered into a senior secured revolving credit facility with Deutsche Bank AG, New York Branch (“DB”), which was subsequently amended on November 21, 2022 and December 16, 2022 (the “SPV I Facility”). DB serves as facility agent, U.S. Bank National Association, serves as collateral agent and collateral custodian and the Company serves as servicer under the SPV I Facility.

As of the amendment on November 21, 2022 advances under the SPV I Facility bear interest at a per annum rate equal to the three-month SOFR in effect, plus the applicable margin of 2.41% per annum, inclusive of a credit spread adjustment (“CSA”) of 0.26%, with a SOFR floor of 0.25%. SPV I pays a commitment fee of 0.25% per annum (or 0.50% per annum if borrowings are less than 75% of the commitment amount) on the average daily unused amount of the financing commitments until the third anniversary of the SPV I Facility. Additionally, SPV I pays DB an administrative agent fee 0.25% of the total commitment amount for serving as facility agent.

Prior to the amendment on November 21, 2022, Advances under the SPV I Facility bore interest at a per annum rate equal to the three-month LIBOR in effect, plus the applicable margin of 2.15% per annum with a LIBOR floor of 0.25%. The commitment fee and the administrative agent fee were unchanged.

In connection with the amendment on December 16, 2022, the maximum commitment amount of the SPV I Facility increased from $400 million to $485 million. Proceeds from borrowings under the SPV I Facility are used to fund portfolio investments by SPV I. The period during which SPV I may make borrowings under the SPV I Facility expires on December 31, 2024 and the SPV I Facility is scheduled to mature on December 21, 2026.

As of both June 30, 2023 and December 31, 2022, respectively, the Company was in compliance with all covenants associate with the SPV I Facility.

Subscription Facility

On December 21, 2021, the Company entered into a senior secured revolving credit facility (the “Subscription Facility”) with Bank of America, N.A. (“BAML”). BAML serves as administrative agent and lender.

The Subscription Facility provides for secured borrowings of up to $200 million. The maximum principal amount is subject to availability under the Subscription Facility, which is based on certain of the Company’s unfunded investor equity capital commitments, and restrictions imposed on borrowings under the 1940 Act. The Subscription Facility provides for the issuance of letters of credit on behalf of the Company in an aggregate face amount not to exceed $40 million. Proceeds from the borrowings under the Subscription Facility are used for general corporate purposes of the Company and its subsidiaries in the ordinary course of business. On December 21, 2022, the Subscription Facility’s maturity date was extended from December 21, 2022 to December 21, 2023.

Advances under the Subscription Facility generally bear interest at a per annum rate equal to the daily Bloomberg Short-Term Bank Yield Index (“BSBY”) rate in effect, plus the applicable margin of 2.00% per annum. The Company pays a commitment fee of 0.25% per annum on the average daily unused amount of the financing commitments.

As of both June 30, 2023 and December 31, 2022, respectively, the Company was in compliance with all covenants associated with the Subscription Facility.

Repurchase Obligations

In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie Bank Limited (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”).

In accordance with ASC Topic 860, Transfers and Servicing, these Macquarie Transactions meet the criteria for secured borrowings. Accordingly, the investment financed by the Macquarie Transaction remains on the Company’s Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Macquarie (the “Repurchase Obligation”). The Repurchase Obligation is secured by the respective investment that is the subject of the repurchase agreement.

As of June 30, 2023, the Company had outstanding Repurchase Obligations of $129.2 million associated with repurchase agreements that were entered into on May 24, May 30, and June 26, 2023. Such Repurchase Obligations are collateralized by the Company’s term loans to Momentive Global and Inmar Inc., in addition to a portion of the Company’s term loan holdings in Maxar Technologies Inc, and Boasso Global. Interest under these Repurchase Obligations is calculated at the inception of each repurchase agreement, as the 3 month SOFR rate in effect, plus the applicable margin of 3.50%. As of June 30, 2023, the remaining contractual maturities of the repurchase agreements were between 53-87 days.

XML

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 8. Commitments and Contingencies

Portfolio Company Commitments

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s consolidated statement of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitments consisted of the following:

June 30, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Boasso Global	Delayed Draw	10/3/2024	$	7,775	$	(81	)
Boasso Global	Revolver	7/1/2026		6,250		(159	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(135	)
DFS Holding Company	Delayed Draw	1/31/2029		4,615		(60	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		741		(6	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		5,250		(143	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		3,042		(10	)
Maxar Technologies Inc.	Revolver	5/3/2029		7,125		(150	)
Momentive Global	Revolver	5/31/2029		5,714		(113	)
Natural Partners, Inc.	Revolver	11/29/2027		2,814		(44	)
Systems Planning and Analysis, Inc.	Delayed Draw	8/16/2027		4,704		(74	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		1,792		(42	)
Wood Mackenzie, Inc.	Revolver	2/1/2028		2,963		(85	)
Total Unfunded Commitments			$	57,400	$	(1,102	)

December 31, 2022
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Candle Media Co Ltd	Delayed Draw	6/18/2027	$	1,280	$	(63	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(182	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		3,167		(45	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		5,538		(76	)
Natural Partners, Inc.	Revolver	3/15/2028		2,813		(94	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Delayed Draw	8/16/2027		4,704		(134	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Revolver	8/16/2027		3,136		(113	)
Total Unfunded Commitments			$	25,253	$	(707	)

Other Commitments and Contingencies

From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. At both June 30, 2023 and December 31, 2022, management was not aware of any pending or threatened material litigation.

XML

Net Assets

6 Months Ended

Jun. 30, 2023

Net Assets [Abstract]

Net Assets

Note 9. Net Assets

Subscriptions and Drawdowns

The Company has the authority to issue up to 100 million shares. Through its Private Offerings the Company will from time to time enter into subscription agreements (the “Subscription Agreements”) with investors. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice. As of June 30, 2023, the Company had received Capital Commitments totaling $1.2 billion ($585.2 million remaining undrawn), all of which were from affiliates of the Adviser.

The following table summarizes the total shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of June 30, 2023:

Share Issuance Date	Number of Shares Issued		Aggregate Offering Proceeds
December 21, 2021		12,000,000	$	299,988
June 23, 2022		2,509,410	$	60,000
September 21, 2022		2,787,307	$	65,000
December 29, 2022		2,991,256	$	65,000
March 8, 2023		2,601,909	$	60,000
April 21, 2023		4,446,421	$	100,000
Total		27,336,303	$	649,988

Distributions

The Company declared the following distributions for the six months ended June 30, 2023 and 2022:

			Regular		Special		Per Share
Date Declared	Record Date	Payment Date	Distribution		Distribution		Amount		Total Amount
For Calendar Year 2023
March 13, 2023	March 29, 2023	April 17, 2023	$	0.65	$	—	$	0.65	$	16,073
June 21, 2023	June 21, 2023	June 28, 2023	$	0.65	$	—	$	0.65	$	19,378
							$	1.30	$	35,451
For Calendar Year 2022
March 30, 2022	March 31, 2022	April 15, 2022	$	0.57	$	0.03	$	0.60	$	7,200
June 28, 2022	June 29, 2022	July 15, 2022	$	0.57	$	0.06	$	0.63	$	9,321
							$	1.23	$	16,521

Dividend 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 net asset value (“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 DRP. Shares issued under the DRP will not reduce outstanding Capital Commitments.

The following table summarizes the DRP shares issued to shareholders who have “opted in” to the DRP as of June 30, 2023 and the value of such shares as of the payment dates:

Payment Date	DRP Shares Value		DRP Shares Issued
April 15, 2022	$	7,200		286,055
July 15, 2022	$	9,321		373,593
October 17, 2022	$	8,646		377,076
December 30, 2022	$	18,056		801,437
April 17, 2023	$	13,892		637,800
June 28, 2023	$	16,789		754,571
	$	73,904		3,230,532

XML

Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 10. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share during the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2023		2022			2023		2022
Net increase in net assets resulting from operations	$	37,643	$	(17,956	)	$	62,030	$	(13,366	)
Weighted average shares outstanding		28,704,071		12,448,297			25,780,058		12,226,612
Earnings per share	$	1.31	$	(1.44	)	$	2.41	$	(1.09	)

XML

Financial Highlights

6 Months Ended

Jun. 30, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 11. Financial Highlights

The following are the financial highlights for the six months ended June 30, 2023 and 2022:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:
Net assets, beginning of period	$	21.78		$	25.17
Net investment income (1)		1.60			1.32
Net realized gain (loss) (1)		(0.18	)		0.28
Net change in unrealized appreciation (depreciation) (2)		1.00			(2.61	)
Net increase in net assets resulting from operations		2.42			(1.01	)
Distributions declared from net investment income (3)		(1.30	)		(1.23	)
Issuance of shares		(0.03	)		—
Total increase (decrease) in net assets		1.09			(2.24	)
Net assets, end of period	$	22.87		$	22.93
Shares outstanding, end of period		30,566,835			14,795,465
Total return based on NAV (4)		11.30	%		(4.36	)%
Ratios:
Expenses to average net assets (5)		13.78	%		9.50	%
Net investment income to average net assets (5)		13.88	%		10.16	%
Portfolio turnover rate (6)		6.25	%		22.98	%
Supplemental Data:
Net assets, end of period	$	699,107		$	339,311
Total capital commitments, end of period	$	1,235,213		$	800,000
Ratios of total contributed capital to total committed capital, end of period		52.62	%		45.00	%
Average debt outstanding	$	669,231		$	426,473
Asset coverage ratio (7)		187.5	%		171.6	%

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

(2)For the six months ended June 30, 2023 and 2022 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

XML

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

The Company’s management evaluated subsequent events through the date of August 11, 2023, the date that the consolidated financial statements were issued.

On July 25, 2023, MSD Investment Corp. (the “Company”) delivered a capital drawdown notice to its stockholders relating to the sale of approximately 3,225,807 shares (the “Shares”) of the Company's common stock, par value $0.001 per share for an aggregate offering price of $75.0 million. The Shares were issued on August 8, 2023.

On August 3, 2023, our Board elected to designate the Adviser as the valuation designee in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4, effective September 30, 2023.

XML

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and adheres to the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Accounting principles generally accepted in the United States (“U.S. GAAP”) for an investment company requires investments to be recorded at fair value.

The accompanying consolidated financial statements and related financial information have been prepared in accordance U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X under the 1933 Act.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Basis of Consolidation

Basis of Consolidation

As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidates the results of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

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 90 days or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with financial institutions and, at times, these deposits may exceed the Federal Deposit Insurance Corporation insured limit.

Restricted Cash

Restricted Cash

Restricted cash consists of cash collateral that has been pledged to cover obligations of the Company according to its derivative contracts and demand deposits held at Goldman Sachs International, in addition to cash funded to escrow for prefunding deals. Management believes the credit risk related to its demand deposits is minimal.

Investments

Investments

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received from a sale or paydown 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. 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.

Receivables/Payables From Investments Sold/Purchased

Receivables/payables from investments sold/purchased consist of amounts receivable or payable by the Company for transactions that have not settled at the reporting date.

Valuation of Investments

Valuation of Investments

The Company measures the value of its investments in accordance with ASC Topic 820, Fair Value Measurement and Disclosures (“ASC 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. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels of fair value that prioritize and rank the level of observability of inputs used in determination of fair value. These levels are summarized below:

•Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives and money market/short-term investment funds are generally included in Level 1.

•Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. Investments generally included in this category less liquid and restricted securities listed in active markets, securities traded in markets that are not active, government and agency securities, and certain over-the-counter derivatives where the fair value is based on observable inputs.

•Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category include investments in privately-held entities, and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Company may transfer investments to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfer occurs. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Under procedures established by the Board, the Company intends to value investments for which market quotations are readily available at such market quotations. Assets listed on an exchange will be valued at their last sales prices as reported to the consolidated quotation service at 4:00 p.m. Eastern Time on the date of determination. If no such sales of such securities occurred, such securities will be valued at the bid price as reported by an independent, third-party pricing service on the date of determination. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined by the Board. Such determination of fair values may involve subjective judgments and estimates, although the Company will also

engage independent valuation providers to review the valuation of each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation at least once annually. With respect to unquoted securities, the Adviser, together with any independent valuation advisers, and subject to the oversight of the Board, will fair value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. The types of factors that may be considered in determining the fair values of investments include, but are not limited to, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings. The Company intends to retain one or more independent providers of financial advisory services to assist the Adviser and the Board by performing certain third-party valuation services. The Company may appoint additional or different third-party valuation firms in the future.

When an external event such as a purchase transaction, public offering or subsequent equity sale occurs with respect to a fair-valued portfolio company or comparable company, the Board will use the pricing indicated by the external event to corroborate and/or assist the Company in the valuation of such portfolio company. Because the Company expects that there will not be readily available market quotations for many of the investments in its portfolio, the Company expects to value many of its investments at fair value as determined in good faith by the board of directors using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market quotation, the fair value of the Company’s investments may differ significantly from the values that would have been used had readily available market quotations existed for such investments, and the differences could be material.

On a quarterly basis, with respect to investments for which market quotations are not readily available, the Adviser will undertake a multi-step valuation process, as described below:

•Securities for which no market prices are readily available or reliable will be reviewed as part of the valuation process and preliminarily fair valued based on our estimate, or an independent third party’s estimate, of the fair value as of the date of determination, and provided to the Adviser’s valuation committee;

•Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee;

•Agreed upon valuation recommendations are presented to the audit committee of the Board (the “Audit Committee”);

•At least once annually, the valuation for each investment that constitutes a material portion of the Company’s portfolio and that does not have a readily available market quotation will be reviewed by an independent valuation firm; and

•The Board will then discuss valuations and determine the fair value of each investment in the Company’s portfolio in good faith, based on the input of the Adviser, the respective independent valuation firms and the Audit Committee.

The Company utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Company’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 6. Fair Value Measurements. The unobservable inputs and assumptions may differ by asset and in the application of the Company's valuation methodologies. The reported fair value estimates could vary materially if the Company had chosen to incorporate different unobservable inputs and assumptions.

All values assigned to investments by the procedures established by the Board will be binding on all Company investors. When pricing of the Company’s Shares is necessary outside of the normal quarterly process, the Adviser will, among other things, review whether, to its knowledge, significant events have occurred since the last quarterly valuation which might affect the fair value of any of the Company's portfolio investments.

The determination of fair value involves subjective judgements and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market quotation, the fair value of investments may differ materially from the values that would have been determined had a readily available market quotation existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Company was required to liquidate a portfolio investment that does not have a readily available market quotation in a forced or liquidation sale, the Company could realize significantly less value than the value recorded by the Company.

Securities and Exchange Commission Disclosure Update and Simplification

Securities and Exchange Commission (“SEC”) Disclosure Update and Simplification

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. New Rule 2a-5 under the 1940 Act (“Rule 2a-5”) established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits (but does not require) boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Adviser as the valuation designee as of June 30, 2023, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Foreign Currency Transactions

Foreign Currency Transactions

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii)

purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations in translation of assets and liabilities in foreign currencies on the consolidated statements of operations, if any. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Derivative Instruments

Derivative Instruments

Derivative instruments solely consist of foreign currency forward contracts. All derivative instruments as assets or liabilities are recognized at fair value in the consolidated financial statements. Foreign currency forward contracts are not designated as hedging instruments, and as a result, changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts are presented in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts on the consolidated statements of operations.

Revenue Recognition

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased 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 received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums are recorded as interest income in the current period.

The Company has investments in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the consolidated statement of operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized income is generally reversed through interest income. To maintain the Company’s status as a RIC after the Corporate Conversion, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Company has not yet collected cash.

If the portfolio company's valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Company will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Company determines it is not collectible.

Debt investments are generally placed on non-accrual status when interest payments are at least 90 days past due or there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount 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. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Dividend Income

Dividend income on preferred equity securities is recorded on the 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 securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses and Offering Expenses

Organization Expenses and Offering Expenses

Costs associated with the organization of the Company were expensed on the Company's consolidated statement of operations as incurred. These expenses consist primarily of legal fees and other costs of forming and organizing the Company.

Costs associated with the offering of the Company’s Shares, and any additional expenses for other offerings, are capitalized and included in prepaid expenses and other assets on the consolidated statement of assets and liabilities and amortized over a twelve-month period beginning with the commencement of operations or the point in time when the cost was incurred if after the commencement of operations. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s Private Offering of its Shares.

Deferred Financing Costs and Debt Issuance Costs

Deferred Financing Costs and Debt Issuance Costs

Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Debt issuance costs are presented in the consolidated statement of assets and liabilities as a direct deduction of the debt liability to which the costs pertain.

Income Taxes

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company intends to elect, and to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to 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 consolidated financial statements of the Company.

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” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income.

The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years.

The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the Company to evaluate tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The Company’s tax returns are subject to tax examination by major taxing authorities for a period of three years from when they are filed. The Company is additionally not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded on the accompanying consolidated financial statements as of both June 30, 2023 and December 31, 2022. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the consolidated statement of operations. During the three and six months ended June 30, 2023 and 2022, the Company did not incur any interest or penalties.

Prior to the Corporate Conversion, the Company was treated as a partnership for U.S. tax purposes and incurred no U.S. federal, state, city, or foreign income tax liability on income earned during that period. Instead, each partner reported his or her share of the Company's income, capital gain/(loss) and credit on his or her own tax return. Consequently, no provision for income taxes had been recorded in the consolidated financial statements.

Distributions

Distributions

To the extent that the Company has taxable income available, the Company intends to make quarterly distributions to its Shareholders. Distributions to Shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company's earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update 2021-01 (“ASU 2021-01”), Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2021-01 was effective for all entities through December 31, 2022. On December 21, 2022, the FASB issued Accounting Standards Update 2022-06 (“ASU 2022-06“) to defer the sunset date of ASC 848 until December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has evaluated and will continue to evaluate the adoption of ASU 2021-01 and has determined it has no material impact on its consolidated financial statements at this time.

XML

Agreements and Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Related Party Fees, Expenses and Transactions

The following table presents the related party fees, expenses and transactions for the three and six months ended June 30, 2023 and 2022:

		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Related Party	Source Agreement & Description	2023		2022		2023		2022
	Consolidated statement of operations:
Adviser	Advisory Agreement - management fees	$	2,604	$	1,456	$	4,630	$	2,784
Adviser	Advisory Agreement - income based incentive fee		4,255		1,505		7,285		2,794
Adviser	Advisory Agreement - board of directors' fees		78		77		155		135
Adviser	Advisory Agreement - capital gains incentive fee		—		—		—		(256	)
Administrator	Administration Agreement - administration expense		492		290		1,040		703

XML

Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Portfolio at Amortized Cost and Fair Value

The composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023							December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	1,338,507	$	1,328,721		84.48	%	$	774,611	$	748,545		76.25	%
Second lien debt		228,272		218,228		13.88			227,937		210,926		21.48
Preferred equity		30,713		25,820		1.64			28,519		22,267		2.27
Total investments	$	1,597,492	$	1,572,769		100.00	%	$	1,031,067	$	981,738		100.00	%

Schedule of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Aerospace & Defense		7.69	%		7.04	%
Automobile		0.15			0.20
Beverage, Food & Tobacco		1.37			1.92
Capital Equipment		3.41			5.16
Chemicals, Plastics & Rubber		2.58			3.91
Consumer goods: Durable		0.90			—
Consumer goods: Non-durable		3.74			5.47
Energy: Oil & Gas		7.54			7.03
Healthcare & Pharmaceuticals		5.91			9.01
High Tech Industries		4.56			3.39
Hotel, Gaming & Leisure		4.83			6.58
Media: Advertising, Printing & Publishing		7.85			4.60
Media: Diversified & Production		5.85			9.21
Metals & Mining		—			0.32
Retail		3.41			2.33
Services: Business		14.61			12.90
Services: Consumer		10.67			16.62
Telecommunications		7.81			2.14
Transportation: Cargo		3.75			—
Wholesale		3.37			2.17
Total		100.00	%		100.00	%

Schedule of Geographic Composition of Investments at Cost and Fair Value

The geographic composition of investments at cost and fair value as of June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	1,402,214	$	1,379,312		87.70	%		197.30	%
Canada		91,037		90,548		5.76			12.95
Luxembourg		83,337		81,994		5.21			11.73
United Kingdom		20,904		20,915		1.33			2.99
Total	$	1,597,492	$	1,572,769		100.00	%		224.97	%

	December 31, 2022
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	915,615	$	871,550		88.78	%		180.88	%
Canada		46,666		44,014		4.48			9.13
Luxembourg		51,305		50,273		5.12			10.43
Spain		14,764		13,917		1.42			2.89
United Kingdom		2,717		1,984		0.20			0.41
Total	$	1,031,067	$	981,738		100.00	%		203.74	%

XML

Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Open Foreign Currency Forward Contracts

The following tables present the open foreign currency forward contracts as of June 30, 2023 and December 31, 2022:

June 30, 2023
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
CAD	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 130,222	$	98,563	$	98,341	$	222
GBP	July 14, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		GBP 14,705		18,837		18,677		160
Total						$	117,400	$	117,018	$	382

December 31, 2022
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement			Notional Value at Period End			Fair Value
EUR	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International	€	12,688	$	13,574		$	13,652		$	(78	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD 59,121		43,460			43,712			(252	)
CAD	March 15, 2023	Unrealized depreciation on foreign currency forward contracts	Goldman Sachs International		CAD (3,151)		(2,336	)		(2,330	)		(6	)
Total						$	54,698		$	55,034		$	(336	)

Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments

The following table presents the net realized and unrealized gains and losses on derivative instruments recorded for the three and six months ended June 30, 2023:

	Statement Location	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
Net realized gains (losses)
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(4,239	)	$	(3,633	)
Net change in unrealized appreciation (depreciation)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		1,962			717
Net realized and unrealized gains on foreign currency forward contracts		$	(2,277	)	$	(2,916	)

Derivative Assets and Liabilities by Counterparty, Net of Amounts Available for Offset Under Master Netting Agreement or Similar Arrangement, and Net of Related Collateral Received for Assets or Pledged for Liabilities

The following table presents the derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received for assets or pledged for liabilities as of June 30, 2023 and December 31, 2022:

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities		Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
June 30, 2023	Goldman Sachs International	$	382	$	—	$	—	$	382

As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities			Collateral Pledged (1)		Net position of Derivative Assets, Liabilities and Pledged Collateral
December 31, 2022	Goldman Sachs International	$	—	$	(336	)	$	336	$	—

(1)Lesser of the amount pledged and the amount needed to offset the liability.

XML

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy of Financial Instruments

The following tables present the fair value hierarchy of financial instruments, as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies:

	June 30, 2023
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	489,435		$	839,286		$	1,328,721
Second lien debt		—			85,488			132,740			218,228
Preferred equity		—			—			25,820			25,820
Cash and cash equivalents		55,860			—			—			55,860
Total Portfolio Investments, Cash and Cash Equivalents	$	55,860		$	574,923		$	997,846		$	1,628,629
Percentage of total		3.43	%		35.30	%		61.27	%		100.00	%
Foreign currency forward contracts	$	—		$	382		$	—		$	—

	December 31, 2022
	Level 1			Level 2			Level 3			Total
First lien debt	$	—		$	254,386		$	494,159		$	748,545
Second lien debt		—			15,239			195,687			210,926
Preferred equity		—			—			22,267			22,267
Cash and cash equivalents		36,616			—			—			36,616
Total Portfolio Investments, Cash and Cash Equivalents	$	36,616		$	269,625		$	712,113		$	1,018,354
Percentage of total		3.60	%		26.48	%		69.93	%		100.00	%
Foreign currency forward contracts	$	—		$	(336	)	$	—		$	—

Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2023:

	Three Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt		Preferred Equity			Total Investments
Fair value, beginning of period	$	635,646		$	127,677	$	23,156		$	786,479
Purchase of investments (including PIK)		234,211			89		972			235,272
Proceeds from principal repayments and sales of investments		(35,733	)		—		—			(35,733	)
Amortization of premium/accretion of discount, net		948			41		(3	)		986
Net realized gain (loss) on investments		212			—		—			212
Net change in unrealized appreciation (depreciation) on investments		6,659			4,933		1,695			13,287
Transfers out of Level 3 (1)		(2,657	)		—		—			(2,657	)
Fair value, end of period	$	839,286		$	132,740	$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	6,659		$	4,933	$	1,695		$	13,287

	For the Six Months Ended June 30, 2023
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	494,159		$	195,687		$	22,267		$	712,113
Purchase of investments (including PIK)		447,058			89			2,415			449,562
Proceeds from principal repayments and sales of investments		(70,138	)		—			(214	)		(70,352	)
Amortization of premium/accretion of discount, net		1,770			139			(6	)		1,903
Net realized gain (loss) on investments		(470	)		—			(1	)		(471	)
Net change in unrealized appreciation (depreciation) on investments		9,681			5,075			1,359			16,115
Transfers out of Level 3 (1)		(42,774	)		(68,250	)		—			(111,024	)
Fair value, end of period	$	839,286		$	132,740		$	25,820		$	997,846
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2023	$	8,833		$	5,075		$	1,359		$	15,267

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2023 one and five investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was increased to two or more independent pricing services. For the three and six months ended June 30, 2023 there were no investments transferred from Level 2 to Level 3, as valuation coverage on level 2 investments did not drop below two independent pricing services.

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine the fair value for the three and six months ended June 30, 2022.

	For the Three Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of period	$	315,906		$	97,508		$	25,116		$	438,530
Purchase of investments (including PIK)		21,591			18,111.00			854			40,556
Proceeds from principal repayments and sales of investments		(44,459	)		—			—			(44,459	)
Amortization of premium/accretion of discount, net		432			45			2			479
Net realized gain (loss) on investments		972			—			—			972
Net change in unrealized appreciation (depreciation) on investments		(3,502	)		(4,350	)		(1,015	)		(8,867	)
Transfers out of Level 3 (1)		—			—			—			—
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at June 30, 2022	$	(3,762	)	$	(4,350	)	$	(1,015	)	$	(9,127	)

	For the Six Months Ended June 30, 2022
	First Lien Debt			Second Lien Debt			Preferred Equity			Total Investments
Fair value, beginning of year	$	269,162		$	133,447		$	24,697		$	427,306
Purchase of investments (including PIK)		79,219			18,112			1,672			99,003
Proceeds from principal repayments and sales of investments		(52,152	)		(37,763	)		—			(89,915	)
Amortization of premium/accretion of discount, net		892			80			13			985
Net realized gain (loss) on investments		1,057			2,630			—			3,687
Net change in unrealized appreciation (depreciation) on investments		(4,463	)		(5,192	)		(1,425	)		(11,080	)
Transfers out of Level 3 (1)		(2,775	)		—			—			(2,775	)
Transfers to Level 3 (2)		2,726			33,425			—			36,151
Fair value, end of period	$	293,666		$	144,739		$	24,957		$	463,362
Net change in unrealized depreciation on non-controlled/non-affiliated company investments still held at June 30, 2022		(4,568	)		(5,819	)		(1,425	)		(11,812	)

(1)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 3 to Level 2, as valuation coverage was not reduced to one or less independent pricing service.

(2)Transfers are done at the value of the investment at the beginning of the period. For the three and six months ended June 30, 2022 zero and one investments, respectively, were transferred from Level 2 to Level 3, as valuation coverage was not reduced to one or less independent pricing service.

Summary of Quantitative Information about Significant Unobservable Inputs of 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 June 30, 2023 and December 31, 2022, respectively. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2023
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	637,632	Market Yield Analysis	Market Yield Discount Rates		10.31	%		18.38	%		12.20	%
		172,029	Recent Transaction	Transaction Price	n/a			n/a				—
		809,661
Second lien debt		132,740	Market Yield Analysis	Market Yield Discount Rates		10.84	%		15.77	%		12.96	%
Preferred equity		25,820	Market Yield Analysis	Market Yield Discount Rates		9.00	%		20.49	%		17.70	%
			Black-Scholes	Volatility		31.80	%		31.80	%		31.80	%
Total	$	968,221

	December 31, 2022
					Range
	Fair Value		Valuation Technique	Unobservable Input (1)	Low			High			Weighted Average (2)
First lien debt	$	408,366	Market Yield Analysis	Market Yield Discount Rates		10.48	%		24.98	%		14.09	%
		13,917	Recent Transaction	Transaction Price		100.00			100.00			100.00
		422,283
Second lien debt		127,437	Market Yield Analysis	Market Yield Discount Rates		13.24	%		15.87	%		14.49	%
		127,437
Preferred equity		22,267	Market Yield Analysis	Market Yield Discount Rates		17.11	%		20.52	%		18.81	%
Total	$	571,987

(1)The Company generally uses prices provided by an independent pricing service, or directly from an independent broker, which are indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by the Adviser in conjunction with additional information compiled by it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of June 30, 2023 and December 31, 2022, the Company had investments of this nature measured at fair value totaling $29.6 million and $140.1 million, respectively.

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

XML

Borrowings (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt Obligations

The Company’s outstanding debt obligations as of June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	485,000	$	481,140	$	—	12/21/2026
Subscription facility		200,000		185,000		184,755		15,000	12/21/2023
Loan repurchase obligations		129,215		129,215		129,215		—	Various (3)
Total	$	814,215	$	799,215	$	795,110	$	15,000

	December 31, 2022
	Aggregate Principal Committed		Outstanding Principal		Carrying Value (1)		Unused Portion (2)		Maturity Date
SPV I facility	$	485,000	$	392,000	$	387,590	$	93,000	12/21/2026
Subscription facility		200,000		145,000		144,499		55,000	12/21/2023
Total	$	685,000	$	537,000	$	532,089	$	148,000

(1)Carrying value is equal to outstanding principal amount net of unamortized financing costs.

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

(3)Loan repurchase obligations entered into with Macquarie have a term of 90 days, with an option for repayment as early as 45 days. As of June 30, 2023, the remaining contractual maturities were between 53-87 days.

Schedule of Components of Interest Expense

The components of interest expense for the three and six months ended June 30, 2023 and 2022 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Stated interest expense	$	13,014		$	3,878		$	23,952		$	6,098
Unused/undrawn fees		11			108			42			366
Administration fees		307			250			602			500
Amortization of deferred financing costs		405			379			806			754
Total interest expense	$	13,737		$	4,615		$	25,402		$	7,718
Average borrowings	$	703,794		$	473,902		$	669,231		$	426,473
Weighted average interest rate (1)		7.58	%		3.58	%		7.35	%		3.27	%
Amortization of financing costs		0.23	%		0.32	%		0.24	%		0.35	%
Total borrowing costs		7.81	%		3.90	%		7.59	%		3.62	%

(1)Calculated as the amount of the sum of stated interest expense, unused/undrawn fees, and administration fees all divided by the average borrowings during the reporting period. This number represents an annualized amount.

XML

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Unfunded Commitments

As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitments consisted of the following:

June 30, 2023
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Boasso Global	Delayed Draw	10/3/2024	$	7,775	$	(81	)
Boasso Global	Revolver	7/1/2026		6,250		(159	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(135	)
DFS Holding Company	Delayed Draw	1/31/2029		4,615		(60	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		741		(6	)
Frontgrade Technologies Inc.	Revolver	1/9/2028		5,250		(143	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		3,042		(10	)
Maxar Technologies Inc.	Revolver	5/3/2029		7,125		(150	)
Momentive Global	Revolver	5/31/2029		5,714		(113	)
Natural Partners, Inc.	Revolver	11/29/2027		2,814		(44	)
Systems Planning and Analysis, Inc.	Delayed Draw	8/16/2027		4,704		(74	)
Systems Planning and Analysis, Inc.	Revolver	8/16/2027		1,792		(42	)
Wood Mackenzie, Inc.	Revolver	2/1/2028		2,963		(85	)
Total Unfunded Commitments			$	57,400	$	(1,102	)

December 31, 2022
Investments—non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First and Second Lien Debt
Candle Media Co Ltd	Delayed Draw	6/18/2027	$	1,280	$	(63	)
Chromalloy Holdings LLC	Revolver	11/23/2027		4,615		(182	)
Faraday Buyer, LLC	Delayed Draw	10/11/2028		3,167		(45	)
LJ Perimeter Buyer, Inc	Delayed Draw	10/31/2028		5,538		(76	)
Natural Partners, Inc.	Revolver	3/15/2028		2,813		(94	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Delayed Draw	8/16/2027		4,704		(134	)
Systems Planning and Analysis, Inc. (fka Management Consulting & Research LLC)	Revolver	8/16/2027		3,136		(113	)
Total Unfunded Commitments			$	25,253	$	(707	)

XML

Net Assets (Tables)

6 Months Ended

Jun. 30, 2023

Net Assets [Abstract]

Summary of Total Shares Issued and Proceeds Received Related to Capital Drawdowns Delivered

The following table summarizes the total shares issued and proceeds received related to the Company’s capital drawdowns delivered pursuant to the Subscription Agreements as of June 30, 2023:

Share Issuance Date	Number of Shares Issued		Aggregate Offering Proceeds
December 21, 2021		12,000,000	$	299,988
June 23, 2022		2,509,410	$	60,000
September 21, 2022		2,787,307	$	65,000
December 29, 2022		2,991,256	$	65,000
March 8, 2023		2,601,909	$	60,000
April 21, 2023		4,446,421	$	100,000
Total		27,336,303	$	649,988

Summary of Distributions Declared

The Company declared the following distributions for the six months ended June 30, 2023 and 2022:

			Regular		Special		Per Share
Date Declared	Record Date	Payment Date	Distribution		Distribution		Amount		Total Amount
For Calendar Year 2023
March 13, 2023	March 29, 2023	April 17, 2023	$	0.65	$	—	$	0.65	$	16,073
June 21, 2023	June 21, 2023	June 28, 2023	$	0.65	$	—	$	0.65	$	19,378
							$	1.30	$	35,451
For Calendar Year 2022
March 30, 2022	March 31, 2022	April 15, 2022	$	0.57	$	0.03	$	0.60	$	7,200
June 28, 2022	June 29, 2022	July 15, 2022	$	0.57	$	0.06	$	0.63	$	9,321
							$	1.23	$	16,521

Summary of Dividend Reinvestment Plan Shares Issued to Shareholders and Value of Such Shares

The following table summarizes the DRP shares issued to shareholders who have “opted in” to the DRP as of June 30, 2023 and the value of such shares as of the payment dates:

Payment Date	DRP Shares Value		DRP Shares Issued
April 15, 2022	$	7,200		286,055
July 15, 2022	$	9,321		373,593
October 17, 2022	$	8,646		377,076
December 30, 2022	$	18,056		801,437
April 17, 2023	$	13,892		637,800
June 28, 2023	$	16,789		754,571
	$	73,904		3,230,532

XML

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share during the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2023		2022			2023		2022
Net increase in net assets resulting from operations	$	37,643	$	(17,956	)	$	62,030	$	(13,366	)
Weighted average shares outstanding		28,704,071		12,448,297			25,780,058		12,226,612
Earnings per share	$	1.31	$	(1.44	)	$	2.41	$	(1.09	)

XML

Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Investment Company, Financial Highlights [Abstract]

Summary of Financial Highlights

The following are the financial highlights for the six months ended June 30, 2023 and 2022:

	For the Six Months Ended June 30,
	2023			2022
Per Share Data:
Net assets, beginning of period	$	21.78		$	25.17
Net investment income (1)		1.60			1.32
Net realized gain (loss) (1)		(0.18	)		0.28
Net change in unrealized appreciation (depreciation) (2)		1.00			(2.61	)
Net increase in net assets resulting from operations		2.42			(1.01	)
Distributions declared from net investment income (3)		(1.30	)		(1.23	)
Issuance of shares		(0.03	)		—
Total increase (decrease) in net assets		1.09			(2.24	)
Net assets, end of period	$	22.87		$	22.93
Shares outstanding, end of period		30,566,835			14,795,465
Total return based on NAV (4)		11.30	%		(4.36	)%
Ratios:
Expenses to average net assets (5)		13.78	%		9.50	%
Net investment income to average net assets (5)		13.88	%		10.16	%
Portfolio turnover rate (6)		6.25	%		22.98	%
Supplemental Data:
Net assets, end of period	$	699,107		$	339,311
Total capital commitments, end of period	$	1,235,213		$	800,000
Ratios of total contributed capital to total committed capital, end of period		52.62	%		45.00	%
Average debt outstanding	$	669,231		$	426,473
Asset coverage ratio (7)		187.5	%		171.6	%

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

(2)For the six months ended June 30, 2023 and 2022 the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)The per share data was derived using the actual shares outstanding at the date of the relevant transaction (See Note 9).

(4)Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)Amounts are annualized except for non-recurring income and expenses (other income, organization and offering expenses and incentive fees on capital gains).

(6)Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

XML

Organization - Additional Information (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jul. 25, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, par value	$ 0.001		$ 0.001
Administration Agreement
Class of Stock [Line Items]
Percentage of gross assets maximum to be considered on reimbursements to administrator	0.15%
Subsequent Event
Class of Stock [Line Items]
Common stock, par value		$ 0.001

XML

Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Accounting Policies [Abstract]
Income tax examination description	The Company is generally subject to a 4% nondeductible federal excise tax if it does not distribute to its shareholders in a timely manner in each taxable year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in prior years.
Income tax liability or expense	$ 0	$ 0
Unrecognized tax benefits income tax penalties and interest accrued	$ 0		$ 0

XML

Agreements and Related Party Transactions - Additional Information (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Percentage of management fee	0.1875%
Management fees, description		The Management Fee is payable quarterly in arrears and shall be calculated as follows:•Prior to an initial public offering of the Company’s common stock and/or listing on a nationally recognized stock exchange (an “Exchange Listing”), the Management Fee shall be calculated at a rate of 0.1875% per quarter (0.75% per annum) of the Company’s average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters. •Following an Exchange Listing, the Management Fee will be calculated at a rate of 0.3125% per quarter (1.25% per annum) of the Company's average gross asset value, excluding cash and cash equivalents, at the end of the Company's two most recently completed calendar quarters (or for the first quarter following an Exchange Listing, the average gross assets as of the date of the Exchange Listing and the end of such calendar quarter).
Incentive fee, description		The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income (the “Income-Based Fee”) and the other component is based on capital gains (the “Capital Gains Fee”)
Management Fee Second
Related Party Transaction [Line Items]
Percentage of management fee	0.3125%
Advisory Agreement
Related Party Transaction [Line Items]
Incentive fee, description		These calculations are prorated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter.
Percentage of pre-incentive fee net investment income to be paid based on hurdle rate and values of net assets		100.00%
Percentage of value of net assets to be considered quarterly for pre-incentive fee net investment income		1.77%
Percentage of value of net assets to be considered annually for pre-incentive fee net investment income		7.06%
Percentage of pre-incentive fee net investment income payable upon catch up threshold		15.00%
Percentage of pre-incentive fee net investment income to be paid if rate of return exceeds		15.00%
Percentage of rate of return to be considered quarterly for pre-incentive fee net investment income		1.77%
Percentage of rate of return to be considered annually for pre-incentive fee net investment income		7.06%
Capital gains incentive fee percent payable annually		15.00%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Percentage of hurdle rate		1.50%
Administration Agreement
Related Party Transaction [Line Items]
Percentage of gross assets maximum to be considered on reimbursements to administrator		0.15%
Termination notice period		60 days
Scenario Forecast
Related Party Transaction [Line Items]
Percentage of management fee			0.75%
Scenario Forecast | Management Fee Second
Related Party Transaction [Line Items]
Percentage of management fee			1.25%

XML

Agreements and Related Party Transactions - Schedule of Related Party Fees, Expenses and Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Management fees	$ 2,604	$ 1,456	$ 4,630	$ 2,784
Income based incentive fee	4,255	1,505	7,285	2,794
Board of directors' fees	78	77	155	135
Capital gains incentive fee				(256)
Administration expense	647	382	1,324	873
Adviser | Advisory Agreement
Related Party Transaction [Line Items]
Management fees	2,604	1,456	4,630	2,784
Income based incentive fee	4,255	1,505	7,285	2,794
Board of directors' fees	78	77	155	135
Capital gains incentive fee				(256)
Administrator | Administration Agreement
Related Party Transaction [Line Items]
Administration expense	$ 492	$ 290	$ 1,040	$ 703

XML

Investments - Schedule of Investment Portfolio at Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 1,597,492	$ 1,031,067
Fair Value	$ 1,572,769	$ 981,738
% of Total Investments at Fair Value	100.00%	100.00%
First Lien Debt
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 1,338,507	$ 774,611
Fair Value	$ 1,328,721	$ 748,545
% of Total Investments at Fair Value	84.48%	76.25%
Second Lien Debt
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 228,272	$ 227,937
Fair Value	$ 218,228	$ 210,926
% of Total Investments at Fair Value	13.88%	21.48%
Preferred Equity
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 30,713	$ 28,519
Fair Value	$ 25,820	$ 22,267
% of Total Investments at Fair Value	1.64%	2.27%

XML

Investments - Schedule of Industry Composition of Investments at Fair Value (Details)	Jun. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	100.00%	100.00%
Aerospace & Defense
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	7.69%	7.04%
Automobile
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	0.15%	0.20%
Beverage, Food & Tobacco
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	1.37%	1.92%
Capital Equipment
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	3.41%	5.16%
Chemicals, Plastics & Rubber
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	2.58%	3.91%
Consumer Goods: Durable
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	0.90%
Consumer Goods: Non-Durable
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	3.74%	5.47%
Energy: Oil & Gas
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	7.54%	7.03%
Healthcare & Pharmaceuticals
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	5.91%	9.01%
High Tech Industries
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	4.56%	3.39%
Hotel, Gaming & Leisure
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	4.83%	6.58%
Media: Advertising, Printing & Publishing
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	7.85%	4.60%
Media: Diversified & Production
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	5.85%	9.21%
Metals & Mining
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value		0.32%
Retail
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	3.41%	2.33%
Services: Business
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	14.61%	12.90%
Services: Consumer
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	10.67%	16.62%
Telecommunications
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	7.81%	2.14%
Transportation: Cargo
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	3.75%
Wholesale
Summary of Investment Holdings [Line Items]
Percentage of investments at fair value	3.37%	2.17%

XML

Investments - Schedule of Geographic Composition of Investments at Cost and Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 1,597,492	$ 1,031,067
Fair Value	$ 1,572,769	$ 981,738
% of Total Investments at Fair Value	100.00%	100.00%
Fair Value as % of Net Assets	224.97%	203.74%
UNITED STATES
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 1,402,214	$ 915,615
Fair Value	$ 1,379,312	$ 871,550
% of Total Investments at Fair Value	87.70%	88.78%
Fair Value as % of Net Assets	197.30%	180.88%
CANADA
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 91,037	$ 46,666
Fair Value	$ 90,548	$ 44,014
% of Total Investments at Fair Value	5.76%	4.48%
Fair Value as % of Net Assets	12.95%	9.13%
LUXEMBOURG
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 83,337	$ 51,305
Fair Value	$ 81,994	$ 50,273
% of Total Investments at Fair Value	5.21%	5.12%
Fair Value as % of Net Assets	11.73%	10.43%
SPAIN
Summary of Investment Holdings [Line Items]
Amortized Cost		$ 14,764
Fair Value		$ 13,917
% of Total Investments at Fair Value		1.42%
Fair Value as % of Net Assets		2.89%
UNITED KINGDOM
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 20,904	$ 2,717
Fair Value	$ 20,915	$ 1,984
% of Total Investments at Fair Value	1.33%	0.20%
Fair Value as % of Net Assets	2.99%	0.41%

XML

Investments - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Floating Rate
Summary of Investment Holdings [Line Items]
Percentage of performing debt investments	92.10%	87.70%
Fixed Rate
Summary of Investment Holdings [Line Items]
Percentage of performing debt investments	7.90%	12.30%

XML

Derivative Instruments - Schedule of Open Foreign Currency Forward Contracts (Details) € in Thousands, £ in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 CAD ($)	Dec. 31, 2022 EUR (€)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts
Derivative [Line Items]
Notional Value at Settlement	$ 117,400,000	$ 54,698,000
Notional Value at Period End	117,018,000	55,034,000
Fair Value	$ 382,000	$ (336,000)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date July 14, 2023
Derivative [Line Items]
Settlement Date	Jul. 14, 2023
Amount Transacted			$ 130,222
Notional Value at Settlement	$ 98,563,000
Notional Value at Period End	98,341,000
Fair Value	$ 222,000
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts One - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Derivative [Line Items]
Settlement Date		Mar. 15, 2023
Amount Transacted | €						€ 12,688
Notional Value at Settlement		$ 13,574,000
Notional Value at Period End		13,652,000
Fair Value		$ (78,000)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Three - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Derivative [Line Items]
Settlement Date		Mar. 15, 2023
Amount Transacted					$ (3,151)
Notional Value at Settlement		$ (2,336,000)
Notional Value at Period End		(2,330,000)
Fair Value		$ (6,000)
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date July 14, 2023
Derivative [Line Items]
Settlement Date	Jul. 14, 2023
Amount Transacted | £				£ 14,705
Notional Value at Settlement	$ 18,837,000
Notional Value at Period End	18,677,000
Fair Value	$ 160,000
Open Forward Foreign Currency Contract, Identifier [Axis]: Foreign Currency Forward Contracts Two - Derivative Counterparty Goldman Sachs International Settlement Date March 15, 2023
Derivative [Line Items]
Settlement Date		Mar. 15, 2023
Amount Transacted					$ 59,121
Notional Value at Settlement		$ 43,460,000
Notional Value at Period End		43,712,000
Fair Value		$ (252,000)

XML

Derivative Instruments - Schedule of Net Realized and Unrealized Gains and Losses on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative [Line Items]
Net realized gains (losses) on foreign currency forward contracts		$ 0	$ (3,633)	$ 0
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		$ 0		$ 0
Foreign Currency Forward Contracts
Derivative [Line Items]
Net realized gains (losses) on foreign currency forward contracts	$ (4,239)		(3,633)
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts	1,962		717
Net realized and unrealized gains on foreign currency forward contracts	$ (2,277)		$ (2,916)

XML

Derivative Instruments - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Net realized gains (losses) on derivatives	$ 0	$ (3,633)	$ 0
Net unrealized gains (losses) on derivatives	$ 0		$ 0

XML

Derivative Instruments - Derivative Assets and Liabilities by Counterparty, Net of Amounts Available for Offset Under Master Netting Agreement or Similar Arrangement, and Net of Related Collateral Received for Assets or Pledged for Liabilities (Details) - Goldman Sachs International - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Gross Derivative Assets in Statement of Assets and Liabilities	$ 382
Gross Derivative Liabilities in Statement of Assets and Liabilities		$ (336)
Collateral Pledged		$ 336
Net position of Derivative Assets, Liabilities and Pledged Collateral	$ 382

XML

Fair Value Measurements - Summary of Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments		$ 22,267
Total Portfolio Investments, Cash and Cash Equivalents	$ 1,628,629	$ 1,018,354
Percentage of total	100.00%	100.00%
First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	$ 1,328,721	$ 748,545
Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	218,228	210,926
Preferred Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	25,820
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	55,860	36,616
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments, Cash and Cash Equivalents	$ 55,860	$ 36,616
Percentage of total	3.43%	3.60%
Level 1 | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 55,860	$ 36,616
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments
Total Portfolio Investments, Cash and Cash Equivalents	$ 574,923	$ 269,625
Percentage of total	35.30%	26.48%
Foreign currency forward contracts	$ 382
Foreign currency forward contracts		$ (336)
Level 2 | First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	489,435	254,386
Level 2 | Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	85,488	15,239
Level 2 | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments		22,267
Total Portfolio Investments, Cash and Cash Equivalents	$ 997,846	$ 712,113
Percentage of total	61.27%	69.93%
Level 3 | First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	$ 839,286	$ 494,159
Level 3 | Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	132,740	195,687
Level 3 | Preferred Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Portfolio Investments	$ 25,820
Level 3 | Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents

XML

Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	$ 786,479	$ 438,530	$ 712,113	$ 427,306
Purchase of investments (including PIK)	235,272	40,556	449,562	99,003
Proceeds from principal repayments and sales of investments	(35,733)	(44,459)	(70,352)	(89,915)
Amortization of premium/accretion of discount, net	986	479	1,903	985
Net realized gain (loss) on investments	212	972	(471)	3,687
Net change in unrealized appreciation (depreciation) on investments	13,287	(8,867)	16,115	(11,080)
Transfers out of Level 3	(2,657)		(111,024)	(2,775)
Transfers to Level 3		36,151		36,151
Fair value, end of period	997,846	463,362	997,846	463,362
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments	13,287	(9,127)	15,267	(11,812)
First Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	635,646	315,906	494,159	269,162
Purchase of investments (including PIK)	234,211	21,591	447,058	79,219
Proceeds from principal repayments and sales of investments	(35,733)	(44,459)	(70,138)	(52,152)
Amortization of premium/accretion of discount, net	948	432	1,770	892
Net realized gain (loss) on investments	212	972	(470)	1,057
Net change in unrealized appreciation (depreciation) on investments	6,659	(3,502)	9,681	(4,463)
Transfers out of Level 3	(2,657)		(42,774)	(2,775)
Transfers to Level 3		2,726		2,726
Fair value, end of period	839,286	293,666	839,286	293,666
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments	6,659	(3,762)	8,833	(4,568)
Second Lien Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	127,677	97,508	195,687	133,447
Purchase of investments (including PIK)	89	18,111	89	18,112
Proceeds from principal repayments and sales of investments				37,763
Amortization of premium/accretion of discount, net	41	45	139	80
Net realized gain (loss) on investments				2,630
Net change in unrealized appreciation (depreciation) on investments	4,933	(4,350)	5,075	(5,192)
Transfers out of Level 3			(68,250)
Transfers to Level 3		33,425		33,425
Fair value, end of period	132,740	144,739	132,740	144,739
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments	4,933	(4,350)	5,075	(5,819)
Preferred Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, beginning of period	23,156	25,116	22,267	24,697
Purchase of investments (including PIK)	972	854	2,415	1,672
Proceeds from principal repayments and sales of investments			(214)
Amortization of premium/accretion of discount, net	(3)	2	(6)	13
Net realized gain (loss) on investments			(1)
Net change in unrealized appreciation (depreciation) on investments	1,695	(1,015)	1,359	(1,425)
Fair value, end of period	25,820	24,957	25,820	24,957
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments	$ 1,695	$ (1,015)	$ 1,359	$ (1,425)

XML

Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments for which Level 3 Inputs were used to Determine Fair Value (Parenthetical) (Details) - Investment	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Number of investments transferred from level 3 to level 2	1	0	5	1
Number of investments transferred from level 2 to level 3	0	0	0	1

XML

Fair Value Measurements - Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments (Details) - Level 3 $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 968,221
Market Yield Analysis | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value		$ 571,987
First Lien Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	809,661	422,283
First Lien Debt [Member] | Market Yield Analysis | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 637,632	$ 408,366
First Lien Debt [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	18.38	24.98
First Lien Debt [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	10.31	10.48
First Lien Debt [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	12.2	14.09
First Lien Debt [Member] | Recent Transaction | Transaction Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 172,029	$ 13,917
First Lien Debt [Member] | Recent Transaction | Maximum | Transaction Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range		100
First Lien Debt [Member] | Recent Transaction | Minimum | Transaction Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range		100
First Lien Debt [Member] | Recent Transaction | Weighted Average | Transaction Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range		100
Second Lien Debt [Member] | Market Yield Analysis | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 132,740	$ 127,437
Second Lien Debt [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	15.77	15.87
Second Lien Debt [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	10.84	13.24
Second Lien Debt [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	12.96	14.49
Preferred Equity [Member] | Market Yield Analysis | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value	$ 25,820	$ 22,267
Preferred Equity [Member] | Market Yield Analysis | Maximum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	20.49	20.52
Preferred Equity [Member] | Market Yield Analysis | Minimum | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	9	17.11
Preferred Equity [Member] | Market Yield Analysis | Weighted Average | Market Yield Discount Rates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	17.7	18.81
Preferred Equity [Member] | Black-Scholes | Maximum | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	31.8
Preferred Equity [Member] | Black-Scholes | Minimum | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	31.8
Preferred Equity [Member] | Black-Scholes | Weighted Average | Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range	31.8

XML

Fair Value Measurements - Summary of Quantitative Information about Significant Unobservable Inputs of Level 3 financial instruments (Parenthetical) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Independent Pricing Service, or Directly from Independent Broker
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments measured at fair value	$ 29.6	$ 140.1

XML

Borrowings - Schedule of Outstanding Debt Obligations (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Dec. 16, 2022	Dec. 15, 2022	Dec. 21, 2021
Debt Instrument [Line Items]
Aggregate principal committed	$ 814,215	$ 685,000
Outstanding principal	799,215	537,000
Carrying value	795,110	532,089
Unused portion	15,000	148,000
SPV I Facility
Debt Instrument [Line Items]
Aggregate principal committed	485,000	485,000	$ 485,000	$ 400,000
Outstanding principal	485,000	392,000
Carrying value	$ 481,140	387,590
Unused portion		$ 93,000
Maturity date	Dec. 21, 2026	Dec. 21, 2026
Subscription Facility
Debt Instrument [Line Items]
Aggregate principal committed	$ 200,000	$ 200,000			$ 200,000
Outstanding principal	185,000	145,000
Carrying value	184,755	144,499
Unused portion	$ 15,000	$ 55,000
Maturity date	Dec. 21, 2023	Dec. 21, 2023
Loan Repurchase Obligations
Debt Instrument [Line Items]
Aggregate principal committed	$ 129,215
Outstanding principal	129,215
Carrying value	$ 129,215

XML

Borrowings - Schedule of Outstanding Debt Obligations (Parenthetical) (Details) - Loan Repurchase Obligations - Macquarie Bank Limited	6 Months Ended
	Jun. 30, 2023
Debt Instrument [Line Items]
Repurchase term	90 days
Debt early repayment period	45 days
Minimum
Debt Instrument [Line Items]
Remaining contractual maturities	53 days
Maximum
Debt Instrument [Line Items]
Remaining contractual maturities	87 days

XML

Borrowings - Summary of Supplemental Cash Flow Information Relating to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Stated interest expense	$ 13,014	$ 3,878	$ 23,952	$ 6,098
Unused/undrawn fees	11	108	42	366
Administration Fees	307	250	602	500
Amortization of deferred financing costs	405	379	806	754
Total interest expense	13,737	4,615	25,402	7,718
Average borrowings	$ 703,794	$ 473,902	$ 669,231	$ 426,473
Weighted average interest rate	7.58%	3.58%	7.35%	3.27%
Amortization of financing costs	0.23%	0.32%	0.24%	0.35%
Total borrowing costs	7.81%	3.90%	7.59%	3.62%

XML

Borrowings - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 21, 2022	Nov. 20, 2022	Dec. 21, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 16, 2022	Dec. 15, 2022
Debt Instrument [Line Items]
Maximum commitment amount				$ 814,215		$ 814,215		$ 685,000
Aggregate face amount				703,794	$ 473,902	669,231	$ 426,473
Outstanding repurchase obligations				129,215		$ 129,215
SPV I Facility
Debt Instrument [Line Items]
Commitment fee	0.25%
Commitment fee description						0.50% per annum if borrowings are less than 75% of the commitment amount
Percentage of administrative agent fee	0.25%
Maximum commitment amount				485,000		$ 485,000		$ 485,000	$ 485,000	$ 400,000
Maturity date						Dec. 21, 2026		Dec. 21, 2026
Subscription Facility
Debt Instrument [Line Items]
Maximum commitment amount			$ 200,000	200,000		$ 200,000		$ 200,000
Maturity date						Dec. 21, 2023		Dec. 21, 2023
Aggregate face amount			$ 40,000
Macquarie Bank Limited | Repurchase Obligations
Debt Instrument [Line Items]
Outstanding repurchase obligations				$ 129,200		$ 129,200
SOFR | SPV I Facility
Debt Instrument [Line Items]
Basis spread on variable rate	2.41%
Debt Investment Interest Rate Floor	0.25%
3 Month SOFR | Macquarie Bank Limited | Repurchase Obligations
Debt Instrument [Line Items]
Basis spread on variable rate						3.50%
LIBOR | SPV I Facility
Debt Instrument [Line Items]
Basis spread on variable rate		2.15%
Debt Investment Interest Rate Floor		0.25%
BSBY | Subscription Facility
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Commitment fee			0.25%
Credit Spread Adjustment | SPV I Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.26%
Minimum | Macquarie Bank Limited | Repurchase Obligations
Debt Instrument [Line Items]
Repurchase agreements remaining contractual maturities						53 days
Maximum | Macquarie Bank Limited | Repurchase Obligations
Debt Instrument [Line Items]
Repurchase term						90 days
Repurchase agreements remaining contractual maturities						87 days

XML

Commitments and Contingencies - Summary of Unfunded Commitments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Unfunded Commitment	$ 57,400	$ 25,253
Fair Value	$ (1,102)	$ (707)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Boasso Global Commitment Type Delayed Draw Commitment Expiration Date 10/3/2024
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 03, 2024
Unfunded Commitment	$ 7,775
Fair Value	$ (81)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Boasso Global Commitment Type Revolver Commitment Expiration Date 7/1/2026
Schedule of Investments [Line Items]
Commitment Expiration Date	Jul. 01, 2026
Unfunded Commitment	$ 6,250
Fair Value	$ (159)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Candle Media Co Ltd Commitment Type Delayed Draw Commitment Expiration Date 6/18/2027
Schedule of Investments [Line Items]
Commitment Expiration Date		Jun. 18, 2027
Unfunded Commitment		$ 1,280
Fair Value		$ (63)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Chromalloy Holdings LLC Commitment Type Revolver Commitment Expiration Date 11/23/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Nov. 23, 2027	Nov. 23, 2027
Unfunded Commitment	$ 4,615	$ 4,615
Fair Value	$ (135)	$ (182)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt DFS Holding Company Commitment Type Delayed Draw Commitment Expiration Date 1/31/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	Jan. 31, 2029
Unfunded Commitment	$ 4,615
Fair Value	$ (60)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Faraday Buyer, LLC Commitment Type Delayed Draw Commitment Expiration Date 10/11/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 11, 2028	Oct. 11, 2028
Unfunded Commitment	$ 741	$ 3,167
Fair Value	$ (6)	$ (45)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Frontgrade Technologies Inc. Commitment Type Revolver Commitment Expiration Date 1/9/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Jan. 09, 2028
Unfunded Commitment	$ 5,250
Fair Value	$ (143)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt LJ Perimeter Buyer, Inc Commitment Type Delayed Draw Commitment Expiration Date 10/31/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Oct. 31, 2028	Oct. 31, 2028
Unfunded Commitment	$ 3,042	$ 5,538
Fair Value	$ (10)	$ (76)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Maxar Technologies Inc. Commitment Type Revolver Commitment Expiration Date 5/3/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	May 03, 2029
Unfunded Commitment	$ 7,125
Fair Value	$ (150)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Momentive Global Commitment Type Revolver Commitment Expiration Date 5/31/2029
Schedule of Investments [Line Items]
Commitment Expiration Date	May 31, 2029
Unfunded Commitment	$ 5,714
Fair Value	$ (113)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 11/29/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Nov. 29, 2027
Unfunded Commitment	$ 2,814
Fair Value	$ (44)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Natural Partners, Inc. Commitment Type Revolver Commitment Expiration Date 3/15/2028
Schedule of Investments [Line Items]
Commitment Expiration Date		Mar. 15, 2028
Unfunded Commitment		$ 2,813
Fair Value		$ (94)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Delayed Draw Commitment Expiration Date 8/16/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Aug. 16, 2027	Aug. 16, 2027
Unfunded Commitment	$ 4,704	$ 4,704
Fair Value	$ (74)	$ (134)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Systems Planning and Analysis, Inc. Commitment Type Revolver Commitment Expiration Date 8/16/2027
Schedule of Investments [Line Items]
Commitment Expiration Date	Aug. 16, 2027	Aug. 16, 2027
Unfunded Commitment	$ 1,792	$ 3,136
Fair Value	(42)	(113)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Total Unfunded Commitments
Schedule of Investments [Line Items]
Unfunded Commitment	57,400	25,253
Fair Value	$ (1,102)	$ (707)
Investment, Identifier [Axis]: Investments—non-controlled/non-affiliated First and Second Lien Debt Wood Mackenzie, Inc. Commitment Type Revolver Commitment Expiration Date 2/1/2028
Schedule of Investments [Line Items]
Commitment Expiration Date	Feb. 01, 2028
Unfunded Commitment	$ 2,963
Fair Value	$ (85)

XML

Net Assets - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Shares issued	100
Capital commitments	$ 1,235,213	$ 800,000
Subscription Agreements
Class of Stock [Line Items]
Capital commitments	1,200,000
Remaining undrawn capital commitments	$ 585,200

XML

Net Assets - Summary of Total Shares Issued and Proceeds Received Related to Capital Drawdowns Delivered (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Aggregate Offering Proceeds	$ 160,000	$ 60,000
Subscription Agreements
Debt Instrument [Line Items]
Number of Shares Issued	27,336,303
Aggregate Offering Proceeds	$ 649,988
Subscription Agreements | December 21, 2021
Debt Instrument [Line Items]
Share Issuance Date	Dec. 21, 2021
Number of Shares Issued	12,000,000
Aggregate Offering Proceeds	$ 299,988
Subscription Agreements | June 23, 2022
Debt Instrument [Line Items]
Share Issuance Date	Jun. 23, 2022
Number of Shares Issued	2,509,410
Aggregate Offering Proceeds	$ 60,000
Subscription Agreements | September 21, 2022
Debt Instrument [Line Items]
Share Issuance Date	Sep. 21, 2022
Number of Shares Issued	2,787,307
Aggregate Offering Proceeds	$ 65,000
Subscription Agreements | December 29, 2022
Debt Instrument [Line Items]
Share Issuance Date	Dec. 29, 2022
Number of Shares Issued	2,991,256
Aggregate Offering Proceeds	$ 65,000
Subscription Agreements | March 8, 2023
Debt Instrument [Line Items]
Share Issuance Date	Mar. 08, 2023
Number of Shares Issued	2,601,909
Aggregate Offering Proceeds	$ 60,000
Subscription Agreements | April 21, 2023
Debt Instrument [Line Items]
Share Issuance Date	Apr. 21, 2023
Number of Shares Issued	4,446,421
Aggregate Offering Proceeds	$ 100,000

XML

Net Assets - Summary of Distributions Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Dividends Payable [Line Items]
Per Share Amount	$ 1.3	$ 1.23
Distributions payable	$ 35,451	$ 16,521
March 13, 2023
Dividends Payable [Line Items]
Date Declared	Mar. 13, 2023
Record Date	Mar. 29, 2023
Payment Date	Apr. 17, 2023
Regular Distribution	$ 0.65
Per Share Amount	$ 0.65
Distributions payable	$ 16,073
June 21, 2023
Dividends Payable [Line Items]
Date Declared	Jun. 21, 2023
Record Date	Jun. 21, 2023
Payment Date	Jun. 28, 2023
Regular Distribution	$ 0.65
Per Share Amount	$ 0.65
Distributions payable	$ 19,378
March 30, 2022
Dividends Payable [Line Items]
Date Declared		Mar. 30, 2022
Record Date		Mar. 31, 2022
Payment Date		Apr. 15, 2022
Regular Distribution		$ 0.57
Special Distribution		0.03
Per Share Amount		$ 0.6
Distributions payable		$ 7,200
June 28, 2022
Dividends Payable [Line Items]
Date Declared		Jun. 28, 2022
Record Date		Jun. 29, 2022
Payment Date		Jul. 15, 2022
Regular Distribution		$ 0.57
Special Distribution		0.06
Per Share Amount		$ 0.63
Distributions payable		$ 9,321

XML

Net Assets - Summary of Dividend Reinvestment Plan Shares Issued to Shareholders and Value of Such Shares (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	[1]	Jun. 30, 2023
Dividends Payable [Line Items]
DRP Shares Value	$ 30,681	$ 7,200		$ 73,904
DRP Shares Issued				3,230,532
April 15, 2022
Dividends Payable [Line Items]
Payment Date				Apr. 15, 2022
DRP Shares Value				$ 7,200
DRP Shares Issued				286,055
July 15, 2022
Dividends Payable [Line Items]
Payment Date				Jul. 15, 2022
DRP Shares Value				$ 9,321
DRP Shares Issued				373,593
October 17, 2022
Dividends Payable [Line Items]
Payment Date				Oct. 17, 2022
DRP Shares Value				$ 8,646
DRP Shares Issued				377,076
December 30, 2022
Dividends Payable [Line Items]
Payment Date				Dec. 30, 2022
DRP Shares Value				$ 18,056
DRP Shares Issued				801,437
April 17, 2023
Dividends Payable [Line Items]
Payment Date				Apr. 17, 2023
DRP Shares Value				$ 13,892
DRP Shares Issued				637,800
June 28, 2023
Dividends Payable [Line Items]
Payment Date				Jun. 28, 2023
DRP Shares Value				$ 16,789
DRP Shares Issued				754,571

[1] Common shares issued from reinvestment of distributions par value is zero due to rounding.

XML

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss)	$ 37,643	$ (17,956)	$ 62,030	$ (13,366)
Weighted average shares outstanding, basic	28,704,071	12,448,297	25,780,058	12,226,612
Weighted average shares outstanding, diluted	28,704,071	12,448,297	25,780,058	12,226,612
Earnings per share, basic	$ 1.31	$ (1.44)	$ 2.41	$ (1.09)
Earnings per share, diluted	$ 1.31	$ (1.44)	$ 2.41	$ (1.09)

XML

Financial Highlights - Summary of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company, Financial Highlights [Roll Forward]
Net assets, beginning of period			$ 21.78	$ 25.17
Net investment income			1.6	1.32
Net realized gain (loss)			(0.18)	0.28
Net change in unrealized appreciation (depreciation)			1	(2.61)
Net increase in net assets resulting from operations			2.42	(1.01)
Distributions declared from net investment income	$ (0.65)	$ (0.63)	(1.3)	(1.23)
Issuance of shares			(0.03)
Total increase (decrease) in net assets			1.09	(2.24)
Net assets, end of period	$ 22.87	$ 22.93	$ 22.87	$ 22.93
Shares outstanding, end of period	30,566,835	14,795,465	30,566,835	14,795,465	22,126,135
Total return based on NAV			11.30%	(4.36%)
Ratios:
Expenses to average net assets			13.78%	9.50%
Net investment income to average net assets			13.88%	10.16%
Portfolio turnover rate			6.25%	22.98%
Supplemental Data:
Net assets, end of period	$ 699,107	$ 339,311	$ 699,107	$ 339,311
Total capital commitments, end of period	1,235,213	800,000	$ 1,235,213	$ 800,000
Ratios of total contributed capital to total committed capital, end of period			52.62%	45.00%
Average debt outstanding	$ 703,794	$ 473,902	$ 669,231	$ 426,473
Asset coverage ratio			187.50%	171.60%

XML

Financial Highlights - Summary of Financial Highlights (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Investment Company, Financial Highlights [Line Items]
Asset coverage ratio	187.50%	171.60%
Minimum
Investment Company, Financial Highlights [Line Items]
Asset coverage ratio	150.00%

XML

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended			6 Months Ended
	Jul. 25, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Shares issued					100,000,000
Common stock, par value		$ 0.001			$ 0.001	$ 0.001
Aggregate offering price		$ 100,000	$ 60,000	$ 60,000
Subsequent Event
Subsequent Event [Line Items]
Shares issued	3,225,807
Common stock, par value	$ 0.001
Aggregate offering price	$ 75,000