10-Q

d 3

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ 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 814-01461

Goldman Sachs Middle Market Lending Corp. II

(Exact Name of Registrant as Specified in Its Charter)

Delaware	87-3643363
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
200 West Street, New York, New York	10282
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 655-4419

Not Applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

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, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer:	☐	Accelerated filer:	☐	Non-accelerated filer:	☒	Smaller reporting company:	☐
Emerging growth company:	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, par value $0.001 per share, outstanding as of August 8, 2023 was 9,521,968.

1

GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2023

	INDEX	PAGE
	Cautionary Statement Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	4
ITEM 1.	Financial Statements (Unaudited)	4
	Consolidated Statements of Assets and Liabilities	4
	Consolidated Statements of Operations	5
	Consolidated Statements of Changes in Net Assets	6
	Consolidated Statement of Cash Flows	7
	Consolidated Schedules of Investments	8
	Notes to the Consolidated Financial Statements	16
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	45
ITEM 4.	Controls and Procedures	46
PART II	OTHER INFORMATION	46
ITEM 1.	Legal Proceedings	46
ITEM 1A.	Risk Factors	46
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
ITEM 3.	Defaults Upon Senior Securities	47
ITEM 4.	Mine Safety Disclosures	47
ITEM 5.	Other Information	47
ITEM 6.	Exhibits	47
SIGNATURES		49

2

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue” or “believe” or the negatives of, or other variations on, these terms or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. Our forward-looking statements include information in this report regarding general domestic and global economic conditions, our future financing plans, our ability to operate as a business development company (“BDC”) and the expected performance of, and the yield on, our portfolio companies. There may be events in the future, however, that we are not able to predict accurately or control. The factors listed under “Risk Factors” in this report, in our annual report on Form 10-K for the year ended December 31, 2022 and in our quarterly report on Form 10-Q for the quarter ended March 31, 2023, as well as any cautionary language in this report, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. The occurrence of the events described in these risk factors and elsewhere in this report could have a material adverse effect on our business, results of operations and financial position. Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ from our forward-looking statements may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the U.S. Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K. 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 quarterly report because we are an investment company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements:

•our future operating results;

•disruptions in the capital markets, market conditions, and general economic uncertainty;

•changes in political, economic, social or industry conditions, the interest rate environment or conditions affecting the financial and capital markets, including the effect of any pandemic or epidemic;

•uncertainty surrounding the financial and political stability of the United States, the United Kingdom, the European Union and China, and the war between Russia and Ukraine;

•our business prospects and the prospects of our portfolio companies;

•the impact of investments that we expect to make;

•the impact of increased competition;

•our contractual arrangements and relationships with third parties;

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

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

•the relative and absolute performance of Goldman Sachs Asset Management, L.P. (the "Investment Adviser"), the investment adviser of the Company;

•the use of borrowed money to finance a portion of our investments;

•our ability to make distributions;

•the adequacy of our cash resources and working capital;

•changes in interest rates, including the decommissioning of London InterBank Offered Rate (“LIBOR”);

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the impact of future acquisitions and divestitures;

•the effect of changes in tax laws and regulations and interpretations thereof;

•our ability to maintain our status as a BDC;

•our ability to maintain our status under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) as a regulated investment company (“RIC”) and our qualification for tax treatment as a RIC;

•actual and potential conflicts of interest with the Investment Adviser and its affiliates;

•the ability of the Investment Adviser to attract and retain highly talented professionals;

•the impact on our business from new or amended legislation or regulations, including the Inflation Reduction Act of 2022;

•the availability of credit and/or our ability to access the equity and capital markets;

•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

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

•the effect of global climate change on our portfolio companies;

•the impact of interruptions in the supply chain on our portfolio companies; and

•the increased public scrutiny of and regulation related to corporate social responsibility.

3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	June 30,		December 31,
	2023 (Unaudited)		2022
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $291,081 and $247,053)	$	291,093	$	245,817
Non-controlled affiliated investments (cost of $4,253 and $3,785)		4,413		3,843
Total investments, at fair value (cost of $295,334 and $250,838)	$	295,506	$	249,660
Cash		4,607		3,675
Interest and dividends receivable		2,130		2,332
Deferred financing costs		2,914		484
Other assets		201		—
Total assets	$	305,358	$	256,151
Liabilities
Debt	$	125,358	$	79,443
Interest and other debt expenses payable		833		399
Management fees payable		543		393
Distribution payable		—		3,574
Accrued expenses and other liabilities		821		686
Total liabilities	$	127,555	$	84,495
Commitments and contingencies (Note 7)
Net assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized and no shares issued and outstanding)	$	—	$	—
Common stock, par value $0.001 per share (200,000,000 shares authorized, 9,521,968 and 9,405,496 shares issued and outstanding as of June 30, 2023 and December 31, 2022)		10		9
Paid-in capital in excess of par		175,702		173,555
Distributable earnings (loss)		2,091		(1,908	)
Total net assets	$	177,803	$	171,656
Total liabilities and net assets	$	305,358	$	256,151
Net asset value per share	$	18.67	$	18.25

The accompanying notes are part of these unaudited consolidated financial statements.

4

Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Investment income:
From non-controlled/non-affiliated investments:
Interest income	$	8,136		$	1,066		$	15,059		$	1,710
Payment-in-kind income		410			21			1,114			41
Other income		119			33			236			49
From non-controlled affiliated investments:
Interest income		103			—			200			—
Dividend income		16			5			44			6
Other income		4			—			8			—
Total investment income	$	8,788		$	1,125		$	16,661		$	1,806
Expenses:
Interest and other debt expenses	$	2,766		$	217		$	4,884		$	431
Management fees		543			122			1,041			193
Incentive fees		—			(43	)		—			(31	)
Professional fees		230			241			449			393
Directors’ fees		168			122			335			242
Directors’ and officers’ liability insurance		31			152			48			302
Offering costs		—			204			—			455
Other general and administrative expenses		302			188			605			385
Total expenses	$	4,040		$	1,203		$	7,362		$	2,370
Management fee waiver		—			(122	)		—			(193	)
Net expenses	$	4,040		$	1,081		$	7,362		$	2,177
Net investment income (loss)	$	4,748		$	44		$	9,299		$	(371	)
Net realized and unrealized gains (losses):
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	$	17		$	—		$	28		$	—
Foreign currency transactions		(16	)		(1	)		244			(1	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		1,486			(688	)		1,248			(665	)
Non-controlled affiliated investments		91			—			102			—
Foreign currency translations		(1,400	)		134			(2,188	)		188
Net realized and unrealized gains (losses)	$	178		$	(555	)	$	(566	)	$	(478	)
Net increase (decrease) in net assets from operations	$	4,926		$	(511	)	$	8,733		$	(849	)
Weighted average shares outstanding		9,474,232			3,261,391			9,453,450			2,515,742
Net investment income (loss) per share (basic and diluted)	$	0.50		$	0.01		$	0.98		$	(0.15	)
Earnings (loss) per share (basic and diluted)	$	0.52		$	(0.16	)	$	0.92		$	(0.34	)

The accompanying notes are part of these unaudited consolidated financial statements.

5

Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Changes in Net Assets

(in thousands, except per share amounts)

(Unaudited)

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Net assets at beginning of period	$	176,608		$	60,641		$	171,656		$	26,928
Increase (decrease) in net assets from operations:
Net investment income (loss)	$	4,748		$	44		$	9,299		$	(371	)
Net realized gain (loss)		1			(1	)		272			(1	)
Net change in unrealized appreciation (depreciation)		177			(554	)		(838	)		(477	)
Net increase (decrease) in net assets from operations	$	4,926		$	(511	)	$	8,733		$	(849	)
Distributions to stockholders from:
Distributable earnings	$	(4,734	)	$	—		$	(4,734	)	$	—
Total distributions to stockholders	$	(4,734	)	$	—		$	(4,734	)	$	—
Capital transactions:
Issuance of common shares	$	1,003		$	—		$	2,148		$	34,051
Net increase in net assets from capital transactions	$	1,003		$	—		$	2,148		$	34,051
Total increase (decrease) in net assets	$	1,195		$	(511	)	$	6,147		$	33,202
Net assets at end of period	$	177,803		$	60,130		$	177,803		$	60,130
Distributions per share	$	0.50		$	—		$	0.50		$	—

The accompanying notes are part of these unaudited consolidated financial statements.

6

Goldman Sachs Middle Market Lending Corp. II

Consolidated Statements of Cash Flows

(in thousands, except shares and per share amounts)

(Unaudited)

	For the Six Months Ended
	June 30, 2023			June 30, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets from operations:	$	8,733		$	(849	)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments		(48,938	)		(55,857	)
Payment-in-kind interest capitalized		(1,120	)		(41	)
Investments in affiliated money market fund, net		—			23,067
Proceeds from sales of investments and principal repayments		6,111			344
Net realized (gain) loss on investments		(28	)		—
Net change in unrealized (appreciation) depreciation on investments		(1,350	)		665
Net change in unrealized (appreciation) depreciation on foreign currency translation		(1	)		16
Amortization of premium and accretion of discount, net		(521	)		(91	)
Amortization of deferred financing costs		486			145
Amortization of deferred offering costs		—			455
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable		202			(436	)
(Increase) decrease in other assets		(201	)		205
Increase (decrease) in interest and other debt expenses payable		453			84
Increase (decrease) in management fees payable		150			—
Increase (decrease) in incentive fees payable		—			(31	)
Increase (decrease) in directors’ fees payable		—			26
Increase (decrease) in accrued expenses and other liabilities		206			218
Net cash provided by (used for) operating activities	$	(35,818	)	$	(32,080	)
Cash flows from financing activities:
Proceeds from issuance of common stock	$	2,148		$	34,051
Offering costs paid		(71	)		(187	)
Distributions paid		(8,308	)		—
Financing costs paid		(2,935	)		(375	)
Borrowings on debt		89,415			55,796
Repayments of debt		(43,500	)		(52,000	)
Net cash provided by (used for) financing activities	$	36,749		$	37,285
Net increase (decrease) in cash	$	931		$	5,205
Effect of foreign exchange rate changes on cash and cash equivalents		1			(16	)
Cash, beginning of period		3,675			13,564
Cash, end of period	$	4,607		$	18,753
Supplemental and non-cash activities
Interest expense paid	$	3,644		$	144

The accompanying notes are part of these unaudited consolidated financial statements.

7

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2023

(in thousands, except share and per share amounts)

(Unaudited)

Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares (3)		Cost			Fair Value			Footnotes
1st Lien/Senior Secured Debt - 160.22%
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services	10.74%	S + 5.50%	05/08/28	$	7,622	$	7,493		$	7,508		(4) (5)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 5.50%	05/08/28		740		(12	)		(11	)	(4) (5) (6)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 5.50%	05/08/28		2,070		(17	)		(31	)	(4) (5) (6)
Arrow Buyer, Inc. (dba Archer Technologies)	Software	11.74%	S + 6.50%	06/28/30		2,942		2,868			2,868		(4)
Arrow Buyer, Inc. (dba Archer Technologies)	Software		S + 6.50%	06/28/30		679		(8	)		(8	)	(4) (6)
Bigchange Group Limited	Software	10.93%	SN + 6.00%	12/23/26		GBP 1,400		1,850			1,738		(4) (5) (7)
Bigchange Group Limited	Software	10.93%	SN + 6.00%	12/23/26		GBP 206		227			228		(4) (5) (6) (7)
Bigchange Group Limited	Software		SN + 6.00%	12/23/26		GBP 280		(5	)		(8	)	(4) (5) (6) (7)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services	11.22%	S + 6.00%	01/25/28		6,228		6,140			5,917		(4) (5)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services		S + 6.00%	01/25/28		249		(3	)		(12	)	(4) (5) (6)
Businessolver.com, Inc.	Health Care Technology	10.84%	S + 5.50%	12/01/27		2,152		2,135			2,130		(4) (5)
Businessolver.com, Inc.	Health Care Technology	10.84%	S + 5.50%	12/01/27		586		48			44		(4) (5) (6)
Checkmate Finance Merger Sub, LLC	Entertainment	11.84%	S + 6.50%	12/31/27		3,620		3,562			3,521		(4) (5)
Checkmate Finance Merger Sub, LLC	Entertainment		S + 6.50%	12/31/27		367		(6	)		(10	)	(4) (5) (6)
Clearcourse Partnership Acquireco Finance Limited	IT Services	12.43%	SN + 8.25% (incl. 0.75% PIK)	07/25/28		GBP 11,705		13,809			14,457		(4) (5) (7)
Clearcourse Partnership Acquireco Finance Limited	IT Services	11.68%	SN + 7.50%	07/25/28		GBP 10,168		5,681			5,970		(4) (5) (6) (7)
CloudBees, Inc.	Software	12.22%	S + 7.00% (incl. 2.50% PIK)	11/24/26		3,395		3,241			3,344		(4) (5)
CloudBees, Inc.	Software	12.22%	S + 7.00% (incl. 2.50% PIK)	11/24/26		1,542		1,384			1,433		(4) (5) (6)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.60%	S + 5.50%	05/11/28		4,282		4,207			4,175		(4) (5)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.60%	S + 5.50%	05/11/28		615		114			108		(4) (5) (6)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	10.58%	S + 5.50%	05/11/28		1,294		123			103		(4) (5) (6)
Computer Services, Inc.	Diversified Financial Services	12.03%	S + 6.75%	11/15/29		15,827		15,381			15,431		(4) (5)
Coretrust Purchasing Group LLC	Diversified Financial Services	11.85%	S + 6.75%	10/01/29		13,202		12,836			12,872		(4) (5)
Coretrust Purchasing Group LLC	Diversified Financial Services		S + 6.75%	10/01/29		1,932		(52	)		(48	)	(4) (5) (6)
Coretrust Purchasing Group LLC	Diversified Financial Services		S + 6.75%	10/01/29		1,932		(26	)		(48	)	(4) (5) (6)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	11.95%	S + 6.75%	11/01/28		6,731		6,545			6,563		(4) (5)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services		S + 6.75%	11/01/28		638		(17	)		(16	)	(4) (5) (6)
DFS Holding Company, Inc.	Distributors	12.20%	S + 7.00%	01/31/29		4,153		4,035			4,039		(4) (5)
DFS Holding Company, Inc.	Distributors		S + 7.00%	01/31/29		867		(12	)		(24	)	(4) (5) (6)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense	11.99%	S + 6.75%	01/09/30		7,734		7,513			7,580		(4) (5)
Frontgrade Technologies Holdings Inc.	Aerospace & Defense		S + 6.75%	01/09/28		802		(22	)		(16	)	(4) (5) (6)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		10,593		—			—		(4) (6)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		3,333		—			—		(4) (6)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/30		1,481		—			—		(4) (6)
Fullsteam Operations LLC	Diversified Financial Services		S + 8.25%	05/01/28		593		—			—		(4) (6)
Governmentjobs.com, Inc. (dba NeoGov)	Software	10.70%	S + 5.50%	12/01/28		4,885		4,875			4,800		(4) (5)
Governmentjobs.com, Inc. (dba NeoGov)	Software	10.70%	S + 5.50%	12/02/27		550		205			196		(4) (5) (6)
Governmentjobs.com, Inc. (dba NeoGov)	Software		S + 5.50%	12/01/28		1,718		(2	)		(30	)	(4) (5) (6)
Groundworks, LLC	Diversified Consumer Services	11.65%	S + 6.50%	03/14/30		1,867		1,812			1,820		(4) (5)
Groundworks, LLC	Diversified Consumer Services		S + 6.50%	03/14/29		109		(3	)		(3	)	(4) (5) (6)
Groundworks, LLC	Diversified Consumer Services		S + 6.50%	03/14/30		341		(5	)		(9	)	(4) (5) (6)
HealthEdge Software, Inc.	Health Care Technology	11.41%	L + 6.25%	04/09/26		6,000		4,155			4,035		(4) (5) (6)
HealthEdge Software, Inc.	Health Care Technology	11.41%	L + 7.00%	04/09/26		4,100		4,044			4,018		(4) (5)
HealthEdge Software, Inc.	Health Care Technology	11.41%	L + 7.00%	04/09/26		387		387			379		(4) (5)
HealthEdge Software, Inc.	Health Care Technology		P + 6.00%	04/09/26		400		(5	)		(8	)	(4) (5) (6)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		1,100		(7	)		(22	)	(4) (5) (6)

The accompanying notes are part of these unaudited consolidated financial statements.

8

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares (3)		Cost			Fair Value			Footnotes
Highfive Dental Holdco, LLC	Health Care Providers & Services	12.00%	S + 6.75%	06/13/28	$	4,165	$	4,041		$	4,040		(4)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28		463		(14	)		(14	)	(4) (6)
Highfive Dental Holdco, LLC	Health Care Providers & Services		S + 6.75%	06/13/28		2,777		(83	)		(83	)	(4) (6)
HumanState Limited (dba PayProp)	Diversified Consumer Services	10.58%	SN + 6.00%	11/23/28		GBP 15,000		17,848			18,764		(4) (5) (7)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28		GBP 2,300		(10	)		(44	)	(4) (5) (6) (7)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28		GBP 6,460		24			(123	)	(4) (5) (6) (7)
iCIMS, Inc.	Professional Services	12.38%	S + 7.25% (incl. 3.88% PIK)	08/18/28		18,243		17,966			17,605		(4) (5)
iCIMS, Inc.	Professional Services	11.99%	S + 6.75%	08/18/28		1,703		259			225		(4) (5) (6)
iCIMS, Inc.	Professional Services		S + 7.25% (incl. 3.88% PIK)	08/18/28		4,393		—			(154	)	(4) (5) (6)
Intelligent Medical Objects, Inc.	Health Care Technology	11.09%	S + 6.00%	05/11/29		3,598		3,535			3,526		(4) (5)
Intelligent Medical Objects, Inc.	Health Care Technology	11.04%	S + 6.00%	05/11/29		899		232			224		(4) (5) (6)
Intelligent Medical Objects, Inc.	Health Care Technology		S + 6.00%	05/11/28		400		(7	)		(8	)	(4) (5) (6)
iWave Information Systems, Inc.	Software	12.14%	S + 6.75%	11/23/28		8,868		8,663			8,647		(4) (5) (7)
iWave Information Systems, Inc.	Software		S + 6.75%	11/23/28		1,087		(24	)		(27	)	(4) (5) (6) (7)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29		5,800		5,723			5,713		(4) (5)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29		350		83			82		(4) (5) (6)
Kaseya Inc.	IT Services	11.36%	S + 6.25% (incl. 2.50% PIK)	06/25/29		350		19			16		(4) (5) (6)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	12.26%	S + 7.00%	03/18/27		9,640		9,516			9,447		(4) (5)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	11.24%	S + 6.00%	06/01/28		6,791		6,674			6,451		(4) (5)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	11.24%	S + 6.00%	06/01/28		1,709		1,112			1,056		(4) (5) (6)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services		S + 6.00%	06/01/28		857		(14	)		(43	)	(4) (5) (6)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	11.34%	S + 5.75%	12/15/27		5,154		5,009			5,051		(4) (5)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	11.34%	S + 5.75%	12/15/27		1,190		1,171			1,166		(4) (5)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	13.25%	P + 5.00%	12/15/27		259		31			29		(4) (5) (6)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.95%	S + 5.75%	11/30/27		1,983		1,952			1,924		(4) (5)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	11.11%	S + 5.75%	11/30/27		2,015		1,799			1,769		(4) (5) (6)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		P + 4.75%	11/30/27		349		(5	)		(10	)	(4) (5) (6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		7,810		7,672			7,654		(4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.93%	S + 7.50%	07/18/28		880		880			862		(4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		770		763			755		(4) (5)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	13.09%	S + 7.50%	07/18/28		3,098		192			154		(4) (5) (6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 7.50%	07/18/28		605		(10	)		(8	)	(4) (5) (6)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 7.50%	07/18/28		880		(7	)		(11	)	(4) (5) (6)
Rubrik, Inc.	Software	12.64%	S + 7.00%	06/10/27		11,126		10,941			10,903		(4) (5)
Rubrik, Inc.	Software	12.35%	S + 7.00%	06/10/27		1,272		917			892		(4) (5) (6)
Singlewire Software, LLC	Software	11.49%	S + 6.25%	05/10/29		8,445		8,196			8,192		(4)
Singlewire Software, LLC	Software		S + 6.25%	05/10/29		1,251		(36	)		(38	)	(4) (6)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services	11.36%	S + 6.25%	06/15/26		3,345		3,256			3,262		(5)
Solaris (dba Urology Management Holdings, Inc.)	Health Care Providers & Services		S + 6.25%	06/15/26		1,681		(44	)		(42	)	(5) (6)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	11.22%	S + 6.00%	07/06/27		3,465		3,407			3,404		(4) (5) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	13.25%	S + 6.00%	07/06/27		2,400		456			438		(4) (5) (6) (8)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		600		(10	)		(11	)	(4) (5) (6) (8)
SpendMend, LLC	Health Care Providers & Services	10.86%	S + 5.75%	03/01/28		3,455		3,405			3,368		(4) (5)
SpendMend, LLC	Health Care Providers & Services	10.87%	S + 5.75%	03/01/28		1,515		625			603		(4) (5) (6)
SpendMend, LLC	Health Care Providers & Services	11.14%	S + 5.75%	03/01/28		456		176			171		(4) (5) (6)

The accompanying notes are part of these unaudited consolidated financial statements.

9

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

Investment (1)	Industry	Interest Rate (2)	Reference Rate and Spread (2)	Maturity	Par/Shares (3)		Cost			Fair Value			Footnotes
Spotless Brands, LLC	Diversified Consumer Services	12.11%	S + 6.75%	07/25/28	$	10,645	$	10,351		$	10,325		(4) (5)
Spotless Brands, LLC	Diversified Consumer Services	11.89%	S + 6.75%	07/25/28		1,650		1,603			1,600		(4) (5)
Superior Environmental Solutions	Commercial Services & Supplies		S + 5.50%	07/03/30		722		—			—		(4) (6)
Superior Environmental Solutions	Commercial Services & Supplies		S + 5.50%	07/03/30		4,811		—			—		(4) (6)
Superior Environmental Solutions	Commercial Services & Supplies		S + 5.50%	07/03/28		481		—			—		(4) (6)
Trader Corporation	Automobiles	11.96%	C + 6.75%	12/21/29		CAD 17,006		12,303			12,516		(4) (5) (7)
Trader Corporation	Automobiles		C + 6.75%	12/22/28		CAD 1,279		(13	)		(24	)	(4) (5) (6) (7)
WebPT, Inc.	Health Care Technology	11.98%	S + 6.75%	01/18/28		3,255		3,216			3,158		(4) (5)
WebPT, Inc.	Health Care Technology	12.01%	S + 6.75%	01/18/28		278		140			135		(4) (5) (6)
WebPT, Inc.	Health Care Technology	14.00%	P + 5.75%	01/18/28		278		76			71		(4) (5) (6)
Whitewater Holding Company LLC	Diversified Consumer Services	11.32%	S + 6.00%	12/21/27		6,197		4,075			4,011		(4) (5) (6)
Whitewater Holding Company LLC	Diversified Consumer Services	11.14%	S + 5.75%	12/21/27		2,014		1,982			1,949		(4) (5)
Whitewater Holding Company LLC	Diversified Consumer Services	11.16%	S + 5.75%	12/21/27		676		665			654		(4) (5)
Whitewater Holding Company LLC	Diversified Consumer Services	11.14%	S + 5.75%	12/21/27		672		662			650		(4) (5)
Whitewater Holding Company LLC	Diversified Consumer Services		S + 5.75%	12/21/27		270		(4	)		(9	)	(4) (5) (6)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.76%	S + 6.50%	07/01/27		9,062		9,062			8,971		(4) (5)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	11.73%	S + 6.50%	07/01/27		938		134			125		(4) (5) (6)
Total 1st Lien/Senior Secured Debt								284,999			284,882
1st Lien/Last-Out Unitranche (9)- 3.75%
EDB Parent, LLC (dba Enterprise DB)	Software	11.99%	S + 6.75%	07/07/28	$	6,169	$	6,025		$	6,015		(4) (5)
EDB Parent, LLC (dba Enterprise DB)	Software	11.99%	S + 6.75%	07/07/28		2,401		713			654		(4) (5) (6)
Total 1st Lien/Last-Out Unitranche								6,738			6,669

Investment (1)	Industry	Initial Acquisition Date(10)	Par/Shares (3)		Cost		Fair Value		Footnotes
Preferred Stock - 1.73%
CloudBees, Inc.	Software	11/24/21		134,557	$	1,505	$	1,652	(4) (5) (11)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		1,237		1,206		1,420	(4) (5) (11)
Total Preferred Stock						2,711		3,072
Common Stock - 0.47%
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		400	$	400	$	582	(4) (5) (8) (11)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		2,700		270		248	(4) (5) (11)
Total Common Stock						670		830
Warrants - 0.03%
CloudBees, Inc.	Software	11/24/21		38,977	$	216	$	53	(4) (5) (11)
Total Warrants						216		53
Total Investments - 166.20%					$	295,334	$	295,506

The accompanying notes are part of these unaudited consolidated financial statements.

10

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of June 30, 2023 (continued)

(in thousands, except share and per share amounts)

(Unaudited)

(1)Percentages are based on net assets.

(2)Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of June 30, 2023, rates for the 12 month, 6 month, 3 month and 1 month L are 6.04%, 5.76%, 5.55% and 5.22%, respectively. As of June 30, 2023, 1 month S was 5.14%, 3 month S was 5.27%, 6 month S was 5.39%, 3 month SN was 4.39%, 3 month C was 5.40% and P was 8.25%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2023.

(3)Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Great British pound ("GBP") or Canadian dollar ("CAD").

(4)Represents co-investments made in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”.

(5)The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies".

(7)The investment is not a qualifying asset under Section 55(a) of the Investment Company 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 the aggregate fair value of these securities is $62,094 or 20.34% of the Company’s total assets.

(8)As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

(9)In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(10)Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of June 30, 2023, the aggregate fair value of these securities is $3,955 or 2.23% of the Company's net assets. The initial acquisition dates have been included for such securities.

(11)Non-income producing security.

PIK - Payment-In-Kind

The accompanying notes are part of these unaudited consolidated financial statements.

11

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2022

(in thousands, except share and per share amounts)

Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
1st Lien/Senior Secured Debt - 139.64%
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services	10.08%	S + 5.50%	05/08/28	$	7,661	$	7,521		$	7,508		(1) (2)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 6.00%	05/08/28		740		(13	)		(15	)	(1) (2) (3)
Admiral Buyer, Inc. (dba Fidelity Payment Services)	Diversified Financial Services		S + 6.00%	05/08/28		2,070		(19	)		(41	)	(1) (2) (3)
Bigchange Group Limited	Software	9.43%	SN + 6.00%	12/23/26		GBP 1,400		1,847			1,654		(1) (2) (4)
Bigchange Group Limited	Software	9.43%	SN + 6.00%	12/23/26		GBP 100		58			55		(1) (2) (3) (4)
Bigchange Group Limited	Software		SN + 6.00%	12/23/26		GBP 280		(6	)		(8	)	(1) (2) (3) (4)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services	10.44%	S + 6.00%	01/25/28		6,228		6,133			5,979		(1) (2)
BSI3 Menu Buyer, Inc (dba Kydia)	Diversified Financial Services		S + 6.00%	01/25/28		249		(4	)		(10	)	(1) (2) (3)
Businessolver.com, Inc.	Health Care Technology	9.67%	L + 5.50%	12/01/27		2,162		2,144			2,141		(1) (2)
Businessolver.com, Inc.	Health Care Technology	9.88%	L + 5.50%	12/01/27		586		47			44		(1) (2) (3)
Checkmate Finance Merger Sub, LLC	Entertainment	11.23%	L + 6.50%	12/31/27		3,639		3,575			3,529		(1) (2)
Checkmate Finance Merger Sub, LLC	Entertainment		L + 6.50%	12/31/27		367		(6	)		(11	)	(1) (2) (3)
Clearcourse Partnership Acquireco Finance Limited	IT Services	10.69%	SN + 7.25% (Incl. 0.75% PIK)	07/25/28		GBP 11,296		13,280			13,315		(1) (2) (4)
Clearcourse Partnership Acquireco Finance Limited	IT Services	9.55%	SN + 7.25% PIK	07/25/28		GBP 10,019		3,914			3,977		(1) (2) (3) (4)
CloudBees, Inc.	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26		3,352		3,180			3,293		(1) (2)
CloudBees, Inc.	Software	11.39%	L + 7.00% (incl. 2.50% PIK)	11/24/26		1,524		1,357			1,411		(1) (2) (3)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28		4,304		4,224			4,196		(1) (2)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services	9.82%	S + 5.50%	05/11/28		615		112			108		(1) (2) (3)
Coding Solutions Acquisition, Inc.	Health Care Providers & Services		S + 5.50%	05/11/28		1,294		(12	)		(32	)	(1) (2) (3)
Computer Services, Inc.	Diversified Financial Services	11.15%	S + 6.75%	11/15/29		15,867		15,396			15,391		(1)
Coretrust Purchasing Group LLC	Diversified Financial Services	10.84%	S + 6.75%	10/01/29		13,269		12,881			12,871		(1) (2)
Coretrust Purchasing Group LLC	Diversified Financial Services		S + 6.75%	10/01/29		1,932		(28	)		(58	)	(1) (2) (3)
Coretrust Purchasing Group LLC	Diversified Financial Services		S + 6.75%	10/01/29		1,932		(56	)		(58	)	(1) (2) (3)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	10.97%	S + 6.75%	11/01/28		6,765		6,566			6,562		(1)
CST Buyer Company (dba Intoxalock)	Diversified Consumer Services	10.97%	S + 6.75%	11/01/28		638		45			45		(1) (3)
DFS Holding Company, Inc.	Distributors		S + 7.00%	01/31/29		5,394		—			—		(1) (3)
DFS Holding Company, Inc.	Distributors		S + 7.00%	01/31/29		1,124		—			—		(1) (3)
DFS Holding Company, Inc.	Distributors		S + 7.00%	01/31/29		787		—			—		(1) (3)
Governmentjobs.com, Inc. (dba NeoGov)	Software	9.88%	L + 5.50%	12/01/28		4,910		4,899			4,824		(1) (2)
Governmentjobs.com, Inc. (dba NeoGov)	Software		L + 5.50%	12/02/27		550		(1	)		(10	)	(1) (2) (3)
Governmentjobs.com, Inc. (dba NeoGov)	Software		L + 5.50%	12/01/28		1,718		(2	)		(30	)	(1) (2) (3)
HealthEdge Software, Inc.	Health Care Technology	11.74%	L + 7.00%	04/09/26		4,100		4,035			4,008		(1) (2)
HealthEdge Software, Inc.	Health Care Technology	11.74%	L + 7.00%	04/09/26		387		387			378		(1) (2)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		400		(6	)		(9	)	(1) (2) (3)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		1,100		(8	)		(25	)	(1) (2) (3)
HealthEdge Software, Inc.	Health Care Technology		L + 7.00%	04/09/26		6,000		—			(135	)	(1) (2) (3)
HumanState Limited (dba PayProp)	Diversified Consumer Services	9.43%	SN + 6.00%	11/23/28		GBP 15,000		17,830			17,862		(1) (4)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28		GBP 2,300		(83	)		(42	)	(1) (3) (4)
HumanState Limited (dba PayProp)	Diversified Consumer Services		SN + 6.00%	11/23/28		GBP 6,460		(173	)		(59	)	(1) (3) (4)
iCIMS, Inc.	Professional Services	11.52%	S + 7.25% (Incl. 3.88% PIK)	08/18/28		17,885		17,587			17,572		(1) (2)
iCIMS, Inc.	Professional Services		S + 7.25% (Incl. 3.88% PIK)	08/18/28		1,703		(28	)		(30	)	(1) (2) (3)
iCIMS, Inc.	Professional Services		S + 7.25%	08/18/28		4,751		—			(83	)	(1) (2) (3)
Intelligent Medical Objects, Inc.	Health Care Technology	10.62%	S + 6.00%	05/11/29		3,616		3,549			3,544		(1) (2)
Intelligent Medical Objects, Inc.	Health Care Technology	10.61%	S + 6.00%	05/11/28		400		69			68		(1) (2) (3)
Intelligent Medical Objects, Inc.	Health Care Technology		S + 6.00%	05/11/29		900		(8	)		(18	)	(1) (2) (3)

The accompanying notes are part of these unaudited consolidated financial statements.

12

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2022 (continued)

(in thousands, except share and per share amounts)

Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost			Fair Value			Footnotes
iWave Information Systems, Inc.	Software	11.22%	S + 6.75%	11/23/28	$	8,913	$	8,693		$	8,690		(1) (4)
iWave Information Systems, Inc.	Software		S + 6.75%	11/23/28		1,087		(27	)		(27	)	(1) (3) (4)
Kaseya Inc.	IT Services	10.33%	S + 5.75%	06/25/29		5,800		5,718			5,713		(1) (2)
Kaseya Inc.	IT Services		S + 5.75%	06/25/29		350		(2	)		(5	)	(1) (2) (3)
Kaseya Inc.	IT Services		S + 5.75%	06/25/29		350		(5	)		(5	)	(1) (2) (3)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	Health Care Providers & Services	11.22%	S + 7.00%	03/18/27		9,684		8,450			8,442		(1) (2) (3)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	9.31%	S + 6.00%	06/01/28		6,825		6,699			6,620		(1) (2)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services	10.63%	S + 6.00%	06/01/28		1,714		1,116			1,106		(1) (2) (3)
MerchantWise Solutions, LLC (dba HungerRush)	Diversified Financial Services		S + 6.00%	06/01/28		857		(16	)		(26	)	(1) (2) (3)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	10.87%	S + 6.00%	12/15/27		5,180		5,026			5,076		(1) (2)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	10.87%	S + 6.00%	12/15/27		1,196		1,175			1,172		(1) (2)
Millstone Medical Outsourcing, LLC	Health Care Providers & Services	12.5%	P + 5.00%	12/15/27		259		47			47		(1) (2) (3)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.13%	L + 5.75%	11/30/27		1,993		1,960			1,934		(1) (2)
NFM & J, L.P. (dba the Facilities Group)	Professional Services	10.27%	L + 5.75%	11/30/27		2,024		1,634			1,606		(1) (2) (3)
NFM & J, L.P. (dba the Facilities Group)	Professional Services		L + 5.75%	11/30/27		349		(6	)		(11	)	(1) (2) (3)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.54%	S + 7.50%	07/18/28		7,810		7,663			7,654		(1) (2)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.54%	S + 7.50%	07/18/28		770		763			755		(1) (2)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology	12.53%	S + 7.50%	07/18/28		880		407			389		(1) (2) (3)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.75%	07/18/28		605		(11	)		(12	)	(1) (2) (3)
PDDS Holdco, Inc. (dba Planet DDS)	Health Care Technology		S + 6.75%	07/18/28		880		(8	)		(18	)	(1) (2) (3)
Qualawash Holdings, LLC	Commercial Services & Supplies	9.44%	L + 5.50%	08/31/26		2,915		2,877			2,857		(1) (2)
Qualawash Holdings, LLC	Commercial Services & Supplies	9.89%	L + 5.50%	08/31/26		735		598			591		(1) (2) (3)
Qualawash Holdings, LLC	Commercial Services & Supplies		L + 5.50%	08/31/26		736		(9	)		(15	)	(1) (2) (3)
Rubrik,Inc.	Software	10.75%	S + 6.50%	06/10/27		11,126		10,923			10,903		(1) (2)
Rubrik,Inc.	Software	11.45%	S + 7.00%	06/10/27		1,272		541			515		(1) (2) (3)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	10.44%	S + 6.00%	07/06/27		3,483		3,418			3,413		^ (1) (2)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		600		(11	)		(12	)	^ (1) (2) (3)
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services		S + 6.00%	07/06/27		2,400		(22	)		(48	)	^ (1) (2) (3)
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		3,472		3,418			3,386		(1) (2)
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		1,518		595			574		(1) (2) (3)
SpendMend, LLC	Health Care Providers & Services	10.17%	S + 5.75%	03/01/28		456		54			49		(1) (2) (3)
Spotless Brands, LLC	Diversified Consumer Services	10.92%	S + 6.50%	07/25/28		10,725		10,407			10,403		(1)
Spotless Brands, LLC	Diversified Consumer Services		S + 6.50%	07/25/28		1,650		(24	)		(25	)	(1) (3)
Trader Corporation	Automobiles	11.40%	C + 6.75%	12/21/29		CAD 17,049		12,319			12,276		(1) (4)
Trader Corporation	Automobiles		C + 6.75%	12/22/28		CAD 1,279		(15	)		(24	)	(1) (3) (4)
WebPT, Inc.	Health Care Technology	10.98%	L + 6.75%	01/18/28		3,255		3,213			3,158		(1) (2)
WebPT, Inc.	Health Care Technology	11.26%	L + 6.75%	01/18/28		278		104			99		(1) (2) (3)
WebPT, Inc.	Health Care Technology		L + 6.75%	01/18/28		278		(2	)		(8	)	(1) (2) (3)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		2,025		1,990			1,969		(1) (2)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		680		668			661		(1) (2)
Whitewater Holding Company LLC	Diversified Consumer Services	10.48%	L + 5.75%	12/21/27		676		664			657		(1) (2)
Whitewater Holding Company LLC	Diversified Consumer Services	10.54%	L + 6.00%	12/21/27		6,200		572			511		(1) (2) (3)
Whitewater Holding Company LLC	Diversified Consumer Services	10.50%	L + 5.75%	12/21/27		270		90			87		(1) (2) (3)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development	10.90%	S + 6.50%	07/01/27		9,062		9,062			8,971		(1) (2)
Zarya Intermediate, LLC (dba iOFFICE)	Real Estate Mgmt. & Development		S + 6.50%	07/01/27		938		—			(9	)	(1) (2) (3)
Total 1st Lien/Senior Secured Debt								240,889			239,700

The accompanying notes are part of these unaudited consolidated financial statements.

13

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2022 (continued)

(in thousands, except share and per share amounts)

Investment #	Industry	Interest Rate (+)	Reference Rate and Spread (+)	Maturity	Par/Shares (++)		Cost		Fair Value		Footnotes
1st Lien/Last-Out Unitranche (5)- 3.67%
EDB Parent, LLC (dba Enterprise DB)	Software	11.58%	S + 7.00%	07/07/28	$	6,169	$	6,012	$	6,015	(1) (2)
EDB Parent, LLC (dba Enterprise DB)	Software	11.58%	S + 7.00%	07/07/28		2,401		340		280	(1) (2) (3)
Total 1st Lien/Last-Out Unitranche								6,352		6,295

Investment #	Industry	Initial Acquisition Date(6)	Par/Shares (++)		Cost		Fair Value		Footnotes
Preferred Stock - 1.65%
CloudBees, Inc.	Software	11/24/21		134,557	$	1,505	$	1,477	(1) (2) (7)
Governmentjobs.com, Inc. (dba NeoGov)	Software	12/02/21		1,237		1,206		1,349	(1) (2) (7)
Total Preferred Stock						2,711		2,826
Common Stock - 0.45%
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	Diversified Consumer Services	07/06/22		400	$	400	$	490	^ (1) (2) (7)
Whitewater Holding Company LLC	Diversified Consumer Services	12/21/21		2,700		270		278	(1) (2) (7)
Total Common Stock						670		768
Warrants - 0.04%
CloudBees, Inc.	Software	11/24/21		38,977	$	216	$	71	(1) (2) (7)
Total Warrants						216		71
Total Investments - 145.45%					$	250,838	$	249,660

The accompanying notes are part of these unaudited consolidated financial statements.

14

Goldman Sachs Middle Market Lending Corp. II

Consolidated Schedule of Investments as of December 31, 2022 (continued)

(in thousands, except share and per share amounts)

(+) Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR ("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L are 5.48%, 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, 1 month S was 4.06%, 3 month S was 3.62%, 3 month SN was 3.43%, 3 month C was 4.94% and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.

(++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Great British Pound ("GBP") or Canadian dollar ("CAD").

# Percentages are based on net assets.

^ As defined in the Investment Company Act, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

(1) Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”.

(2) The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

(3) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies".

(4) The investment is not a qualifying asset under Section 55(a) of the Investment Company 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, the aggregate fair value of these securities is $57,669 or 22.51% of the Company’s total assets.

(5) In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

(6) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $3,665 or 2.14% of the Company's net assets. The initial acquisition dates have been included for such securities.

(7) Non-income producing security.

PIK - Payment-In-Kind

The accompanying notes are part of these unaudited consolidated financial statements.

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Goldman Sachs Middle Market Lending Corp. II

Notes to the Consolidated Financial Statements

(in thousands, except share and per share amounts)

1. ORGANIZATION

Goldman Sachs Middle Market Lending LLC II ("MMLC LLC II") was formed on February 21, 2020. Effective November 23, 2021, MMLC LLC II converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. II (the “Company”, which term refers to either Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II together with its consolidated subsidiary, as the context may require), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC II. The Company commenced operations on October 29, 2021. On November 23, 2021, the Company's initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member's initial capital contribution to MMLC LLC II was cancelled. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc. (“GS Group Inc.”), together with GS & Co., GSAM and its other subsidiaries.

The Company is conducting an offering pursuant to which investors will make a capital commitment (a “Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company pursuant to which the investor will agree to purchase common stock for an aggregate purchase price equal to its Commitment. Each investor will be required to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the “Drawdown Date”). The offering and sale of common stock will be exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States.

GS & Co. and Goldman Sachs International will assist the Company in conducting its private placement offering pursuant to agreements between the Company and each of GS & Co. and Goldman Sachs International.

On October 4, 2021 ("Initial Closing Date"), the Company began accepting subscription agreements ("Subscription Agreements") from investors acquiring shares of its common stock of the Company in the Company's private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase stock each time the Company delivers a drawdown notice. The final date on which the Company accepted Subscription Agreements occurred on March 24, 2023 (the “Final Closing Date”).

The investment period commenced on the Initial Closing Date and will continue until the third anniversary of the Final Closing Date, provided that it may be extended by the board of directors of the Company (the “Board of Directors” or “Board”), in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the stockholders, for up to one additional year thereafter (such period, including any extensions, the “Investment Period”). In addition, the Board of Directors may terminate the Investment Period at any time in its discretion.

Following the end of the Investment Period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or our anticipated expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the BDC investment committee of GSAM’s Private Credit Team (the “BDC Investment Committee”) prior to the expiration of the Investment Period, (iii) to engage in hedging transactions, or (iv) to make additional investments in existing portfolio companies, which may include new financings of such portfolio companies (each, an “Additional Investment”) (including transactions to hedge interest rate or currency risks related to an Additional Investment).

16

The Company will continue to operate as a private reporting company, until the earlier of the following events, each referred to as an “Exit Event”: (i) any listing of the Company’s shares of common stock on a national securities exchange (a “listing”), including in connection with an initial public offering (“IPO”), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of the assets of the Company. If the Company has not consummated an Exit Event by the sixth anniversary of the Final Closing Date, the Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider the Company’s potential wind down and/or liquidation and dissolution.

An affiliate of the Investment Adviser made a capital commitment to the Company of $0.10 on October 29, 2021 and served as the Company’s sole initial member (the “Initial Member”). The Company cancelled the Initial Member’s interest in the Company on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of the Company’s common stock (the “Initial Drawdown Date”).

The Company has formed a wholly owned subsidiary, which is structured as Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies.

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

As an investment company, the Company applies 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”).

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 consolidated the financial position and results of operations of its wholly owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	62	$	—	$	68	$	—

17

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another account managed by the Investment Adviser.

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

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. 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 interest or dividends are generally reversed through interest or dividend income, respectively.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2023 and December 31, 2022, the Company did not have any investments on non-accrual status.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

18

(2)The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at a custodian bank. As of June 30, 2023 and December 31, 2022, the Company held an aggregate cash balance of $4,607 and $3,675. Foreign currency of $1,045 and $375 (acquisition cost of $1,040 and $371) is included in cash as of June 30, 2023 and December 31, 2022.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD 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 USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities 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 to be more volatile than those of comparable U.S. companies or U.S. government securities.

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Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income as required.

The Company’s consolidated subsidiary is subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"). These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

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Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months beginning on the date of commencement of operations.

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an investment management agreement effective as of November 1, 2021 (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), accrued and payable quarterly in arrears. The Management Fee is equal to 0.1875% (i.e., an annual rate of 0.75%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. For the avoidance of doubt, the Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) will be equal to 0.1875% (i.e., an annual rate of 0.75%) of the Company's average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of such quarter. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests. Following the occurrence (if any) of a listing, the Management Fee will be equal to 0.25% (i.e., an annual rate of 1.00%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters (and, in the case of the Company's first quarter-end following any listing, the Company's gross assets as of such quarter-end).

For the three and six months ended June 30, 2023, Management Fees amounted to $543 and $1,041. As of June 30, 2023, $543 remained payable. For the three and six months ended June 30, 2022, Management Fees amounted to $122 and $193 and the Investment Adviser voluntarily waived $122 and $193.

Incentive Fee

Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

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

i. Quarterly Incentive Fee Based on Income

For the portion of the Incentive Fee based on income, the Company’s Investment Adviser is entitled to receive the Incentive Fee based on Company income if the Company’s Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” (as defined below) of 1.75%. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account any changes in the market price of the Company’s common stock. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters or if shorter, the number of quarters that have occurred since the Initial Drawdown Date (in either case, the “Trailing Twelve Quarters”). However, following the occurrence (if any) of a listing, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the eleven preceding calendar quarters (or if shorter, the number of quarters that have occurred since the listing, rather than the number of quarters that have occurred since the Initial Drawdown Date).

The “hurdle amount” for the Incentive Fee based on income is determined on a quarterly basis, and is equal to 1.75% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter in the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which shall include all issuances by the Company of shares of its common stock) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated. For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) Ordinary Income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.”

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The Incentive Fee based on income for each quarter is determined as follows:

•No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

•100% of the Ordinary Income (as defined below), if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 2.0588% (or 2.1875% in the event of a listing) multiplied by the Company’s NAV at the beginning of each applicable calendar quarter included in the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and

•15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.

The amount of the Incentive Fee based on income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but will not exceed the Incentive Fee Cap (as described below, and subject to the limitations set forth in Section 205(b)(3) of the Advisers Act).

The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Ordinary Income” means interest income, dividend income and any other income (including any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter minus our operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee).

“Cumulative Net Return” means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. In certain limited circumstances, an Incentive Fee based on income will be payable to the Investment Adviser although the net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on the Company’s performance for the applicable quarter without taking into account the Trailing Twelve Quarters.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

For the three and six months ended June 30, 2023, Incentive Fees based on income amounted to $0 and $0. For the three and six months ended June 30, 2022, Incentive Fees based on income amounted to $0 and $0.

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ii. Annual Incentive Fee Based on Capital Gains

The portion of Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year or, in the event of a listing, the date on which such event occurs. At the end of each calendar year (or the occurrence of a listing), the Company will pay the Investment Adviser an Incentive Fee equal to (A) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) until the end of such calendar year or listing, as applicable, minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) through the end of such calendar year or listing, as applicable. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A), above.

The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods (or, following the occurrence (if any) of a listing, in all prior periods beginning with the date on which such event occurs). If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended June 30, 2023, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0. For the three and six months ended June 30, 2022, the Company accrued Incentive Fees based on capital gains under GAAP of $(43) and $(31), which were not realized.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s custodian (the “Custodian”).

For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Administrator and the Custodian of $94 and $185. As of June 30, 2023, $88 remained payable. For the three and six months ended June 30, 2022, the Company incurred expenses for services provided by the Administrator and the Custodian of $71 and $140.

Transfer Agent Fees

The Company has entered into a transfer agency agreement (the “Transfer Agency Agreement”), with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.15% of the average of the NAV of the Company at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end).

For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $67 and $132. As of June 30, 2023, $67 remained payable. For the three and six months ended June 30, 2022, the Company incurred expenses for services provided by the Transfer Agent of $23 and $39.

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Affiliates

The table below presents the Company’s affiliated investments:

	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest and Other Income
For the Six Months Ended June 30, 2023
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	—	$	20,273	$	(20,273	)	$	—	$	—	$	—	$	44
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		3,843		485		(17	)		—		102		4,413		208
Total Non-Controlled Affiliates	$	3,843	$	20,758	$	(20,290	)	$	—	$	102	$	4,413	$	252
For the Year Ended December 31, 2022
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	23,067	$	135,038	$	(158,105	)	$	—	$	—	$	—	$	47
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	$	—	$	3,803	$	(18	)	$	—	$	58	$	3,843	$	174
Total Non-Controlled Affiliates	$	23,067	$	138,841	$	(158,123	)	$	—	$	58	$	3,843	$	221

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of June 30, 2023 and December 31, 2022, there were $293 and $335, respectively, included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company can make negotiated co-investments pursuant to an order from the SEC permitting it to do so. On November 16, 2022, the SEC granted to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants exemptive relief on which the Company expects to rely to co-invest alongside certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”), which may include proprietary accounts of Goldman Sachs, in a manner consistent with the Company's investment objectives and strategies, certain Board-established criteria, the conditions of such exemptive relief and other pertinent factors (the “Relief”). Additionally, if the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. As a result of the Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs.

The Goldman Sachs Asset Management Private Credit Team is composed of investment professionals dedicated to the Company’s investment strategy and to other funds that share a similar investment strategy with the Company. The Goldman Sachs Asset Management Private Credit Team is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, negotiating and structuring the Company’s investments, and monitoring and servicing the Company’s investments. The team works together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. Under the terms of the Relief a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the then-current investment objectives and strategies of the Company.

In addition, the Company has filed an application to amend the Relief to permit the Company to participate in follow-on investments in the Company's existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. There can be no assurance if and when the Company will receive the amended exemptive order.

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Placement Agent Agreement

The Company has entered into an agreement with each of Goldman, Sachs & Co. LLC and Goldman Sachs International pursuant to which Goldman, Sachs & Co. LLC and Goldman Sachs International will assist the Company in conducting private placement offerings. Goldman, Sachs & Co. LLC and Goldman Sachs International have entered into or will enter into sub-placement agreements (together with the agreements with Goldman Sachs & Co. LLC and Goldman Sachs International, the “Placement Agent Agreements”) with various sub-placement agents to assist in conducting the private placement offering. The placement agents are not expected to be compensated by the Company for their services, but may charge investors a placement fee with respect to their investments in the Company. The placement agents may also be compensated by the Investment Adviser, in its discretion, for certain services including promotional and marketing support, stockholder servicing, operational and recordkeeping, sub-accounting, networking or administrative services. These payments are made out of the Investment Adviser’s own resources and/or assets, including from the revenues or profits derived from the advisory fees the Investment Adviser receives from the Company.

4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

	June 30, 2023				December 31, 2022
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	284,999	$	284,882	$	240,889	$	239,700
1st Lien/Last-Out Unitranche		6,738		6,669		6,352		6,295
Preferred Stock		2,711		3,072		2,711		2,826
Common Stock		670		830		670		768
Warrants		216		53		216		71
Total investments	$	295,334	$	295,506	$	250,838	$	249,660

The industry composition of the Company’s investments at fair value and net assets was as follows:

	June 30, 2023						December 31, 2022
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Software		17.9	%		29.8	%		16.2	%		23.6	%
Diversified Consumer Services		17.2			28.6			17.1			24.9
Diversified Financial Services		16.6			27.6			19.7			28.7
Health Care Providers & Services		10.6			17.6			9.2			13.4
Health Care Technology		9.2			15.2			8.9			12.8
IT Services		8.9			14.8			9.2			13.4
Professional Services		7.2			12.0			8.4			12.2
Automobiles		4.2			7.0			4.9			7.1
Real Estate Mgmt. & Development		3.1			5.1			3.6			5.2
Aerospace & Defense		2.6			4.2			—			—
Distributors		1.3			2.3			—			—
Entertainment		1.2			2.0			1.4			2.1
Commercial Services & Supplies		—			—			1.4			2.0
Total		100.0	%		166.2	%		100.0	%		145.4	%

The geographic composition of the Company’s investments at fair value was as follows:

Geographic	June 30, 2023			December 31, 2022
United States		79.0	%		80.4	%
United Kingdom		13.9			14.7
Canada		7.1			4.9
Total		100.0	%		100.0	%

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

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Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are 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.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

26

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments	Fair Value(1) (2)		Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of June 30, 2023
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	269,925	Discounted cash flows	Discount Rate	7.6% - 12.2%	10.6%
1st Lien/Last-Out Unitranche		6,669	Discounted cash flows	Discount Rate	—	11.8%
Equity
Preferred Stock	$	1,420	Comparable multiples	EV/EBITDA(6)	—	33.6x
		1,652	Comparable multiples	EV/Revenue	—	3.8x
Common Stock		830	Comparable multiples	EV/EBITDA(6)	9.3x - 16.9x	11.5x
Warrants		53	Comparable multiples	EV/Revenue	—	3.8x
As of December 31, 2022
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	168,648	Discounted cash flows	Discount Rate	7.4% - 11.5%	9.9%
1st Lien/Last-Out Unitranche		6,295	Discounted cash flows	Discount Rate	—	10.9%
Equity
Preferred Stock	$	1,349	Comparable multiples	EV/EBITDA(6)	—	27.9x
		1,477	Comparable multiples	EV/Revenue	—	4.0x
Common Stock		768	Comparable multiples	EV/EBITDA(6)	9.1x - 18.3x	12.4x
Warrants		71	Comparable multiples	EV/Revenue	—	4.0x

(1)As of June 30, 2023, included within Level 3 assets of $295,506 is an amount of $14,957 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $276,594 or 94.9% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)As of December 31, 2022, included within Level 3 assets of $249,660 is an amount of $71,052 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $174,943 or 71.1% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, in the fair value.

The following is a summary of the Company’s assets categorized within the fair value hierarchy:

	June 30, 2023								December 31, 2022
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	284,882	$	284,882	$	—	$	—	$	239,700	$	239,700
1st Lien/Last-Out Unitranche		—		—		6,669		6,669		—		—		6,295		6,295
Preferred Stock		—		—		3,072		3,072		—		—		2,826		2,826
Common Stock		—		—		830		830		—		—		768		768
Warrants		—		—		53		53		—		—		71		71
Total	$	—	$	—	$	295,506	$	295,506	$	—	$	—	$	249,660	$	249,660

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The below table presents a summary of changes in fair value of Level 3 assets by investment type:

Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)		Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2023
1st Lien/Senior Secured Debt	$	239,700	$	49,684	$	28	$	1,072		$	(6,111	)	$	509	$	—	$	—	$	284,882	$	1,039
1st Lien/Last-Out Unitranche		6,295		374		—		(12	)		—			12		—		—		6,669		(12	)
Preferred Stock		2,826		—		—		246			—			—		—		—		3,072		246
Common Stock		768		—		—		62			—			—		—		—		830		62
Warrants		71		—		—		(18	)		—			—		—		—		53		(18	)
Total assets	$	249,660	$	50,058	$	28	$	1,350		$	(6,111	)	$	521	$	—	$	—	$	295,506	$	1,317
For the Six Months Ended June 30, 2022
1st Lien/Senior Secured Debt	$	26,413	$	55,898	$	—	$	(602	)	$	(344	)	$	91	$	—	$	—	$	81,456	$	(602	)
Preferred Stock		2,711		—		—		52			—			—		—		—		2,763		52
Common Stock		270		—		—		14			—			—		—		—		284		14
Warrants		216		—		—		(129	)		—			—		—		—		87		(129	)
Total assets	$	29,610	$	55,898	$	—	$	(665	)	$	(344	)	$	91	$	—	$	—	$	84,590	$	(665	)

(1)Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of June 30, 2023 and December 31, 2022, approximates its carrying value because the Revolving Credit Facilities have variable interest based on selected short-term rates.

6. DEBT

On November 1, 2021, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 242% and 316%.

The Company’s outstanding debt was as follows:

	June 30, 2023						December 31, 2022
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
BoA Revolving Credit Facility(1)	$	127,586	$	58,391	$	69,858	$	156,586	$	76,796	$	79,443
Truist Revolving Credit Facility(2)		305,000		249,500		55,500		—		—		—
Total debt	$	432,586	$	307,891	$	125,358	$	156,586	$	76,796	$	79,443

(1)Provides, under certain circumstances, a total borrowing capacity of $300,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17,000, in GBP of £31,665 and in CAD of 16,750. As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $30,000, in GBP of £30,665 and in CAD of 16,750.

(2)Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $55,500.

The combined weighted average interest rates of the aggregate borrowings outstanding for the six months ended June 30, 2023 and for the year ended December 31, 2022 were 7.39% and 5.30% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2023 and for the year ended December 31, 2022 was $106,612 and $33,710.

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BoA Revolving Credit Facility

The Company entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. Subject to availability under the “Borrowing Base,” the maximum principal amount of the BoA Revolving Credit Facility was $127,586 as of June 30, 2023. The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility is November 24, 2023. The Company amended the BoA Revolving Credit Facility on July 26, 2022 and November 14, 2022.

Proceeds from the BoA Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

Under the BoA Revolving Credit Facility, prior to the amendment on July 26, 2022, the Company had the ability to elect either LIBOR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. Interest rate on obligations under the BoA Revolving Credit Facility was the prevailing LIBOR for one month plus 2.85% per annum or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85%, (ii) the Federal Funds Rate plus 0.50% plus 1.85%, and (iii) Adjusted LIBOR Rate plus 1.00%). Effective July 26, 2022, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment, plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). The Company pays a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

Amounts drawn under the BoA Revolving Credit Facility may be prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans are subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors are subject to certain restrictions under the BoA Revolving Credit Facility. In addition, any transfer of shares from a stockholder whose undrawn commitments are included in the Borrowing Base to a stockholder that is not eligible to be included in the Borrowing Base (or that is eligible to be included in the Borrowing Base at a lower advance rate) may trigger mandatory prepayment obligations.

The BoA Revolving Credit Facility is secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds are deposited. Additionally, under the BoA Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent will be able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders cannot seek recourse against a stockholder in excess of such stockholder's obligation to contribute capital to the Company.

The BoA Revolving Credit Facility contains customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of stockholders’ ownership interest in the shares. The BoA Revolving Credit Facility includes customary conditions precedent to the draw-down of loans and customary events of default. As of June 30, 2023, the Company was in compliance with these covenants.

Costs of $956 were incurred in connection with obtaining and amending the BoA Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BoA Revolving Credit Facility using the straight-line method. As of June 30, 2023 and December 31, 2022, outstanding deferred financing costs were $243 and $484.

The below table presents the summary information of the BoA Revolving Credit Facility:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	1,526		$	84		$	3,289		$	191
Facility fees		42			55			94			95
Amortization of financing costs		160			78			293			145
Total	$	1,728		$	217		$	3,676		$	431
Weighted average interest rate		7.61	%		3.99	%		7.42	%		3.40	%
Average outstanding balance	$	80,407		$	8,490		$	89,438		$	11,308

29

Truist Revolving Credit Facility

The Company entered into the Truist Revolving Credit Facility on February 28, 2023 with Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2023, total commitments under the Truist Revolving Credit Facility were $305,000. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $750,000. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on February 28, 2028.

Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

The Company’s obligations to the lenders under the Truist Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Truist Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum shareholders’ equity, (ii) maintaining an asset coverage ratio of at least 1.50 to 1 and (iii) restrictions on industry concentrations in the Company’s investment portfolio. As of June 30, 2023, the Company was in compliance with these covenants.

The Truist Revolving Credit Facility may be guaranteed by certain of the Company’s subsidiaries that are formed or acquired by the Company in the future (collectively, the “Subsidiary Guarantors”). The Truist Revolving Credit Facility also includes representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

Costs of $2,864 were incurred in connection with obtaining the Truist Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of June 30, 2023 and December 31, 2022, outstanding deferred financing costs were $2,671 and $0

The below table presents the summary information of the Truist Revolving Credit Facility:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023			June 30, 2022	June 30, 2023			June 30, 2022
Borrowing interest expense	$	619		N/A	$	619		N/A
Facility fees		276		N/A		396		N/A
Amortization of financing costs		143		N/A		193		N/A
Total	$	1,038		N/A	$	1,208		N/A
Weighted average interest rate		7.26	%	N/A		7.26	%	N/A
Average outstanding balance	$	34,159		N/A	$	17,174		N/A

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

	June 30, 2023							December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Stock	$	546,425	$	368,812		33	%	$	543,340	$	367,875		32	%

Portfolio Company Commitments

The Company may enter into investment commitments to fund investments through signed commitment letters. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement. As of June 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

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	Unfunded Commitment Balances (1)
	June 30, 2023		December 31, 2022
1st Lien/Senior Secured Debt
Admiral Buyer, Inc. (dba Fidelity Payment Services)	$	2,810	$	2,810
Arrow Buyer, Inc. (dba Archer Technologies)		679		—
Bigchange Group Limited		384		402
BSI3 Menu Buyer, Inc (dba Kydia)		249		249
Businessolver.com, Inc.		536		536
Checkmate Finance Merger Sub, LLC		367		367
Clearcourse Partnership Acquireco Finance Limited		6,587		7,832
CloudBees, Inc.		86		86
Coding Solutions Acquisition, Inc.		1,651		1,786
Coretrust Purchasing Group LLC		3,865		3,864
CST Buyer Company (dba Intoxalock)		638		574
DFS Holding Company, Inc.		867		7,102
Frontgrade Technologies Holdings Inc.		802		—
Fullsteam Operations LLC		15,592		—
Governmentjobs.com, Inc. (dba NeoGov)		2,061		2,268
Groundworks, LLC		450		—
HealthEdge Software, Inc.		3,345		7,500
Highfive Dental Holdco, LLC		3,240		—
HumanState Limited (dba PayProp)		11,125		10,591
iCIMS, Inc.		5,812		6,454
Intelligent Medical Objects, Inc.		1,057		1,224
iWave Information Systems, Inc.		1,087		1,087
Kaseya Inc.		591		700
MerchantWise Solutions, LLC (dba HungerRush)		1,425		1,414
Millstone Medical Outsourcing, LLC		224		207
NFM & J, L.P. (dba the Facilities Group)		534		707
PDDS Holdco, Inc. (dba Planet DDS)		4,391		1,958
Rubrik, Inc.		354		732
Singlewire Software, LLC		1,251		—
Solaris (dba Urology Management Holdings, Inc.)		1,681		—
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		2,520		3,000
SpendMend, LLC		1,148		1,302
Superior Environmental Solutions		5,872		—
Trader Corporation		966		945
WebPT, Inc.		333		449
Whitewater Holding Company LLC		2,301		5,741
Zarya Intermediate, LLC (dba iOFFICE)		804		938
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	—			1,097
Qualawash Holdings, LLC	—			865
Spotless Brands, LLC	—			1,650
Total 1st Lien/Senior Secured Debt	$	87,685	$	76,437
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	1,687	$	2,061
Total 1st Lien/Last-Out Unitranche	$	1,687	$	2,061
Total	$	89,372	$	78,498

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

8. NET ASSETS

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns:

Share Issue Date	Shares Issued		Proceeds Received
For the six months ended June 30, 2023
February 21, 2023		62,172	$	1,145
June 20, 2023		54,300	$	1,003
Total capital drawdowns		116,472	$	2,148
For the six months ended June 30, 2022
March 16, 2022		1,823,817	$	34,051
Total capital drawdowns		1,823,817	$	34,051

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Distributions

The following table reflects the distributions declared on the Company’s common stock:

Date Declared	Record Date	Payment Date	Amount Per Share
For the six months ended June 30, 2023
February 28, 2023	April 5, 2023	April 27, 2023	$	0.50
May 3, 2023	July 6, 2023	July 28, 2023	$	0.50
For the Six Months Ended June 30, 2022
May 2, 2022	July 5, 2022	July 28, 2022	$	0.02

9. EARNINGS (LOSS) PER SHARE

The following information sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended					For the Six Months Ended
	June 30, 2023		June 30, 2022			June 30, 2023		June 30, 2022
Net increase (decrease) in net assets from operations	$	4,926	$	(511	)	$	8,733	$	(849	)
Weighted average shares outstanding		9,474,232		3,261,391			9,453,450		2,515,742
Basic and diluted earnings (loss) per share	$	0.52	$	(0.16	)	$	0.92	$	(0.34	)

Diluted earnings per share equal basic earnings per share because there were no common share equivalents outstanding during the period presented.

10. FINANCIAL HIGHLIGHTS

The below table presents the schedule of financial highlights of the Company:

	For the Six Months Ended			For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
NAV, beginning of period	$	18.25		$	18.73
Net investment income (loss)		0.98			(0.15	)
Net realized and unrealized gains (losses)(2)		(0.06	)		(0.14	)
Net increase (decrease) in net assets from operations(2)	$	0.92		$	(0.29	)
Distributions declared from net investment income		(0.50	)		—
Total increase (decrease) in net assets	$	0.42		$	—
NAV, end of period	$	18.67		$	18.44
Shares outstanding, end of period		9,521,968			3,261,391
Weighted average shares outstanding		9,453,450			2,515,742
Total return based on NAV(3)		5.04	%		(1.55	%)
Supplemental Data/Ratio(4):
Net assets, end of period	$	177,803		$	60,130
Ratio of net expenses to average net assets		8.46	%		9.45	%
Ratio of expenses (without incentive fees and interest and other debt expenses)  to average net assets		2.85	%		7.66	%
Ratio of interest and other debt expenses to average net assets		5.61	%		1.86	%
Ratio of incentive fees to average net assets	—%				(0.07	%)
Ratio of total expenses to average net assets		8.46	%		10.28	%
Ratio of net investment income to average net assets		10.69	%		(1.65	%)
Portfolio turnover		2	%		1	%

(1)The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

(2)The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share.

(4)Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

32

11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the unaudited consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

On August 2, 2023, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period July 1, 2023 through September 30, 2023, payable on or about October 28, 2023 to shareholders of record as of October 3, 2023.

On July 31, 2023, the Company entered into a first amendment (the “Amendment”) to the Truist Revolving Credit Facility, among the Company, as borrower, each of the lenders from time to time party thereto and Truist Bank, as administrative agent. The Amendment, among other things, added the Japanese Yen as an “Agreed Foreign Currency” and the “TIBOR Rate” as its respective interest rate benchmark (as such terms are defined in the Amendment).

On August 7, 2023, the Company delivered a capital drawdown notice to its investors relating to the issuance and sale of approximately 2.2 million shares of common stock for an aggregate offering price of $40,982. The shares are expected to be issued on or around August 21, 2023.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. References to “we,” “us,” “our,” and the “Company,” mean Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II, together with its consolidated subsidiary, as the context requires. The terms “GSAM,” our “Adviser” or our “Investment Adviser” refer to Goldman Sachs Asset Management, L.P., a Delaware limited partnership. The term “GS Group Inc.” refers to The Goldman Sachs Group, Inc. The term “Goldman Sachs” refers to GS Group Inc., together with Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), GSAM and its other subsidiaries and affiliates. The discussion and analysis contained in this section refer to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report. Please see “Cautionary Statement Regarding Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with this discussion and analysis. Our actual results could differ materially from those anticipated by such forward-looking information due to factors discussed under “Cautionary Statement Regarding Forward-Looking Statements” appearing elsewhere in this report.

OVERVIEW

We are a specialty finance company focused on lending to middle-market companies. We are a closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, we have elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and we expect to qualify annually for tax treatment as a RIC, commencing with our taxable year ended December 31, 2021. From our commencement of investment operations on October 29, 2021 through June 30, 2023, we have originated $402.99 million in aggregate principal amount of debt and equity investments prior to any subsequent exits and repayments. We seek to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

“Unitranche” loans are first lien loans that extend deeper in a borrower’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority between different lenders in such loan. In a number of instances, we may find another lender to provide the “first-out” portion of a unitranche loan while we retain the “last-out” portion of such loan, in which case, the “first-out” portion of the loan would generally receive priority with respect to the payment of principal, interest and any other amounts due thereunder as compared to the “last-out” portion that we would continue to hold. In exchange for taking greater risk of loss, the “last-out” portion generally earns a higher interest rate than the “first-out” portion of the loan. We use the term “mezzanine” to refer to debt that ranks senior in right of payment only to a borrower’s equity securities and ranks junior in right of payment to all of such borrower’s other indebtedness. We may make multiple investments in the same portfolio company.

We may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. In the event of default, covenant-lite loans may recover less value than traditional loans as the lender may not have an opportunity to negotiate with the borrower prior to such default.

We expect to invest, under normal circumstances, at least 80% of our net assets (plus any borrowings for investment purposes), directly or indirectly in private middle-market credit obligations and related instruments. We define “credit obligations and related instruments” for this purpose as any fixed-income instrument, including loans to, and bonds and preferred stock of, portfolio companies and other instruments that provide exposure to such fixed-income instruments. “Middle market” is used to refer to companies with between $5 million and $200 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”) excluding certain one-time and non-recurring items that are outside the operations of these companies. While, as a result of fluctuations in the net-asset value of one asset relative to other assets, private middle-market credit obligations and related instruments may represent less than 80% of our net assets (plus any borrowings for investment purposes) at any time, we may not invest, under normal circumstances, more than 20% of our net assets (plus any borrowings for investment purposes) in securities and other instruments that are not private middle-market credit obligations and related instruments. To the extent we determine to invest indirectly in private middle-market credit obligations and related instruments, we may invest through certain synthetic instruments, including derivatives that have similar economic characteristics to private middle-market credit obligations. For purposes of determining compliance with our 80% policy, each applicable derivative instrument will be valued based upon its market value. We will notify our stockholders at least 60 days prior to any change to the 80% investment policy described above.

We expect to directly or indirectly invest at least 70% of our total assets in middle-market companies domiciled in the United States. However, we may from time to time invest opportunistically in large U.S. companies, non-U.S. companies, stressed or distressed debt, structured products, private equity or other opportunities, subject to limits imposed by the Investment Company Act.

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While our investment program is expected to focus primarily on debt investments, our investments may include equity features, such as a direct investment in the equity or convertible securities of a portfolio company or warrants or options to buy a minority interest in a portfolio company. Any warrants we may receive with debt securities will generally require only a nominal cost to exercise, so as a portfolio company appreciates in value, we may achieve additional investment return from these equity investments. We may structure the warrants to provide provisions protecting our rights as a minority-interest holder, as well as puts, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In many cases, we may also obtain registration rights in connection with these equity investments, which may include demand and “piggyback” registration rights.

For a discussion of the competitive landscape we face, please see “Item 1A. Risk Factors—Competition—We operate in a highly competitive market for investment opportunities” and “Item 1. Business—Competitive Advantages.” in our annual report on Form 10-K for the year ended December 31, 2022.

Replacement of Interbank Offered Rates (IBORs) Including the London InterBank Offered Rate (“LIBOR”):

On July 1, 2023, the publication of all LIBOR settings as representative rates has ceased. The Financial Conduct Authority has allowed the publication and use of synthetic rates for certain U.S. dollar (“USD”) LIBOR settings in legal USD LIBOR-based contracts through September 2024. Since January 1, 2022, our new investments are generally indexed to SOFR. As of June 30, 2023, we have facilitated an orderly transition of a majority of our investments and our Revolving Credit Facilities (as defined below) to SOFR or to alternative risk-free reference rates. Any remaining USD LIBOR-based investments will have transitioned subsequent to June 30, 2023 or have fallback provisions that will be utilized.

KEY COMPONENTS OF OPERATIONS

Investments

Our level of investment activity can and will vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment, the amount of capital we have available to us and the competitive environment for the type of investments we make.

As a BDC, we may not acquire any assets other than “qualifying assets” specified in the Investment Company Act, unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), “eligible portfolio companies” include certain companies that do not have any securities listed on a national securities exchange and public companies whose securities are listed on a national securities exchange but whose market capitalization is less than $250 million.

Revenues

We generate revenues in the form of interest income on debt investments and, to a lesser extent, capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies. Some of our investments may provide for deferred interest payments or payment-in-kind (“PIK”) income. The principal amount of the debt investments and any accrued but unpaid interest generally becomes due at the maturity date.

We generate revenues primarily through receipt of interest income from the investments we hold. In addition, we may generate revenue in the form of commitment, origination, structuring, syndication, exit fees or diligence fees, fees for providing managerial assistance and consulting fees. Portfolio company fees (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) will be paid to us, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, we receive our allocable portion of such fees when invested in the same portfolio company as other client accounts managed by our Investment Adviser (collectively with the Company, the “Accounts”), which other Accounts could receive their allocable portion of such fee. We do not expect to receive material fee income as it is not our principal investment strategy. We record contractual prepayment premiums on loans and debt securities as interest income.

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

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Expenses

Our primary operating expenses include the payment of the management fee (the “Management Fee”) and the incentive fee (the “Incentive Fee”) to our Investment Adviser, legal and professional fees, interest and other debt expenses and other operating and overhead related expenses. The Management Fee and Incentive Fee compensate our Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other expenses of our operations and transactions in accordance with the investment management agreement (the “Investment Management Agreement”) and administration agreement (“Administration Agreement”), including:

•our operational, offering and organizational expenses;

•fees and expenses, including travel expenses, incurred by our Investment Adviser or payable to third parties related to our investments, including, among others, professional fees (including the fees of consultants and experts) and fees and expenses from evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

•interest payable on debt, if any, incurred to finance our investments;

•fees and expenses incurred by us in connection with membership in investment company organizations;

•brokers’ commissions;

•fees and expenses associated with calculating our NAV (including expenses of any Independent Valuation Advisor);

•legal, auditing or accounting expenses;

•taxes or governmental fees;

•the fees and expenses of our Administrator, transfer agent and/or sub-transfer agent;

•the cost of preparing stock certificates or any other expenses, including clerical expenses of issue, redemption or repurchase of the shares;

•the expenses of, and fees for, registering or qualifying common stock for sale, maintaining our registration and qualifying and registering the Company as a broker or a dealer;

•the fees and expenses of our directors who are not affiliated with our Investment Adviser;

•the fees or disbursements of custodians of our assets, including expenses incurred in the performance of any obligations enumerated by our certificate of incorporation or bylaws insofar as they govern agreements with any such custodian;

•the cost of preparing and distributing reports, proxy statements and notices to our stockholders, the SEC and other regulatory authorities;

•insurance premiums;

•costs of holding stockholder meetings;

•listing fees, if any; and

•costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with our business and the amount of any judgment or settlement paid in connection therewith, or the enforcement of our rights against any person and indemnification or contribution expenses payable by us to any person and other extraordinary expenses not incurred in the ordinary course of our business.

In addition, we shall bear the fees and expenses related to the preparation and maintaining of any necessary registrations with regulators in order to market the common stock of the Company in certain jurisdictions and fees and expenses associated with preparation and maintenance of any key information document or similar document required by law or regulation.

Our Investment Adviser will not be required to pay expenses of activities, which are primarily intended to result in sales of common stock, including all costs and expenses associated with the preparation and distribution of the Subscription Agreements.

We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Leverage

We expect from time to time to borrow funds for a variety of purposes, subject to the limitations of the Investment Company Act, including to bridge fundings for investments in advance of drawdowns, as part of our investment strategy, to meet other short-term liquidity needs, including to pay the Management Fee, and to facilitate our hedging activities. Sources of leverage include the issuance of senior securities (including preferred stock) and other credit facilities (secured by investments and/or pledges of Undrawn Commitments).

Our revolving credit agreement with Bank of America, N.A., as administrative agent (as amended, the “BoA Revolving Credit Facility”), and our revolving credit agreement with Truist Bank, as administrative agent (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"), allow us to borrow money and lever our investment portfolio, subject to the limitations of the Investment Company Act, with the objective of increasing our yield. This is known as “leverage” and could increase or decrease returns to our stockholders. The use of leverage involves significant risks. We are permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met).

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Certain trading practices and investments, such as reverse repurchase agreements, may be considered borrowings or involve leverage and thus may be subject to Investment Company Act restrictions. In accordance with applicable SEC staff guidance and interpretations, when we engage in such transactions, instead of maintaining an asset coverage ratio of at least 150% (if certain requirements are met), we may segregate or earmark liquid assets, or enter into an offsetting position, in an amount at least equal to our exposure, on a mark-to-market basis, to such transactions (as calculated pursuant to requirements of the SEC). Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. Practices and investments that may involve leverage but are not considered borrowings are not subject to the Investment Company Act’s asset coverage requirement, and we will not otherwise segregate or earmark liquid assets or enter into offsetting positions for such transactions. The amount of leverage that we employ will depend on the assessment by our Investment Adviser and our board of directors (the “Board of Directors” or the “Board”) of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO AND INVESTMENT ACTIVITY

Our portfolio (excluding investments in money market funds, if any) consisted of the following:

	As of
	June 30, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	($ in millions)
First Lien/Senior Secured Debt	$	285.00	$	284.88	$	240.89	$	239.70
First Lien/Last-Out Unitranche		6.73		6.68		6.35		6.30
Preferred Stock		2.71		3.07		2.71		2.83
Common Stock		0.67		0.83		0.67		0.77
Warrants		0.22		0.05		0.22		0.07
Total investments	$	295.33	$	295.51	$	250.84	$	249.67

The weighted average yield of our portfolio by asset type (excluding investments in money market funds, if any), at amortized cost and fair value, was as follows:

	As of
	June 30, 2023						December 31, 2022
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
Weighted Average Yield(1)
First Lien/Senior Secured Debt(2)		12.3	%		12.4	%		11.2	%		11.3	%
First Lien/Last-Out Unitranche(2)(3)		14.2	%		14.3	%		13.2	%		13.2	%
Preferred Stock(4)		—			—			—			—
Common Stock(4)		—			—			—			—
Warrants(4)		—			—			—			—
Total Portfolio		12.2	%		12.3	%		11.1	%		11.2	%

(1)The weighted average yield of our portfolio does not represent the total return to our stockholders.

(2)Computed based on (a) the annual actual interest rate or yield earned plus amortization of fees and discounts on the performing debt and other income producing investments as of the reporting date, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value.

(3)The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments.

(4)Computed based on (a) the stated coupon rate, if any, for each income-producing investment, divided by (b) the total investments (including investments on non-accrual and non-income producing investments) at amortized cost or fair value.

As of June 30, 2023, the total portfolio weighted average yield measured at amortized cost and fair value was 12.2% and 12.3%, as compared to 11.1% and 11.2%, as of December 31, 2022. The increase in the weighted average yield at amortized cost and fair value was primarily driven by rising interest rates and increased market volatility.

The following table presents certain selected information regarding our investment portfolio (excluding investments in money market funds, if any):

	As of
	June 30, 2023				December 31, 2022
Number of portfolio companies			41				34
Percentage of performing debt bearing a floating rate(1)			100.0	%			100.0	%
Percentage of performing debt bearing a fixed rate(1)(2)		—%				—%
Weighted average leverage (net debt/EBITDA)(3)			5.5	x			5.7	x
Weighted average interest coverage(3)			1.6	x			1.7	x
Median EBITDA(3)	$	51.98 million			$	51.54 million

(1)Measured on a fair value basis. Excludes investments, if any, placed on non-accrual.

(2)Includes income producing preferred stock investments, if applicable.

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(3)For a particular portfolio company, we calculate the level of contractual indebtedness net of cash (“net debt”) owed by the portfolio company and compare that amount to measures of cash flow available to service the net debt. To calculate net debt, we include debt that is both senior and pari passu to the tranche of debt owned by us but exclude debt that is legally and contractually subordinated in ranking to the debt owned by us. We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual rights of repayment of the tranche of debt owned by us relative to other senior and junior creditors of a portfolio company. We typically calculate cash flow available for debt service at a portfolio company by taking EBITDA for the trailing twelve month period. Weighted average net debt to EBITDA is weighted based on the fair value of our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

For a particular portfolio company, we also calculate the level of contractual interest expense owed by the portfolio company and compare that amount to EBITDA (“interest coverage ratio”). We believe this calculation method assists in describing the risk of our portfolio investments, as it takes into consideration contractual interest obligations of the portfolio company. Weighted average interest coverage is weighted based on the fair value of our performing debt investments, excluding investments where interest coverage may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Median EBITDA is based on our debt investments, excluding investments where net debt to EBITDA may not be the appropriate measure of credit risk, such as cash collateralized loans and investments that are underwritten and covenanted based on recurring revenue.

Portfolio company statistics are derived from the most recently available financial statements of each portfolio company as of the reported end date. Statistics of the portfolio companies have not been independently verified by us and may reflect a normalized or adjusted amount.

As of June 30, 2023 and December 31, 2022, investments where net debt to EBITDA may not be the appropriate measure of credit risk represented 38.5% and 41.4% of total debt investments at fair value.

Our Investment Adviser monitors the financial trends of each portfolio company on an ongoing basis to determine each is meeting its respective business plan and to assess the appropriate course of action for each company. Our Investment Adviser has several methods of evaluating and monitoring the performance and fair value of our investments, which may include: (i) assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; (ii) periodic or regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments; (iii) comparisons to our other portfolio companies in the industry, if any; (iv) attendance at and participation in Board meetings or presentations by portfolio companies; and (v) review of monthly and quarterly financial statements and financial projections of portfolio companies.

As part of the monitoring process, our Investment Adviser also employs an investment rating system to categorize our investments. In addition to various risk management and monitoring tools, our Investment Adviser grades the credit risk of all investments on a scale of 1 to 4 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of origination or acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors. The grading system for our investments is as follows:

• Grade 1 investments involve the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit;

• Grade 2 investments involve a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing as expected and the risk factors to our ability to ultimately recoup the cost of our investment are neutral to favorable. All investments or acquired investments in new portfolio companies are initially assessed a grade of 2;

• Grade 3 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has increased materially since origination or acquisition, including as a result of factors such as declining performance and non-compliance with debt covenants; however, payments are generally not more than 120 days past due; and

• Grade 4 investments indicate that the risk to our ability to recoup the initial cost basis of such investment has substantially increased since origination or acquisition, and the portfolio company likely has materially declining performance. For debt investments with an investment grade of 4, in most cases, most or all of the debt covenants are out of compliance and payments are substantially delinquent. For investments graded 4, it is anticipated that we will not recoup our initial cost basis and may realize a substantial loss of our initial cost basis upon exit.

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Our Investment Adviser grades the investments in our portfolio at least quarterly and it is possible that the grade of a portfolio investment may be reduced or increased over time. For investments graded 3 or 4, the Investment Adviser enhances its level of scrutiny over the monitoring of such portfolio company. The following table shows the composition of our portfolio on the 1 to 4 grading scale:

	As of
	June 30, 2023					December 31, 2022
Investment Performance Rating	Fair Value		Percentage of Total			Fair Value		Percentage of Total
	(in millions)					(in millions)
Grade 1	$	—		0.0	%	$	—		—	%
Grade 2		295.51		100.0			249.66		100.0
Grade 3		—		—			—		—
Grade 4		—		—			—		—
Total Investments	$	295.51		100.0	%	$	249.66		100.0	%

The following table shows the amortized cost of our performing and non-accrual investments (excluding investments in money market funds, if any):

	As of
	June 30, 2023					December 31, 2022
	Amortized Cost		Percentage of Total			Amortized Cost		Percentage of Total
	(in millions)					(in millions)
Performing	$	295.33		100.0	%	$	250.84		100.0	%
Non-accrual		—		—			—		—
Total Investments	$	295.33		100.0	%	$	250.84		100.0	%

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to the contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. We may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.

The following table shows our investment activity by investment type(1):

	For the Three Months Ended			For the Three Months Ended
	June 30, 2023			June 30, 2022
	($ in millions)
Amount of investments committed at cost:
First Lien/Senior Secured Debt	$	44.69		$	86.97
Total	$	44.69		$	86.97
Proceeds from investments sold or repaid:
First Lien/Senior Secured Debt	$	4.13		$	0.06
Total	$	4.13		$	0.06
Net increase in portfolio	$	40.56		$	86.91
Number of new portfolio companies with new investment commitments		5			8
Total new investment commitment amount in new portfolio companies	$	41.59		$	86.97
Average new investment commitment amount in new portfolio companies	$	8.32		$	10.87
Number of existing portfolio companies with new investment commitments		1			—
Total new investment commitment amount in existing portfolio companies	$	3.10		$	—
Weighted average remaining term for new investment commitments (in years)(2)		6.2			6.0
Percentage of new debt investment commitments at floating interest rates		100.0	%		100.0	%
Percentage of new debt investment commitments at fixed interest rates(3)		—	%		—	%
Weighted average yield on new debt and income producing investment commitments(4)		13.0	%		8.7	%
Weighted average yield on new investment commitments(5)		13.0	%		8.7	%
Weighted average yield on debt and income producing investments sold or repaid(6)		10.8	%		7.6	%
Weighted average yield on investments sold or repaid(7)		10.8	%		7.6	%

(1)Figures for new investment commitments are shown net of capitalized fees, expenses and original issue discount (“OID”) that occurred at the initial close. Figures for new investment commitments may also include positions originated during the period but not held at the reporting date. Figures for investments sold or repaid, excludes unfunded commitments that may have expired or otherwise been terminated without receipt of cash proceeds or other consideration.

(2)Calculated as of the end of the relevant period and the maturity date of the individual investments.

(3)May include preferred stock investments.

(4)Computed based on (a) the annual actual interest rate on new debt and income producing investment commitments, divided by (b) the total new debt and income producing investment commitments. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes investments that are non-accrual. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

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(5)Computed based on (a) the annual actual interest rate on new investment commitments, divided by (b) the total new investment commitments (including investments on non-accrual and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments. The annual actual interest rate used is as of the respective quarter end date when the investment activity occurred.

(6)Computed based on (a) the annual actual interest rate on debt and income producing investments sold or paid down, divided by (b) the total debt and income producing investments sold or paid down. The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments and investments that are non-accrual.

(7)Computed based on (a) the annual actual interest rate on investments sold or paid down, divided by (b) the total investments sold or paid down (including investments on non-accrual and non-income producing investments). The calculation includes incremental yield earned on the “last-out” portion of the unitranche loan investments and excludes prepayment premiums earned on exited investments.

RESULTS OF OPERATIONS

Our operating results were as follows:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	($ in millions)
Total investment income	$	8.79		$	1.13		$	16.66		$	1.81
Net expenses		(4.04	)		(1.08	)		(7.36	)		(2.18	)
Net investment income (loss)		4.75			0.05			9.30			(0.37	)
Net realized gain (loss) on investments		0.02			—			0.03			—
Net unrealized appreciation (depreciation) on investments		1.58			(0.69	)		1.35			(0.67	)
Net realized and unrealized gain (losses) on translations and transactions		(1.42	)		0.13			(1.95	)		0.19
Net realized and unrealized gains (losses)		0.18			(0.56	)		(0.57	)		(0.48	)
Net increase (decrease) in net assets from operations	$	4.93		$	(0.51	)	$	8.73		$	(0.85	)

Net increase (decrease) in net assets from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation in the investment portfolio.

Investment Income

Our investment income was as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	($ in millions)
Interest income		8.24		1.07		15.26		1.71
Payment-in-kind income		0.41		0.02		1.11		0.04
Other income		0.12		0.03		0.25		0.05
Dividend income		0.02		0.01		0.04		0.01
Total investment income		8.79		1.13		16.66		1.81

Investment income for the three and six months ended June 30, 2023 was driven by our deployment of capital into income producing investments.

Expenses

Our expenses were as follows:

	For the Three Months Ended					For the Six Months Ended
	June 30, 2023		June 30, 2022			June 30, 2023		June 30, 2022
	($ in millions)
Interest and other debt expenses	$	2.77	$	0.22		$	4.88	$	0.43
Management fees		0.54		0.12			1.04		0.19
Incentive fees		—		(0.04	)		—		(0.03	)
Professional fees		0.23		0.24			0.45		0.39
Directors’ fees		0.17		0.12			0.34		0.24
Directors’ and officers’ liability insurance		0.03		0.15			0.05		0.30
Offering costs		—		0.20			—		0.46
Other general and administrative expenses		0.30		0.19			0.60		0.39
Total expenses	$	4.04	$	1.20		$	7.36		2.37
Management fee waiver		—		(0.12	)		—		(0.19	)
Net Expenses	$	4.04	$	1.08		$	7.36	$	2.18

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In the table above:

•Interest and other debt expenses increased from $0.22 million and $0.43 million for the three and six months ended June 30, 2022 to $2.77 million and $4.88 million for the three and six months ended June 30, 2023. This was primarily due to an increase in the average aggregate daily borrowings from $8.50 million and $11.31 million for the three and six months ended June 30, 2022 to $114.57 million and $125.36 million for the three and six months ended June 30, 2023 and an increase in the weighted average interest rate from 3.99% and 3.40% to 7.51% and 7.39%, respectively.

•Management Fees increased from $0.12 million and $0.19 million for the three and six months ended June 30, 2022 to $0.54 million and $1.04 million for the three and six months ended June 30, 2023, primarily driven by an increase in the size of our portfolio. For the three and six months ended June 30, 2022, the Investment Adviser voluntarily waived $0.12 million and $0.19 million of its Management Fees.

•Offering costs decreased from $0.20 million and $0.46 million for the three and six months ended June 30, 2022 to $0.00 million and $0.00 million for the three and six months ended June 30, 2023. Offering costs are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations.

Net Change in Unrealized Appreciation (Depreciation) on Investments

Any changes in fair value are recorded in change in unrealized appreciation (depreciation) on investments. For further details on the valuation process, refer to Note 2 “Significant Accounting Policies—Investments” in our consolidated financial statements. Net change in unrealized appreciation (depreciation) on investments consisted of the following:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	($ in millions)
Unrealized appreciation	$	1.90		$	0.01		$	2.36		$	0.02
Unrealized depreciation		(0.32	)		(0.70	)		(1.01	)		(0.69	)
Net change in unrealized appreciation (depreciation) on investments	$	1.58		$	(0.69	)	$	1.35		$	(0.67	)

The change in unrealized appreciation (depreciation) on investments consisted of the following:

	For the Three Months Ended			For the Six Months Ended
	June 30, 2023			June 30, 2023
	($ in millions)
Portfolio Company:
Clearcourse Partnership Acquireco Finance Limited	$	0.49		$	0.84
HumanState Limited (dba PayProp)		0.52			0.55
Trader Corporation		0.24			0.25
Other, net (1)		0.24			0.31
CloudBees, Inc.		0.07			0.14
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		0.10			0.11
iCIMS, Inc.		0.05			(0.45	)
Whitewater Holding Company LLC		(0.06	)		(0.06	)
LCG Vardiman Black, LLC (dba Specialty Dental Brands)		(0.05	)		(0.06	)
BSI3 Menu Buyer, Inc (dba Kydia)		(0.01	)		(0.07	)
MerchantWise Solutions, LLC (dba HungerRush)		(0.01	)		(0.21	)
Total	$	1.58		$	1.35

(1)For the three and six months ended June 30, 2023, Other, net includes gross unrealized appreciation of $0.44 million, $0.47 million and gross unrealized depreciation of $(0.20) million, $(0.16) million.

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	For the Three Months Ended June 30, 2022			For the Six Months Ended June 30, 2022
	($ in millions)
Portfolio Company:
Coding Solutions Acquisition, Inc.	$	0.01		$	—
WhiteWater Holding Company LLC		—			0.01
Checkmate Finance Merger Sub, LLC		—			0.01
HealthEdge Software, Inc.		(0.02	)		(0.05	)
Other, net (1)		(0.04	)		(0.07	)
WebPT, Inc.		(0.06	)		(0.06	)
BSI3 Menu Buyer, Inc (dba Kydia)		(0.07	)		(0.07	)
Governmentjobs.com, Inc. (dba NeoGov)		(0.08	)		(0.04	)
Bigchange Group Limited		(0.13	)		(0.20	)
CloudBees, Inc.		(0.30	)		(0.20	)
Total	$	(0.69	)	$	(0.67	)

(1)For the three and six months ended June 30, 2022, Other, net includes gross unrealized appreciation of $0.00 million, $0.00 million and gross unrealized depreciation of $(0.04) million, $(0.07) million.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary use of existing funds and any funds raised in the future is expected to be for our investments in portfolio companies, cash distributions to, or stock repurchases from, our stockholders or for other general corporate purposes, including paying for operating expenses or debt service to the extent we borrow or issue senior securities.

We expect to generate cash primarily from the net proceeds of any future offerings of securities, drawdowns of capital commitments, future borrowings and cash flows from operations. To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board of Directors otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into credit facilities in addition to the Revolving Credit Facilities, or issue other senior securities. We would expect any such credit facilities may be secured by certain of our assets and may contain advance rates based upon pledged collateral. The pricing and other terms of any such facilities would depend upon market conditions when we enter into any such facilities as well as the performance of our business, among other factors. As a BDC, with certain limited exceptions, we are only permitted to borrow amounts such that our asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). See “—Key Components of Operations—Leverage.” As of June 30, 2023 and December 31, 2022, our asset coverage ratio based on the aggregate amount outstanding of our senior securities (which includes our Revolving Credit Facilities) was 242% and 316%. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions.

We may enter into investment commitments through signed commitment letters that may ultimately become investment transactions in the future. We regularly evaluate and carefully consider our unfunded commitments using GSAM’s proprietary risk management framework for the purpose of planning our capital resources and ongoing liquidity, including our financial leverage.

An affiliate of the Investment Adviser made a capital commitment to us of $100 on October 29, 2021 (commencement of operations) and served as our initial member (the “Initial Member”). We cancelled the Initial Member’s interest in us on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of our common stock (the “Initial Drawdown Date”). We began accepting subscription agreements (“Subscription Agreements”) from investors acquiring common shares in our private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the amount of their undrawn capital commitment to purchase shares each time we deliver a drawdown notice.

As of the dates indicated, we had aggregate capital commitments and undrawn capital commitments from investors as follows:

	June 30, 2023							December 31, 2022
	Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded			Capital Commitments ($ in millions)		Unfunded Capital Commitments ($ in millions)		% of Capital Commitments Funded
Common Stock	$	546.43	$	368.81		33	%	$	543.34	$	367.88		32	%

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The following table summarizes the total shares issued and proceeds related to capital drawdowns:

Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the six months ended June 30, 2023
February 21, 2023		62,172	$	1.15
June 20, 2023		54,300		1.00
Total capital drawdowns		116,472	$	2.15
For the six months ended June 30, 2022
March 16, 2022		1,823,817	$	34.05
Total capital drawdowns		1,823,817	$	34.05

Contractual Obligations

We have entered into certain contracts under which we have future commitments. Payments under the Investment Management Agreement, pursuant to which GSAM has agreed to serve as our Investment Adviser, are equal to (1) a percentage of value of our average gross assets and (2) a two-part Incentive Fee. Under the Administration Agreement, pursuant to which State Street Bank and Trust Company has agreed to furnish us with the administrative services necessary to conduct our day-to-day operations, we pay State Street Bank and Trust Company (the “Administrator”) such fees as may be agreed between us and our Administrator that we determine are commercially reasonable in our sole discretion. Either party or the stockholders, by a vote of a majority of our outstanding voting securities, may terminate the Investment Management Agreement without penalty on at least 60 days’ written notice to the other party. Either party may terminate the Administration Agreement without penalty upon at least 30 days’ written notice to the other party. The following table shows our contractual obligations as of June 30, 2023:

	Payments Due by Period ($ in millions)
	Total		Less Than 1 Year		1 – 3 Years		3 – 5 Years		More Than 5 Years
BoA Revolving Credit Facility(1)	$	69.86	$	69.86	$	—	$	—	$	—
Truist Revolving Credit Facility(2)	$	55.50	$	—	$	—	$	55.50	$	—

(1)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17.00 million, in GBP of £31.67 million and in CAD of 16.75 million.

(2)We may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023 the Company had outstanding borrowings denominated in USD of $55.50 million.

BoA Revolving Credit Facility

We entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and a lender. We amended the BoA Revolving Credit Facility on July 26, 2022 and November 14, 2022.

Subject to availability under the “Borrowing Base” (as defined by the BoA Revolving Credit Facility), the maximum principal amount of the BoA Revolving Credit Facility was $127.59 million as of June 30, 2023. The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility is November 24, 2023.

Under the BoA Revolving Credit Facility, prior to the amendment on July 26, 2022, we had the ability to elect either LIBOR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. Interest rate on obligations under the BoA Revolving Credit Facility was the prevailing LIBOR for one month plus 2.85% per annum or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85%, (ii) the Federal Funds Rate plus 0.50% plus 1.85%, and (iii) Adjusted LIBOR Rate plus 1.00%). Effective July 26, 2022, we have the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment, plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). We pay a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

For further details, see Note 6 “Debt – BoA Revolving Credit Facility” to our consolidated financial statements included in this report.

Truist Revolving Credit Facility

We entered into the Truist Revolving Credit Facility on February 28, 2023 with Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender.

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The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2023, total commitments under the Truist Revolving Credit Facility were $305.00. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $750.00. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on February 28, 2028.

Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at our election) of either (i) Term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) Term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, we may elect either Term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

For further details, see Note 6 “Debt – Truist Revolving Credit Facility” to our consolidated financial statements included in this report.

Off-Balance Sheet Arrangements

We may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of our business to fund investments and to meet the financial needs of our portfolio companies. These instruments may include commitments to extend credit and involve, to varying degrees, elements of liquidity and credit risk in excess of the amount recognized in the balance sheet. As of June 30, 2023, we believed that we had adequate financial resources to satisfy our unfunded commitments. Our unfunded commitments to provide funds to portfolio companies were as follows:

	As of		As of
	June 30, 2023		December 31, 2022
	(in millions)
Unfunded Commitments
First Lien/Senior Secured Debt	$	87.68	$	76.44
First Lien/Last-Out Unitranche		1.69		2.06
Total	$	89.37	$	78.50

HEDGING

Subject to applicable provisions of the Investment Company Act and applicable Commodity Futures Trading Commission (“CFTC”) regulations, we may enter into hedging transactions in a manner consistent with SEC guidance. To the extent that any of our loans are denominated in a currency other than U.S. dollars, we may enter into currency hedging contracts to reduce our exposure to fluctuations in currency exchange rates. We may also enter into interest rate hedging agreements. Such hedging activities, which will be subject to compliance with applicable legal requirements, may include the use of futures, options, swaps and forward contracts. Costs incurred in entering into such contracts or in settling them, if any, will be borne by us. Our Investment Adviser has claimed no-action relief from CFTC registration and regulation as a commodity pool operator pursuant to a CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5.

In August 2022, Rule 18f-4 under the Investment Company Act, regarding the ability of a BDC (or a RIC) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions), became effective. Under the newly adopted rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under the final rule, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

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CRITICAL ACCOUNTING POLICIES

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially.

For a description of our critical accounting policies, see Note 2 “Significant Accounting Policies” to our consolidated financial statements included in this report. We consider the most significant accounting policies to be those related to our Valuation of Portfolio Investments, Revenue Recognition, Non-Accrual Investments, Distribution Policy, and Income Taxes.

RECENT DEVELOPMENTS

On August 2, 2023, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period July 1, 2023 through September 30, 2023, payable on or about October 28, 2023 to shareholders of record as of October 3, 2023.

On July 31, 2023, the Company entered into a first amendment (the “Amendment”) to the Truist Revolving Credit Facility, among the Company, as borrower, each of the lenders from time to time party thereto and Truist Bank, as administrative agent. The Amendment, among other things, added the Japanese Yen as an “Agreed Foreign Currency” and the “TIBOR Rate” as its respective interest rate benchmark (as such terms are defined in the Amendment).

On August 7, 2023, the Company delivered a capital drawdown notice to its investors relating to the issuance and sale of approximately 2.2 million shares of common stock for an aggregate offering price of $40.98 million. The shares are expected to be issued on or around August 21, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, most significantly changes in interest rates. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Because we expect to fund a portion of our investments with borrowings, our net investment income is expected to be affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

As of June 30, 2023 and December 31, 2022, on a fair value basis, 100% of our performing debt investments bore interest at a floating rate. Our borrowings under the BoA Revolving Credit Facility and the Truist Revolving Credit Facility bear interest at a floating rate.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities.

Based on our June 30, 2023 Consolidated Statement of Assets and Liabilities, the following table shows the annual impact on net income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) assuming no changes in our investment and borrowing structure:

As of June 30, 2023 Basis Point Change	Interest Income			Interest Expense			Net Income
($ in millions)
Up 300 basis points	$	7.04		$	(3.44	)	$	3.60
Up 200 basis points		4.69			(2.29	)		2.40
Up 100 basis points		2.35			(1.15	)		1.20
Up 75 basis points		1.76			(0.86	)		0.90
Up 50 basis points		1.17			(0.57	)		0.60
Up 25 basis points		0.59			(0.29	)		0.30
Down 25 basis points		(0.59	)		0.29			(0.30	)
Down 50 basis points		(1.17	)		0.57			(0.60	)
Down 75 basis points		(1.76	)		0.86			(0.90	)
Down 100 basis points		(2.35	)		1.15			(1.20	)
Down 200 basis points		(4.69	)		2.29			(2.40	)
Down 300 basis points		(7.04	)		3.44			(3.60	)

We may, in the future, hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the Investment Company Act, applicable CFTC regulations and in a manner consistent with SEC guidance. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, our management carried out an evaluation, under the supervision and with the participation of our Co-Chief Executive Officers and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, our Co-Chief Executive Officers and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of June 30, 2023. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Changes in Internal Control over Financial Reporting. There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal 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.

From time to time, we may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us.

Item 1A. Risk Factors.

An investment in our securities involves a high degree of risk. Except as set forth below, there have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 2, 2023. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

Our business and the businesses of our portfolio companies are dependent on bank relationships and recent concerns associated with the banking system may adversely impact us.

The financial markets recently experienced volatility in connection with concerns that some banks, especially small and regional banks, may have significant investment-related losses that might make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government announced measures to assist certain banks and protect depositors, some banks had already been impacted and others may be adversely impacted, by such volatility. Our business and the businesses of our portfolio companies are dependent on bank relationships. We continue to monitor the financial health of these relationships. Any further strain on the banking system may adversely impact the business, financial condition and results of operations of us and our portfolio companies.

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

The following table summarizes the total shares issued and proceeds related to capital drawdowns:

Share Issue Date	Shares Issued		Proceeds Received ($ in millions)
For the six months ended June 30, 2023
February 21, 2023		62,171	$	1.15
June 20, 2023		54,300		1.00
Total capital drawdowns		116,471	$	2.15

Each of the above issuances and sales of our common stock, par value $0.001 per share, was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) of the Securities Act and Regulation D or Regulation S under the Securities Act. Each purchaser of common stock was required to represent that it is (i) either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of stock sold outside the United States, not a “U.S. person” in accordance with Regulation S of the

46

Securities Act and (ii) was acquiring the common stock for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising, and did not offer securities to the public, in connection with such issuance and sale.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

a)On August 7, 2023, we delivered a capital drawdown notice to investors relating to the sale of approximately 2.2 million shares of our common stock, par value $0.001 per share (the “Common Stock”) for an aggregate offering price of approximately $40.98 million. The sale is expected to close on or around August 21, 2023. The sale of Common Stock is being made pursuant to subscription agreements entered into by us and our investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of five business days’ prior notice to investors. The issuance and sale of the Common Stock are exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof, and Regulation D or Regulation S thereunder, as applicable. Each purchaser of Common Stock was required to represent that it is (i) either an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act or, in the case of the Common Stock sold outside the United States, not a “U.S. person” in accordance with Regulation S under the Securities Act and (ii) was acquiring the Common Stock for investment and not with a view to resell or distribute. We did not engage in general solicitation or advertising and did not offer securities to the public in connection with the issuance and sale of our Common Stock described in this section.

b)None.

c)None.

Item 6. Exhibits.

The exhibits filed as part of this Quarterly Report on Form 10-Q are set forth on the Index to Exhibits, which is incorporated herein by reference.

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INDEX TO EXHIBITS

EXHIBIT NO.	EXHIBIT
3.1	Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 (File No. 000-56369), filed on November 22, 2021).
3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Amendment No. 1 to Form 10 (File No. 000-56369), filed on January 13, 2022).
31.1*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Co-Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.3*	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Co-Chief 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 Co-Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

48

SIGNATURES

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

	GOLDMAN SACHS MIDDLE MARKET LENDING CORP. II
Date: August 8, 2023	/s/ Alex Chi
	Name: Alex Chi
	Title: Co-Chief Executive Officer and Co-President
	(Co-Principal Executive Officer)
Date: August 8, 2023	/s/ David Miller
	Name: David Miller
	Title: Co-Chief Executive Officer and Co-President
	(Co-Principal Executive Officer)
Date: August 8, 2023	/s/ David Pessah
	Name: David Pessah
	Title: Chief Financial Officer and Treasurer
	(Principal Financial Officer and Principal Accounting Officer)

49

EX-31.1

Exhibit 31.1

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alex Chi, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

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

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

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in 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 officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023

/s/ Alex Chi

Alex Chi

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Miller, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

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

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

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in 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 officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023

/s/ David Miller

David Miller

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

EX-31.3

Exhibit 31.3

CERTIFICATION OF CHIEF FINANCIAL OFFICER

UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II;

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

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

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in 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 officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023

/s/ David Pessah

David Pessah

Chief Financial Officer and Treasurer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification of Co-Chief Executive Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Alex Chi, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023

/s/ Alex Chi

Alex Chi

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

EX-32.2

Exhibit 32.2

Certification of Co-Chief Executive Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David Miller, as Co-Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023

/s/ David Miller

David Miller

Co-Chief Executive Officer and Co-President

(Co-Principal Executive Officer)

EX-32.3

Exhibit 32.3

Certification of Chief Financial Officer

Pursuant to

18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Goldman Sachs Middle Market Lending Corp. II (the “Company”) for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), David Pessah, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

1. The Report 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 Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023

/s/ David Pessah

David Pessah

Chief Financial Officer and Treasurer

(Principal Financial Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 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
Entity Registrant Name	Goldman Sachs Middle Market Lending Corp. II
Entity Central Index Key	0001865174
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity File Number	814-01461
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-3643363
Entity Address, Address Line One	200 West Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10282
City Area Code	312
Local Phone Number	655-4419
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		9,521,968

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Investments, at fair value
Non-controlled/non-affiliated investments (cost of $291,022 and $247,053)		$ 291,093	$ 245,817
Non-controlled affiliated investments (cost of $4,311 and $3,785)		4,413	3,843
Total investments, at fair value (cost of $295,333 and $250,838)		295,506	249,660
Cash		4,607	3,675
Interest and dividends receivable		2,130	2,332
Deferred financing costs		2,914	484
Other assets		201
Total assets		305,358	256,151
Liabilities
Debt		125,358	79,443
Interest and other debt expenses payable		833	399
Management fees payable		543	393
Distribution payable			3,574
Accrued expenses and other liabilities		821	686
Total liabilities		127,555	84,495
Commitments and contingencies (Note 7)
Net assets
Preferred stock, par value $0.001 per share (1,000,000 shares authorized and no shares issued and outstanding)
Common stock, par value $0.001 per share (200,000,000 shares authorized, 9,521,968 and 9,405,496 shares issued and outstanding as of March 31, 2023 and December 31, 2022)		10	9
Paid-in capital in excess of par		175,702	173,555
Distributable earnings (loss)		2,091	(1,908)
Total net assets		177,803	171,656
Total liabilities and net assets		$ 305,358	$ 256,151
Net asset value per share	[1]	$ 18.67	$ 18.25

[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Non-controlled/non-affiliated investments	$ 291,081	$ 247,053
Non-controlled affiliated investments	4,253	3,785
Investments at cost	$ 295,334	$ 250,838
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	9,521,968	9,405,496
Common stock, shares outstanding	9,521,968	9,405,496

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Investment Income [Line Items]
Total investment income	$ 8,788	$ 1,125	$ 16,661	$ 1,806
Expenses:
Interest and other debt expenses	2,766	217	4,884	431
Management fees	543	122	1,041	193
Incentive fees		(43)		(31)
Professional fees	230	241	449	393
Directors' fees	168	122	335	242
Directors' and officers' liability insurance	31	152	48	302
Offering costs		204		455
Other general and administrative expenses	302	188	605	385
Total expenses	4,040	1,203	7,362	2,370
Management fee waiver		(122)		(193)
Net expenses	4,040	1,081	7,362	2,177
Net investment income (loss)	4,748	44	9,299	(371)
Net realized gain (loss) from:
Non-controlled/non-affiliated investments	17		28
Foreign currency transactions	(16)	(1)	244	(1)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments	1,486	(688)	1,248	(665)
Non-controlled affiliated investments	91		102
Foreign currency translations	(1,400)	134	(2,188)	188
Net realized and unrealized gains (losses)	178	(555)	(566)	(478)
Net increase (decrease) in net assets from operations	$ 4,926	$ (511)	$ 8,733	$ (849)
Weighted average shares outstanding	9,474,232	3,261,391	9,453,450	2,515,742
Net investment income (loss) per share (basic and diluted)	$ 0.5	$ 0.01	$ 0.98	$ (0.15)
Earnings (loss) per share, basic	0.52	(0.16)	0.92	(0.34)
Earnings (loss) per share, diluted	$ 0.52	$ (0.16)	$ 0.92	$ (0.34)
From Non-controlled/ Non-affiliated Investments
Net Investment Income [Line Items]
Interest income	$ 8,136	$ 1,066	$ 15,059	$ 1,710
Payment-in-kind income	410	21	1,114	41
Other income	119	33	236	49
Non-controlled Affiliated Investments
Net Investment Income [Line Items]
Interest income	103		200
Dividend income	16	$ 5	44	$ 6
Other income	$ 4		$ 8

XML

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Partners' Capital [Abstract]
Net assets at beginning of period	$ 176,608	$ 60,641	$ 171,656	$ 26,928
Increase (decrease) in net assets from operations:
Net investment income (loss)	4,748	44	9,299	(371)
Net realized gain (loss)	1	(1)	272	(1)
Net change in unrealized appreciation (depreciation)	177	(554)	(838)	(477)
Net increase (decrease) in net assets from operations	4,926	(511)	8,733	(849)
Distributions to stockholders from:
Distributable earnings	(4,734)		(4,734)
Total distributions to stockholders	(4,734)		(4,734)
Capital transactions:
Issuance of Common Shares	1,003	0	2,148	34,051
Net increase in net assets from capital transactions	1,003	0	2,148	34,051
Total increase (decrease) in net assets	1,195	(511)	6,147	33,202
Net assets at end of period	$ 177,803	$ 60,130	$ 177,803	$ 60,130
Distributions per share	$ 0.5		$ 0.5

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net increase (decrease) in net assets from operations	$ 8,733	$ (849)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities:
Purchases of investments	(48,938)	(55,857)
Payment-in- kind interest capitalized	(1,120)	(41)
Investments in affiliated money market fund, net		23,067
Proceeds from sales of investments and principal repayments	6,111	344
Net realized (gain) loss on investments	(28)
Net change in unrealized (appreciation) depreciation on investments	(1,350)	665
Net change in unrealized (appreciation) depreciation on foreign currency translation	(1)	16
Amortization of premium and accretion of discounts net	(521)	(91)
Amortization of deferred financing costs	486	145
Amortization of deferred offering costs		455
Change in operating assets and liabilities:
(Increase) decrease in interest and dividends receivable	202	(436)
(Increase) decrease in other assets	(201)	205
Increase (decrease) in interest and other debt expenses payable	453	84
Increase (decrease) in management fees payable	150
Increase (decrease) in incentive fees payable		(31)
Increase (decrease) in directors' fees payable		26
Increase (decrease) in accrued expenses and other liabilities	206	218
Net cash provided by (used for) operating activities	(35,818)	(32,080)
Cash flows from financing activities:
Proceeds from issuance of common stock	2,148	34,051
Offering costs paid	(71)	(187)
Distributions paid	(8,308)
Financing costs paid	(2,935)	(375)
Borrowings on debt	89,415	55,796
Repayments of debt	(43,500)	(52,000)
Net cash provided by (used for) financing activities	36,749	37,285
Net increase (decrease) in cash	931	5,205
Effect of foreign exchange rate changes on cash and cash equivalents	1	(16)
Cash, beginning of period	3,675	13,564
Cash, end of period	4,607	18,753
Supplemental Cash Flow Information [Abstract]
Interest expense paid	$ 3,644	$ 144

XML

Consolidated Schedule of Investments £ in Thousands, $ in Thousands, $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) shares		Dec. 31, 2022 USD ($) shares		Jun. 30, 2023 GBP (£) shares		Jun. 30, 2023 CAD ($) shares		Dec. 31, 2022 GBP (£) shares		Dec. 31, 2022 CAD ($) shares
Schedule Of Investments [Line Items]
Cost		$ 295,334		$ 250,838
Investment owned, percent of net assets		166.20%		145.40%		166.20%		166.20%		145.40%		145.40%
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.92% Reference Rate and Spread S + 6.50% Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2]			10.92%						10.92%		10.92%
Reference Rate and Spread (+)	[1],[2]			6.50%						6.50%		6.50%
Maturity	[2]			Jul. 25, 2028						Jul. 25, 2028		Jul. 25, 2028
Par (++)	[2],[3]			$ 10,725
Cost	[2]			10,407
Fair Value	[2]			$ 10,403
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Interest Rate 11.40% Reference Rate and Spread C + 6.75% Maturity 12/21/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4]			11.40%						11.40%		11.40%
Reference Rate and Spread (+)	[1],[2],[4]			6.75%						6.75%		6.75%
Maturity	[2],[4]			Dec. 21, 2029						Dec. 21, 2029		Dec. 21, 2029
Par (++)	[2],[3],[4]											$ 17,049
Cost	[2],[4]			$ 12,319
Fair Value	[2],[4]			$ 12,276
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc Industry Health Care Technology Reference Rate and Spread L + 6.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Jan. 18, 2028						Jan. 18, 2028		Jan. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 278
Cost	[2],[5],[6]			(2)
Fair Value	[2],[5],[6]			$ (8)
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22
Schedule Of Investments [Line Items]
Initial Acquisition Date	[2],[5],[7],[8],[9]			Jul. 06, 2022
Par/Shares (++) | shares	[2],[3],[5],[8],[9]			400						400		400
Cost	[2],[5],[8],[9]			$ 400
Fair Value	[2],[5],[8],[9]			490
Investment, Identifier [Axis]: 1st Lien/Last-Out Unitranche
Schedule Of Investments [Line Items]
Cost		$ 6,738	[10]	6,352	[11]
Fair Value		$ 6,669	[10]	$ 6,295	[11]
Investment owned, percent of net assets		3.75%	[12]	3.67%	[13]	3.75%	[12]	3.75%	[12]	3.67%	[13]	3.67%	[13]
Investment, Identifier [Axis]: 1st Lien/Senior Secured Debt
Schedule Of Investments [Line Items]
Cost		$ 284,999		$ 240,889
Fair Value		$ 284,882		$ 239,700
Investment owned, percent of net assets		160.22%	[12]	139.64%	[13]	160.22%	[12]	160.22%	[12]	139.64%	[13]	139.64%	[13]
Investment, Identifier [Axis]: Common Stock
Schedule Of Investments [Line Items]
Cost		$ 670		$ 670
Fair Value		$ 830		$ 768
Investment owned, percent of net assets		0.47%	[12],[14]	0.45%	[13]	0.47%	[12],[14]	0.47%	[12],[14]	0.45%	[13]	0.45%	[13]
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[11]			11.58%						11.58%		11.58%
Reference Rate and Spread (+)	[1],[2],[5],[11]			7.00%						7.00%		7.00%
Maturity	[2],[5],[11]			Jul. 07, 2028						Jul. 07, 2028		Jul. 07, 2028
Par (++)	[2],[3],[5],[11]			$ 6,169
Cost	[2],[5],[11]			6,012
Fair Value	[2],[5],[11]			$ 6,015
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6],[11]			11.58%						11.58%		11.58%
Reference Rate and Spread (+)	[1],[2],[5],[6],[11]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6],[11]			Jul. 07, 2028						Jul. 07, 2028		Jul. 07, 2028
Par (++)	[2],[3],[5],[6],[11]			$ 2,401
Cost	[2],[5],[6],[11]			340
Fair Value	[2],[5],[6],[11]			$ 280
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (9)- 3.75% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.99% Reference Rate and Spread S+6.75% Maturity 07/07/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[10],[15],[16],[17]	11.99%				11.99%		11.99%
Reference Rate and Spread (+)	[10],[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[10],[15],[17]	Jul. 07, 2028				Jul. 07, 2028		Jul. 07, 2028
Par (++)	[10],[15],[17],[18]	$ 6,169
Cost	[10],[15],[17]	6,025
Fair Value	[10],[15],[17]	$ 6,015
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (9)- 3.75% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.99% Reference Rate and Spread S+6.75% Maturity 07/07/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[10],[15],[16],[17],[19]	11.99%				11.99%		11.99%
Reference Rate and Spread (+)	[10],[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[10],[15],[17],[19]	Jul. 07, 2028				Jul. 07, 2028		Jul. 07, 2028
Par (++)	[10],[15],[17],[18],[19]	$ 2,401
Cost	[10],[15],[17],[19]	713
Fair Value	[10],[15],[17],[19]	$ 654
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.48%						10.48%		10.48%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Dec. 21, 2027						Dec. 21, 2027		Dec. 21, 2027
Par (++)	[2],[3],[5]			$ 2,025
Cost	[2],[5]			1,990
Fair Value	[2],[5]			$ 1,969
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.48%						10.48%		10.48%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Dec. 21, 2027						Dec. 21, 2027		Dec. 21, 2027
Par (++)	[2],[3],[5]			$ 680
Cost	[2],[5]			668
Fair Value	[2],[5]			$ 661
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 Two
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.48%						10.48%		10.48%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Dec. 21, 2027						Dec. 21, 2027		Dec. 21, 2027
Par (++)	[2],[3],[5]			$ 676
Cost	[2],[5]			664
Fair Value	[2],[5]			$ 657
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.50% Reference Rate and Spread L + 5.75% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.50%						10.50%		10.50%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Dec. 21, 2027						Dec. 21, 2027		Dec. 21, 2027
Par (++)	[2],[3],[5],[6]			$ 270
Cost	[2],[5],[6]			90
Fair Value	[2],[5],[6]			$ 87
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread L + 6.00% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.54%						10.54%		10.54%
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			Dec. 21, 2027						Dec. 21, 2027		Dec. 21, 2027
Par (++)	[2],[3],[5],[6]			$ 6,200
Cost	[2],[5],[6]			572
Fair Value	[2],[5],[6]			$ 511
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 10.90% Reference Rate and Spread S + 6.50% Maturity 07/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.90%						10.90%		10.90%
Reference Rate and Spread (+)	[1],[2],[5]			6.50%						6.50%		6.50%
Maturity	[2],[5]			Jul. 01, 2027						Jul. 01, 2027		Jul. 01, 2027
Par (++)	[2],[3],[5]			$ 9,062
Cost	[2],[5]			9,062
Fair Value	[2],[5]			$ 8,971
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.50%						6.50%		6.50%
Maturity	[2],[5],[6]			Jul. 01, 2027						Jul. 01, 2027		Jul. 01, 2027
Par (++)	[2],[3],[5],[6]			$ 938
Fair Value	[2],[5],[6]			$ (9)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Interest Rate 10.08% Reference Rate and Spread S + 5.50% Maturity 05/08/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.08%						10.08%		10.08%
Reference Rate and Spread (+)	[1],[2],[5]			5.50%						5.50%		5.50%
Maturity	[2],[5]			May 08, 2028						May 08, 2028		May 08, 2028
Par (++)	[2],[3],[5]			$ 7,661
Cost	[2],[5]			7,521
Fair Value	[2],[5]			$ 7,508
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			May 08, 2028						May 08, 2028		May 08, 2028
Par (++)	[2],[3],[5],[6]			$ 2,070
Cost	[2],[5],[6]			(19)
Fair Value	[2],[5],[6]			$ (41)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			May 08, 2028						May 08, 2028		May 08, 2028
Par (++)	[2],[3],[5],[6]			$ 740
Cost	[2],[5],[6]			(13)
Fair Value	[2],[5],[6]			$ (15)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Diversified Financial Service Reference Rate and Spread S + 6.00% Maturity 01/25/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			Jan. 25, 2028						Jan. 25, 2028		Jan. 25, 2028
Par (++)	[2],[3],[5],[6]			$ 249
Cost	[2],[5],[6]			(4)
Fair Value	[2],[5],[6]			$ (10)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Diversified Financial Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 01/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.44%						10.44%		10.44%
Reference Rate and Spread (+)	[1],[2],[5]			6.00%						6.00%		6.00%
Maturity	[2],[5]			Jan. 25, 2028						Jan. 25, 2028		Jan. 25, 2028
Par (++)	[2],[3],[5]			$ 6,228
Cost	[2],[5]			6,133
Fair Value	[2],[5]			$ 5,979
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN+6.00% Maturity 12/23/26 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4],[5],[6]			9.43%						9.43%		9.43%
Reference Rate and Spread (+)	[1],[2],[4],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[4],[5],[6]			Dec. 23, 2026						Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[2],[3],[4],[5],[6]									£ 100
Cost	[2],[4],[5],[6]			$ 58
Fair Value	[2],[4],[5],[6]			$ 55
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 12/23/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4],[5]			9.43%						9.43%		9.43%
Reference Rate and Spread (+)	[1],[2],[4],[5]			6.00%						6.00%		6.00%
Maturity	[2],[4],[5]			Dec. 23, 2026						Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[2],[3],[4],[5]									£ 1,400
Cost	[2],[4],[5]			$ 1,847
Fair Value	[2],[4],[5]			$ 1,654
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Reference Rate and Spread SN + 6.00% Maturity 12/23/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[4],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[4],[5],[6]			Dec. 23, 2026						Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[2],[3],[4],[5],[6]									£ 280
Cost	[2],[4],[5],[6]			$ (6)
Fair Value	[2],[4],[5],[6]			$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.67% Reference Rate and Spread L + 5.50% Maturity 12/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			9.67%						9.67%		9.67%
Reference Rate and Spread (+)	[1],[2],[5]			5.50%						5.50%		5.50%
Maturity	[2],[5]			Dec. 01, 2027						Dec. 01, 2027		Dec. 01, 2027
Par (++)	[2],[3],[5]			$ 2,162
Cost	[2],[5]			2,144
Fair Value	[2],[5]			$ 2,141
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			9.88%						9.88%		9.88%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			Dec. 01, 2027						Dec. 01, 2027		Dec. 01, 2027
Par (++)	[2],[3],[5],[6]			$ 586
Cost	[2],[5],[6]			47
Fair Value	[2],[5],[6]			$ 44
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2]			10.97%						10.97%		10.97%
Reference Rate and Spread (+)	[1],[2]			6.75%						6.75%		6.75%
Maturity	[2]			Nov. 01, 2028						Nov. 01, 2028		Nov. 01, 2028
Par (++)	[2],[3]			$ 6,765
Cost	[2]			6,566
Fair Value	[2]			$ 6,562
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[6]			10.97%						10.97%		10.97%
Reference Rate and Spread (+)	[1],[2],[6]			6.75%						6.75%		6.75%
Maturity	[2],[6]			Nov. 01, 2028						Nov. 01, 2028		Nov. 01, 2028
Par (++)	[2],[3],[6]			$ 638
Cost	[2],[6]			45
Fair Value	[2],[6]			$ 45
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.23% Reference Rate and Spread L + 6.50% Maturity 12/31/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			11.23%						11.23%		11.23%
Reference Rate and Spread (+)	[1],[2],[5]			6.50%						6.50%		6.50%
Maturity	[2],[5]			Dec. 31, 2027						Dec. 31, 2027		Dec. 31, 2027
Par (++)	[2],[3],[5]			$ 3,639
Cost	[2],[5]			3,575
Fair Value	[2],[5]			$ 3,529
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread L + 6.50% Maturity 12/31/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.50%						6.50%		6.50%
Maturity	[2],[5],[6]			Dec. 31, 2027						Dec. 31, 2027		Dec. 31, 2027
Par (++)	[2],[3],[5],[6]			$ 367
Cost	[2],[5],[6]			(6)
Fair Value	[2],[5],[6]			$ (11)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 10.69% Reference Rate and Spread SN + 7.25% (Incl. 0.75% PIK) Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4],[5]			10.69%						10.69%		10.69%
Reference Rate and Spread (+)	[1],[2],[4],[5]			7.25%						7.25%		7.25%
Reference Rate and Spread (+), PIK	[1],[2],[4],[5]			0.75%						0.75%		0.75%
Maturity	[2],[4],[5]			Jul. 25, 2028						Jul. 25, 2028		Jul. 25, 2028
Par (++) | £	[2],[3],[4],[5]									£ 11,296
Cost	[2],[4],[5]			$ 13,280
Fair Value	[2],[4],[5]			$ 13,315
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 9.55% Reference Rate and Spread SN + 7.25% PIK Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4],[5],[6]			9.55%						9.55%		9.55%
Reference Rate and Spread (+), PIK	[1],[2],[4],[5],[6]			7.25%						7.25%		7.25%
Maturity	[2],[4],[5],[6]			Jul. 25, 2028						Jul. 25, 2028		Jul. 25, 2028
Par (++) | £	[2],[3],[4],[5],[6]									£ 10,019
Cost	[2],[4],[5],[6]			$ 3,914
Fair Value	[2],[4],[5],[6]			$ 3,977
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			11.39%						11.39%		11.39%
Reference Rate and Spread (+)	[1],[2],[5]			7.00%						7.00%		7.00%
Reference Rate and Spread (+), PIK	[1],[2],[5]			2.50%						2.50%		2.50%
Maturity	[2],[5]			Nov. 24, 2026						Nov. 24, 2026		Nov. 24, 2026
Par (++)	[2],[3],[5]			$ 3,352
Cost	[2],[5]			3,180
Fair Value	[2],[5]			$ 3,293
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			11.39%						11.39%		11.39%
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Reference Rate and Spread (+), PIK	[1],[2],[5],[6]			2.50%						2.50%		2.50%
Maturity	[2],[5],[6]			Nov. 24, 2026						Nov. 24, 2026		Nov. 24, 2026
Par (++)	[2],[3],[5],[6]			$ 1,524
Cost	[2],[5],[6]			1,357
Fair Value	[2],[5],[6]			$ 1,411
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			9.82%						9.82%		9.82%
Reference Rate and Spread (+)	[1],[2],[5]			5.50%						5.50%		5.50%
Maturity	[2],[5]			May 11, 2028						May 11, 2028		May 11, 2028
Par (++)	[2],[3],[5]			$ 4,304
Cost	[2],[5]			4,224
Fair Value	[2],[5]			$ 4,196
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			9.82%						9.82%		9.82%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			May 11, 2028						May 11, 2028		May 11, 2028
Par (++)	[2],[3],[5],[6]			$ 615
Cost	[2],[5],[6]			112
Fair Value	[2],[5],[6]			$ 108
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 05/11/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			May 11, 2028						May 11, 2028		May 11, 2028
Par (++)	[2],[3],[5],[6]			$ 1,294
Cost	[2],[5],[6]			(12)
Fair Value	[2],[5],[6]			$ (32)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Computer Services, Inc. Industry Diversified Financial Services Interest Rate 11.15% Reference Rate and Spread S + 6.75% Maturity 11/15/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2]			11.15%						11.15%		11.15%
Reference Rate and Spread (+)	[1],[2]			6.75%						6.75%		6.75%
Maturity	[2]			Nov. 15, 2029						Nov. 15, 2029		Nov. 15, 2029
Par (++)	[2],[3]			$ 15,867
Cost	[2]			15,396
Fair Value	[2]			$ 15,391
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Diversified Financial Services Interest Rate 10.84% Reference Rate and Spread S + 6.75% Maturity 10/01/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.84%						10.84%		10.84%
Reference Rate and Spread (+)	[1],[2],[5]			6.75%						6.75%		6.75%
Maturity	[2],[5]			Oct. 01, 2029						Oct. 01, 2029		Oct. 01, 2029
Par (++)	[2],[3],[5]			$ 13,269
Cost	[2],[5]			12,881
Fair Value	[2],[5]			$ 12,871
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Diversified Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Oct. 01, 2029						Oct. 01, 2029		Oct. 01, 2029
Par (++)	[2],[3],[5],[6]			$ 1,932
Cost	[2],[5],[6]			(28)
Fair Value	[2],[5],[6]			$ (58)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Diversified Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Oct. 01, 2029						Oct. 01, 2029		Oct. 01, 2029
Par (++)	[2],[3],[5],[6]			$ 1,932
Cost	[2],[5],[6]			(56)
Fair Value	[2],[5],[6]			$ (58)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[6]			7.00%						7.00%		7.00%
Maturity	[2],[6]			Jan. 31, 2029						Jan. 31, 2029		Jan. 31, 2029
Par (++)	[2],[3],[6]			$ 5,394
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[6]			7.00%						7.00%		7.00%
Maturity	[2],[6]			Jan. 31, 2029						Jan. 31, 2029		Jan. 31, 2029
Par (++)	[2],[3],[6]			$ 1,124
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29 Two
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[6]			7.00%						7.00%		7.00%
Maturity	[2],[6]			Jan. 31, 2029						Jan. 31, 2029		Jan. 31, 2029
Par (++)	[2],[3],[6]			$ 787
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			9.88%						9.88%		9.88%
Reference Rate and Spread (+)	[1],[2],[5]			5.50%						5.50%		5.50%
Maturity	[2],[5]			Dec. 01, 2028						Dec. 01, 2028		Dec. 01, 2028
Par (++)	[2],[3],[5]			$ 4,910
Cost	[2],[5]			4,899
Fair Value	[2],[5]			$ 4,824
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			Dec. 02, 2027						Dec. 02, 2027		Dec. 02, 2027
Par (++)	[2],[3],[5],[6]			$ 550
Cost	[2],[5],[6]			(1)
Fair Value	[2],[5],[6]			$ (10)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			Dec. 01, 2028						Dec. 01, 2028		Dec. 01, 2028
Par (++)	[2],[3],[5],[6]			$ 1,718
Cost	[2],[5],[6]			(2)
Fair Value	[2],[5],[6]			$ (30)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			11.74%						11.74%		11.74%
Reference Rate and Spread (+)	[1],[2],[5]			7.00%						7.00%		7.00%
Maturity	[2],[5]			Apr. 09, 2026						Apr. 09, 2026		Apr. 09, 2026
Par (++)	[2],[3],[5]			$ 4,100
Cost	[2],[5]			4,035
Fair Value	[2],[5]			$ 4,008
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			11.74%						11.74%		11.74%
Reference Rate and Spread (+)	[1],[2],[5]			7.00%						7.00%		7.00%
Maturity	[2],[5]			Apr. 09, 2026						Apr. 09, 2026		Apr. 09, 2026
Par (++)	[2],[3],[5]			$ 387
Cost	[2],[5]			387
Fair Value	[2],[5]			$ 378
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6]			Apr. 09, 2026						Apr. 09, 2026		Apr. 09, 2026
Par (++)	[2],[3],[5],[6]			$ 400
Cost	[2],[5],[6]			(6)
Fair Value	[2],[5],[6]			$ (9)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6]			Apr. 09, 2026						Apr. 09, 2026		Apr. 09, 2026
Par (++)	[2],[3],[5],[6]			$ 1,100
Cost	[2],[5],[6]			(8)
Fair Value	[2],[5],[6]			$ (25)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 Two
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6]			Apr. 09, 2026						Apr. 09, 2026		Apr. 09, 2026
Par (++)	[2],[3],[5],[6]			$ 6,000
Fair Value	[2],[5],[6]			$ (135)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 11/23/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4]			9.43%						9.43%		9.43%
Reference Rate and Spread (+)	[1],[2],[4]			6.00%						6.00%		6.00%
Maturity	[2],[4]			Nov. 23, 2028						Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[2],[3],[4]									£ 15,000
Cost	[2],[4]			$ 17,830
Fair Value	[2],[4]			$ 17,862
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[4],[6]			6.00%						6.00%		6.00%
Maturity	[2],[4],[6]			Nov. 23, 2028						Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[2],[3],[4],[6]									£ 2,300
Cost	[2],[4],[6]			$ (83)
Fair Value	[2],[4],[6]			$ (42)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[4],[6]			6.00%						6.00%		6.00%
Maturity	[2],[4],[6]			Nov. 23, 2028						Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[2],[3],[4],[6]									£ 6,460
Cost	[2],[4],[6]			$ (173)
Fair Value	[2],[4],[6]			$ (59)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.61% Reference Rate and Spread S + 6.00% Maturity 05/11/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.61%						10.61%		10.61%
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			May 11, 2028						May 11, 2028		May 11, 2028
Par (++)	[2],[3],[5],[6]			$ 400
Cost	[2],[5],[6]			69
Fair Value	[2],[5],[6]			$ 68
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.62% Reference Rate and Spread S + 6.00% Maturity 05/11/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.62%						10.62%		10.62%
Reference Rate and Spread (+)	[1],[2],[5]			6.00%						6.00%		6.00%
Maturity	[2],[5]			May 11, 2029						May 11, 2029		May 11, 2029
Par (++)	[2],[3],[5]			$ 3,616
Cost	[2],[5]			3,549
Fair Value	[2],[5]			$ 3,544
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 05/11/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			May 11, 2029						May 11, 2029		May 11, 2029
Par (++)	[2],[3],[5],[6]			$ 900
Cost	[2],[5],[6]			(8)
Fair Value	[2],[5],[6]			$ (18)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Interest Rate 10.33% Reference Rate and Spread S + 5.75% Maturity 06/25/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.33%						10.33%		10.33%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Jun. 25, 2029						Jun. 25, 2029		Jun. 25, 2029
Par (++)	[2],[3],[5]			$ 5,800
Cost	[2],[5]			5,718
Fair Value	[2],[5]			$ 5,713
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Jun. 25, 2029						Jun. 25, 2029		Jun. 25, 2029
Par (++)	[2],[3],[5],[6]			$ 350
Cost	[2],[5],[6]			(2)
Fair Value	[2],[5],[6]			$ (5)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Jun. 25, 2029						Jun. 25, 2029		Jun. 25, 2029
Par (++)	[2],[3],[5],[6]			$ 350
Cost	[2],[5],[6]			(5)
Fair Value	[2],[5],[6]			$ (5)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.22% Reference Rate and Spread S + 7.00% Maturity 03/18/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			11.22%						11.22%		11.22%
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6]			Mar. 18, 2027						Mar. 18, 2027		Mar. 18, 2027
Par (++)	[2],[3],[5],[6]			$ 9,684
Cost	[2],[5],[6]			8,450
Fair Value	[2],[5],[6]			$ 8,442
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Interest Rate 10.63% Reference Rate and Spread S + 6.00% Maturity 06/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.63%						10.63%		10.63%
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			Jun. 01, 2028						Jun. 01, 2028		Jun. 01, 2028
Par (++)	[2],[3],[5],[6]			$ 1,714
Cost	[2],[5],[6]			1,116
Fair Value	[2],[5],[6]			$ 1,106
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Interest Rate 9.31% Reference Rate and Spread S + 6.00% Maturity 06/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			9.31%						9.31%		9.31%
Reference Rate and Spread (+)	[1],[2],[5]			6.00%						6.00%		6.00%
Maturity	[2],[5]			Jun. 01, 2028						Jun. 01, 2028		Jun. 01, 2028
Par (++)	[2],[3],[5]			$ 6,825
Cost	[2],[5]			6,699
Fair Value	[2],[5]			$ 6,620
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Reference Rate and Spread S + 6.00% Maturity 06/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6]			Jun. 01, 2028						Jun. 01, 2028		Jun. 01, 2028
Par (++)	[2],[3],[5],[6]			$ 857
Cost	[2],[5],[6]			(16)
Fair Value	[2],[5],[6]			$ (26)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.87%						10.87%		10.87%
Reference Rate and Spread (+)	[1],[2],[5]			6.00%						6.00%		6.00%
Maturity	[2],[5]			Dec. 15, 2027						Dec. 15, 2027		Dec. 15, 2027
Par (++)	[2],[3],[5]			$ 5,180
Cost	[2],[5]			5,026
Fair Value	[2],[5]			$ 5,076
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.87%						10.87%		10.87%
Reference Rate and Spread (+)	[1],[2],[5]			6.00%						6.00%		6.00%
Maturity	[2],[5]			Dec. 15, 2027						Dec. 15, 2027		Dec. 15, 2027
Par (++)	[2],[3],[5]			$ 1,196
Cost	[2],[5]			1,175
Fair Value	[2],[5]			$ 1,172
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 12.5% Reference Rate and Spread P + 5.00% Maturity 12/15/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			12.50%						12.50%		12.50%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.00%						5.00%		5.00%
Maturity	[2],[5],[6]			Dec. 15, 2027						Dec. 15, 2027		Dec. 15, 2027
Par (++)	[2],[3],[5],[6]			$ 259
Cost	[2],[5],[6]			47
Fair Value	[2],[5],[6]			$ 47
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.13% Reference Rate and Spread L + 5.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.13%						10.13%		10.13%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Nov. 30, 2027						Nov. 30, 2027		Nov. 30, 2027
Par (++)	[2],[3],[5]			$ 1,993
Cost	[2],[5]			1,960
Fair Value	[2],[5]			$ 1,934
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.27% Reference Rate and Spread L + 5.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.27%						10.27%		10.27%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Nov. 30, 2027						Nov. 30, 2027		Nov. 30, 2027
Par (++)	[2],[3],[5],[6]			$ 2,024
Cost	[2],[5],[6]			1,634
Fair Value	[2],[5],[6]			$ 1,606
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread L + 5.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Nov. 30, 2027						Nov. 30, 2027		Nov. 30, 2027
Par (++)	[2],[3],[5],[6]			$ 349
Cost	[2],[5],[6]			(6)
Fair Value	[2],[5],[6]			$ (11)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.53% Reference Rate and Spread S + 7.50% Maturity 07/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			12.53%						12.53%		12.53%
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.50%						7.50%		7.50%
Maturity	[2],[5],[6]			Jul. 18, 2028						Jul. 18, 2028		Jul. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 880
Cost	[2],[5],[6]			407
Fair Value	[2],[5],[6]			$ 389
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			12.54%						12.54%		12.54%
Reference Rate and Spread (+)	[1],[2],[5]			7.50%						7.50%		7.50%
Maturity	[2],[5]			Jul. 18, 2028						Jul. 18, 2028		Jul. 18, 2028
Par (++)	[2],[3],[5]			$ 7,810
Cost	[2],[5]			7,663
Fair Value	[2],[5]			$ 7,654
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			12.54%						12.54%		12.54%
Reference Rate and Spread (+)	[1],[2],[5]			7.50%						7.50%		7.50%
Maturity	[2],[5]			Jul. 18, 2028						Jul. 18, 2028		Jul. 18, 2028
Par (++)	[2],[3],[5]			$ 770
Cost	[2],[5]			763
Fair Value	[2],[5]			$ 755
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Jul. 18, 2028						Jul. 18, 2028		Jul. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 605
Cost	[2],[5],[6]			(11)
Fair Value	[2],[5],[6]			$ (12)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Jul. 18, 2028						Jul. 18, 2028		Jul. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 880
Cost	[2],[5],[6]			(8)
Fair Value	[2],[5],[6]			$ (18)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.44% Reference Rate and Spread L + 5.50% Maturity 08/31/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			9.44%						9.44%		9.44%
Reference Rate and Spread (+)	[1],[2],[5]			5.50%						5.50%		5.50%
Maturity	[2],[5]			Aug. 31, 2026						Aug. 31, 2026		Aug. 31, 2026
Par (++)	[2],[3],[5]			$ 2,915
Cost	[2],[5]			2,877
Fair Value	[2],[5]			$ 2,857
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.89% Reference Rate and Spread L + 5.50% Maturity 08/31/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			9.89%						9.89%		9.89%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			Aug. 31, 2026						Aug. 31, 2026		Aug. 31, 2026
Par (++)	[2],[3],[5],[6]			$ 735
Cost	[2],[5],[6]			598
Fair Value	[2],[5],[6]			$ 591
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Reference Rate and Spread L + 5.50% Maturity 08/31/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.50%						5.50%		5.50%
Maturity	[2],[5],[6]			Aug. 31, 2026						Aug. 31, 2026		Aug. 31, 2026
Par (++)	[2],[3],[5],[6]			$ 736
Cost	[2],[5],[6]			(9)
Fair Value	[2],[5],[6]			$ (15)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 06/10/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.75%						10.75%		10.75%
Reference Rate and Spread (+)	[1],[2],[5]			6.50%						6.50%		6.50%
Maturity	[2],[5]			Jun. 10, 2027						Jun. 10, 2027		Jun. 10, 2027
Par (++)	[2],[3],[5],[6]			$ 11,126
Cost	[2],[5]			10,923
Fair Value	[2],[5]			$ 10,903
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 11.45% Reference Rate and Spread S + 7.00% Maturity 06/10/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			11.45%						11.45%		11.45%
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.00%						7.00%		7.00%
Maturity	[2],[5],[6]			Jun. 10, 2027						Jun. 10, 2027		Jun. 10, 2027
Par (++)	[2],[3],[5],[6]			$ 1,272
Cost	[2],[5],[6]			541
Fair Value	[2],[5],[6]			$ 515
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[9]			10.44%						10.44%		10.44%
Reference Rate and Spread (+)	[1],[2],[5],[9]			6.00%						6.00%		6.00%
Maturity	[2],[5],[9]			Jul. 06, 2027						Jul. 06, 2027		Jul. 06, 2027
Par (++)	[2],[3],[5],[9]			$ 3,483
Cost	[2],[5],[9]			3,418
Fair Value	[2],[5],[9]			$ 3,413
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6],[9]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6],[9]			Jul. 06, 2027						Jul. 06, 2027		Jul. 06, 2027
Par (++)	[2],[3],[5],[6],[9]			$ 600
Cost	[2],[5],[6],[9]			(11)
Fair Value	[2],[5],[6],[9]			$ (12)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6],[9]			6.00%						6.00%		6.00%
Maturity	[2],[5],[6],[9]			Jul. 06, 2027						Jul. 06, 2027		Jul. 06, 2027
Par (++)	[2],[3],[5],[6],[9]			$ 2,400
Cost	[2],[5],[6],[9]			(22)
Fair Value	[2],[5],[6],[9]			$ (48)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.17%						10.17%		10.17%
Reference Rate and Spread (+)	[1],[2],[5]			5.75%						5.75%		5.75%
Maturity	[2],[5]			Mar. 01, 2028						Mar. 01, 2028		Mar. 01, 2028
Par (++)	[2],[3],[5]			$ 3,472
Cost	[2],[5]			3,418
Fair Value	[2],[5]			$ 3,386
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.17%						10.17%		10.17%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Mar. 01, 2028						Mar. 01, 2028		Mar. 01, 2028
Par (++)	[2],[3],[5],[6]			$ 1,518
Cost	[2],[5],[6]			595
Fair Value	[2],[5],[6]			$ 574
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 Two
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			10.17%						10.17%		10.17%
Reference Rate and Spread (+)	[1],[2],[5],[6]			5.75%						5.75%		5.75%
Maturity	[2],[5],[6]			Mar. 01, 2028						Mar. 01, 2028		Mar. 01, 2028
Par (++)	[2],[3],[5],[6]			$ 456
Cost	[2],[5],[6]			54
Fair Value	[2],[5],[6]			$ 49
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 07/25/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[6]			6.50%						6.50%		6.50%
Maturity	[2],[6]			Jul. 25, 2028						Jul. 25, 2028		Jul. 25, 2028
Par (++)	[2],[3],[6]			$ 1,650
Cost	[2],[6]			(24)
Fair Value	[2],[6]			$ (25)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Reference Rate and Spread C + 6.75% Maturity 12/22/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[4],[6]			6.75%						6.75%		6.75%
Maturity	[2],[4],[6]			Dec. 22, 2028						Dec. 22, 2028		Dec. 22, 2028
Par (++)	[2],[3],[4],[6]											$ 1,279
Cost	[2],[4],[6]			$ (15)
Fair Value	[2],[4],[6]			$ (24)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Interest Rate 11.52% Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			11.52%						11.52%		11.52%
Reference Rate and Spread (+)	[1],[2],[5]			7.25%						7.25%		7.25%
Reference Rate and Spread (+), PIK	[1],[2],[5]			3.88%						3.88%		3.88%
Maturity	[2],[5]			Aug. 18, 2028						Aug. 18, 2028		Aug. 18, 2028
Par (++)	[2],[3],[5]			$ 17,885
Cost	[2],[5]			17,587
Fair Value	[2],[5]			$ 17,572
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.25%						7.25%		7.25%
Reference Rate and Spread (+), PIK	[1],[2],[5],[6]			3.88%						3.88%		3.88%
Maturity	[2],[5],[6]			Aug. 18, 2028						Aug. 18, 2028		Aug. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 1,703
Cost	[2],[5],[6]			(28)
Fair Value	[2],[5],[6]			$ (30)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% Maturity 08/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[5],[6]			7.25%						7.25%		7.25%
Maturity	[2],[5],[6]			Aug. 18, 2028						Aug. 18, 2028		Aug. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 4,751
Fair Value	[2],[5],[6]			$ (83)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Interest Rate 11.22% Reference Rate and Spread S + 6.75% Maturity 11/23/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[4]			11.22%						11.22%		11.22%
Reference Rate and Spread (+)	[1],[2],[4]			6.75%						6.75%		6.75%
Maturity	[2],[4]			Nov. 23, 2028						Nov. 23, 2028		Nov. 23, 2028
Par (++)	[2],[3],[4]			$ 8,913
Cost	[2],[4]			8,693
Fair Value	[2],[4]			$ 8,690
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[1],[2],[4],[6]			6.75%						6.75%		6.75%
Maturity	[2],[4],[6]			Nov. 23, 2028						Nov. 23, 2028		Nov. 23, 2028
Par (++)	[2],[3],[4],[6]			$ 1,087
Cost	[2],[4],[6]			(27)
Fair Value	[2],[4],[6]			$ (27)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc Industry Health Care Technology Interest Rate 10.98% Reference Rate and Spread L + 6.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5]			10.98%						10.98%		10.98%
Reference Rate and Spread (+)	[1],[2],[5]			6.75%						6.75%		6.75%
Maturity	[2],[5]			Jan. 18, 2028						Jan. 18, 2028		Jan. 18, 2028
Par (++)	[2],[3],[5]			$ 3,255
Cost	[2],[5]			3,213
Fair Value	[2],[5]			$ 3,158
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc Industry Health Care Technology Interest Rate 11.26% Reference Rate and Spread L + 6.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[1],[2],[5],[6]			11.26%						11.26%		11.26%
Reference Rate and Spread (+)	[1],[2],[5],[6]			6.75%						6.75%		6.75%
Maturity	[2],[5],[6]			Jan. 18, 2028						Jan. 18, 2028		Jan. 18, 2028
Par (++)	[2],[3],[5],[6]			$ 278
Cost	[2],[5],[6]			104
Fair Value	[2],[5],[6]			$ 99
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.20% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.95% Reference Rate and Spread S+5.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.95%				10.95%		10.95%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Nov. 30, 2027				Nov. 30, 2027		Nov. 30, 2027
Par (++)	[15],[17],[18]	$ 1,983
Cost	[15],[17]	1,952
Fair Value	[15],[17]	$ 1,924
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Interest Rate 10.74% Reference Rate and Spread S+5.50% Maturity 05/08/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.74%				10.74%		10.74%
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	May 08, 2028				May 08, 2028		May 08, 2028
Par (++)	[15],[17],[18]	$ 7,622
Cost	[15],[17]	7,493
Fair Value	[15],[17]	$ 7,508
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Reference Rate and Spread S+5.50% Maturity 05/08/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.50%				5.50%		5.50%
Maturity	[15],[17],[19]	May 08, 2028				May 08, 2028		May 08, 2028
Par (++)	[15],[17],[18],[19]	$ 740
Cost	[15],[17],[19]	(12)
Fair Value	[15],[17],[19]	$ (11)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Diversified Financial Services Reference Rate and Spread S+5.50% Maturity 05/08/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.50%				5.50%		5.50%
Maturity	[15],[17],[19]	May 08, 2028				May 08, 2028		May 08, 2028
Par (++)	[15],[17],[18],[19]	$ 2,070
Cost	[15],[17],[19]	(17)
Fair Value	[15],[17],[19]	$ (31)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 11.74% Reference Rate and Spread S+6.50% Maturity 06/28/30
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16]	11.74%				11.74%		11.74%
Reference Rate and Spread (+)	[15],[16]	6.50%				6.50%		6.50%
Maturity	[15]	Jun. 28, 2030				Jun. 28, 2030		Jun. 28, 2030
Par (++)	[15],[18]	$ 2,942
Cost	[15]	2,868
Fair Value	[15]	$ 2,868
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Reference Rate and Spread S+6.50% Maturity 06/28/30
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	6.50%				6.50%		6.50%
Maturity	[15],[19]	Jun. 28, 2030				Jun. 28, 2030		Jun. 28, 2030
Par (++)	[15],[18],[19]	$ 679
Cost	[15],[19]	(8)
Fair Value	[15],[19]	$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% BSI3 Menu Buyer, Inc (dba Kydia) Industry Diversified Financial Services Interest Rate 11.22% Reference Rate and Spread S + 6.00% Maturity 01/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.22%				11.22%		11.22%
Reference Rate and Spread (+)	[15],[16],[17]	6.00%				6.00%		6.00%
Maturity	[15],[17]	Jan. 25, 2028				Jan. 25, 2028		Jan. 25, 2028
Par (++)	[15],[17],[18]	$ 6,228
Cost	[15],[17]	6,140
Fair Value	[15],[17]	$ 5,917
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% BSI3 Menu Buyer, Inc (dba Kydia) Industry Diversified Financial Services Reference Rate and Spread S+6.00% Maturity 01/25/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Jan. 25, 2028				Jan. 25, 2028		Jan. 25, 2028
Par (++)	[15],[17],[18],[19]	$ 249
Cost	[15],[17],[19]	(3)
Fair Value	[15],[17],[19]	$ (12)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Bigchange Group Limited Industry Software Interest Rate 10.93% Reference Rate and Spread SN+6.00% Maturity 12/23/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[20]	10.93%				10.93%		10.93%
Reference Rate and Spread (+)	[15],[16],[17],[20]	6.00%				6.00%		6.00%
Maturity	[15],[17],[20]	Dec. 23, 2026				Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[15],[17],[18],[20]					£ 1,400
Cost	[15],[17],[20]	$ 1,850
Fair Value	[15],[17],[20]	$ 1,738
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Bigchange Group Limited Industry Software Interest Rate 10.93% Reference Rate and Spread SN+6.00% Maturity 12/23/26 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19],[20]	10.93%				10.93%		10.93%
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[20]	Dec. 23, 2026				Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[15],[17],[18],[19],[20]					£ 206
Cost	[15],[17],[19],[20]	$ 227
Fair Value	[15],[17],[19],[20]	$ 228
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Bigchange Group Limited Industry Software Reference Rate and Spread SN+6.00% Maturity 12/23/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[20]	Dec. 23, 2026				Dec. 23, 2026		Dec. 23, 2026
Par (++) | £	[15],[17],[18],[19],[20]					£ 280
Cost	[15],[17],[19],[20]	$ (5)
Fair Value	[15],[17],[19],[20]	$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.84% Reference Rate and Spread S+5.50% Maturity 12/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.84%				10.84%		10.84%
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	Dec. 01, 2027				Dec. 01, 2027		Dec. 01, 2027
Par (++)	[15],[17],[18]	$ 2,152
Cost	[15],[17]	2,135
Fair Value	[15],[17]	$ 2,130
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.84% Reference Rate and Spread S+5.50% Maturity 12/01/27 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	10.84%				10.84%		10.84%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.50%				5.50%		5.50%
Maturity	[15],[17],[19]	Dec. 01, 2027				Dec. 01, 2027		Dec. 01, 2027
Par (++)	[15],[17],[18],[19]	$ 586
Cost	[15],[17],[19]	48
Fair Value	[15],[17],[19]	$ 44
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 11.95% Reference Rate and Spread S+6.75% Maturity 11/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.95%				11.95%		11.95%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Nov. 01, 2028				Nov. 01, 2028		Nov. 01, 2028
Par (++)	[15],[17],[18]	$ 6,731
Cost	[15],[17]	6,545
Fair Value	[15],[17]	$ 6,563
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Reference Rate and Spread S+6.75% Maturity 11/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Nov. 01, 2028				Nov. 01, 2028		Nov. 01, 2028
Par (++)	[15],[17],[18],[19]	$ 638
Cost	[15],[17],[19]	(17)
Fair Value	[15],[17],[19]	$ (16)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.84% Reference Rate and Spread S+6.50% Maturity 12/31/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.84%				11.84%		11.84%
Reference Rate and Spread (+)	[15],[16],[17]	6.50%				6.50%		6.50%
Maturity	[15],[17]	Dec. 31, 2027				Dec. 31, 2027		Dec. 31, 2027
Par (++)	[15],[17],[18]	$ 3,620
Cost	[15],[17]	3,562
Fair Value	[15],[17]	$ 3,521
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread S+6.50% Maturity 12/31/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.50%				6.50%		6.50%
Maturity	[15],[17],[19]	Dec. 31, 2027				Dec. 31, 2027		Dec. 31, 2027
Par (++)	[15],[17],[18],[19]	$ 367
Cost	[15],[17],[19]	(6)
Fair Value	[15],[17],[19]	$ (10)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 11.68% Reference Rate and Spread SN+7.50% Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19],[20]	11.68%				11.68%		11.68%
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	7.50%				7.50%		7.50%
Maturity	[15],[17],[19],[20]	Jul. 25, 2028				Jul. 25, 2028		Jul. 25, 2028
Par (++) | £	[15],[17],[18],[19],[20]					£ 10,168
Cost	[15],[17],[19],[20]	$ 5,681
Fair Value	[15],[17],[19],[20]	$ 5,970
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.43% Reference Rate and Spread SN+8.25% (Incl. 0.75% PIK) Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	12.43%				12.43%		12.43%
Reference Rate and Spread (+)	[15],[16],[17],[19]	8.25%				8.25%		8.25%
Reference Rate and Spread (+), PIK	[15],[16],[17],[19]	0.75%				0.75%		0.75%
Maturity	[15],[17],[19]	Jul. 25, 2028				Jul. 25, 2028		Jul. 25, 2028
Par (++) | £	[15],[17],[18],[19]					£ 11,705
Cost	[15],[17],[19]	$ 13,809
Fair Value	[15],[17],[19]	$ 14,457
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% CloudBees, Inc. Industry Software Interest Rate 12.22% Reference Rate and Spread S+7.00% (incl. 2.50% PIK) Maturity 11/24/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.22%				12.22%		12.22%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Reference Rate and Spread (+), PIK	[15],[16],[17]	2.50%				2.50%		2.50%
Maturity	[15],[17]	Nov. 24, 2026				Nov. 24, 2026		Nov. 24, 2026
Par (++)	[15],[17],[18]	$ 3,395
Cost	[15],[17]	3,241
Fair Value	[15],[17]	$ 3,344
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% CloudBees, Inc. Industry Software Interest Rate 12.22% Reference Rate and Spread S+7.00% (incl. 2.50% PIK) Maturity 11/24/26 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	12.22%				12.22%		12.22%
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.00%				7.00%		7.00%
Reference Rate and Spread (+), PIK	[15],[16],[17],[19]	2.50%				2.50%		2.50%
Maturity	[15],[17],[19]	Nov. 24, 2026				Nov. 24, 2026		Nov. 24, 2026
Par (++)	[15],[17],[18],[19]	$ 1,542
Cost	[15],[17],[19]	1,384
Fair Value	[15],[17],[19]	$ 1,433
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 10.58% Reference Rate and Spread S + 5.50% Maturity 05/11/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	10.58%				10.58%		10.58%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.50%				5.50%		5.50%
Maturity	[15],[17],[19]	May 11, 2028				May 11, 2028		May 11, 2028
Par (++)	[15],[17],[18],[19]	$ 1,294
Cost	[15],[17],[19]	123
Fair Value	[15],[17],[19]	$ 103
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 10.60% Reference Rate and Spread S+5.50% Maturity 05/11/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.60%				10.60%		10.60%
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	May 11, 2028				May 11, 2028		May 11, 2028
Par (++)	[15],[17],[18]	$ 4,282
Cost	[15],[17]	4,207
Fair Value	[15],[17]	$ 4,175
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 10.60% Reference Rate and Spread S+5.50% Maturity 05/11/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	10.60%				10.60%		10.60%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.50%				5.50%		5.50%
Maturity	[15],[17],[19]	May 11, 2028				May 11, 2028		May 11, 2028
Par (++)	[15],[17],[18],[19]	$ 615
Cost	[15],[17],[19]	114
Fair Value	[15],[17],[19]	$ 108
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Computer Services, Inc. Industry Diversified Financial Services Interest Rate 12.03% Reference Rate and Spread S+6.75% Maturity 11/15/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.03%				12.03%		12.03%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Nov. 15, 2029				Nov. 15, 2029		Nov. 15, 2029
Par (++)	[15],[17],[18]	$ 15,827
Cost	[15],[17]	15,381
Fair Value	[15],[17]	$ 15,431
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coretrust Purchasing Group LLC Industry Diversified Financial Services Interest Rate 11.85% Reference Rate and Spread S+6.75% Maturity 10/01/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.85%				11.85%		11.85%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Oct. 01, 2029				Oct. 01, 2029		Oct. 01, 2029
Par (++)	[15],[17],[18]	$ 13,202
Cost	[15],[17]	12,836
Fair Value	[15],[17]	$ 12,872
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coretrust Purchasing Group LLC Industry Diversified Financial Services Reference Rate and Spread S+6.75% Maturity 10/01/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Oct. 01, 2029				Oct. 01, 2029		Oct. 01, 2029
Par (++)	[15],[17],[18],[19]	$ 1,932
Cost	[15],[17],[19]	(52)
Fair Value	[15],[17],[19]	$ (48)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Coretrust Purchasing Group LLC Industry Diversified Financial Services Reference Rate and Spread S+6.75% Maturity 10/01/29 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Oct. 01, 2029				Oct. 01, 2029		Oct. 01, 2029
Par (++)	[15],[17],[18],[19]	$ 1,932
Cost	[15],[17],[19]	(26)
Fair Value	[15],[17],[19]	$ (48)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% DFS Holding Company, Inc. Industry Distributors Interest Rate 12.20% Reference Rate and Spread S+7.00% Maturity 01/31/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.20%				12.20%		12.20%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Maturity	[15],[17]	Jan. 31, 2029				Jan. 31, 2029		Jan. 31, 2029
Par (++)	[15],[17],[18]	$ 4,153
Cost	[15],[17]	4,035
Fair Value	[15],[17]	$ 4,039
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S+7.00% Maturity 01/31/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.00%				7.00%		7.00%
Maturity	[15],[17],[19]	Jan. 31, 2029				Jan. 31, 2029		Jan. 31, 2029
Par (++)	[15],[17],[18],[19]	$ 867
Cost	[15],[17],[19]	(12)
Fair Value	[15],[17],[19]	$ (24)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 11.99% Reference Rate and Spread S+6.75% Maturity 01/09/30
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.99%				11.99%		11.99%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Jan. 09, 2030				Jan. 09, 2030		Jan. 09, 2030
Par (++)	[15],[17],[18]	$ 7,734
Cost	[15],[17]	7,513
Fair Value	[15],[17]	$ 7,580
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Reference Rate and Spread S+6.75% Maturity 01/09/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Jan. 09, 2028				Jan. 09, 2028		Jan. 09, 2028
Par (++)	[15],[17],[18],[19]	$ 802
Cost	[15],[17],[19]	(22)
Fair Value	[15],[17],[19]	$ (16)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Fullsteam Operations LLC Diversified Consumer Services Reference Rate and Spread S+8.25% Maturity 05/01/30 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17]	8.25%				8.25%		8.25%
Maturity	[15],[17]	May 01, 2030				May 01, 2030		May 01, 2030
Par (++)	[15],[17],[18]	$ 3,333
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Fullsteam Operations LLC Industry Diversified Consumer Services Reference Rate and Spread S+8.25% Maturity 05/01/30 Two
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17]	8.25%				8.25%		8.25%
Maturity	[15],[17]	May 01, 2030				May 01, 2030		May 01, 2030
Par (++)	[15],[17],[18]	$ 1,481
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Fullsteam Operations LLC Industry Diversified Financial Services Reference Rate and Spread S+8.25% Maturity 05/01/30
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17]	8.25%				8.25%		8.25%
Maturity	[15],[17]	May 01, 2030				May 01, 2030		May 01, 2030
Par (++)	[15],[17],[18]	$ 10,593
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Fullsteam Operations LLC Industry Health Care Technology Reference Rate and Spread S+8.25% Maturity 05/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[17]	8.25%				8.25%		8.25%
Maturity	[15],[17]	May 01, 2028				May 01, 2028		May 01, 2028
Par (++)	[15],[17]	$ 593
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.70% Reference Rate and Spread S+5.50% Maturity 12/02/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.70%				10.70%		10.70%
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	Dec. 02, 2027				Dec. 02, 2027		Dec. 02, 2027
Par (++)	[15],[17],[18]	$ 550
Cost	[15],[17]	205
Fair Value	[15],[17]	$ 196
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.70% Reference Rate and Spread S+5.50% Maturity 12/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.70%				10.70%		10.70%
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	Dec. 01, 2028				Dec. 01, 2028		Dec. 01, 2028
Par (++)	[15],[17],[18]	$ 4,885
Cost	[15],[17]	4,875
Fair Value	[15],[17]	$ 4,800
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Governmentjobs.com, Inc. (dba NeoGov) Software Reference Rate and Spread S+5.50% Maturity 12/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	Dec. 01, 2028				Dec. 01, 2028		Dec. 01, 2028
Par (++)	[15],[17],[18]	$ 1,718
Cost	[15],[17]	(2)
Fair Value	[15],[17]	$ (30)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Groundworks, LLC Industry Diversified Consumer Services Interest Rate 11.65% Reference Rate and Spread S+6.50% Maturity 03/14/30
Schedule Of Investments [Line Items]
Interest Rate (+)	[16]	11.65%				11.65%		11.65%
Reference Rate and Spread (+)	[15],[16],[17]	6.50%				6.50%		6.50%
Maturity	[15],[17]	Mar. 14, 2030				Mar. 14, 2030		Mar. 14, 2030
Par (++)	[15],[17],[18]	$ 1,867
Cost	[15],[17]	1,812
Fair Value	[15],[17]	$ 1,820
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S+6.50% Maturity 03/14/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.50%				6.50%		6.50%
Maturity	[15],[17],[19]	Mar. 14, 2029				Mar. 14, 2029		Mar. 14, 2029
Par (++)	[15],[17],[18],[19]	$ 109
Cost	[15],[17],[19]	(3)
Fair Value	[15],[17],[19]	$ (3)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S+6.50% Maturity 03/14/30
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.50%				6.50%		6.50%
Maturity	[15],[17],[19]	Mar. 14, 2030				Mar. 14, 2030		Mar. 14, 2030
Par (++)	[15],[17],[18],[19]	$ 341
Cost	[15],[17],[19]	(5)
Fair Value	[15],[17],[19]	$ (9)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.41% Reference Rate and Spread L+6.25% Maturity 04/09/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.41%				11.41%		11.41%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.25%				6.25%		6.25%
Maturity	[15],[17],[19]	Apr. 09, 2026				Apr. 09, 2026		Apr. 09, 2026
Par (++)	[15],[17],[18],[19]	$ 6,000
Cost	[15],[17],[19]	4,155
Fair Value	[15],[17],[19]	$ 4,035
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.41% Reference Rate and Spread L+7.00% Maturity 04/09/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.41%				11.41%		11.41%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Maturity	[15],[17]	Apr. 09, 2026				Apr. 09, 2026		Apr. 09, 2026
Par (++)	[15],[17],[18]	$ 4,100
Cost	[15],[17]	4,044
Fair Value	[15],[17]	$ 4,018
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.41% Reference Rate and Spread L+7.00% Maturity 04/09/26 Two
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.41%				11.41%		11.41%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Maturity	[15],[17]	Apr. 09, 2026				Apr. 09, 2026		Apr. 09, 2026
Par (++)	[15],[17],[18]	$ 387
Cost	[15],[17]	387
Fair Value	[15],[17]	$ 379
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread P+6.00% Maturity 04/09/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Apr. 09, 2026				Apr. 09, 2026		Apr. 09, 2026
Par (++)	[15],[17],[18],[19]	$ 400
Cost	[15],[17],[19]	(5)
Fair Value	[15],[17],[19]	$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L+7.00% Maturity 04/09/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.00%				7.00%		7.00%
Maturity	[15],[17],[19]	Apr. 09, 2026				Apr. 09, 2026		Apr. 09, 2026
Par (++)	[15],[17],[18],[19]	$ 1,100
Cost	[15],[17],[19]	(7)
Fair Value	[15],[17],[19]	$ (22)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Highfive Dental Holdco, LLC Industry Diversified Consumer Services Reference Rate and Spread S+6.75% Maturity 06/13/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	6.75%				6.75%		6.75%
Maturity	[15],[19]	Jun. 13, 2028				Jun. 13, 2028		Jun. 13, 2028
Par (++)	[15],[18],[19]	$ 2,777
Cost	[15],[19]	(83)
Fair Value	[15],[19]	$ (83)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 12.00% Reference Rate and Spread S+6.75% Maturity 06/13/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16]	12.00%				12.00%		12.00%
Reference Rate and Spread (+)	[15],[16]	6.75%				6.75%		6.75%
Maturity	[15]	Jun. 13, 2028				Jun. 13, 2028		Jun. 13, 2028
Par (++)	[15],[18]	$ 4,165
Cost	[15]	4,041
Fair Value	[15]	$ 4,040
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S+6.75% Maturity 06/13/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	6.75%				6.75%		6.75%
Maturity	[15],[19]	Jun. 13, 2028				Jun. 13, 2028		Jun. 13, 2028
Par (++)	[15],[18],[19]	$ 463
Cost	[15],[19]	(14)
Fair Value	[15],[19]	$ (14)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Interest Rate 10.58% Reference Rate and Spread SN+6.00% Maturity 11/23/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	10.58%				10.58%		10.58%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Nov. 23, 2028				Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[15],[17],[18],[19]					£ 15,000
Cost	[15],[17],[19]	$ 17,848
Fair Value	[15],[17],[19]	$ 18,764
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN+6.00% Maturity 11/23/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[20]	Nov. 23, 2028				Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[15],[17],[18],[19],[20]					£ 2,300
Cost	[15],[17],[19],[20]	$ (10)
Fair Value	[15],[17],[19],[20]	$ (44)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN+6.00% Maturity 11/23/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[20]	Nov. 23, 2028				Nov. 23, 2028		Nov. 23, 2028
Par (++) | £	[15],[17],[18],[19],[20]					£ 6,460
Cost	[15],[17],[19],[20]	$ 24
Fair Value	[15],[17],[19],[20]	$ (123)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Intelligent Medical Objects, Inc. Industry Health Care Technology Inc. Reference Rate and Spread S+6.00% Maturity 05/11/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	May 11, 2028				May 11, 2028		May 11, 2028
Par (++)	[15],[17],[18],[19]	$ 400
Cost	[15],[17],[19]	(7)
Fair Value	[15],[17],[19]	$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.04% Reference Rate and Spread S+6.00% Maturity 05/11/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[16],[17],[19]	11.04%				11.04%		11.04%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	May 11, 2029				May 11, 2029		May 11, 2029
Par (++)	[15],[17],[18],[19]	$ 899
Cost	[15],[17],[19]	232
Fair Value	[15],[17],[19]	$ 224
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.09% Reference Rate and Spread S+6.00% Maturity 05/11/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.09%				11.09%		11.09%
Reference Rate and Spread (+)	[15],[16],[17]	6.00%				6.00%		6.00%
Maturity	[15],[17]	May 11, 2029				May 11, 2029		May 11, 2029
Par (++)	[15],[17],[18]	$ 3,598
Cost	[15],[17]	3,535
Fair Value	[15],[17]	$ 3,526
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Kaseya Inc. Industry IT Services Interest Rate 11.36% Reference Rate and Spread S+6.25% (incl. 2.50% PIK) Maturity 06/25/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.36%				11.36%		11.36%
Reference Rate and Spread (+)	[19]	6.25%				6.25%		6.25%
Reference Rate and Spread (+), PIK	[19]	2.50%				2.50%		2.50%
Maturity	[19]	Jun. 25, 2029				Jun. 25, 2029		Jun. 25, 2029
Par (++)	[19]	$ 350
Cost	[19]	83
Fair Value	[19]	$ 82
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Kaseya Inc. Industry IT Services Interest Rate 11.36% Reference Rate and Spread S+6.25% (incl. 2.50% PIK) Maturity 06/25/29 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.36%				11.36%		11.36%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.25%				6.25%		6.25%
Reference Rate and Spread (+), PIK	[15],[16],[17],[19]	2.50%				2.50%		2.50%
Maturity	[15],[17],[19]	Jun. 25, 2029				Jun. 25, 2029		Jun. 25, 2029
Par (++)	[15],[17],[18],[19]	$ 350
Cost	[15],[17],[19]	19
Fair Value	[15],[17],[19]	$ 16
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Kaseya Inc. Industry IT Services Interest Rate 11.36% Reference Rate and Spread S+6.25% (incl. 2.50%PIK) Maturity 06/25/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[17]	11.36%				11.36%		11.36%
Reference Rate and Spread (+)	[15],[16],[17]	6.25%				6.25%		6.25%
Reference Rate and Spread (+), PIK	[15],[16],[17]	2.50%				2.50%		2.50%
Maturity	[15],[17]	Jun. 25, 2029				Jun. 25, 2029		Jun. 25, 2029
Par (++)	[15],[17],[18]	$ 5,800
Cost	[15],[17]	5,723
Fair Value	[15],[17]	$ 5,713
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 12.26% Reference Rate and Spread S+7.00% Maturity 03/18/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.26%				12.26%		12.26%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Maturity	[15],[17]	Mar. 18, 2027				Mar. 18, 2027		Mar. 18, 2027
Par (++)	[15],[17],[18]	$ 9,640
Cost	[15],[17]	9,516
Fair Value	[15],[17]	$ 9,447
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Interest Rate 11.24% Reference Rate and Spread S+6.00% Maturity 06/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.24%				11.24%		11.24%
Reference Rate and Spread (+)	[15],[16],[17]	6.00%				6.00%		6.00%
Maturity	[15],[17]	Jun. 01, 2028				Jun. 01, 2028		Jun. 01, 2028
Par (++)	[15],[17],[18]	$ 6,791
Cost	[15],[17]	6,674
Fair Value	[15],[17]	$ 6,451
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Interest Rate 11.24% Reference Rate and Spread S+6.00% Maturity 06/01/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.24%				11.24%		11.24%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Jun. 01, 2028				Jun. 01, 2028		Jun. 01, 2028
Par (++)	[15],[17],[18],[19]	$ 1,709
Cost	[15],[17],[19]	1,112
Fair Value	[15],[17],[19]	$ 1,056
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% MerchantWise Solutions, LLC (dba HungerRush) Industry Diversified Financial Services Reference Rate and Spread S+6.00% Maturity 06/01/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Jun. 01, 2028				Jun. 01, 2028		Jun. 01, 2028
Par (++)	[15],[17],[18],[19]	$ 857
Cost	[15],[17],[19]	(14)
Fair Value	[15],[17],[19]	$ (43)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.34% Reference Rate and Spread S+5.75% Maturity 12/15/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.34%				11.34%		11.34%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Dec. 15, 2027				Dec. 15, 2027		Dec. 15, 2027
Par (++)	[15],[17],[18]	$ 5,154
Cost	[15],[17]	5,009
Fair Value	[15],[17]	$ 5,051
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.34% Reference Rate and Spread S+5.75% Maturity 12/15/27 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.34%				11.34%		11.34%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Dec. 15, 2027				Dec. 15, 2027		Dec. 15, 2027
Par (++)	[15],[17],[18]	$ 1,190
Cost	[15],[17]	1,171
Fair Value	[15],[17]	$ 1,166
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 13.25% Reference Rate and Spread P+5.00% Maturity 12/15/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	13.25%				13.25%		13.25%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.00%				5.00%		5.00%
Maturity	[15],[17],[19]	Dec. 15, 2027				Dec. 15, 2027		Dec. 15, 2027
Par (++)	[15],[17],[18],[19]	$ 259
Cost	[15],[17],[19]	31
Fair Value	[15],[17],[19]	$ 29
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.11% Reference Rate and Spread S+5.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.11%				11.11%		11.11%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.75%				5.75%		5.75%
Maturity	[15],[17],[19]	Nov. 30, 2027				Nov. 30, 2027		Nov. 30, 2027
Par (++)	[15],[17],[18],[19]	$ 2,015
Cost	[15],[17],[19]	1,799
Fair Value	[15],[17],[19]	$ 1,769
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread P+4.75% Maturity 11/30/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	4.75%				4.75%		4.75%
Maturity	[15],[17],[19]	Nov. 30, 2027				Nov. 30, 2027		Nov. 30, 2027
Par (++)	[15],[17],[18],[19]	$ 349
Cost	[15],[17],[19]	(5)
Fair Value	[15],[17],[19]	$ (10)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.93% Reference Rate and Spread S+7.50% Maturity 07/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.93%				12.93%		12.93%
Reference Rate and Spread (+)	[15],[16],[17]	7.50%				7.50%		7.50%
Maturity	[15],[17]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18]	$ 880
Cost	[15],[17]	880
Fair Value	[15],[17]	$ 862
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 13.09% Reference Rate and Spread S+7.50% Maturity 07/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	13.09%				13.09%		13.09%
Reference Rate and Spread (+)	[15],[16],[17]	7.50%				7.50%		7.50%
Maturity	[15],[17]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18]	$ 7,810
Cost	[15],[17]	7,672
Fair Value	[15],[17]	$ 7,654
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 13.09% Reference Rate and Spread S+7.50% Maturity 07/18/28 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	13.09%				13.09%		13.09%
Reference Rate and Spread (+)	[15],[16],[17]	7.50%				7.50%		7.50%
Maturity	[15],[17]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18]	$ 770
Cost	[15],[17]	763
Fair Value	[15],[17]	$ 755
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 13.09% Reference Rate and Spread S+7.50% Maturity 07/18/28 Two
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	13.09%				13.09%		13.09%
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.50%				7.50%		7.50%
Maturity	[15],[17],[19]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 3,098
Cost	[15],[17],[19]	192
Fair Value	[15],[17],[19]	$ 154
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S+7.50% Maturity 07/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.50%				7.50%		7.50%
Maturity	[15],[17],[19]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 605
Cost	[15],[17],[19]	(10)
Fair Value	[15],[17],[19]	$ (8)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S+7.50% Maturity 07/18/28 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.50%				7.50%		7.50%
Maturity	[15],[17],[19]	Jul. 18, 2028				Jul. 18, 2028		Jul. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 880
Cost	[15],[17],[19]	(7)
Fair Value	[15],[17],[19]	$ (11)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Rubrik,Inc. Industry Software Interest Rate 12.35% Reference Rate and Spread S+7.00% Maturity 06/10/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	12.35%				12.35%		12.35%
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.00%				7.00%		7.00%
Maturity	[15],[17],[19]	Jun. 10, 2027				Jun. 10, 2027		Jun. 10, 2027
Par (++)	[15],[17],[18],[19]	$ 1,272
Cost	[15],[17],[19]	917
Fair Value	[15],[17],[19]	$ 892
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Rubrik,Inc. Industry Software Interest Rate 12.64% Reference Rate and Spread S+7.00% Maturity 06/10/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.64%				12.64%		12.64%
Reference Rate and Spread (+)	[15],[16],[17]	7.00%				7.00%		7.00%
Maturity	[15],[17]	Jun. 10, 2027				Jun. 10, 2027		Jun. 10, 2027
Par (++)	[15],[17],[18]	$ 11,126
Cost	[15],[17]	10,941
Fair Value	[15],[17]	$ 10,903
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Singlewire Software, LLC Industry Software Interest Rate 11.49% Reference Rate and Spread S+6.25% Maturity 05/10/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16]	11.49%				11.49%		11.49%
Reference Rate and Spread (+)	[15],[16]	6.25%				6.25%		6.25%
Maturity	[15]	May 10, 2029				May 10, 2029		May 10, 2029
Par (++)	[15],[18]	$ 8,445
Cost	[15]	8,196
Fair Value	[15]	$ 8,192
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Singlewire Software, LLC Industry Software Reference Rate and Spread S+6.25% Maturity 05/10/29
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	6.25%				6.25%		6.25%
Maturity	[15],[19]	May 10, 2029				May 10, 2029		May 10, 2029
Par (++)	[15],[18],[19]	$ 1,251
Cost	[15],[19]	(36)
Fair Value	[15],[19]	$ (38)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 11.36% Reference Rate and Spread S+6.25% Maturity 06/15/26
Schedule Of Investments [Line Items]
Interest Rate (+)	[16],[17]	11.36%				11.36%		11.36%
Reference Rate and Spread (+)	[16],[17]	6.25%				6.25%		6.25%
Maturity	[17]	Jun. 15, 2026				Jun. 15, 2026		Jun. 15, 2026
Par (++)	[17],[18]	$ 3,345
Cost	[17]	3,256
Fair Value	[17]	$ 3,262
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Reference Rate and Spread S+6.25% Maturity 06/15/26
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[16],[17],[19]	6.25%				6.25%		6.25%
Maturity	[17],[19]	Jun. 15, 2026				Jun. 15, 2026		Jun. 15, 2026
Par (++)	[17],[18],[19]	$ 1,681
Cost	[17],[19]	(44)
Fair Value	[17],[19]	$ (42)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 11.22% Reference Rate and Spread S+6.00% Maturity 07/06/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[21]	11.22%				11.22%		11.22%
Reference Rate and Spread (+)	[15],[16],[17],[21]	6.00%				6.00%		6.00%
Maturity	[15],[17],[21]	Jul. 06, 2027				Jul. 06, 2027		Jul. 06, 2027
Par (++)	[15],[17],[18],[21]	$ 3,465
Cost	[15],[17],[21]	3,407
Fair Value	[15],[17],[21]	$ 3,404
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 13.25% Reference Rate and Spread S+6.00% Maturity 07/06/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19],[21]	13.25%				13.25%		13.25%
Reference Rate and Spread (+)	[15],[16],[17],[19],[21]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[21]	Jul. 06, 2027				Jul. 06, 2027		Jul. 06, 2027
Par (++)	[15],[17],[18],[19],[21]	$ 2,400
Cost	[15],[17],[19],[21]	456
Fair Value	[15],[17],[19],[21]	$ 438
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S+6.00% Maturity 07/06/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[21]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19],[21]	Jul. 06, 2027				Jul. 06, 2027		Jul. 06, 2027
Par (++)	[15],[17],[18],[19],[21]	$ 600
Cost	[15],[17],[19],[21]	(10)
Fair Value	[15],[17],[19],[21]	$ (11)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.86% Reference Rate and Spread S+5.75% Maturity 03/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	10.86%				10.86%		10.86%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Mar. 01, 2028				Mar. 01, 2028		Mar. 01, 2028
Par (++)	[15],[17],[18]	$ 3,455
Cost	[15],[17]	3,405
Fair Value	[15],[17]	$ 3,368
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S+5.75% Maturity 03/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	10.87%				10.87%		10.87%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.75%				5.75%		5.75%
Maturity	[15],[17],[19]	Mar. 01, 2028				Mar. 01, 2028		Mar. 01, 2028
Par (++)	[15],[17],[18],[19]	$ 1,515
Cost	[15],[17],[19]	625
Fair Value	[15],[17],[19]	$ 603
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.14% Reference Rate and Spread S+5.70% Maturity 03/01/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.14%				11.14%		11.14%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.75%				5.75%		5.75%
Maturity	[15],[17],[19]	Mar. 01, 2028				Mar. 01, 2028		Mar. 01, 2028
Par (++)	[15],[17],[18],[19]	$ 456
Cost	[15],[17],[19]	176
Fair Value	[15],[17],[19]	$ 171
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 11.89% Reference Rate and Spread S+6.75% Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.89%				11.89%		11.89%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Jul. 25, 2028				Jul. 25, 2028		Jul. 25, 2028
Par (++)	[15],[17],[18]	$ 1,650
Cost	[15],[17]	1,603
Fair Value	[15],[17]	$ 1,600
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 12.11% Reference Rate and Spread S+6.75% Maturity 07/25/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.11%				12.11%		12.11%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Jul. 25, 2028				Jul. 25, 2028		Jul. 25, 2028
Par (++)	[15],[17],[18]	$ 10,645
Cost	[15],[17]	10,351
Fair Value	[15],[17]	$ 10,325
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.89% Reference Rate and Spread S+5.50% Maturity 07/03/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	5.50%				5.50%		5.50%
Maturity	[15],[19]	Jul. 03, 2028				Jul. 03, 2028		Jul. 03, 2028
Par (++)	[15],[18],[19]	$ 481
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Superior Environmental Solutions Industry Commercial Services & Supplies Reference Rate and Spread S+5.50% Maturity 07/03/30
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17]	5.50%				5.50%		5.50%
Maturity	[15],[17]	Jul. 03, 2030				Jul. 03, 2030		Jul. 03, 2030
Par (++)	[15],[17],[18]	$ 722
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Superior Environmental Solutions Industry Commercial Services & Supplies Reference Rate and Spread S+5.50% Maturity 07/03/30 One
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[19]	5.50%				5.50%		5.50%
Maturity	[15],[19]	Jul. 03, 2030				Jul. 03, 2030		Jul. 03, 2030
Par (++)	[15],[18],[19]	$ 4,811
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Trader Corporation Industry Commercial Services & Supplies Industry Automobiles Interest Rate 11.96% Reference Rate and Spread C+6.75% Maturity 12/21/29
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[20]	11.96%				11.96%		11.96%
Reference Rate and Spread (+)	[15],[16],[17],[20]	6.75%				6.75%		6.75%
Maturity	[15],[17],[20]	Dec. 21, 2029				Dec. 21, 2029		Dec. 21, 2029
Par (++)	[15],[17],[18],[20]							$ 17,006
Cost	[15],[17],[20]	$ 12,303
Fair Value	[15],[17],[20]	$ 12,516
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Trader Corporation Industry Commercial Services & Supplies Industry Automobiles Reference Rate and Spread C+6.75% Maturity 12/21/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19],[20]	Dec. 22, 2028				Dec. 22, 2028		Dec. 22, 2028
Par (++)	[15],[17],[18],[19],[20]							$ 1,279
Cost	[15],[17],[19],[20]	$ (13)
Fair Value	[15],[17],[19],[20]	$ (24)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% WebPT, Inc. Industry Health Care Technology Industry Automobiles Interest Rate 11.98% Reference Rate and Spread S+6.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.98%				11.98%		11.98%
Reference Rate and Spread (+)	[15],[16],[17]	6.75%				6.75%		6.75%
Maturity	[15],[17]	Jan. 18, 2028				Jan. 18, 2028		Jan. 18, 2028
Par (++)	[15],[17],[18]	$ 3,255
Cost	[15],[17]	3,216
Fair Value	[15],[17]	$ 3,158
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% WebPT, Inc. Industry Health Care Technology Industry Automobiles Interest Rate 12.01% Reference Rate and Spread S+6.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	12.01%				12.01%		12.01%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Jan. 18, 2028				Jan. 18, 2028		Jan. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 278
Cost	[15],[17],[19]	140
Fair Value	[15],[17],[19]	$ 135
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% WebPT, Inc. Industry Health Care Technology Industry Automobiles Interest Rate 14.00% Reference Rate and Spread P+5.75% Maturity 01/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	14.00%				14.00%		14.00%
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.75%				5.75%		5.75%
Maturity	[15],[17],[19]	Jan. 18, 2028				Jan. 18, 2028		Jan. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 278
Cost	[15],[17],[19]	76
Fair Value	[15],[17],[19]	$ 71
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.14% Reference Rate and Spread S+5.75% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.14%				11.14%		11.14%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Dec. 21, 2027				Dec. 21, 2027		Dec. 21, 2027
Par (++)	[15],[17],[18]	$ 2,014
Cost	[15],[17]	1,982
Fair Value	[15],[17]	$ 1,949
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.14% Reference Rate and Spread S+5.75% Maturity 12/21/27 One
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.14%				11.14%		11.14%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Dec. 21, 2027				Dec. 21, 2027		Dec. 21, 2027
Par (++)	[15],[17],[18]	$ 672
Cost	[15],[17]	662
Fair Value	[15],[17]	$ 650
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.16% Reference Rate and Spread S+5.75% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.16%				11.16%		11.16%
Reference Rate and Spread (+)	[15],[16],[17]	5.75%				5.75%		5.75%
Maturity	[15],[17]	Dec. 21, 2027				Dec. 21, 2027		Dec. 21, 2027
Par (++)	[15],[17],[18]	$ 676
Cost	[15],[17]	665
Fair Value	[15],[17]	$ 654
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.32% Reference Rate and Spread S+6.00% Maturity 12/21/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.32%				11.32%		11.32%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.00%				6.00%		6.00%
Maturity	[15],[17],[19]	Dec. 21, 2027				Dec. 21, 2027		Dec. 21, 2027
Par (++)	[15],[17],[18],[19]	$ 6,197
Cost	[15],[17],[19]	4,075
Fair Value	[15],[17],[19]	$ 4,011
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Whitewater Holding Company LLC Industry Diversified Consumer Services Reference Rate and Spread S+5.75% Maturity 12/21/27
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	5.75%				5.75%		5.75%
Maturity	[15],[17],[19]	Dec. 21, 2027				Dec. 21, 2027		Dec. 21, 2027
Par (++)	[15],[17],[18],[19]	$ 270
Cost	[15],[17],[19]	(4)
Fair Value	[15],[17],[19]	$ (9)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.73% Reference Rate and Spread S+6.50% Maturity 07/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.73%				11.73%		11.73%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.50%				6.50%		6.50%
Maturity	[15],[17],[19]	Jul. 01, 2027				Jul. 01, 2027		Jul. 01, 2027
Par (++)	[15],[17],[18],[19]	$ 938
Cost	[15],[17],[19]	134
Fair Value	[15],[17],[19]	$ 125
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.76% Reference Rate and Spread S+6.50% Maturity 07/01/27
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	11.76%				11.76%		11.76%
Reference Rate and Spread (+)	[15],[16],[17]	6.50%				6.50%		6.50%
Maturity	[15],[17]	Jul. 01, 2027				Jul. 01, 2027		Jul. 01, 2027
Par (++)	[15],[17],[18]	$ 9,062
Cost	[15],[17]	9,062
Fair Value	[15],[17]	$ 8,971
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% iCIMS, Inc. Industry Professional Services Interest Rate 11.99% Reference Rate and Spread S+6.75% Maturity 08/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17],[19]	11.99%				11.99%		11.99%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Aug. 18, 2028				Aug. 18, 2028		Aug. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 1,703
Cost	[15],[17],[19]	259
Fair Value	[15],[17],[19]	$ 225
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% iCIMS, Inc. Industry Professional Services Interest Rate 12.38% Reference Rate and Spread S+7.25% (incl. 3.88%PIK) Maturity 08/18/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[15],[16],[17]	12.38%				12.38%		12.38%
Reference Rate and Spread (+)	[15],[16],[17]	7.25%				7.25%		7.25%
Reference Rate and Spread (+), PIK	[15],[16],[17]	3.88%				3.88%		3.88%
Maturity	[15],[17]	Aug. 18, 2028				Aug. 18, 2028		Aug. 18, 2028
Par (++)	[15],[17],[18]	$ 18,243
Cost	[15],[17]	17,966
Fair Value	[15],[17]	$ 17,605
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S+7.25% (incl. 3.88%PIK) Maturity 08/18/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19]	7.25%				7.25%		7.25%
Reference Rate and Spread (+), PIK	[15],[16],[17],[19]	3.88%				3.88%		3.88%
Maturity	[15],[17],[19]	Aug. 18, 2028				Aug. 18, 2028		Aug. 18, 2028
Par (++)	[15],[17],[18],[19]	$ 4,393
Fair Value	[15],[17],[19]	$ (154)
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% iWave Information Systems, Inc. Industry Software Interest Rate 12.14% Reference Rate and Spread S+6.75% Maturity 11/23/28
Schedule Of Investments [Line Items]
Interest Rate (+)	[16],[17],[19]	12.14%				12.14%		12.14%
Reference Rate and Spread (+)	[15],[16],[17],[19]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19]	Nov. 23, 2028				Nov. 23, 2028		Nov. 23, 2028
Par (++)	[15],[17],[18],[19]	$ 8,868
Cost	[15],[17],[19]	8,663
Fair Value	[15],[17],[19]	$ 8,647
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 160.22% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S+6.75% Maturity 11/23/28
Schedule Of Investments [Line Items]
Reference Rate and Spread (+)	[15],[16],[17],[19],[20]	6.75%				6.75%		6.75%
Maturity	[15],[17],[19],[20]	Nov. 23, 2028				Nov. 23, 2028		Nov. 23, 2028
Par (++)	[15],[17],[18],[19],[20]	$ 1,087
Cost	[15],[17],[19],[20]	(24)
Fair Value	[15],[17],[19],[20]	$ (27)
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[2],[5],[7],[8]			Dec. 21, 2021
Par/Shares (++) | shares	[2],[3],[5],[8]			2,700						2,700		2,700
Cost	[2],[5],[8]			$ 270
Fair Value	[2],[5],[8]			$ 278
Investment, Identifier [Axis]: Investment Common Stock - 0.47% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22
Schedule Of Investments [Line Items]
Initial Acquisition Date	[14],[15],[17],[21],[22]	Jul. 06, 2022
Par/Shares (++) | shares	[14],[15],[17],[18],[21]	400				400		400
Cost	[14],[15],[17],[21]	$ 400
Fair Value	[14],[15],[17],[21]	$ 582
Investment, Identifier [Axis]: Investment Common Stock - 0.47% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[14],[15],[17],[22]	Dec. 21, 2021
Par/Shares (++) | shares	[14],[15],[17],[18]	2,700				2,700		2,700
Cost	[14],[15],[17]	$ 270
Fair Value	[14],[15],[17]	$ 248
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[2],[5],[7],[8]			Nov. 24, 2021
Par/Shares (++) | shares	[2],[3],[5],[8]			134,557						134,557		134,557
Cost	[2],[5],[8]			$ 1,505
Fair Value	[2],[5],[8]			$ 1,477
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[2],[5],[7],[8]			Dec. 02, 2021
Par/Shares (++) | shares	[2],[3],[5],[8]			1,237						1,237		1,237
Cost	[2],[5],[8]			$ 1,206
Fair Value	[2],[5],[8]			$ 1,349
Investment, Identifier [Axis]: Investment Preferred Stock - 1.73% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[14],[15],[17],[22]	Nov. 24, 2021
Par/Shares (++) | shares	[14],[15],[17],[18]	134,557				134,557		134,557
Cost	[14],[15],[17]	$ 1,505
Fair Value	[14],[15],[17]	$ 1,652
Investment, Identifier [Axis]: Investment Preferred Stock - 1.73% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[14],[15],[17],[22]	Dec. 02, 2021
Par/Shares (++) | shares	[14],[15],[17],[18]	1,237				1,237		1,237
Cost	[14],[15],[17]	$ 1,206
Fair Value	[14],[15],[17]	$ 1,420
Investment, Identifier [Axis]: Investment Warrants - 0.03% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[14],[15],[17],[22]	Nov. 24, 2021
Par/Shares (++) | shares	[14],[15],[17],[18]	38,977				38,977		38,977
Cost	[14],[15],[17]	$ 216
Fair Value	[14],[15],[17]	$ 53
Investment, Identifier [Axis]: Investment Warrants - 0.04% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21
Schedule Of Investments [Line Items]
Initial Acquisition Date	[2],[5],[7],[8]			Nov. 24, 2021
Par/Shares (++) | shares	[2],[3],[5],[8]			38,977						38,977		38,977
Cost	[2],[5],[8]			$ 216
Fair Value	[2],[5],[8]			$ 71
Investment, Identifier [Axis]: Investments
Schedule Of Investments [Line Items]
Investment owned, percent of net assets		166.20%	[12]	145.45%	[13]	166.20%	[12]	166.20%	[12]	145.45%	[13]	145.45%	[13]
Investment, Identifier [Axis]: Investments - 145.45%
Schedule Of Investments [Line Items]
Cost				$ 250,838
Fair Value				249,660
Investment, Identifier [Axis]: Investments - 166.20 %
Schedule Of Investments [Line Items]
Cost		$ 295,334
Investment, Identifier [Axis]: Investments - 166.20%
Schedule Of Investments [Line Items]
Fair Value		295,506
Investment, Identifier [Axis]: Preferred Stock
Schedule Of Investments [Line Items]
Cost		2,711		2,711
Fair Value		$ 3,072		$ 2,826
Investment owned, percent of net assets		1.73%	[12]	1.65%	[13]	1.73%	[12]	1.73%	[12]	1.65%	[13]	1.65%	[13]
Investment, Identifier [Axis]: Warrants
Schedule Of Investments [Line Items]
Cost		$ 216		$ 216
Fair Value		$ 53		$ 71
Investment owned, percent of net assets		0.03%	[12],[14]	0.04%	[13]	0.03%	[12],[14]	0.03%	[12],[14]	0.04%	[13]	0.04%	[13]

[1] (+) Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR ("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L are 5.48%, 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, 1 month S was 4.06%, 3 month S was 3.62%, 3 month SN was 3.43%, 3 month C was 4.94% and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.

[2] (1) Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”.

[3] (++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Great British Pound ("GBP") or Canadian dollar ("CAD").

[4] (4) The investment is not a qualifying asset under Section 55(a) of the Investment Company 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, the aggregate fair value of these securities is $57,669 or 22.51% of the Company’s total assets.

[5] (2) The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

[6] (3) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies".

[7] (6) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $3,665 or 2.14% of the Company's net assets. The initial acquisition dates have been included for such securities.

[8] (7) Non-income producing security.

[9] ^ As defined in the Investment Company Act, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

[10] In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

[11] (5) In exchange for the greater risk of loss, the “last-out” portion of the Company's unitranche loan investment generally earns a higher interest rate than the “first-out” portions. The “first-out” portion would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last-out” portion.

[12] Percentages are based on net assets

[13] # Percentages are based on net assets.

[14] Non-income producing security.

[15] Represents co-investments made in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”.

[16] Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of June 30, 2023, rates for the 12 month, 6 month, 3 month and 1 month L are 6.04%, 5.76%, 5.55% and 5.22%, respectively. As of June 30, 2023, 1 month S was 5.14%, 3 month S was 5.27%, 6 month S was 5.39%, 3 month SN was 4.39%, 3 month C was 5.40% and P was 8.25%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2023.

[17] The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”.

[18] Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$") unless otherwise noted, Great British pound ("GBP") or Canadian dollar ("CAD").

[19] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies".

[20] The investment is not a qualifying asset under Section 55(a) of the Investment Company 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 the aggregate fair value of these securities is $62,094 or 20.34% of the Company’s total assets.

[21] As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5% or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”.

[22] Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of June 30, 2023, the aggregate fair value of these securities is $3,955 or 2.23% of the Company's net assets. The initial acquisition dates have been included for such securities

XML

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investment interest rate description	Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of June 30, 2023, rates for the 12 month, 6 month, 3 month and 1 month L are 6.04%, 5.76%, 5.55% and 5.22%, respectively. As of June 30, 2023, 1 month S was 5.14%, 3 month S was 5.27%, 6 month S was 5.39%, 3 month SN was 4.39%, 3 month C was 5.40% and P was 8.25%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2023.	Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR ("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L are 5.48%, 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, 1 month S was 4.06%, 3 month S was 3.62%, 3 month SN was 3.43%, 3 month C was 4.94% and P was 7.50%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.
Fair value of securities	$ 3,955	$ 3,665
Fair value percentage of net assets of company	2.23%	2.14%
Fair Value, Recurring
Schedule of Investments [Line Items]
Fair value of securities	$ 62,094	$ 57,669
Percentage of not qualifying assets	20.34%	22.51%
Affiliated Person
Schedule of Investments [Line Items]
Percentage of outstanding voting securities	5.00%	5.00%
Percentage of qualifying assets	70.00%	70.00%
12 month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage	6.04%	5.48%
6 month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.76%	5.14%
3 month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.55%	4.77%
1 month LIBOR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.22%	4.39%
SONIA
Schedule of Investments [Line Items]
Investment interest rate of percentage	4.39%	3.43%
1 month SOFR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.14%	4.06%
3 month SOFR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.27%	3.62%
6 Month SOFR
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.39%
3 month C
Schedule of Investments [Line Items]
Investment interest rate of percentage	5.40%	4.94%
Prime Rate
Schedule of Investments [Line Items]
Investment interest rate of percentage	8.25%	7.50%

XML

N-2 - $ / shares

3 Months Ended

6 Months Ended

Mar. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Cover [Abstract]

Entity Central Index Key

0001865174

Amendment Flag

false

Securities Act File Number

814-01461

Document Type

10-Q

Entity Registrant Name

Goldman Sachs Middle Market Lending Corp. II

Entity Address, Address Line One

200 West Street

Entity Address, City or Town

New York

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10282

City Area Code

312

Local Phone Number

655-4419

Entity Emerging Growth Company

true

Entity Ex Transition Period

true

General Description of Registrant [Abstract]

Risk [Text Block]

Item 1A. Risk Factors.

An investment in our securities involves a high degree of risk. Except as set forth below, there have been no material changes to the risk factors previously reported under Item 1A. “Risk Factors” of our annual report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 2, 2023. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may materially affect our business, financial condition and/or operating results.

Our business and the businesses of our portfolio companies are dependent on bank relationships and recent concerns associated with the banking system may adversely impact us.

The financial markets recently experienced volatility in connection with concerns that some banks, especially small and regional banks, may have significant investment-related losses that might make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government announced measures to assist certain banks and protect depositors, some banks had already been impacted and others may be adversely impacted, by such volatility. Our business and the businesses of our portfolio companies are dependent on bank relationships. We continue to monitor the financial health of these relationships. Any further strain on the banking system may adversely impact the business, financial condition and results of operations of us and our portfolio companies.

NAV Per Share

^[1]

$ 18.67

$ 18.25

$ 18.44

$ 18.73

[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

XML

Organization

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. ORGANIZATION

Goldman Sachs Middle Market Lending LLC II ("MMLC LLC II") was formed on February 21, 2020. Effective November 23, 2021, MMLC LLC II converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. II (the “Company”, which term refers to either Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II together with its consolidated subsidiary, as the context may require), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC II. The Company commenced operations on October 29, 2021. On November 23, 2021, the Company's initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member's initial capital contribution to MMLC LLC II was cancelled. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021.

The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments.

Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc. (“GS Group Inc.”), together with GS & Co., GSAM and its other subsidiaries.

The Company is conducting an offering pursuant to which investors will make a capital commitment (a “Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company pursuant to which the investor will agree to purchase common stock for an aggregate purchase price equal to its Commitment. Each investor will be required to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the “Drawdown Date”). The offering and sale of common stock will be exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States.

GS & Co. and Goldman Sachs International will assist the Company in conducting its private placement offering pursuant to agreements between the Company and each of GS & Co. and Goldman Sachs International.

On October 4, 2021 ("Initial Closing Date"), the Company began accepting subscription agreements ("Subscription Agreements") from investors acquiring shares of its common stock of the Company in the Company's private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase stock each time the Company delivers a drawdown notice. The final date on which the Company accepted Subscription Agreements occurred on March 24, 2023 (the “Final Closing Date”).

The investment period commenced on the Initial Closing Date and will continue until the third anniversary of the Final Closing Date, provided that it may be extended by the board of directors of the Company (the “Board of Directors” or “Board”), in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the stockholders, for up to one additional year thereafter (such period, including any extensions, the “Investment Period”). In addition, the Board of Directors may terminate the Investment Period at any time in its discretion.

Following the end of the Investment Period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or our anticipated expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the BDC investment committee of GSAM’s Private Credit Team (the “BDC Investment Committee”) prior to the expiration of the Investment Period, (iii) to engage in hedging transactions, or (iv) to make additional investments in existing portfolio companies, which may include new financings of such portfolio companies (each, an “Additional Investment”) (including transactions to hedge interest rate or currency risks related to an Additional Investment).

The Company will continue to operate as a private reporting company, until the earlier of the following events, each referred to as an “Exit Event”: (i) any listing of the Company’s shares of common stock on a national securities exchange (a “listing”), including in connection with an initial public offering (“IPO”), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of the assets of the Company. If the Company has not consummated an Exit Event by the sixth anniversary of the Final Closing Date, the Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider the Company’s potential wind down and/or liquidation and dissolution.

An affiliate of the Investment Adviser made a capital commitment to the Company of $0.10 on October 29, 2021 and served as the Company’s sole initial member (the “Initial Member”). The Company cancelled the Initial Member’s interest in the Company on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of the Company’s common stock (the “Initial Drawdown Date”).

The Company has formed a wholly owned subsidiary, which is structured as Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies.

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

As an investment company, the Company applies 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”).

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 consolidated the financial position and results of operations of its wholly owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	62	$	—	$	68	$	—

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another account managed by the Investment Adviser.

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

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. 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 interest or dividends are generally reversed through interest or dividend income, respectively.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2023 and December 31, 2022, the Company did not have any investments on non-accrual status.

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

(2)The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash consists of deposits held at a custodian bank. As of June 30, 2023 and December 31, 2022, the Company held an aggregate cash balance of $4,607 and $3,675. Foreign currency of $1,045 and $375 (acquisition cost of $1,040 and $371) is included in cash as of June 30, 2023 and December 31, 2022.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD 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 USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities 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 to be more volatile than those of comparable U.S. companies or U.S. government securities.

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income as required.

The Company’s consolidated subsidiary is subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"). These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months beginning on the date of commencement of operations.

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Significant Agreements and Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Significant Agreements and Related Party Transactions

3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS

Investment Management Agreement

The Company entered into an investment management agreement effective as of November 1, 2021 (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities.

Management Fee

The Company pays the Investment Adviser a management fee (the “Management Fee”), accrued and payable quarterly in arrears. The Management Fee is equal to 0.1875% (i.e., an annual rate of 0.75%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. For the avoidance of doubt, the Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) will be equal to 0.1875% (i.e., an annual rate of 0.75%) of the Company's average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of such quarter. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests. Following the occurrence (if any) of a listing, the Management Fee will be equal to 0.25% (i.e., an annual rate of 1.00%) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters (and, in the case of the Company's first quarter-end following any listing, the Company's gross assets as of such quarter-end).

For the three and six months ended June 30, 2023, Management Fees amounted to $543 and $1,041. As of June 30, 2023, $543 remained payable. For the three and six months ended June 30, 2022, Management Fees amounted to $122 and $193 and the Investment Adviser voluntarily waived $122 and $193.

Incentive Fee

Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows:

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

i. Quarterly Incentive Fee Based on Income

For the portion of the Incentive Fee based on income, the Company’s Investment Adviser is entitled to receive the Incentive Fee based on Company income if the Company’s Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” (as defined below) of 1.75%. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account any changes in the market price of the Company’s common stock. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters or if shorter, the number of quarters that have occurred since the Initial Drawdown Date (in either case, the “Trailing Twelve Quarters”). However, following the occurrence (if any) of a listing, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the eleven preceding calendar quarters (or if shorter, the number of quarters that have occurred since the listing, rather than the number of quarters that have occurred since the Initial Drawdown Date).

The “hurdle amount” for the Incentive Fee based on income is determined on a quarterly basis, and is equal to 1.75% multiplied by the Company’s NAV at the beginning of each applicable calendar quarter in the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which shall include all issuances by the Company of shares of its common stock) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated. For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) Ordinary Income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.”

The Incentive Fee based on income for each quarter is determined as follows:

•No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount;

•100% of the Ordinary Income (as defined below), if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 2.0588% (or 2.1875% in the event of a listing) multiplied by the Company’s NAV at the beginning of each applicable calendar quarter included in the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and

•15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income.

The amount of the Incentive Fee based on income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but will not exceed the Incentive Fee Cap (as described below, and subject to the limitations set forth in Section 205(b)(3) of the Advisers Act).

The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters.

“Ordinary Income” means interest income, dividend income and any other income (including any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter minus our operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee).

“Cumulative Net Return” means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters.

If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. In certain limited circumstances, an Incentive Fee based on income will be payable to the Investment Adviser although the net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on the Company’s performance for the applicable quarter without taking into account the Trailing Twelve Quarters.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

For the three and six months ended June 30, 2023, Incentive Fees based on income amounted to $0 and $0. For the three and six months ended June 30, 2022, Incentive Fees based on income amounted to $0 and $0.

ii. Annual Incentive Fee Based on Capital Gains

The portion of Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year or, in the event of a listing, the date on which such event occurs. At the end of each calendar year (or the occurrence of a listing), the Company will pay the Investment Adviser an Incentive Fee equal to (A) 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) until the end of such calendar year or listing, as applicable, minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) through the end of such calendar year or listing, as applicable. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A), above.

The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15% (which will be increased to 20% in the event of a listing, from the date of such listing) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods (or, following the occurrence (if any) of a listing, in all prior periods beginning with the date on which such event occurs). If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three and six months ended June 30, 2023, the Company accrued Incentive Fees based on capital gains under GAAP of $0 and $0. For the three and six months ended June 30, 2022, the Company accrued Incentive Fees based on capital gains under GAAP of $(43) and $(31), which were not realized.

Administration and Custodian Fees

The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s custodian (the “Custodian”).

For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Administrator and the Custodian of $94 and $185. As of June 30, 2023, $88 remained payable. For the three and six months ended June 30, 2022, the Company incurred expenses for services provided by the Administrator and the Custodian of $71 and $140.

Transfer Agent Fees

The Company has entered into a transfer agency agreement (the “Transfer Agency Agreement”), with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.15% of the average of the NAV of the Company at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end).

For the three and six months ended June 30, 2023, the Company incurred expenses for services provided by the Transfer Agent of $67 and $132. As of June 30, 2023, $67 remained payable. For the three and six months ended June 30, 2022, the Company incurred expenses for services provided by the Transfer Agent of $23 and $39.

Affiliates

The table below presents the Company’s affiliated investments:

	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest and Other Income
For the Six Months Ended June 30, 2023
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	—	$	20,273	$	(20,273	)	$	—	$	—	$	—	$	44
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		3,843		485		(17	)		—		102		4,413		208
Total Non-Controlled Affiliates	$	3,843	$	20,758	$	(20,290	)	$	—	$	102	$	4,413	$	252
For the Year Ended December 31, 2022
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	23,067	$	135,038	$	(158,105	)	$	—	$	—	$	—	$	47
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	$	—	$	3,803	$	(18	)	$	—	$	58	$	3,843	$	174
Total Non-Controlled Affiliates	$	23,067	$	138,841	$	(158,123	)	$	—	$	58	$	3,843	$	221

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

Due to Affiliates

The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of June 30, 2023 and December 31, 2022, there were $293 and $335, respectively, included within Accrued expenses and other liabilities that were paid by the Investment Adviser and its affiliates on behalf of the Company.

Co-Investment Activity

In certain circumstances, the Company can make negotiated co-investments pursuant to an order from the SEC permitting it to do so. On November 16, 2022, the SEC granted to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants exemptive relief on which the Company expects to rely to co-invest alongside certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”), which may include proprietary accounts of Goldman Sachs, in a manner consistent with the Company's investment objectives and strategies, certain Board-established criteria, the conditions of such exemptive relief and other pertinent factors (the “Relief”). Additionally, if the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. As a result of the Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs.

The Goldman Sachs Asset Management Private Credit Team is composed of investment professionals dedicated to the Company’s investment strategy and to other funds that share a similar investment strategy with the Company. The Goldman Sachs Asset Management Private Credit Team is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, negotiating and structuring the Company’s investments, and monitoring and servicing the Company’s investments. The team works together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. Under the terms of the Relief a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the then-current investment objectives and strategies of the Company.

In addition, the Company has filed an application to amend the Relief to permit the Company to participate in follow-on investments in the Company's existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. There can be no assurance if and when the Company will receive the amended exemptive order.

Placement Agent Agreement

The Company has entered into an agreement with each of Goldman, Sachs & Co. LLC and Goldman Sachs International pursuant to which Goldman, Sachs & Co. LLC and Goldman Sachs International will assist the Company in conducting private placement offerings. Goldman, Sachs & Co. LLC and Goldman Sachs International have entered into or will enter into sub-placement agreements (together with the agreements with Goldman Sachs & Co. LLC and Goldman Sachs International, the “Placement Agent Agreements”) with various sub-placement agents to assist in conducting the private placement offering. The placement agents are not expected to be compensated by the Company for their services, but may charge investors a placement fee with respect to their investments in the Company. The placement agents may also be compensated by the Investment Adviser, in its discretion, for certain services including promotional and marketing support, stockholder servicing, operational and recordkeeping, sub-accounting, networking or administrative services. These payments are made out of the Investment Adviser’s own resources and/or assets, including from the revenues or profits derived from the advisory fees the Investment Adviser receives from the Company.

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Investments

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Investments

4. INVESTMENTS

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

	June 30, 2023				December 31, 2022
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	284,999	$	284,882	$	240,889	$	239,700
1st Lien/Last-Out Unitranche		6,738		6,669		6,352		6,295
Preferred Stock		2,711		3,072		2,711		2,826
Common Stock		670		830		670		768
Warrants		216		53		216		71
Total investments	$	295,334	$	295,506	$	250,838	$	249,660

The industry composition of the Company’s investments at fair value and net assets was as follows:

	June 30, 2023						December 31, 2022
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Software		17.9	%		29.8	%		16.2	%		23.6	%
Diversified Consumer Services		17.2			28.6			17.1			24.9
Diversified Financial Services		16.6			27.6			19.7			28.7
Health Care Providers & Services		10.6			17.6			9.2			13.4
Health Care Technology		9.2			15.2			8.9			12.8
IT Services		8.9			14.8			9.2			13.4
Professional Services		7.2			12.0			8.4			12.2
Automobiles		4.2			7.0			4.9			7.1
Real Estate Mgmt. & Development		3.1			5.1			3.6			5.2
Aerospace & Defense		2.6			4.2			—			—
Distributors		1.3			2.3			—			—
Entertainment		1.2			2.0			1.4			2.1
Commercial Services & Supplies		—			—			1.4			2.0
Total		100.0	%		166.2	%		100.0	%		145.4	%

The geographic composition of the Company’s investments at fair value was as follows:

Geographic	June 30, 2023			December 31, 2022
United States		79.0	%		80.4	%
United Kingdom		13.9			14.7
Canada		7.1			4.9
Total		100.0	%		100.0	%

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Fair Value Measurement

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. FAIR VALUE MEASUREMENT

The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price).

The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows:

Basis of Fair Value Measurement

Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets.

Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are 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.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below.

The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments.

Level 2 Instruments	Valuation Techniques and Significant Inputs
Equity and Fixed Income	The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources.
Derivative Contracts	Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Level 3 Instruments	Valuation Techniques and Significant Inputs
Bank Loans, Corporate Debt, and Other Debt Obligations	Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis.
Equity	Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets.

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022. These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets.

Level 3 Instruments	Fair Value(1) (2)		Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of June 30, 2023
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	269,925	Discounted cash flows	Discount Rate	7.6% - 12.2%	10.6%
1st Lien/Last-Out Unitranche		6,669	Discounted cash flows	Discount Rate	—	11.8%
Equity
Preferred Stock	$	1,420	Comparable multiples	EV/EBITDA(6)	—	33.6x
		1,652	Comparable multiples	EV/Revenue	—	3.8x
Common Stock		830	Comparable multiples	EV/EBITDA(6)	9.3x - 16.9x	11.5x
Warrants		53	Comparable multiples	EV/Revenue	—	3.8x
As of December 31, 2022
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	168,648	Discounted cash flows	Discount Rate	7.4% - 11.5%	9.9%
1st Lien/Last-Out Unitranche		6,295	Discounted cash flows	Discount Rate	—	10.9%
Equity
Preferred Stock	$	1,349	Comparable multiples	EV/EBITDA(6)	—	27.9x
		1,477	Comparable multiples	EV/Revenue	—	4.0x
Common Stock		768	Comparable multiples	EV/EBITDA(6)	9.1x - 18.3x	12.4x
Warrants		71	Comparable multiples	EV/Revenue	—	4.0x

(1)As of June 30, 2023, included within Level 3 assets of $295,506 is an amount of $14,957 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $276,594 or 94.9% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)As of December 31, 2022, included within Level 3 assets of $249,660 is an amount of $71,052 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $174,943 or 71.1% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of June 30, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, in the fair value.

The following is a summary of the Company’s assets categorized within the fair value hierarchy:

	June 30, 2023								December 31, 2022
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	284,882	$	284,882	$	—	$	—	$	239,700	$	239,700
1st Lien/Last-Out Unitranche		—		—		6,669		6,669		—		—		6,295		6,295
Preferred Stock		—		—		3,072		3,072		—		—		2,826		2,826
Common Stock		—		—		830		830		—		—		768		768
Warrants		—		—		53		53		—		—		71		71
Total	$	—	$	—	$	295,506	$	295,506	$	—	$	—	$	249,660	$	249,660

The below table presents a summary of changes in fair value of Level 3 assets by investment type:

Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)		Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2023
1st Lien/Senior Secured Debt	$	239,700	$	49,684	$	28	$	1,072		$	(6,111	)	$	509	$	—	$	—	$	284,882	$	1,039
1st Lien/Last-Out Unitranche		6,295		374		—		(12	)		—			12		—		—		6,669		(12	)
Preferred Stock		2,826		—		—		246			—			—		—		—		3,072		246
Common Stock		768		—		—		62			—			—		—		—		830		62
Warrants		71		—		—		(18	)		—			—		—		—		53		(18	)
Total assets	$	249,660	$	50,058	$	28	$	1,350		$	(6,111	)	$	521	$	—	$	—	$	295,506	$	1,317
For the Six Months Ended June 30, 2022
1st Lien/Senior Secured Debt	$	26,413	$	55,898	$	—	$	(602	)	$	(344	)	$	91	$	—	$	—	$	81,456	$	(602	)
Preferred Stock		2,711		—		—		52			—			—		—		—		2,763		52
Common Stock		270		—		—		14			—			—		—		—		284		14
Warrants		216		—		—		(129	)		—			—		—		—		87		(129	)
Total assets	$	29,610	$	55,898	$	—	$	(665	)	$	(344	)	$	91	$	—	$	—	$	84,590	$	(665	)

(1)Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

Debt Not Carried at Fair Value

The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of June 30, 2023 and December 31, 2022, approximates its carrying value because the Revolving Credit Facilities have variable interest based on selected short-term rates.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

6. DEBT

On November 1, 2021, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 242% and 316%.

The Company’s outstanding debt was as follows:

	June 30, 2023						December 31, 2022
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
BoA Revolving Credit Facility(1)	$	127,586	$	58,391	$	69,858	$	156,586	$	76,796	$	79,443
Truist Revolving Credit Facility(2)		305,000		249,500		55,500		—		—		—
Total debt	$	432,586	$	307,891	$	125,358	$	156,586	$	76,796	$	79,443

(1)Provides, under certain circumstances, a total borrowing capacity of $300,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17,000, in GBP of £31,665 and in CAD of 16,750. As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $30,000, in GBP of £30,665 and in CAD of 16,750.

(2)Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $55,500.

The combined weighted average interest rates of the aggregate borrowings outstanding for the six months ended June 30, 2023 and for the year ended December 31, 2022 were 7.39% and 5.30% respectively. The combined weighted average debt of the aggregate borrowings outstanding for the six months ended June 30, 2023 and for the year ended December 31, 2022 was $106,612 and $33,710.

BoA Revolving Credit Facility

The Company entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. Subject to availability under the “Borrowing Base,” the maximum principal amount of the BoA Revolving Credit Facility was $127,586 as of June 30, 2023. The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility is November 24, 2023. The Company amended the BoA Revolving Credit Facility on July 26, 2022 and November 14, 2022.

Proceeds from the BoA Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

Under the BoA Revolving Credit Facility, prior to the amendment on July 26, 2022, the Company had the ability to elect either LIBOR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. Interest rate on obligations under the BoA Revolving Credit Facility was the prevailing LIBOR for one month plus 2.85% per annum or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85%, (ii) the Federal Funds Rate plus 0.50% plus 1.85%, and (iii) Adjusted LIBOR Rate plus 1.00%). Effective July 26, 2022, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment, plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). The Company pays a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.

Amounts drawn under the BoA Revolving Credit Facility may be prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans are subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors are subject to certain restrictions under the BoA Revolving Credit Facility. In addition, any transfer of shares from a stockholder whose undrawn commitments are included in the Borrowing Base to a stockholder that is not eligible to be included in the Borrowing Base (or that is eligible to be included in the Borrowing Base at a lower advance rate) may trigger mandatory prepayment obligations.

The BoA Revolving Credit Facility is secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds are deposited. Additionally, under the BoA Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent will be able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders cannot seek recourse against a stockholder in excess of such stockholder's obligation to contribute capital to the Company.

The BoA Revolving Credit Facility contains customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of stockholders’ ownership interest in the shares. The BoA Revolving Credit Facility includes customary conditions precedent to the draw-down of loans and customary events of default. As of June 30, 2023, the Company was in compliance with these covenants.

Costs of $956 were incurred in connection with obtaining and amending the BoA Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BoA Revolving Credit Facility using the straight-line method. As of June 30, 2023 and December 31, 2022, outstanding deferred financing costs were $243 and $484.

The below table presents the summary information of the BoA Revolving Credit Facility:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	1,526		$	84		$	3,289		$	191
Facility fees		42			55			94			95
Amortization of financing costs		160			78			293			145
Total	$	1,728		$	217		$	3,676		$	431
Weighted average interest rate		7.61	%		3.99	%		7.42	%		3.40	%
Average outstanding balance	$	80,407		$	8,490		$	89,438		$	11,308

Truist Revolving Credit Facility

The Company entered into the Truist Revolving Credit Facility on February 28, 2023 with Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender.

The Truist Revolving Credit Facility is a multicurrency facility, and as of June 30, 2023, total commitments under the Truist Revolving Credit Facility were $305,000. The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $750,000. Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on February 28, 2028.

Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.

The Company’s obligations to the lenders under the Truist Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Truist Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum shareholders’ equity, (ii) maintaining an asset coverage ratio of at least 1.50 to 1 and (iii) restrictions on industry concentrations in the Company’s investment portfolio. As of June 30, 2023, the Company was in compliance with these covenants.

The Truist Revolving Credit Facility may be guaranteed by certain of the Company’s subsidiaries that are formed or acquired by the Company in the future (collectively, the “Subsidiary Guarantors”). The Truist Revolving Credit Facility also includes representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger).

Costs of $2,864 were incurred in connection with obtaining the Truist Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of June 30, 2023 and December 31, 2022, outstanding deferred financing costs were $2,671 and $0

The below table presents the summary information of the Truist Revolving Credit Facility:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023			June 30, 2022	June 30, 2023			June 30, 2022
Borrowing interest expense	$	619		N/A	$	619		N/A
Facility fees		276		N/A		396		N/A
Amortization of financing costs		143		N/A		193		N/A
Total	$	1,038		N/A	$	1,208		N/A
Weighted average interest rate		7.26	%	N/A		7.26	%	N/A
Average outstanding balance	$	34,159		N/A	$	17,174		N/A

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. COMMITMENTS AND CONTINGENCIES

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

	June 30, 2023							December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Stock	$	546,425	$	368,812		33	%	$	543,340	$	367,875		32	%

Portfolio Company Commitments

The Company may enter into investment commitments to fund investments through signed commitment letters. In many circumstances, borrower acceptance and final terms are subject to transaction-related contingencies. These are disclosed as commitments upon execution of a final agreement. As of June 30, 2023, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types:

	Unfunded Commitment Balances (1)
	June 30, 2023		December 31, 2022
1st Lien/Senior Secured Debt
Admiral Buyer, Inc. (dba Fidelity Payment Services)	$	2,810	$	2,810
Arrow Buyer, Inc. (dba Archer Technologies)		679		—
Bigchange Group Limited		384		402
BSI3 Menu Buyer, Inc (dba Kydia)		249		249
Businessolver.com, Inc.		536		536
Checkmate Finance Merger Sub, LLC		367		367
Clearcourse Partnership Acquireco Finance Limited		6,587		7,832
CloudBees, Inc.		86		86
Coding Solutions Acquisition, Inc.		1,651		1,786
Coretrust Purchasing Group LLC		3,865		3,864
CST Buyer Company (dba Intoxalock)		638		574
DFS Holding Company, Inc.		867		7,102
Frontgrade Technologies Holdings Inc.		802		—
Fullsteam Operations LLC		15,592		—
Governmentjobs.com, Inc. (dba NeoGov)		2,061		2,268
Groundworks, LLC		450		—
HealthEdge Software, Inc.		3,345		7,500
Highfive Dental Holdco, LLC		3,240		—
HumanState Limited (dba PayProp)		11,125		10,591
iCIMS, Inc.		5,812		6,454
Intelligent Medical Objects, Inc.		1,057		1,224
iWave Information Systems, Inc.		1,087		1,087
Kaseya Inc.		591		700
MerchantWise Solutions, LLC (dba HungerRush)		1,425		1,414
Millstone Medical Outsourcing, LLC		224		207
NFM & J, L.P. (dba the Facilities Group)		534		707
PDDS Holdco, Inc. (dba Planet DDS)		4,391		1,958
Rubrik, Inc.		354		732
Singlewire Software, LLC		1,251		—
Solaris (dba Urology Management Holdings, Inc.)		1,681		—
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		2,520		3,000
SpendMend, LLC		1,148		1,302
Superior Environmental Solutions		5,872		—
Trader Corporation		966		945
WebPT, Inc.		333		449
Whitewater Holding Company LLC		2,301		5,741
Zarya Intermediate, LLC (dba iOFFICE)		804		938
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	—			1,097
Qualawash Holdings, LLC	—			865
Spotless Brands, LLC	—			1,650
Total 1st Lien/Senior Secured Debt	$	87,685	$	76,437
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	1,687	$	2,061
Total 1st Lien/Last-Out Unitranche	$	1,687	$	2,061
Total	$	89,372	$	78,498

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications.

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Net Assets

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Net Assets

8. NET ASSETS

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns:

Share Issue Date	Shares Issued		Proceeds Received
For the six months ended June 30, 2023
February 21, 2023		62,172	$	1,145
June 20, 2023		54,300	$	1,003
Total capital drawdowns		116,472	$	2,148
For the six months ended June 30, 2022
March 16, 2022		1,823,817	$	34,051
Total capital drawdowns		1,823,817	$	34,051

Distributions

The following table reflects the distributions declared on the Company’s common stock:

Date Declared	Record Date	Payment Date	Amount Per Share
For the six months ended June 30, 2023
February 28, 2023	April 5, 2023	April 27, 2023	$	0.50
May 3, 2023	July 6, 2023	July 28, 2023	$	0.50
For the Six Months Ended June 30, 2022
May 2, 2022	July 5, 2022	July 28, 2022	$	0.02

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Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

9. EARNINGS (LOSS) PER SHARE

The following information sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended					For the Six Months Ended
	June 30, 2023		June 30, 2022			June 30, 2023		June 30, 2022
Net increase (decrease) in net assets from operations	$	4,926	$	(511	)	$	8,733	$	(849	)
Weighted average shares outstanding		9,474,232		3,261,391			9,453,450		2,515,742
Basic and diluted earnings (loss) per share	$	0.52	$	(0.16	)	$	0.92	$	(0.34	)

Diluted earnings per share equal basic earnings per share because there were no common share equivalents outstanding during the period presented.

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Financial Highlights

6 Months Ended

Jun. 30, 2023

Statement of Financial Position [Abstract]

Financial Highlights

10. FINANCIAL HIGHLIGHTS

The below table presents the schedule of financial highlights of the Company:

	For the Six Months Ended			For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
NAV, beginning of period	$	18.25		$	18.73
Net investment income (loss)		0.98			(0.15	)
Net realized and unrealized gains (losses)(2)		(0.06	)		(0.14	)
Net increase (decrease) in net assets from operations(2)	$	0.92		$	(0.29	)
Distributions declared from net investment income		(0.50	)		—
Total increase (decrease) in net assets	$	0.42		$	—
NAV, end of period	$	18.67		$	18.44
Shares outstanding, end of period		9,521,968			3,261,391
Weighted average shares outstanding		9,453,450			2,515,742
Total return based on NAV(3)		5.04	%		(1.55	%)
Supplemental Data/Ratio(4):
Net assets, end of period	$	177,803		$	60,130
Ratio of net expenses to average net assets		8.46	%		9.45	%
Ratio of expenses (without incentive fees and interest and other debt expenses)  to average net assets		2.85	%		7.66	%
Ratio of interest and other debt expenses to average net assets		5.61	%		1.86	%
Ratio of incentive fees to average net assets	—%				(0.07	%)
Ratio of total expenses to average net assets		8.46	%		10.28	%
Ratio of net investment income to average net assets		10.69	%		(1.65	%)
Portfolio turnover		2	%		1	%

(1)The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

(2)The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share.

(4)Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

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Subsequent events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

11. SUBSEQUENT EVENTS

Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the unaudited consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements.

On August 2, 2023, the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period July 1, 2023 through September 30, 2023, payable on or about October 28, 2023 to shareholders of record as of October 3, 2023.

On July 31, 2023, the Company entered into a first amendment (the “Amendment”) to the Truist Revolving Credit Facility, among the Company, as borrower, each of the lenders from time to time party thereto and Truist Bank, as administrative agent. The Amendment, among other things, added the Japanese Yen as an “Agreed Foreign Currency” and the “TIBOR Rate” as its respective interest rate benchmark (as such terms are defined in the Amendment).

On August 7, 2023, the Company delivered a capital drawdown notice to its investors relating to the issuance and sale of approximately 2.2 million shares of common stock for an aggregate offering price of $40,982. The shares are expected to be issued on or around August 21, 2023.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company’s functional currency is U.S. dollars (“USD”) and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements.

Certain financial information that is included in annual consolidated financial statements, including certain financial statement disclosures, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2022, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 2, 2023. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.

Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

As an investment company, the Company applies 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”).

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 consolidated the financial position and results of operations of its wholly owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation.

Revenue Recognition

Revenue Recognition

The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method.

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	62	$	—	$	68	$	—

Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another account managed by the Investment Adviser.

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

Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. 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 interest or dividends are generally reversed through interest or dividend income, respectively.

Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time.

Non-Accrual Investments

Non-Accrual Investments

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of June 30, 2023 and December 31, 2022, the Company did not have any investments on non-accrual status.

Investments

Investments

The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.”

The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below:

(1)The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment;

(2)The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor;

(3)The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process;

(4)The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee;

(5)The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and

(6)Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors.

Money Market Funds

Money Market Funds

Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.”

Cash

Cash

Cash consists of deposits held at a custodian bank. As of June 30, 2023 and December 31, 2022, the Company held an aggregate cash balance of $4,607 and $3,675. Foreign currency of $1,045 and $375 (acquisition cost of $1,040 and $371) is included in cash as of June 30, 2023 and December 31, 2022.

Foreign Currency Translation

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD 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 USD based upon currency exchange rates prevailing on the transaction dates.

The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations.

Foreign securities 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 to be more volatile than those of comparable U.S. companies or U.S. government securities.

Income Taxes

Income Taxes

The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations.

The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities.

The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income as required.

The Company’s consolidated subsidiary is subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations.

Distributions

Distributions

Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities"). These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities.

Offering costs

Offering Costs

Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight line basis over 12 months beginning on the date of commencement of operations.

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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Interest Income

Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Accelerated amortization of upfront loan origination fees and unamortized discounts	$	62	$	—	$	68	$	—

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Significant Agreements and Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of Affiliated Investments

The table below presents the Company’s affiliated investments:

	Beginning Fair Value Balance		Gross Additions(1)		Gross Reductions(2)			Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)		Ending Fair Value Balance		Dividend, Interest and Other Income
For the Six Months Ended June 30, 2023
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	—	$	20,273	$	(20,273	)	$	—	$	—	$	—	$	44
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		3,843		485		(17	)		—		102		4,413		208
Total Non-Controlled Affiliates	$	3,843	$	20,758	$	(20,290	)	$	—	$	102	$	4,413	$	252
For the Year Ended December 31, 2022
Non-Controlled Affiliates
Goldman Sachs Financial Square Government Fund	$	23,067	$	135,038	$	(158,105	)	$	—	$	—	$	—	$	47
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)	$	—	$	3,803	$	(18	)	$	—	$	58	$	3,843	$	174
Total Non-Controlled Affiliates	$	23,067	$	138,841	$	(158,123	)	$	—	$	58	$	3,843	$	221

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

Schedule of Investments Excluding Investments in Money Market Funds

The Company’s investments (excluding investments in money market funds, if any) consisted of the following:

	June 30, 2023				December 31, 2022
Investment Type	Cost		Fair Value		Cost		Fair Value
1st Lien/Senior Secured Debt	$	284,999	$	284,882	$	240,889	$	239,700
1st Lien/Last-Out Unitranche		6,738		6,669		6,352		6,295
Preferred Stock		2,711		3,072		2,711		2,826
Common Stock		670		830		670		768
Warrants		216		53		216		71
Total investments	$	295,334	$	295,506	$	250,838	$	249,660

Schedule of Investments at Fair Value and Net Assets

The industry composition of the Company’s investments at fair value and net assets was as follows:

	June 30, 2023						December 31, 2022
Industry	Fair Value			Net Assets			Fair Value			Net Assets
Software		17.9	%		29.8	%		16.2	%		23.6	%
Diversified Consumer Services		17.2			28.6			17.1			24.9
Diversified Financial Services		16.6			27.6			19.7			28.7
Health Care Providers & Services		10.6			17.6			9.2			13.4
Health Care Technology		9.2			15.2			8.9			12.8
IT Services		8.9			14.8			9.2			13.4
Professional Services		7.2			12.0			8.4			12.2
Automobiles		4.2			7.0			4.9			7.1
Real Estate Mgmt. & Development		3.1			5.1			3.6			5.2
Aerospace & Defense		2.6			4.2			—			—
Distributors		1.3			2.3			—			—
Entertainment		1.2			2.0			1.4			2.1
Commercial Services & Supplies		—			—			1.4			2.0
Total		100.0	%		166.2	%		100.0	%		145.4	%

Schedule of Geographic Composition of Investments at Fair Value

The geographic composition of the Company’s investments at fair value was as follows:

Geographic	June 30, 2023			December 31, 2022
United States		79.0	%		80.4	%
United Kingdom		13.9			14.7
Canada		7.1			4.9
Total		100.0	%		100.0	%

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of June 30, 2023 and December 31, 2022.

Level 3 Instruments	Fair Value(1) (2)		Valuation Techniques (3)	Significant Unobservable Inputs	Range of Significant Unobservable Inputs(4)	Weighted Average(5)
As of June 30, 2023
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	269,925	Discounted cash flows	Discount Rate	7.6% - 12.2%	10.6%
1st Lien/Last-Out Unitranche		6,669	Discounted cash flows	Discount Rate	—	11.8%
Equity
Preferred Stock	$	1,420	Comparable multiples	EV/EBITDA(6)	—	33.6x
		1,652	Comparable multiples	EV/Revenue	—	3.8x
Common Stock		830	Comparable multiples	EV/EBITDA(6)	9.3x - 16.9x	11.5x
Warrants		53	Comparable multiples	EV/Revenue	—	3.8x
As of December 31, 2022
Bank Loans, Corporate Debt, and Other Debt Obligations
1st Lien/Senior Secured Debt	$	168,648	Discounted cash flows	Discount Rate	7.4% - 11.5%	9.9%
1st Lien/Last-Out Unitranche		6,295	Discounted cash flows	Discount Rate	—	10.9%
Equity
Preferred Stock	$	1,349	Comparable multiples	EV/EBITDA(6)	—	27.9x
		1,477	Comparable multiples	EV/Revenue	—	4.0x
Common Stock		768	Comparable multiples	EV/EBITDA(6)	9.1x - 18.3x	12.4x
Warrants		71	Comparable multiples	EV/Revenue	—	4.0x

(1)As of June 30, 2023, included within Level 3 assets of $295,506 is an amount of $14,957 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $276,594 or 94.9% of Level 3 bank loans, corporate debt, and other debt obligations.

(2)As of December 31, 2022, included within Level 3 assets of $249,660 is an amount of $71,052 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $174,943 or 71.1% of Level 3 bank loans, corporate debt, and other debt obligations.

(3)The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques.

(4)The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded.

(5)Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment.

(6)Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”).

Summary of Assets Categorized Within Fair Value Hierarchy

The following is a summary of the Company’s assets categorized within the fair value hierarchy:

	June 30, 2023								December 31, 2022
Assets	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
1st Lien/Senior Secured Debt	$	—	$	—	$	284,882	$	284,882	$	—	$	—	$	239,700	$	239,700
1st Lien/Last-Out Unitranche		—		—		6,669		6,669		—		—		6,295		6,295
Preferred Stock		—		—		3,072		3,072		—		—		2,826		2,826
Common Stock		—		—		830		830		—		—		768		768
Warrants		—		—		53		53		—		—		71		71
Total	$	—	$	—	$	295,506	$	295,506	$	—	$	—	$	249,660	$	249,660

Summary of Changes in Fair Value of Level 3 Assets By Investment Type

The below table presents a summary of changes in fair value of Level 3 assets by investment type:

Assets	Beginning Balance		Purchases(1)		Net Realized Gain (Loss)		Net Change in Unrealized Appreciation (Depreciation)			Sales and Settlements(1)			Net Amortization of Premium/ Discount		Transfers In (2)		Transfers Out (2)		Ending Balance		Net Change in Unrealized Appreciation (Depreciation) for assets still held
For the Six Months Ended June 30, 2023
1st Lien/Senior Secured Debt	$	239,700	$	49,684	$	28	$	1,072		$	(6,111	)	$	509	$	—	$	—	$	284,882	$	1,039
1st Lien/Last-Out Unitranche		6,295		374		—		(12	)		—			12		—		—		6,669		(12	)
Preferred Stock		2,826		—		—		246			—			—		—		—		3,072		246
Common Stock		768		—		—		62			—			—		—		—		830		62
Warrants		71		—		—		(18	)		—			—		—		—		53		(18	)
Total assets	$	249,660	$	50,058	$	28	$	1,350		$	(6,111	)	$	521	$	—	$	—	$	295,506	$	1,317
For the Six Months Ended June 30, 2022
1st Lien/Senior Secured Debt	$	26,413	$	55,898	$	—	$	(602	)	$	(344	)	$	91	$	—	$	—	$	81,456	$	(602	)
Preferred Stock		2,711		—		—		52			—			—		—		—		2,763		52
Common Stock		270		—		—		14			—			—		—		—		284		14
Warrants		216		—		—		(129	)		—			—		—		—		87		(129	)
Total assets	$	29,610	$	55,898	$	—	$	(665	)	$	(344	)	$	91	$	—	$	—	$	84,590	$	(665	)

(1)Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments.

(2)Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser.

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Instrument [Line Items]

Schedule of Outstanding Debt

The Company’s outstanding debt was as follows:

	June 30, 2023						December 31, 2022
	Aggregate Borrowing Amount Committed		Amount Available		Carrying Value		Aggregate Borrowing Amount Committed		Amount Available		Carrying Value
BoA Revolving Credit Facility(1)	$	127,586	$	58,391	$	69,858	$	156,586	$	76,796	$	79,443
Truist Revolving Credit Facility(2)		305,000		249,500		55,500		—		—		—
Total debt	$	432,586	$	307,891	$	125,358	$	156,586	$	76,796	$	79,443

(1)Provides, under certain circumstances, a total borrowing capacity of $300,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17,000, in GBP of £31,665 and in CAD of 16,750. As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $30,000, in GBP of £30,665 and in CAD of 16,750.

(2)Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $55,500.

BoA Revolving Credit Facility

Debt Instrument [Line Items]

Schedule of Revolving Credit Facility

The below table presents the summary information of the BoA Revolving Credit Facility:

	For the Three Months Ended						For the Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Borrowing interest expense	$	1,526		$	84		$	3,289		$	191
Facility fees		42			55			94			95
Amortization of financing costs		160			78			293			145
Total	$	1,728		$	217		$	3,676		$	431
Weighted average interest rate		7.61	%		3.99	%		7.42	%		3.40	%
Average outstanding balance	$	80,407		$	8,490		$	89,438		$	11,308

Truist Revolving Credit Facility

Debt Instrument [Line Items]

Schedule of Revolving Credit Facility

The below table presents the summary information of the Truist Revolving Credit Facility:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2023			June 30, 2022	June 30, 2023			June 30, 2022
Borrowing interest expense	$	619		N/A	$	619		N/A
Facility fees		276		N/A		396		N/A
Amortization of financing costs		143		N/A		193		N/A
Total	$	1,038		N/A	$	1,208		N/A
Weighted average interest rate		7.26	%	N/A		7.26	%	N/A
Average outstanding balance	$	34,159		N/A	$	17,174		N/A

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Aggregate Capital Commitments and Undrawn Capital Commitments from Investors

Capital Commitments

The Company had aggregate capital commitments and undrawn capital commitments from investors as follows:

	June 30, 2023							December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded			Capital Commitments		Unfunded Capital Commitments		% of Capital Commitments Funded
Common Stock	$	546,425	$	368,812		33	%	$	543,340	$	367,875		32	%

Schedule of Unfunded Commitments by Investment Types

The Company had the following unfunded commitments by investment types:

	Unfunded Commitment Balances (1)
	June 30, 2023		December 31, 2022
1st Lien/Senior Secured Debt
Admiral Buyer, Inc. (dba Fidelity Payment Services)	$	2,810	$	2,810
Arrow Buyer, Inc. (dba Archer Technologies)		679		—
Bigchange Group Limited		384		402
BSI3 Menu Buyer, Inc (dba Kydia)		249		249
Businessolver.com, Inc.		536		536
Checkmate Finance Merger Sub, LLC		367		367
Clearcourse Partnership Acquireco Finance Limited		6,587		7,832
CloudBees, Inc.		86		86
Coding Solutions Acquisition, Inc.		1,651		1,786
Coretrust Purchasing Group LLC		3,865		3,864
CST Buyer Company (dba Intoxalock)		638		574
DFS Holding Company, Inc.		867		7,102
Frontgrade Technologies Holdings Inc.		802		—
Fullsteam Operations LLC		15,592		—
Governmentjobs.com, Inc. (dba NeoGov)		2,061		2,268
Groundworks, LLC		450		—
HealthEdge Software, Inc.		3,345		7,500
Highfive Dental Holdco, LLC		3,240		—
HumanState Limited (dba PayProp)		11,125		10,591
iCIMS, Inc.		5,812		6,454
Intelligent Medical Objects, Inc.		1,057		1,224
iWave Information Systems, Inc.		1,087		1,087
Kaseya Inc.		591		700
MerchantWise Solutions, LLC (dba HungerRush)		1,425		1,414
Millstone Medical Outsourcing, LLC		224		207
NFM & J, L.P. (dba the Facilities Group)		534		707
PDDS Holdco, Inc. (dba Planet DDS)		4,391		1,958
Rubrik, Inc.		354		732
Singlewire Software, LLC		1,251		—
Solaris (dba Urology Management Holdings, Inc.)		1,681		—
Southeast Mechanical, LLC (dba. SEM Holdings, LLC)		2,520		3,000
SpendMend, LLC		1,148		1,302
Superior Environmental Solutions		5,872		—
Trader Corporation		966		945
WebPT, Inc.		333		449
Whitewater Holding Company LLC		2,301		5,741
Zarya Intermediate, LLC (dba iOFFICE)		804		938
LCG Vardiman Black, LLC (dba Specialty Dental Brands)	—			1,097
Qualawash Holdings, LLC	—			865
Spotless Brands, LLC	—			1,650
Total 1st Lien/Senior Secured Debt	$	87,685	$	76,437
1st Lien/Last-Out Unitranche
EDB Parent, LLC (dba Enterprise DB)	$	1,687	$	2,061
Total 1st Lien/Last-Out Unitranche	$	1,687	$	2,061
Total	$	89,372	$	78,498

(1)Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date.

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Net Assets (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Summary of Shares Issued and Proceeds Related to Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns:

Share Issue Date	Shares Issued		Proceeds Received
For the six months ended June 30, 2023
February 21, 2023		62,172	$	1,145
June 20, 2023		54,300	$	1,003
Total capital drawdowns		116,472	$	2,148
For the six months ended June 30, 2022
March 16, 2022		1,823,817	$	34,051
Total capital drawdowns		1,823,817	$	34,051

Schedule of Distributions Declared on Common Stock

The following table reflects the distributions declared on the Company’s common stock:

Date Declared	Record Date	Payment Date	Amount Per Share
For the six months ended June 30, 2023
February 28, 2023	April 5, 2023	April 27, 2023	$	0.50
May 3, 2023	July 6, 2023	July 28, 2023	$	0.50
For the Six Months Ended June 30, 2022
May 2, 2022	July 5, 2022	July 28, 2022	$	0.02

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Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following information sets forth the computation of basic and diluted earnings per share:

	For the Three Months Ended					For the Six Months Ended
	June 30, 2023		June 30, 2022			June 30, 2023		June 30, 2022
Net increase (decrease) in net assets from operations	$	4,926	$	(511	)	$	8,733	$	(849	)
Weighted average shares outstanding		9,474,232		3,261,391			9,453,450		2,515,742
Basic and diluted earnings (loss) per share	$	0.52	$	(0.16	)	$	0.92	$	(0.34	)

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2023

Statement of Financial Position [Abstract]

Schedule of Financial Highlights of the Company

The below table presents the schedule of financial highlights of the Company:

	For the Six Months Ended			For the Six Months Ended
	June 30, 2023			June 30, 2022
Per Share Data:(1)
NAV, beginning of period	$	18.25		$	18.73
Net investment income (loss)		0.98			(0.15	)
Net realized and unrealized gains (losses)(2)		(0.06	)		(0.14	)
Net increase (decrease) in net assets from operations(2)	$	0.92		$	(0.29	)
Distributions declared from net investment income		(0.50	)		—
Total increase (decrease) in net assets	$	0.42		$	—
NAV, end of period	$	18.67		$	18.44
Shares outstanding, end of period		9,521,968			3,261,391
Weighted average shares outstanding		9,453,450			2,515,742
Total return based on NAV(3)		5.04	%		(1.55	%)
Supplemental Data/Ratio(4):
Net assets, end of period	$	177,803		$	60,130
Ratio of net expenses to average net assets		8.46	%		9.45	%
Ratio of expenses (without incentive fees and interest and other debt expenses)  to average net assets		2.85	%		7.66	%
Ratio of interest and other debt expenses to average net assets		5.61	%		1.86	%
Ratio of incentive fees to average net assets	—%				(0.07	%)
Ratio of total expenses to average net assets		8.46	%		10.28	%
Ratio of net investment income to average net assets		10.69	%		(1.65	%)
Portfolio turnover		2	%		1	%

(1)The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

(2)The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

(3)Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share.

(4)Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

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Organization - Additional Information (Details)	Oct. 29, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investment Adviser commitment	$ 100

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Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Significant Accounting Policy [Line Items]
Cash	$ 4,607	$ 3,675
Foreign currency
Significant Accounting Policy [Line Items]
Cash	1,045	375
Acquisition costs	$ 1,040	$ 371

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Significant Accounting Policies - Schedule of Interest Income - (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Accelerated amortization of upfront loan origination fees and unamortized discounts	$ 62	$ 68

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Significant Agreements and Related Party Transactions - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Component	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee percentage per quarter	0.001875
Annual management fee percentage	0.75%
Management fee	$ 543,000	$ 122,000	$ 1,041,000	$ 193,000
Investment adviser voluntary agreed waive of management fees		122,000		193,000
Management fees payable	$ 543,000		$ 543,000		$ 393,000
Number of components included in incentive fees | Component			2
Hurdle rate for incentive fee purpose	1.75%		1.75%
Incentive fee if no excess income amount			$ 0
Percentage of ordinary income considered for incentive If that exceeds hurdle amount			100.00%
Percentage of Catch-up Amount Multiplied by NAV			0.020588
Percentage of catchup amount multiplied by NAV in the event of a listing			2.1875%
Percentage ordinary income considered for incentive if that exceeds catchup amount			15.00%
Percentage of incentive fee cap			15.00%
Percentage of incentive fee if capital gains positive			15.00%
Incentive fees based on income	$ 0	0	$ 0	0
Accrued incentive fees on capital gains	0	(43,000)	0	(31,000)
Incurred expenses for services provided by administrator and custodian fees	94,000	71,000	185,000	140,000
Administration and custodian fees payable	$ 88,000		88,000
Percentage of transfer agent fees	0.15%
Incurred expenses for services provided by transfer agent	$ 67,000	$ 23,000	132,000	$ 39,000
Transfer agent fees payable	67,000		67,000
Affiliated Entity [Member] | Related Party [Member] | Accrued Expenses And Other Liabilities
Related Party Transaction [Line Items]
Other liabilities	$ 293,000		$ 293,000		$ 335,000
Maximum
Related Party Transaction [Line Items]
Percentage ordinary income considered for incentive if that exceeds catchup amount			20.00%
Percentage of incentive fee cap			20.00%
Percentage of incentive fee if capital gains positive			20.00%
Average end of such quarter
Related Party Transaction [Line Items]
Management fee percentage per quarter	0.001875
Annual management fee percentage	0.75%
Average end of two recently completed quarters
Related Party Transaction [Line Items]
Management fee percentage per quarter	0.0025
Annual management fee percentage	1.00%

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Significant Agreements and Related Party Transactions - Schedule of Affiliated Investments (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Beginning Fair Value Balance	$ 249,660
Ending Fair Value Balance	295,506	$ 249,660
Investment, Identifier [Axis]: Non-Controlled Affiliates
Schedule of Investments [Line Items]
Beginning Fair Value Balance	3,843	23,067
Gross Additions	20,758	138,841
Gross Reductions	(20,290)	(158,123)
Net Change in Unrealized Appreciation (Depreciation)	102	58
Ending Fair Value Balance	4,413	3,843
Interest Income Operating	252	221
Dividend, Interest and Other Income	252	221
Investment, Identifier [Axis]: Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund
Schedule of Investments [Line Items]
Beginning Fair Value Balance		23,067
Gross Additions	20,273	135,038
Gross Reductions	(20,273)	(158,105)
Ending Fair Value Balance	0
Interest Income Operating	44	47
Dividend, Interest and Other Income	44	47
Investment, Identifier [Axis]: Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC
Schedule of Investments [Line Items]
Beginning Fair Value Balance	3,843
Gross Additions	485	3,803
Gross Reductions	(17)	(18)
Net Change in Unrealized Appreciation (Depreciation)	102	58
Ending Fair Value Balance	4,413	3,843
Interest Income Operating	208	174
Dividend, Interest and Other Income	$ 208	$ 174

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Investments - Schedule of Investments Excluding Investments in Money Market Funds (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Cost	$ 295,334	$ 250,838
Fair Value	295,506	249,660
1st Lien/Senior Secured Debt
Schedule of Investments [Line Items]
Cost	284,999	240,889
Fair Value	284,882	239,700
1st Lien/Last-Out Unitranche
Schedule of Investments [Line Items]
Cost	6,738	6,352
Fair Value	6,669	6,295
Preferred Stock
Schedule of Investments [Line Items]
Cost	2,711	2,711
Fair Value	3,072	2,826
Common Stock
Schedule of Investments [Line Items]
Cost	670	670
Fair Value	830	768
Warrant
Schedule of Investments [Line Items]
Cost	216	216
Fair Value	$ 53	$ 71

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Investments - Schedule of Investments at Fair Value and Net Assets (Details)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Fair Value	100.00%	100.00%
Net Assets	166.20%	145.40%
Diversified Financial Services
Schedule of Investments [Line Items]
Fair Value	16.60%	19.70%
Net Assets	27.60%	28.70%
Diversified Consumer Services
Schedule of Investments [Line Items]
Fair Value	17.20%	17.10%
Net Assets	28.60%	24.90%
Software
Schedule of Investments [Line Items]
Fair Value	17.90%	16.20%
Net Assets	29.80%	23.60%
Health Care Providers & Services
Schedule of Investments [Line Items]
Fair Value	10.60%	9.20%
Net Assets	17.60%	13.40%
IT Services
Schedule of Investments [Line Items]
Fair Value	8.90%	9.20%
Net Assets	14.80%	13.40%
Health Care Technology
Schedule of Investments [Line Items]
Fair Value	9.20%	8.90%
Net Assets	15.20%	12.80%
Professional Services
Schedule of Investments [Line Items]
Fair Value	7.20%	8.40%
Net Assets	12.00%	12.20%
Automobiles
Schedule of Investments [Line Items]
Fair Value	4.20%	4.90%
Net Assets	7.00%	7.10%
Real Estate Mgmt. & Development
Schedule of Investments [Line Items]
Fair Value	3.10%	3.60%
Net Assets	5.10%	5.20%
Aerospace and Defense
Schedule of Investments [Line Items]
Fair Value	2.60%
Net Assets	4.20%
Distributors
Schedule of Investments [Line Items]
Fair Value	1.30%
Net Assets	2.30%
Commercial Services Supplies
Schedule of Investments [Line Items]
Fair Value		1.40%
Net Assets		2.00%
Entertainment
Schedule of Investments [Line Items]
Fair Value	1.20%	1.40%
Net Assets	2.00%	2.10%

XML

Investments - Schedule of Geographic Composition of Investments at Fair Value (Details)	Jun. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Percentage of investment at fair value	100.00%	100.00%
United States
Schedule of Investments [Line Items]
Percentage of investment at fair value	79.00%	80.40%
United Kingdom
Schedule of Investments [Line Items]
Percentage of investment at fair value	13.90%	14.70%
Canada
Schedule of Investments [Line Items]
Percentage of investment at fair value	7.10%	4.90%

XML

Fair Value Measurement - Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 295,506	$ 249,660
1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	284,882	239,700
1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	6,669	6,295
Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	3,072	2,826
Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	830	768
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	295,506	249,660
Level 3 | 1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	284,882	239,700
Level 3 | 1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	6,669	6,295
Level 3 | Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	3,072	2,826
Level 3 | Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 830	$ 768
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Senior Secured Debt | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt Investments, Range of Significant Unobservable Inputs	7.60%	7.40%
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Senior Secured Debt | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt Investments, Range of Significant Unobservable Inputs	12.20%	11.50%
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 269,925	$ 168,648
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Senior Secured Debt | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt Investments, Range of Significant Unobservable Inputs	10.60%	9.90%
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 6,669	$ 6,295
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Last-Out Unitranche | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt Investments, Range of Significant Unobservable Inputs	11.80%	10.90%
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Preferred Stock | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Fair Value	$ 1,420	$ 1,349
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Preferred Stock | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Range of Significant Unobservable Inputs	33.6	27.9
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Fair Value	$ 830	$ 768
Equity, Range of Significant Unobservable Inputs	9.3	9.1
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Range of Significant Unobservable Inputs	16.9	18.3
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Range of Significant Unobservable Inputs	11.5	12.4
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, Fair Value	$ 53	$ 71
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Warrants, Range of Significant Unobservable Inputs	3.8	4
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Preferred Stock | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Fair Value	$ 1,652	$ 1,477
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Preferred Stock | Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Equity, Range of Significant Unobservable Inputs	3.8	4

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Fair Value Measurement - Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Parenthetical) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 295,506	$ 249,660
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	295,506	249,660
Income Approach | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 276,594	$ 174,943
Fair value of debt investments percentage using income approach	94.90%	71.10%
Investment Adviser did not Develop Unobservable Inputs | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt investments, Fair Value	$ 14,957	$ 71,052

XML

Fair Value Measurement - Summary of Assets Categorized Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	$ 295,506	$ 249,660
1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	284,882	239,700
1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	6,669	6,295
Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	3,072	2,826
Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	830	768
Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	53	71
Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	295,506	249,660
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	295,506	249,660
Level 3 | 1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	284,882	239,700
Level 3 | 1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	6,669	6,295
Level 3 | Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	3,072	2,826
Level 3 | Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	830	768
Level 3 | Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	53	71
Level 3 | Money market funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt investments, Fair Value	$ 295,506	$ 249,660

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Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Assets By Investment Type (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	$ 1,317	$ (665)
1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	1,039	(602)
1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	(12)
Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	246	52
Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	62	14
Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Change in Unrealized Appreciation (Depreciation) for assets still held	(18)	(129)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	249,660	29,610
Purchases	50,058	55,898
Net Realized Gain (Loss)	28
Net Change in Unrealized Appreciation (Depreciation)	1,350	(665)
Sales and Settlements	(6,111)	(344)
Net Amortization of Premium/Discount	521	91
Ending Balance	295,506	84,590
Level 3 | 1st Lien/Senior Secured Debt
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	239,700	26,413
Purchases	49,684	55,898
Net Realized Gain (Loss)	28
Net Change in Unrealized Appreciation (Depreciation)	1,072	(602)
Sales and Settlements	(6,111)	(344)
Net Amortization of Premium/Discount	509	91
Ending Balance	284,882	81,456
Level 3 | 1st Lien/Last-Out Unitranche
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	6,295
Purchases	374
Net Change in Unrealized Appreciation (Depreciation)	(12)
Net Amortization of Premium/Discount	12
Ending Balance	6,669
Level 3 | Preferred Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	2,826	2,711
Net Change in Unrealized Appreciation (Depreciation)	246	52
Ending Balance	3,072	2,763
Level 3 | Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	768	270
Net Change in Unrealized Appreciation (Depreciation)	62	14
Ending Balance	830	284
Level 3 | Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	71	216
Net Change in Unrealized Appreciation (Depreciation)	(18)	(129)
Ending Balance	$ 53	$ 87

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Debt - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Line of Credit Facility [Line Items]
Aggregate Borrowing Amount Committed		$ 432,586	$ 432,586		$ 432,586		$ 156,586
Deferred financing costs		2,914	2,914		$ 2,914		$ 484
Debt [Member]
Line of Credit Facility [Line Items]
Weighted average interest rates					7.39%		5.30%
Average outstanding balance					$ 106,612		$ 33,710
Asset Coverage Ratio Requirement Description					Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of June 30, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 242% and 316%.
BoA Revolving Credit Facility
Line of Credit Facility [Line Items]
Average outstanding balance			80,407	$ 8,490	$ 89,438	$ 11,308
Maximum principal amount		127,586	127,586		127,586
Aggregate Borrowing Amount Committed	[1]	127,586	127,586		$ 127,586		156,586
Revolving credit facility interest rate description					Under the BoA Revolving Credit Facility, prior to the amendment on July 26, 2022, the Company had the ability to elect either LIBOR or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. Interest rate on obligations under the BoA Revolving Credit Facility was the prevailing LIBOR for one month plus 2.85% per annum or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85%, (ii) the Federal Funds Rate plus 0.50% plus 1.85%, and (iii) Adjusted LIBOR Rate plus 1.00%). Effective July 26, 2022, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment, plus 2.85% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.85% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.85% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%). The Company pays a 0.35% annualized fee on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility.
Credit adjustment spread					2.85%
Line of credit facility, commitment fee percentage					0.35%
Cost incurred in obtaining revolving credit facility		956	956		$ 956
Deferred financing costs		243	243		243		484
BoA Revolving Credit Facility | Debt [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300,000	300,000		$ 300,000
BoA Revolving Credit Facility | LIBOR
Line of Credit Facility [Line Items]
Alternate base rate		2.85%
Basis spread on variable rate, percent					1.00%
BoA Revolving Credit Facility | Federal Funds Effective Swap Rate
Line of Credit Facility [Line Items]
Alternate base rate					1.85%
BoA Revolving Credit Facility | Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent					1.85%
BoA Revolving Credit Facility | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate, percent		1.00%
Truist Revolving Credit Facility
Line of Credit Facility [Line Items]
Average outstanding balance			34,159		$ 17,174
Aggregate Borrowing Amount Committed	[2]	$ 305,000	305,000		305,000
Maximum borrowing capacity		$ 750,000	750,000		$ 750,000
Revolving credit facility interest rate description					Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions.
Additional credit adjustment					0.10%
Credit adjustment spread		0.0326%			0.1193%
Cost incurred in obtaining revolving credit facility		$ 2,864	2,864		$ 2,864
Deferred financing costs		2,671	2,671		2,671		$ 0
Truist Revolving Credit Facility | Debt [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 750,000	$ 750,000		$ 750,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument asset coverage ratio		242.00%	242.00%		242.00%		316.00%
Minimum | Truist Revolving Credit Facility
Line of Credit Facility [Line Items]
Asset coverage ratio with respect to consolidated assets		1	1		1
Minimum | Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt instrument asset coverage ratio		150.00%	150.00%		150.00%
Maximum | Truist Revolving Credit Facility
Line of Credit Facility [Line Items]
Asset coverage ratio with respect to consolidated assets		1.5	1.5		1.5

[1] Provides, under certain circumstances, a total borrowing capacity of $300,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17,000, in GBP of £31,665 and in CAD of 16,750. As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $30,000, in GBP of £30,665 and in CAD of 16,750.

[2] Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $55,500.

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Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Aggregate Borrowing Amount Committed		$ 432,586	$ 156,586
Amount Available		307,891	76,796
Carrying Value		125,358	79,443
BoA Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate Borrowing Amount Committed	[1]	127,586	156,586
Amount Available	[1]	58,391	76,796
Carrying Value	[1]	69,858	$ 79,443
Truist Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate Borrowing Amount Committed	[2]	305,000
Amount Available	[2]	249,500
Carrying Value	[2]	$ 55,500

[1] Provides, under certain circumstances, a total borrowing capacity of $300,000. The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $17,000, in GBP of £31,665 and in CAD of 16,750. As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $30,000, in GBP of £30,665 and in CAD of 16,750.

[2] Provides, under certain circumstances, a total borrowing capacity of $750,000. As of June 30, 2023, the Company had outstanding borrowings denominated in USD of $55,500.

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Debt - Schedule of Outstanding Debt (Parenthetical) (Details) £ in Thousands, $ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 CAD ($)
BoA Revolving Credit Facility [Member] | Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000
Outstanding borrowings	17,000	£ 31,665	$ 16,750	$ 30,000	£ 30,665	$ 16,750
Truist Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity	750,000
Truist Revolving Credit Facility [Member] | Debt
Line of Credit Facility [Line Items]
Maximum borrowing capacity	750,000
Outstanding borrowings	$ 55,500

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Debt - Schedule of Revolving Credit Facility (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Line of Credit Facility [Line Items]
Amortization of financing costs			$ 486	$ 145
BoA Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing interest expense	$ 1,526	$ 84	3,289	191
Facility fees	42	55	94	95
Amortization of financing costs	160	78	293	145
Total	$ 1,728	$ 217	$ 3,676	$ 431
Weighted average interest rate	7.61%	3.99%	7.42%	3.40%
Average outstanding balance	$ 80,407	$ 8,490	$ 89,438	$ 11,308
Truist Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing interest expense	619		619
Facility fees	276		396
Amortization of financing costs	143		193
Total	$ 1,038		$ 1,208
Weighted average interest rate	7.26%		7.26%
Average outstanding balance	$ 34,159		$ 17,174

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Commitments and Contingencies - Schedule of Aggregate Capital Commitments and Undrawn Capital Commitments from Investors (Details) - USD ($)		6 Months Ended	12 Months Ended
	Oct. 29, 2021	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Capital Commitments	$ 100
Common Stock [Member]
Loss Contingencies [Line Items]
Capital Commitments		$ 546,425,000	$ 543,340,000
Unfunded Capital Commitments		$ 368,812,000	$ 367,875,000
Percentage of Capital Commitments Funded		33.00%	32.00%

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Commitments and Contingencies - Schedule of Unfunded Commitments by Investment Types (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Unfunded Commitment	$ 89,372	$ 78,498
1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	87,685	76,437
1st Lien/Last-Out Unitranche
Loss Contingencies [Line Items]
Unfunded Commitment	1,687	2,061
Admiral Buyer, Inc. (dba Fidelity Payment Services) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	2,810	2,810
Arrow Buyer, Inc. (dba Archer Technologies) [Member] | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	679
Bigchange Group Limited | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	384	402
BSI3 Menu Buyer, Inc (dba Kydia) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	249	249
Businessolver.com, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	536	536
Checkmate Finance Merger Sub, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	367	367
Clearcourse Partnership Acquireco Finance Limited | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	6,587	7,832
CloudBees, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	86	86
Coding Solutions Acquisition, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,651	1,786
Coretrust Purchasing Group LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	3,865	3,864
CST Buyer Company (dba Intoxalock) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	638	574
DFS Holding Company, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	867	7,102
Frontgrade Technologies (dba Cobham Holdings Inc) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	802
Fullsteam Operations LLC [Member] | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	15,592
Governmentjobs.com, Inc. (dba NeoGov) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	2,061	2,268
Groundworks, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	450
HealthEdge Software, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	3,345	7,500
Highfive Dental Holdco, LLC [Member] | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	3,240
HumanState Limited (dba PayProp) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	11,125	10,591
iCIMS, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	5,812	6,454
Intelligent Medical Objects, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,057	1,224
iWave Information Systems, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,087	1,087
Kaseya Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	591	700
LCG Vardiman Black, LLC (dba Specialty Dental Brands) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment		1,097
MerchantWise Solutions, LLC (dba HungerRush) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,425	1,414
Millstone Medical Outsourcing, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	224	207
NFM & J, L.P. (dba the Facilities Group) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	534	707
PDDS Holdco, Inc. (dba Planet DDS) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	4,391	1,958
Qualawash Holdings, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment		865
Rubrik,Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	354	732
Singlewire Software, LLC [Member] | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,251
Solaris (dba Urology Management Holdings, Inc.) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,681
Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	2,520	3,000
SpendMend, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	1,148	1,302
Superior Environmental Solutions [Member] | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	5,872
Spotless Brands, LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment		1,650
Trader Corporation | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	966	945
WebPT, Inc. | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	333	449
Whitewater Holding Company LLC | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	2,301	5,741
Zarya Intermediate, LLC (dba iOFFICE) | 1st Lien/Senior Secured Debt
Loss Contingencies [Line Items]
Unfunded Commitment	804	938
EDB Parent, LLC (dba Enterprise DB) | 1st Lien/Last-Out Unitranche
Loss Contingencies [Line Items]
Unfunded Commitment	$ 1,687	$ 2,061

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Net Assets - Summary of Shares Issued and Proceeds Related to Capital Drawdowns (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Shares Issued	116,472	1,823,817
Proceeds Received	$ 2,148	$ 34,051
February 21, 2023
Class of Stock [Line Items]
Shares Issued	62,172
Proceeds Received	$ 1,145
June 20, 2023
Class of Stock [Line Items]
Shares Issued	54,300
Proceeds Received	$ 1,003
March 16, 2022
Class of Stock [Line Items]
Shares Issued		1,823,817
Proceeds Received		$ 34,051

XML

Net Assets - Schedule of Distributions Declared on Common Stock (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
February 28, 2023
Class of Stock [Line Items]
Date Declared	Feb. 28, 2023
Record Date	Apr. 05, 2023
Payment Date	Apr. 27, 2023
Amount Per Share	$ 0.5
May 3, 2023
Class of Stock [Line Items]
Date Declared	May 03, 2023
Record Date	Jul. 06, 2023
Payment Date	Jul. 28, 2023
Amount Per Share	$ 0.5
May 2, 2022
Class of Stock [Line Items]
Date Declared		May 02, 2022
Record Date		Jul. 05, 2022
Payment Date		Jul. 28, 2022
Amount Per Share		$ 0.02

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Earnings (Loss) Per Share - Schedule of Basic and Diluted Earning Per Unit (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 increase (decrease) in net assets from operations	$ 4,926	$ (511)	$ 8,733	$ (849)
Weighted average shares outstanding, basic	9,474,232	3,261,391	9,453,450	2,515,742
Weighted average shares outstanding, diluted	9,474,232	3,261,391	9,453,450	2,515,742
Basic earnings (loss) per share	$ 0.52	$ (0.16)	$ 0.92	$ (0.34)
Diluted earnings (loss) per share	$ 0.52	$ (0.16)	$ 0.92	$ (0.34)

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Financial Highlights - Schedule of Financial Highlights of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Per Share Data:
NAV, beginning of period	[1]	$ 18.25	$ 18.73
Net investment income (loss)	[1]	0.98	(0.15)
Net realized and unrealized gains (losses)	[1],[2]	(0.06)	(0.14)
Net increase (decrease) in net assets from operations	[1],[2]	0.92	(0.29)
Distributions declared from net investment income	[2]	(0.5)
Total increase (decrease) in net assets	[1]	0.42
NAV, end of period	[1]	$ 18.67	$ 18.44
Shares outstanding, end of period		9,521,968	3,261,391
Weighted average shares outstanding		9,453,450	2,515,742
Total return based on NAV	[3]	5.04%	(1.55%)
Supplemental Data/Ratio:
Net assets, end of period	[4]	$ 177,803	$ 60,130
Ratio of net expenses to average net assets	[4]	8.46%	9.45%
Ratio of expenses (without incentive fees and interest and other debt expenses) to average net assets	[4]	2.85%	7.66%
Ratio of interest and other debt expenses to average net assets	[4]	5.61%	1.86%
Ratio of incentive fees to average net assets	[4]	0.00%	(0.07%)
Ratio of total expenses to average net assets	[4]	8.46%	10.28%
Ratio of net investment income to average net assets	[4]	10.69%	(1.65%)
Portfolio turnover	[4]	2.00%	1.00%

[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period.

[2] The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions.

[3] Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share.

[4] Ratios are annualized, except for, as applicable, unvested Incentive Fees and organization costs.

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Subsequent Events - Additional Information (Details) - Subsequent Events - USD ($) shares in Millions, $ in Millions	Aug. 07, 2023	Aug. 01, 2023
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Aug. 02, 2023
Quarterly distribution, payable date		Oct. 28, 2023
Quarterly distribution, date of record		Oct. 03, 2023
Common Stock
Subsequent Event [Line Items]
Issuance of shares	2.2
Shares, offer price	$ 40,982
Shares, Issue date	Aug. 21, 2023