10-Q

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 MARCH 31, 2024

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

COMMISSION FILE NUMBER: 814-01549

PIMCO Capital Solutions BDC Corp.

(Exact name of registrant as specified in its charter)

Delaware	87-4705230
(State of incorporation)	(I.R.S. Employer Identification No.)

650 Newport Center Drive

Newport Beach, CA 92660

(Address of principal executive offices)

(949) 720-6000

(Registrant’s telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
—	—	—

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

Common Stock, par value $0.001 per share

(Title of Class)

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 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 Exchange Act).  Yes ☐ No ☒

The issuer had 21,602,602 shares of common stock, $0.001 par value per share, outstanding as of May 10, 2024.

PIMCO CAPITAL SOLUTIONS BDC CORP.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

Table of Contents

	INDEX	PAGE NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Consolidated Financial Statements		1
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023		1
	Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		2
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		3
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited)		4
	Consolidated Schedules of Investments as of March 31, 2024 (Unaudited) and December 31, 2023		5
	Notes to Unaudited Consolidated Financial Statements		10
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		31
Item 4.	Controls and Procedures		32
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings		32
Item 1A.	Risk Factors		32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		32
Item 3.	Defaults Upon Senior Securities		32
Item 4.	Mine Safety Disclosures		32
Item 5.	Other Information		33
Item 6.	Exhibits		34
SIGNATURES

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Assets and Liabilities

(Amounts in thousands, except share and per share)

	March 31, 2024
	(Unaudited)			December 31, 2023
Assets
Investments at fair value
Non-controlled, non-affiliated investments, at fair value (cost of $195,368 and $220,859, respectively)	$	191,906		$	215,975
Cash		97			2,306
Restricted cash		1,172			1,009
Interest receivable		2,096			2,428
Receivable for paydowns of investments		92			59
Organizational costs paid by Advisor		107			194
Deferred financing fee		2,216			2,280
Total Assets	$	197,686		$	224,251
Liabilities
Interest payable		115			325
Accrued administration fee		75			87
Organizational costs payable to Advisor		1,152			1,153
Offering costs payable to Advisor		20			20
Directors fee reimbursement to Advisor		112			152
Accrued legal fee		216			153
Accrued commitment fee		205			171
Other payable		234			140
Total Liabilities	$	2,129		$	2,201
Commitments & Contingencies (Note 7)
Net Assets
Common stock, $0.001 par value, 250,000,000 shares authorized, 21,602,602 and 25,387,884 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	$	22		$	25
Paid-in-capital in excess of par		220,619			253,745
Distributable earnings (loss)		(25,084	)		(31,720	)
Total Net Assets	$	195,557		$	222,050
Total Liabilities and Net Assets	$	197,686		$	224,251
Net asset value per share	$	9.05		$	8.75

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

1

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Operations

(Amounts in thousands, except share and per share)

(Unaudited)

	Three Months Ended
	March 31, 2024			March 31, 2023
Investment Income
From non-controlled, non-affiliated investments:
Interest income	$	3,503		$	3,640
Payment in-kind interest		2,451			2,514
Other income		24			—
Total investment income	$	5,978		$	6,154
Expenses
Management fee	$	649		$	729
Directors fee		43			62
Administration fee		75			88
Interest expense		219			—
Offering costs		—			5
Legal expenses		63			—
Other expenses		126			32
Recoupment of prior expenses paid by the Advisor		86			99
Total expenses	$	1,261		$	1,015
Less: Waivers (Note 3)		(649	)		(729	)
Net expenses		612			286
Net investment income (loss)	$	5,366		$	5,868
Net realized and unrealized gains (losses) on investment transactions:
Net realized gain (loss) from:
Non-controlled/non-affiliated investments		(43	)		(17,751	)
Net change in unrealized appreciation (depreciation) from:
Non-controlled/non-affiliated investments		1,422			17,594
Net realized and unrealized gains (losses)		1,379			(157	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,745		$	5,711
Weighted average shares outstanding (basic and diluted)		22,600,919			25,387,884
Net Investment income (loss) per share (basic and diluted)	$	0.24		$	0.23
Earnings (loss) per share (basic and diluted)	$	0.30		$	0.22

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

2

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Changes in Net Assets

(Amounts in thousands, except share and per share)

(Unaudited)

	Three Months Ended
	March 31, 2024			March 31, 2023
Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income	$	5,366		$	5,868
Net realized gain (loss)		(43	)		(17,751	)
Net change in unrealized appreciation (depreciation)		1,422			17,594
Net Increase (Decrease) in Net Assets Resulting from Operations	$	6,745		$	5,711
Capital Share Transactions
Redemption of common shares	$	(33,238	)	$	—
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	$	(33,238	)	$	—
Total Increase (Decrease) in Net Assets	$	(26,493	)	$	5,711
Net Assets
Beginning of period	$	222,050		$	233,795
End of period	$	195,557		$	239,506
Capital Share Activity
Shares redeemed		(3,785,282	)		—
Net Increase (Decrease) in Shares Outstanding		(3,785,282	)		—

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

3

PIMCO Capital Solutions BDC Corp.

Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

	Three Months Ended
	March 31, 2024			March 31, 2023
Cash Flows From Operating Activities:
Net Increase (Decrease) in Net Assets from Operations	$	6,745		$	5,711
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term securities		(4,900	)		(12,375	)
Proceeds from sales of long-term securities		10,605			17,041
Sales (Purchases) of short-term portfolio investments, net		22,823			(6,498	)
Net change in unrealized (appreciation) depreciation on investments		(1,422	)		(17,594	)
Net realized (gain) loss on investments		43			17,751
Payment in-kind interest		(2,451	)		(2,514	)
Net (accretion) on investments		(619	)		(611	)
Paydown (gain)		(10	)		(77	)
Amortization of deferred financing cost		67			—
Amortization of deferred offering costs		—			5
Increase/(decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable		332			84
(Increase) decrease in paydown receivable		(33	)		—
(Increase) decrease in organizational costs paid by Advisor		87			99
(Increase) decrease in due from affiliate		—			(177	)
Increase (decrease) in due to affiliate		—			(435	)
Increase (decrease) in interest payable		(210	)		—
Increase (decrease) in accrued administration fee		(12	)		(6	)
Increase (decrease) in organizational costs payable to Advisor		(1	)		—
Increase (decrease) in directors fee reimbursement to Advisor		(40	)		62
Increase (decrease) in accrued legal fee		63			—
Increase (decrease) in accrued commitment fee		34			—
Increase (decrease) in other payable		94			32
Net cash provided by (used for) operating activities	$	31,195		$	498
Cash Flows From Financing Activities:
Redemption of common shares	$	(33,238	)		—
Deferred financing fees paid		(3	)		—
Net cash provided by (used for) financing activities	$	(33,241	)	$	—
Net increase (decrease) in cash and restricted cash		(2,046	)		498
Cash and restricted cash, beginning of period		3,315			800
Cash and restricted cash, end of period	$	1,269		$	1,298
Supplemental and Cash Flow Information:
Interest paid during the period	$	362		$	—

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

4

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate			Maturity Date		Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Debt Investments
First Lien Senior Secured
Consumer Services
BCPE Empire Holdings, Inc. Term Loan (8)	SOFR + 4.000%		9.330	%		12/11/2028		2,494	$	2,496	$	2,499		1.28	%
Total Consumer Services										2,496		2,499		1.28	%
Diversified Manufacturing
TK Elevator Midco GmbH Facility B2 Loan (8)	SOFR + 3.500%		9.081	%		04/30/2030		2,488		2,487		2,498		1.28	%
Total Diversified Manufacturing										2,487		2,498		1.28	%
Entertainment
AP Core Holdings II, LLC Term B-1 Loan	SOFR + 5.614%		10.945	%		09/01/2027		2,134		2,112		2,097		1.07	%
AP Core Holdings II, LLC Term B-2 Loan	SOFR + 5.614%		10.945	%		09/01/2027		2,231		2,207		2,189		1.12	%
PLNTF Holdings, LLC Initial Term Loan (8)	SOFR + 8.262%		13.590	%		03/22/2026		11,087		10,977		11,018		5.63	%
Total Entertainment										15,296		15,304		7.82	%
Financial Other
Asurion, LLC B-8 Term Loan (8)	SOFR + 3.364%		8.692	%		12/23/2026		2,487		2,427		2,443		1.25	%
Total Financial Other										2,427		2,443		1.25	%
Healthcare
U.S. Renal Care, Inc. Closing Date Term Loan	SOFR + 5.356%		10.442	%		06/20/2028		1,587		993		1,383		0.71	%
Total Healthcare										993		1,383		0.71	%
Insurance Life
Integrity Marketing Acquisition, LLC Delayed Draw Term Loan (3)	SOFR + 6.000%		11.343	%		08/27/2026		3,682		3,682		3,682		1.88	%
Integrity Marketing Acquisition, LLC Incremental Term Loan (3)	SOFR + 6.000%		11.343	%		08/27/2026		5,514		5,404		5,514		2.82	%
Total Insurance Life										9,086		9,196		4.70	%
IT Services
Alorica, Inc. Term Loan (3)	SOFR + 6.875%		12.205	%		12/21/2027		11,690		11,591		11,562		5.91	%
Total IT Services										11,591		11,562		5.91	%
Packaging
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan (8)	SOFR + 4.275%		9.105	%		04/13/2029		2,197		2,120		2,203		1.13	%
LABL, Inc. Initial Dollar Term Loan	SOFR + 5.100%		10.430	%		10/29/2028		2,487		2,480		2,441		1.25	%
Total Packaging										4,600		4,644		2.38	%
Pharmaceuticals
Gainwell Acquisition Corp. Term B Loan (8)	SOFR + 4.100%		9.409	%		10/01/2027		2,232		2,217		2,139		1.09	%
Total Pharmaceuticals										2,217		2,139		1.09	%
Retailers
LBM Acquisition, LLC Initial Term Loan (8)	SOFR + 3.850%		9.177	%		12/17/2027		2,216		2,202		2,215		1.13	%
Rising Tide Holdings, Inc. FILO Term Loan (3)	SOFR + 9.000%		14.327	%		06/01/2026		4,570		4,436		4,429		2.27	%
Total Retailers										6,638		6,644		3.40	%
Technology
Endurance International Group Holdings, Inc. Initial Term Loan (8)	SOFR + 3.928%		9.422	%		02/10/2028		6,876		6,593		6,727		3.44	%
Mavenir Systems, Inc. Initial Term Loan (2)	SOFR + 5.012%		10.335	%		08/18/2028		9,800		9,726		7,011		3.59	%
McAfee Corp. Term Loan (8)	SOFR + 3.850%		9.176	%		03/01/2029		2,346		2,240		2,348		1.20	%
MH Sub I, LLC Term Loan (8)	SOFR + 4.250%		9.580	%		05/03/2028		2,487		2,403		2,476		1.27	%
Planview Parent, Inc. Closing Date Term Loan (8)	SOFR + 4.262%		9.564	%		12/17/2027		6,876		6,747		6,868		3.51	%
Polaris Newco, LLC Dollar Term Loan	SOFR + 4.262%		9.574	%		06/02/2028		2,394		2,328		2,373		1.21	%
TIBCO Software, Inc. Dollar Term Loan B (8)	SOFR + 4.600%		9.909	%		03/30/2029		2,487		2,387		2,479		1.27	%
Total Technology										32,424		30,282		15.49	%
Wireless
Windstream Services, LLC Incremental Term Loan	SOFR + 4.100%		9.430	%		02/23/2027		7,000		6,745		6,930		3.54	%
Total Wireless										6,745		6,930		3.54	%
Total First Lien Senior Secured										97,000		95,524		48.85	%

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

5

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of March 31, 2024

(Amounts in thousands, except share amounts)

(Unaudited)

Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate (5)			Maturity Date	Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Debt Investments
Second Lien Senior Secured
Chemicals
K2 Pure Solutions Nocal Holding Term Loan (3)(6)	N/A		17.000	%	01/30/2029		5,057	$	4,645	$	4,631		2.37	%
Total Chemicals									4,645		4,631		2.37	%
Technology
Altar BidCo, Inc. Initial Term Loan	SOFR + 5.600%		10.399	%	02/01/2030		2,900		2,875		2,872		1.47	%
Total Technology									2,875		2,872		1.47	%
Total Second Lien Senior Secured									7,520		7,503		3.84	%
Senior Unsecured
Consumer Services
LEAF Home Solutions Note (3)(6)(8)	N/A		12.000	%	02/26/2027		34,170		33,927		32,208		16.47	%
Total Consumer Services									33,927		32,208		16.47	%
Technology
GCOM (3)(6)(9)	N/A		17.000	%	02/16/2029		13,848		11,262		10,980		5.61	%
Total Technology									11,262		10,980		5.61	%
Total Senior Unsecured									45,189		43,188		22.08	%
Total Debt Investments									149,709		146,215		74.77	%
Corporate Bonds
Automotive
Rivian Holdings/Auto LLC 144A (2)	SOFR + 5.625%		11.493	%	10/15/2026		18,601		18,394		18,800		9.61	%
Total Automotive									18,394		18,800		9.61	%
Total Corporate Bonds									18,394		18,800		9.61	%
Common Stocks
Chemicals
K2 Propco Class S Units (3)	N/A		N/A		N/A		897		285		285		0.15	%
K2 Pure Solutions Class S Units (3)	N/A		N/A		N/A		113		36		36		0.02	%
Total Chemicals									321		321		0.17	%
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A		N/A		25,000		359		263		0.13	%
Total Retailers									359		263		0.13	%
Total Common Stocks									680		584		0.30	%
Warrants
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A		09/08/2028		47,166		—		—		0.00	%
Total Retailers									—		—		0.00	%
Technology
GCOM (3)(7)(9)	N/A		N/A		08/11/2033		2,491,250		2,491		2,212		1.13	%
Total Technology									2,491		2,212		1.13	%
Total Warrants									2,491		2,212		1.13	%
Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill	N/A		4.660	%	04/09/2024		1,124		1,123		1,123		0.57	%
U.S. Treasury Bill	N/A		5.133	%	05/02/2024		2,600		2,588		2,588		1.32	%
U.S. Treasury Bill	N/A		5.195	%	05/21/2024		1,700		1,688		1,688		0.86	%
U.S. Treasury Bill	N/A		5.215	%	05/30/2024		1,100		1,091		1,091		0.56	%
U.S. Treasury Bill	N/A		5.128	%	06/04/2024		5,200		5,152		5,152		2.64	%
U.S. Treasury Bill	N/A		5.195	%	06/13/2024		7,500		7,420		7,421		3.80	%
U.S. Treasury Bill	N/A		5.222	%	07/02/2024		5,100		5,032		5,032		2.57	%
Total U.S. Treasury Bills									24,094		24,095		12.32	%
Total Short-Term Investments									24,094		24,095		12.32	%
Total Non-Controlled, Non-Affiliated Investments								$	195,368	$	191,906		98.13	%
Total Investments								$	195,368	$	191,906		98.13	%

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

6

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of March 31, 2024

(Amounts in thousands)

(Unaudited)

(1) All investments are U.S. domiciled.

(2) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, total non-qualifying assets at fair value represented 13.2% of the Company’s total net assets calculated in accordance with the 1940 Act.

(3) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of March 31, 2024, the reference rates for the floating rate loans were the 1 Month SOFR of 5.33%, 3 Month SOFR of 5.30% and 6 Month SOFR of 5.22%.

(5) Interest rates on short-term investments are annualized.

(6) All or a portion of the interest on this position is paid-in-kind (PIK).

(7) Non-income producing security.

(8) Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.

(9) Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

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

7

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of December 31, 2023

(Amounts in thousands)

Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate			Maturity Date		Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Debt Investments
First Lien Senior Secured
Consumer Services
BCPE Empire Holdings, Inc. Extended Term Loan	SOFR + 4.750%		10.106	%		12/11/2028		2,494	$	2,496	$	2,504		1.13	%
Total Consumer Services										2,496		2,504		1.13	%
Diversified Manufacturing
TK Elevator Midco GmbH Facility B1 Loan	SOFR + 3.928%		9.381	%		07/30/2027		2,494		2,494		2,503		1.13	%
Total Diversified Manufacturing										2,494		2,503		1.13	%
Entertainment
AP Core Holdings II, LLC Term B-1 Loan	SOFR + 5.614%		10.970	%		09/01/2027		2,165		2,140		2,124		0.96	%
AP Core Holdings II, LLC Term B-2 Loan	SOFR + 5.614%		10.970	%		09/01/2027		2,231		2,205		2,184		0.98	%
PLNTF Holdings, LLC Initial Term Loan (8)	SOFR + 8.262%		13.633	%		03/22/2026		11,116		10,989		10,671		4.80	%
Total Entertainment										15,334		14,979		6.74	%
Financial Other
Asurion, LLC B-8 Term Loan	SOFR + 3.364%		8.720	%		12/23/2026		2,494		2,428		2,492		1.12	%
Total Financial Other										2,428		2,492		1.12	%
Healthcare
U.S. Renal Care, Inc. Closing Date Term Loan	SOFR + 5.356%		10.470	%		06/20/2028		1,591		977		1,213		0.55	%
Total Healthcare										977		1,213		0.55	%
Insurance Life
Integrity Marketing Acquisition, LLC Delayed Draw Term Loan (3)	SOFR + 6.000%		11.388	%		08/27/2026		3,691		3,691		3,671		1.65	%
Integrity Marketing Acquisition, LLC Incremental Term Loan (3)	SOFR + 6.000%		11.388	%		08/27/2026		5,528		5,417		5,498		2.48	%
Total Insurance Life										9,108		9,169		4.13	%
IT Services
Alorica, Inc. Term Loan (3)	SOFR + 6.875%		12.231	%		12/21/2027		12,250		12,137		11,999		5.40	%
Total IT Services										12,137		11,999		5.40	%
Packaging
Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan (8)	SOFR + 4.275%		9.631	%		04/13/2029		2,203		2,122		2,215		1.00	%
LABL, Inc. Initial Dollar Term Loan	SOFR + 5.100%		10.456	%		10/29/2028		2,494		2,485		2,398		1.08	%
Total Packaging										4,607		4,613		2.08	%
Pharmaceuticals
Gainwell Acquisition Corp. Term B Loan (8)	SOFR + 4.100%		9.448	%		10/01/2027		2,238		2,221		2,182		0.98	%
Total Pharmaceuticals										2,221		2,182		0.98	%
Retailers
LBM Acquisition, LLC Initial Term Loan (8)	SOFR + 3.850%		9.206	%		12/17/2027		2,222		2,207		2,201		0.99	%
Rising Tide Holdings, Inc. FILO Term Loan (3)	SOFR + 9.000%		14.356	%		06/01/2026		4,570		4,426		4,406		1.98	%
Total Retailers										6,633		6,607		2.97	%
Technology
Endurance International Group Holdings, Inc. Initial Term Loan	SOFR + 3.928%		9.422	%		02/10/2028		6,894		6,594		6,772		3.05	%
Mavenir Systems, Inc. Initial Term Loan (2)	SOFR + 5.012%		10.390	%		08/18/2028		9,825		9,746		6,951		3.13	%
McAfee Corp. Term Loan (8)	SOFR + 3.850%		9.193	%		03/01/2029		2,352		2,241		2,348		1.06	%
MH Sub I, LLC Term Loan	SOFR + 4.250%		9.606	%		05/03/2028		2,494		2,405		2,456		1.11	%
Planview Parent, Inc. Closing Date Term Loan (8)	SOFR + 4.262%		9.610	%		12/17/2027		6,893		6,758		6,850		3.08	%
Polaris Newco, LLC Dollar Term Loan	SOFR + 4.114%		9.470	%		06/02/2028		2,400		2,331		2,371		1.07	%
TIBCO Software, Inc. Dollar Term Loan B	SOFR + 4.600%		9.948	%		03/30/2029		2,494		2,389		2,442		1.10	%
Total Technology										32,464		30,190		13.60	%
Wireless
Windstream Services, LLC Incremental Term Loan	SOFR + 4.100%		9.456	%		02/23/2027		7,000		6,725		6,930		3.12	%
Total Wireless										6,725		6,930		3.12	%
Total First Lien Senior Secured										97,624		95,381		42.95	%
Second Lien Senior Secured
Technology
Altar BidCo, Inc. Initial Term Loan	SOFR + 5.600%		10.813	%		02/01/2030		2,900		2,875		2,878		1.30	%
Total Technology										2,875		2,878		1.30	%
Total Second Lien Senior Secured										2,875		2,878		1.30	%

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

8

PIMCO Capital Solutions BDC Corp.

Consolidated Schedule of Investments as of December 31, 2023

(Amounts in thousands)

Investments (1) Non-Controlled, Non-Affiliated Investments	Reference Rate Spread (4)	Interest Rate (5)			Maturity Date		Par Amount/ Shares		Cost		Fair Value		Percentage of Net Assets
Senior Unsecured
Consumer Services
LEAF Home Solutions Note (3)(6)(8)	N/A		12.000	%		02/26/2027		32,235	$	32,090	$	29,526		13.30	%
Total Consumer Services										32,090		29,526		13.30	%
Technology
GCOM (3)(6)(9)	N/A		17.000	%		02/16/2029		13,277		10,622		10,535		4.74	%
Total Technology										10,622		10,535		4.74	%
Total Senior Unsecured										42,712		40,061		18.04	%
Total Debt Investments										143,211		138,320		62.29	%
Corporate Bonds
Automotive
Rivian Holdings/Auto LLC 144A (2)	SOFR + 5.625%		11.493	%		10/15/2026		28,601		28,255		28,658		12.91	%
Total Automotive										28,255		28,658		12.91	%
Total Corporate Bonds										28,255		28,658		12.91	%
Common Stocks
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A			N/A		25,000		359		263		0.12	%
Total Retailers										359		263		0.12	%
Total Common Stocks										359		263		0.12	%
Warrants
Retailers
West Marine/Rising Tide Holdings, Inc. (3)(7)	N/A		N/A			09/08/2028		47,166		—		—		0.00	%
Total Retailers										—		—		0.00	%
Technology
GCOM (3)(7)(9)	N/A		N/A			08/11/2033		2,491,250		2,491		2,181		0.98	%
Total Technology										2,491		2,181		0.98	%
Total Warrants										2,491		2,181		0.98	%
Short-Term Investments
U.S. Treasury Bills
U.S. Treasury Bill	N/A		0.000	%		01/02/2024		8,000		7,999		8,000		3.61	%
U.S. Treasury Bill	N/A		4.820	%		01/23/2024		6,200		6,180		6,181		2.78	%
U.S. Treasury Bill	N/A		5.094	%		02/20/2024		4,300		4,268		4,269		1.92	%
U.S. Treasury Bill	N/A		5.096	%		03/14/2024		27,200		26,911		26,918		12.12	%
U.S. Treasury Bill	N/A		5.137	%		03/28/2024		1,200		1,185		1,185		0.53	%
Total U.S. Treasury Bills										46,543		46,553		20.96	%
Total Short-Term Investments										46,543		46,553		20.96	%
Total Non-Controlled, Non-Affiliated Investments									$	220,859	$	215,975		97.26	%
Total Investments									$	220,859	$	215,975		97.26	%

(1) All investments are U.S. domiciled.

(2) The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 16.0% of the Company’s total net assets calculated in accordance with the 1940 Act.

(3) The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.

(4) Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2023, the reference rates for the floating rate loans were the 1 Month SOFR of 5.35%, 3 Month SOFR of 5.33% and 6 Month SOFR of 5.16%.

(5) Interest rates on short-term investments are annualized.

(6) All or a portion of the interest on this position is paid-in-kind (PIK).

(7) Non-income producing security.

(8) Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.

(9) Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

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

9

PIMCO Capital Solutions BDC Corp.

Notes to Unaudited Consolidated Financial Statements

March 31, 2024

1. Organization

PIMCO Capital Solutions BDC Corp. (collectively with its consolidated subsidiaries, the “Company,” “we,” “our,” and “us”), is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected as of August 1, 2022 to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company invests primarily in privately negotiated loans and equity investments to middle market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. Pacific Investment Management Company LLC (“PIMCO” or the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment management agreement (the “Advisory Agreement”). PIMCO is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PIMCO also serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”). The Administrator may retain a sub-administrator to perform any or all of its obligations under the Administration Agreement.

The Company is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares (as defined below) pursuant to a subscription agreement (“Subscription Agreement”) entered into with the Company or PIMCO Capital Solutions US Feeder LP, a feeder fund established by the Advisor to invest in Shares of the Company (“Feeder Fund”). The Company is a perpetual-life investment vehicle, without a fixed termination date or commitment period. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a capital draw-down notice to its investors. The Company entered into an initial subscription agreement on June 9, 2022, received capital contributions on June 10, 2022 (date of inception), and commenced investment operations on June 30, 2022.

The initial meeting of the Board of Directors (the “Board”) of the Company was held on June 22, 2022. There were no operations prior to June 10, 2022 (date of inception). Effective June 10, 2022, affiliated entities of the Advisor (the “PIMCO Entities”) indirectly contributed $15 (amount in thousands) of capital to the Company by investing in interests of the Feeder Fund. In exchange for this contribution, the PIMCO Entities, through their interest in the Feeder Fund, each indirectly received common stock of the Company, par value $0.001 (“Shares”). On June 29, 2022, the PIMCO Entities made an additional capital contribution and, pursuant to Transfer Agreements entered into on June 30, 2022, the PIMCO Entities contributed additional assets to the Company with a fair market value of $143,864 and unrealized loss of $6,588 (amounts in thousands). As a result of these foregoing transactions, the Company issued and sold a total of 25,387,884 Shares at an aggregate purchase price of $253,879 (amount in thousands).

On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands).

As of March 31, 2024, the Company had total Capital Commitments of $216,026 (amount in thousands), of which 0% is unfunded. Capital Commitments may be drawn down by the Company on a pro rata basis, as needed (including follow-on investments), for paying the Company’s expenses, including fees under the Advisory Agreement and Administration Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Company’s fiscal year ends December 31.

2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The functional and reporting currency for the Company is the U.S. dollar.

10

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

As provided under ASC Topic 946 and Regulation S-X, the Company will generally 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 results of the Company’s wholly-owned subsidiaries, Emerald CS LLC, Ruby CS LLC, Amber CS LLC, Citrine CS LLC, Diamond CS LLC, Opal CS LLC, Quartz CS LLC, Jade CS LLC, Pearl CS LLC, Sapphire CS LLC, Topaz CS LLC, Garnet CS LLC, Turquoise CS LLC, Aquamarine CS LLC, Tanzanite CS LLC and Peridot CS LLC. All material intercompany transactions are eliminated in consolidation.

Fair Value of Investments

The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Revenue Recognition

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Company is informed of the dividend. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statements of Operations. Paydown gains and losses on asset-backed securities are recorded as components of interest income on the Consolidated Statements of Operations.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, 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.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

11

Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statements of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statement of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income.

Deferred Financing Fees

Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2024 and December 31, 2023, the Company had deferred financing costs of $2,216 and $2,280, respectively (amount in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings.

Payment In-Kind Interest

The Company may have investments that contain Payment-In-Kind (“PIK”) provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as Payment in-kind interest on the Consolidated Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of March 31, 2024 and December 31, 2023, $107 and $194, respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of March 31, 2024 and December 31, 2023, $1,152 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of both March 31, 2024 and December 31, 2023, there were $0 recoverable by the Advisor for offering costs paid on the Company’s behalf. As of both March 31, 2024 and December 31, 2023, there were $20 (amount in thousands) owed to the Advisor for offering costs paid on the Company’s behalf, which were recorded as “Offering costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Other Expenses

All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

12

Legal Expense

Legal expenses are primarily for legal guidance related to investments, financing, co-investment matters and Board Member advice. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statement of Assets and Liabilities.

Cash and Foreign Currency

Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings.

Cash and restricted cash consisted of the following as of March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
Cash	$	97	$	2,306
Restricted Cash		1,172		1,009
Total cash and restricted cash in the Consolidated Statement of Cash Flows	$	1,269	$	3,315

Income Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the Internal Revenue Service or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2024. As of March 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are the years 2022-2023 (with limited exceptions), assuming tax filings have been made for the previous two years.

Distributions

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP.

13

The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

New Accounting Pronouncement

In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, which provides guidance to account for certain contract modifications prospectively to ease the potential accounting burden associated with transitioning away from the LIBOR (as defined below) and other reference rates that are expected to be discontinued. ASU 2020-04 is effective upon release of the update on March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, the FASB issued ASU 2022-06, which extends the sunset date established by ASU 2020-04 from December 31, 2022 to December 31, 2024 in order to capture the time period in which the aforementioned contract modifications may occur. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Company’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Company’s consolidated financial statements.

3. Related Party Transactions

Advisory Agreement

On June 30, 2022, the Company entered into an Advisory Agreement, pursuant to which the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25%. The base management fee is calculated based on the average of the Company’s total net assets (including cash or cash equivalents but excluding assets purchased with borrowed amounts) as of the end of the two most recently completed calendar quarters. The base management fee for any partial month or quarter is appropriately prorated. The Advisor has agreed to waive all management fees payable pursuant to the Advisory Agreement for so long as the only stockholders of the Company are PIMCO Entities. The Advisory Agreement does not provide for the payment of incentive fees.

For the three month periods ended March 31, 2024 and 2023, the Company incurred a management fee of $649 and $729, respectively (amounts in thousands), of which 100% was waived by the Advisor.

Administration Agreement

On June 30, 2022, the Company entered into an Administration Agreement with PIMCO in its capacity as Administrator. Under the Administration Agreement, the Administrator provides or causes to be furnished certain supervisory and administrative and other services reasonably necessary for the operation of the Company. Pursuant to the Administration Agreement, the Company pays the Administrator an annual fee calculated and payable quarterly in arrears on the last business day of calendar quarter in an amount equal to 0.15% of the Company’s total net assets.

For the three month periods ended March 31, 2024 and 2023, the Company incurred an administration fee of $75 and $88, respectively (amounts in thousands).

Expense Reimbursement Agreement

The Company has entered into an Expense Reimbursement Agreement with the Advisor. The Advisor may elect to make certain Expense Payments on the Company’s behalf, provided that no portion of the payment will be used to pay any of the Company’s interest expense. The Advisor has agreed to make Expense Payments on the Company’s behalf through June 30, 2025. During the period ended March 31, 2024 and the year ended December 31, 2023, the Advisor paid directors fees on behalf of the Company. As of March 31, 2024 and the year ended December 31, 2023, $112 and $152, respectively (amounts in thousands), are reimbursable to the Advisor for directors fees and are recorded as “Directors fee reimbursement to Advisor” on the Consolidated Statements of Assets and Liabilities.

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Following any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, “Excess Operating Funds”), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net “investment company taxable income”, as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). No Reimbursement Payment for any calendar year will be made if the Company’s Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the expense payment was made to which such Reimbursement Payment relates. The “Operating Expense Ratio” is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies, less organizational and offering expenses, base management fees owed to the Advisor, and interest expense, by the Company’s average net assets.

The Expense Reimbursement Agreement may require the Company to repay the Advisor for previously waived reimbursement of Expense Payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three month periods ended March 31, 2024 and 2023, the Company waived organization costs of $0 and $0, respectively.

For the three month periods ended March 31, 2024 and 2023, the Advisor recouped $86 and $99, respectively (amounts in thousands), from the Company for prior expenses paid and were recorded as “Recoupment of prior expenses paid by the Advisor” on the Consolidated Statement of Operations.

Directors Fee

The Company compensates each of its Independent Directors for their services. Their compensation is included in Directors fee on the Consolidated Statements of Operations. The Independent Directors also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each meeting, which are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

Co-Investment Relief

The Company has received exemptive relief from the SEC that, to the extent the Company relies on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief.

See Note 1. Organization for other related party transactions.

4. Borrowings

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2024 and December 31, 2023, the Company did not have any borrowings outstanding and, therefore, the asset coverage ratio is not applicable.

Credit Facility

On June 19, 2023, Amber CS LLC (the “Subsidiary”), as borrower and portfolio asset servicer, a wholly-owned financing subsidiary of the Company, Topaz CS LLC, as equity holder of Subsidiary, and Opal CS LLC and Quartz CS LLC, as Subsidiary guarantors, entered into a loan servicing agreement (the “Credit Facility”) with Massachusetts Mutual Life Insurance Company, as initial lender, administrative agent, facility servicer, and collateral custodian, and MassMutual Ascend Life Insurance Company, as initial lender. Under the Credit Facility, the maximum aggregate committed borrowing amount is $150,000 (amount in thousands) (the “Maximum Facility Amount”) with a scheduled maturity date of June 19, 2032.

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The facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum (as such terms are defined in the Credit Facility). The facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum (as such terms are defined in the Credit Facility). The Minimum Usage Amount is (a) zero prior to June 19, 2024, and (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024. The Subsidiary also pays a Facility Servicer Fee in an aggregate amount equal to 0.03% per annum of the Maximum Facility Amount, an annual Collateral Custodian Fee (as such term is defined in the Credit Facility) of $5, an Agent Fee in an annual amount of $25, and a Rating fee of $175 for the initial rating and an annual fee of $45 thereafter (amounts in thousands).

The Credit Facility contains certain covenants including: (i) the Subsidiary acquiring a Debt Rating of BBB-, BBB (low) or Baa3 or higher and (ii) maintaining a loan to value less than minimums dictated by the number of assets in the portfolio. As of March 31, 2024, the Company is in compliance with these covenants.

Certain investments, as disclosed on the Consolidated Schedule of Investments and their related cash flows, are pledged as collateral for the Credit Facility.

In connection with the establishment of the loan facility, the Company paid upfront fees and incurred legal expenses of $2,427 (amount in thousands), which are being amortized into interest expense through the scheduled maturity date. The Company had $0 of outstanding borrowings as of March 31, 2024. Interest expense related to the borrowings and amortization of deferred financing costs are disclosed as a component of interest expense on the Consolidated Statements of Operations. For the three month periods ended March 31, 2024 and 2023, the Company had interest expense of $219 and $0, respectively, inclusive of amortization expense for deferred financing fees of $67 and $0, respectively, and unused commitment fee of $152 and $0, respectively (amounts in thousands).

5. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedules of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and cost consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Amounts in thousands)	Cost		Fair Value		Cost		Fair Value
First Lien Secured	$	97,000	$	95,524	$	97,624	$	95,381
Second Lien Secured		7,520		7,503		2,875		2,878
Senior Unsecured		45,189		43,188		42,712		40,061
Corporate Bonds		18,394		18,800		28,255		28,658
Common Stocks		680		584		359		263
Warrants		2,491		2,212		2,491		2,181
Short-Term Investments		24,094		24,095		46,543		46,553
Total investments	$	195,368	$	191,906	$	220,859	$	215,975

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The industry composition of investments as a percentage of total investments based on fair value as of March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024			December 31, 2023
Automotive		9.8	%		13.3	%
Chemicals		2.6	%		—	%
Consumer Services		18.1	%		14.8	%
Diversified Manufacturing		1.3	%		1.1	%
Entertainment		7.9	%		6.9	%
Financial Other		1.3	%		1.2	%
Healthcare		0.7	%		0.6	%
Insurance Life		4.8	%		4.3	%
Packaging		2.4	%		2.1	%
Pharmaceuticals		1.1	%		1.0	%
Retailers		3.6	%		3.2	%
Technology		24.2	%		21.2	%
Treasury Bills		12.6	%		21.5	%
IT Services		6.0	%		5.6	%
Wireless		3.6	%		3.2	%
Total		100.0	%		100.0	%

As of March 31, 2024 and December 31, 2023, 100.0% of investments held were based in the United States.

6. Fair Value Measurement

In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement depending on the source of the base price. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

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Valuation of Investments

Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted at the end of each fiscal quarter.

Common stocks, warrants and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating to all Company investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 or Level 3. Loan investments priced using internal models with significant unobservable inputs are categorized as Level 3.

Short-term debt instruments (such as commercial paper) held by the Company having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Company may elect to obtain broker quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Company does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

Discounted cash flow valuation uses an internal analysis based on the Advisor’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The market approach generally involves multiplying a key performance metric of the company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), by a valuation multiple observed in a range of comparable companies or transactions. The selection of a population of comparable companies requires judgment, including qualitative and quantitative analysis of the comparability of the companies. The Advisor may also adjust the valuation multiple for differences between the investment and the referenced comparable.

A cost approach is generally used when a recent transaction price for a specific asset is indicative of fair value.

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Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following tables summarize the fair value of the Company’s investments as of March 31, 2024 and December 31, 2023 (amounts in thousands):

	March 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	70,337	$	25,187	$	95,524
Second Lien Senior Secured		—		2,872		4,631		7,503
Senior Unsecured		—		—		43,188		43,188
Corporate Bonds		—		18,800		—		18,800
Common Stocks		—		—		584		584
Warrants		—		—		2,212		2,212
Short-Term Investments		—		24,095		—		24,095
Total assets	$	—	$	116,104	$	75,802	$	191,906

	December 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	69,807	$	25,574	$	95,381
Second Lien Senior Secured		—		2,878		—		2,878
Senior Unsecured		—		—		40,061		40,061
Corporate Bonds		—		28,658		—		28,658
Common Stocks		—		—		263		263
Warrants		—		—		2,181		2,181
Short-Term Investments		—		46,553		—		46,553
Total assets	$	—	$	147,896	$	68,079	$	215,975

Assets or liabilities categorized as Level 2 or Level 3 as of period end have been transferred between Level 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the tables below.

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands) for the three months ended March 31, 2024 and 2023:

	Beginning Balance at 12/31/2023		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)		Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3		Ending Balance at 3/31/24
Term Loans First Lien Secured	$	25,574	$	0	$	0	($	582	)	$	18	$	7	$	170		$	0	$	0	$	25,187
Term Loans Second Lien Secured		0		4,636		0		0			8		0		(13	)		0		0		4,631
Term Loans Senior Unsecured		40,061		2,394		0		0			83		0		650			0		0		43,188
Common Stocks		263		642		0		(321	)		0		0		0			0		0		584
Unlisted Warrants		2,181		0		0		0			0		0		31			0		0		2,212
Totals	$	68,079	$	7,672	$	0	($	903	)	$	109	$	7	$	838		$	0	$	0	$	75,802

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	Beginning Balance at 12/31/2022		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3			Ending Balance at 3/31/23
Term Loans First Lien Secured	$	22,082	$	12,470	$	0	($	109	)	$	36		($	3,747	)	$	5,067		$	6,285	($	6,060	)	$	36,024
Term Loans Second Lien Secured		8,062		698		0		0			(43	)		(13,850	)		11,272			0		0			6,139
Term Loans Senior Unsecured		25,562		1,721		0		0			13			0			(382	)		0		0			26,914
Totals	$	55,706	$	14,889	$	0	($	109	)	$	6		($	17,597	)	$	15,957		$	6,285	($	6,060	)	$	69,077

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range	Weighted Average (1)
Term Loans	$	25,187	Discounted Cash Flow	Discount Rate	10.88% – 17.01%	12.49%
		4,631	Recent Transaction	Purchase Price	n/a	n/a
Senior Unsecured		43,188	Discounted Cash Flow	Discount Rate	14.66% – 23.62%	17.04%
Common Stocks		321	Comparable Multiple	EBITDA Multiple	n/a	5.75x
		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a	19.25%/0.55x
Warrants		2,212	Comparable Multiple	EBITDA Multiple	n/a	10.25x
Total Assets	$	75,802

	Fair Value as of December 31, 2023		Valuation Techniques	Unobservable Input	Range	Weighted Average (3)
Term Loans	$	25,574	Discounted Cash Flow	Discount Rate	10.67% - 16.39%		12.23%
Senior Unsecured		40,061	Discounted Cash Flow	Discount Rate	15.41% - 23.37%		17.50%
Common Stocks		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a		17.25%/0.55x
Warrants		2,181	Comparable Multiple	EBITDA Multiple	n/a		10.00x
Total Assets	$	68,079

(1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

7. Commitments & Contingencies

Commitments

The Company may enter into commitments to fund investments. As of March 31, 2024, the Advisor believed that the Company had adequate financial resources to satisfy its unfunded commitments, if any. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s Consolidated Statements of Assets and Liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement.

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As of March 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):

Portfolio Company	Investment Type	March 31, 2024
Integrity Marketing Acquisition, LLC	Revolver	$	741

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.

Litigation

As of the issuance date of this report, the Company is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

8. Net Assets

Equity Issuance

The Company’s authorized stock consists of 250,000,000 Shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share.

The Company did not hold a closing of the continuous Private Offering for the three month period ended March 31, 2024.

Distributions

For the three month period ended March 31, 2024, the Board did not declare any distributions.

Share Repurchase Program

At the discretion of the Board, the Company may repurchase Shares (either by number of Shares or aggregate net asset value) as of such quarter end pursuant to a quarterly share repurchase program. Repurchases of Shares will be made at the current net offering price per Share on the date of such repurchase.

In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Share repurchase program, as applicable.

On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands). The Tender Offer expired on January 25, 2024 and $33,238 (amount in thousands) was paid to PIMCO Capital Solutions US Feeder LP on January 31, 2024. For the three months ended March 31, 2023, no Share repurchase was offered or requested and no Shares were repurchased.

9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings (loss) per common share for the three month periods ended March 31, 2024 and 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Net increase (decrease) in net assets resulting from operations	$	6,745	$	5,711
Weighted average shares of common stock oustanding - basic and diluted		22,600,919		25,387,884
Earnings (loss) per common share (basic and diluted)	$	0.30	$	0.22

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10. Financial Highlights

	Three Months Ended
	March 31, 2024			March 31, 2023
Per share data:
Net asset value, beginning of period	$	8.75		$	9.21
Net investment income (loss) (1)		0.24			0.23
Net realized and unrealized gain (loss) on investment transactions (2)		0.06			(0.01	)
Net increase (decrease) in net assets from operations (1)		0.30			0.22
Total increase (decrease) in net assets		0.30			0.22
Net asset value, end of period	$	9.05		$	9.43
Shares Outstanding, end of period		21,602,602			25,387,884
Total Return (3)		3.57	%		2.44	%
Ratios / supplemental data
Ratio of expenses to average net assets, gross of waivers (4)(5)		2.42	%		1.59	%
Ratio of expenses to average net assets, net of waivers (4)(5)		1.10	%		0.35	%
Ratio of net investment income (loss) to average net assets (4)(5)		11.03	%		10.07	%
Net Assets, end of period	$	195,557		$	239,506
Weighted average shares outstanding		22,600,919			25,387,884
Total capital commitments, end of period	$	216,026		$	253,879
Portfolio turnover rate (6)		2.91	%		6.27	%

(1) Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(4) All expenses are annualized with the exception of organizational expenses.

(5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6) Not annualized.

11. Subsequent Events

Subsequent events after the Consolidated Statements of Assets and Liabilities date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements except as discussed below.

On May 3, 2024, the Company’s board of directors declared a dividend of $0.14 per share which is payable on May 22, 2024 to stockholders of record as of May 20, 2024.

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

Statements contained in this Form 10-Q (“Report”) (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Company and PIMCO. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Certain information contained in this Report constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements.

The information contained in this section should be read in conjunction with “Item 1. Unaudited Consolidated Financial Statements.” Although the Company believes that the assumptions on which these forward-looking statements are based are reasonable, some of those assumptions are based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, the forward-looking statements based on those assumptions also could prove to be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that the Company’s plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or the Company’s future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Item 1A of this Report and elsewhere in this Report. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

The following factors are among those that may cause actual results to differ materially from the Company’s forward-looking statements:

• the Company’s future operating results;

• changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets;

• interest rate volatility;

• the Company’s business prospects and the prospects of the Company’s prospective portfolio companies;

• the impact of increased competition;

• the Company’s contractual arrangements and relationships with third parties;

• the dependence of the Company’s future success on the general economy and its impact on the industries in which the Company invests;

• the ability of the Company’s prospective portfolio companies to achieve their objectives;

• the relative and absolute performance of the Advisor;

• the ability of the Advisor and its affiliates to retain talented professionals;

• the Company’s expected financings and investments;

• the Company’s ability to pay dividends or make distributions;

• the adequacy of the Company’s cash resources;

• the risks associated with possible disruptions due to terrorism in the Company’s operations or the economy generally;

• the impact of future acquisitions and divestitures;

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• the Company’s regulatory structure and tax status as a business development company (“BDC”) and a regulated investment company (a “RIC”); and

• future changes in laws or regulations and conditions in the Company’s operating areas.

Investors are advised to consult any additional disclosures that the Company makes directly to investors or through reports that the Company has filed or will file with the SEC, including our registration statement on Form 10 and our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Investors should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports that the Company files under the Exchange Act.

Overview

The Company is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company’s investment objectives are to generate current income and to a lesser extent longer-term capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in privately negotiated loans and equity investments to middle-market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. To accomplish this, the Company plans to make direct investments in middle-market companies. The Company may make select investments in non-U.S. portfolio companies. The Company seeks to provide investors with access to:

• a diversified portfolio of credit investments expected to provide stable income and high assurances of debt repayment;

• current income distributions;

• capital protection through defensive structures with affirmative, negative and financial maintenance covenants and active portfolio management;

• assets of varying vintage, industry and geography through direct originations and acquisitions of loan portfolios; and

• generally low volatility and low correlation to public market indices.

Without limiting the generality of the foregoing, the Company primarily invests in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans), second lien senior secured term loans, mezzanine debt, unsecured loans, other subordinated loans, and covenant-lite loans. The Company invests to a lesser degree in equity investments and other opportunistic asset purchases. The Company may engage in hedging transactions. The Company may also make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than the Company’s private credit investments. Depending on various factors, including, without limitation, the Company’s cash flows, the state of the loan market, and the need to quickly ramp-up the Company’s portfolio, the Company expects that at times its liquid loan portfolio could represent a material portion of the Company’s portfolio.

The Company generates revenues primarily in the form of interest income from investments it holds. In addition, the Company generates income from dividends or distributions of income on any direct equity investments, capital gains on the sale of loans and equity securities and various other loan origination and other fees, including commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

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Key Components Of Our Results Of Operations

Investments

The Company’s level of investment activity can, does, and will vary substantially from period to period depending on many factors, including the amount of debt available to middle-market companies, the general economic environment and the competitive environment for the type of investments the Company makes.

Revenues

The Company generates revenue primarily in the form of interest income on debt investments it holds. In addition, the Company generates income from dividends or distributions on income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. The Company’s debt investments generally have a stated term of five to eight years and typically bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments is paid quarterly. In some instances, the Company receives payments on its debt investments based on scheduled amortization of the outstanding balances. In addition, the Company may receive repayments of some of its debt investments prior to their scheduled maturity date. The frequency or volume of these repayments is expected to fluctuate significantly from period to period. The Company’s portfolio activity also reflects the proceeds of sales of securities. The Company may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, 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.

Expenses

The Company’s primary operating expenses include the payment of: (i) investment advisory fees to the Advisor pursuant to the Advisory Agreement between the Company and the Advisor (unless waived); (ii) administrative fees payable to the Administrator in performing its administrative obligations under the Administration Agreement between the Company and the Administrator; and (iii) other operating expenses as detailed below:

• salaries and other compensation or expenses, including travel expenses, of any of the Company’s executive officers, directors and employees, if any, who are not officers, directors, stockholders, members, partners or employees of PIMCO or its subsidiaries or affiliates;

• taxes and governmental fees, if any, levied against the Company;

• brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Company (including, fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring loans and other investments made by the Company, and any costs associated with originating loans (such as third-party sourcing fees, due diligence expenses and travel, lodging and meal expenses related thereto), asset securitizations, alternative lending-related strategies and so-called “broken-deal costs” (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to unconsummated investments));

• expenses related to SPVs (including, without limitation, overhead expenses related thereto);

• expenses of the Company’s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement;

• costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limitation, through the use by the Company of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds;

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• costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Company and other related requirements in the Company’s organizational documents) associated with the Company’s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other instruments (such as the use of reverse repurchase agreements, dollar rolls/buy backs, bank borrowings, credit facilities and tender option bonds) for the purpose of incurring leverage;

• fees and expenses of any underlying funds or other pooled vehicles in which the Company invests;

• expenses of any third party valuation agent engaged to assist in valuing the Company’s assets;

• dividend and interest expenses on short positions taken by the Company;

• extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limitation, expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Company to indemnify its directors, officers, employees, stockholders, distributors, and agents with respect thereto;

• fees and expenses, including legal, printing and mailing, solicitation and other fees and expenses associated with and incident to stockholder meetings and proxy solicitations;

• organizational and offering expenses of the Company, including registration (including Share registration fees), legal, marketing, printing, accounting and other expenses associated with organizing the Company in its state of jurisdiction and in connection with the initial election of the Company to be regulated under the 1940 Act and, as applicable, the initial registration of its Shares under the Securities Act and fees and expenses associated with seeking, applying for and obtaining formal exemptive, no-action and/or other relief from the SEC;

• expenses incurred in connection with a stockholder that defaults in respect of a Capital Commitment;

• allocated costs incurred by PIMCO in providing managerial assistance to those companies in which the Company has invested who request it;

• all other expenses incurred by the Company in connection with maintaining its status as a BDC;

• expenses payable under any underwriting agreement, including associated fees, expenses and any indemnification obligations;

• any expenses allocated or allocable to a specific class of Shares, including, as applicable, sub-transfer agency expenses and distribution and/or service fees paid pursuant to a Rule 12b-1 or similar plan adopted by the Board of the Company for a particular share class (if any);

• the Company’s pro rata portion of the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance premiums (including costs relating to directors’ and officers’ liability insurance and errors and omissions insurance);

• all fees, costs, expenses, and liabilities relating to currency hedging and portfolio hedging transactions;

• all fees, costs, expenses and liabilities of liquidating the Company;

• all fees, costs, expenses and liabilities that are specific to the operations of the Company; and

• all expenses of the Company that are capitalized in accordance with U.S. GAAP.

The Company reimburses the Administrator and Advisor or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement and Advisory Agreement or otherwise. The Company expects our general and administrative expenses to be relatively stable or to decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Portfolio, Investment Activity And Results Of Operations

As of March 31, 2024, the Company had investments, excluding cash equivalents, in 26 portfolio companies across 13 industries. Based on fair value as of March 31, 2024, 71% of the Company’s debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 71% of the Company’s debt portfolio at fair value had an interest rate floor denoted in SOFR. The weighted average interest rate floor across the Company’s floating-rate portfolio was approximately 0.7% as of March 31, 2024. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company’s investments. As of March 31, 2024, the Company’s estimated weighted average total yield of investments in debt securities was 12.3%. Weighted average yields are based on interest rates as of March 31, 2024.

As of December 31, 2023, the Company had investments, excluding cash equivalents, in 25 portfolio companies across 13 industries. Based on fair value as of December 31, 2023, 76% of the Company’s debt portfolio was invested in debt bearing a floating interest rate, which are primarily subject to interest rate floors. Approximately 76% of the Company’s debt portfolio at fair value had an interest rate floor denoted in SOFR. The weighted average interest rate floor across the Company’s floating-rate portfolio was approximately 0.7% as of December 31, 2023. These floors allow the Company to mitigate (to a degree) any impact of spread widening on the valuation of the Company’s investments. As of December 31, 2023, the Company’s estimated weighted average total yield of investments in debt securities was 11.9%. Weighted average yields are based on interest rates as of December 31, 2023.

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As part of the monitoring process, the Advisor has developed risk policies pursuant to which it regularly assesses the risk profile of each of our debt investments. The Advisor has developed a classification system to group investments into four categories. The investments are evaluated regularly and assigned a category based on certain credit metrics. The Advisor’s ratings do not constitute any rating of investments by a nationally recognized statistical rating organization or represent or reflect any third-party assessment of any of our investments. Please see below for a description of the four categories of the Advisor’s Internal Risk Rating system:

Category 1 – In the opinion of the Advisor, investments in Category 1 involve the least amount of risk relative to the Company’s initial cost basis at the time of origination or acquisition. Category 1 investments performance is above the Company’s initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

Category 2 – In the opinion of the Advisor, investments in Category 2 involve a level of risk relative to the Company’s initial cost basis at the time of origination or acquisition. Category 2 investments are generally performing in line with the Company’s initial underwriting expectations and risk factors to ultimately recoup the cost of our principal investment are neutral to favorable. All new originated or acquired investments are initially included in Category 2.

Category 3 – In the opinion of the Advisor, investments in Category 3 indicate that the risk to the Company’s ability to recoup the initial cost basis at the time of origination or acquisition has increased materially since the origination or acquisition of the investment, such as declining financial performance and non-compliance with debt covenants; however, principal and interest payments are not more than 120 days past due.

Category 4 – In the opinion of the Advisor, investments in Category 4 involve a borrower performing substantially below expectations and indicate that the loan’s risk has increased substantially since origination or acquisition. Most or all of the debt covenants are out of compliance and payments are substantially delinquent. For Category 4 investments, it is anticipated that the Company will not recoup the Company’s initial cost basis and may realize a substantial loss of the Company’s initial cost basis at the time of origination or acquisition upon exit.

The distribution of the Company’s portfolio, including cash equivalents, on the Advisor’s Internal Risk Rating System is as follows:

	March 31, 2024
	Fair Value (amounts in thousands)		% of Portfolio			Number of Portfolio Companies
Risk rating 1	$	—		—	%		—
Risk rating 2		188,700		99.3			26
Risk rating 3		1,383		0.7			1
Risk rating 4		—		—			—
	$	190,083		100	%		27

	December 31, 2023
	Fair Value (amounts in thousands)		% of Portfolio			Number of Portfolio Companies
Risk rating 1	$	—		—	%		—
Risk rating 2		214,762		99.4			25
Risk rating 3		1,213		0.6			1
Risk rating 4		—		—			—
	$	215,975		100	%		26

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Consolidated Results Of Operations

The following table represents our operating results (amounts in thousands):

	For the Three Months Ended
	March 31, 2024			March 31, 2023
Total investment income	$	5,978		$	6,154
Less: Net expenses		612			286
Net investment income (loss)		5,366			5,868
Net realized gain (loss)		(43	)		(17,751	)
Net change in unrealized appreciation (depreciation)		1,422			17,594
Net increase (decrease) in Net Assets resulting from operations	$	6,745		$	5,711

Investment income was as follows (amounts in thousands):

	For the Three Months Ended
	March 31, 2024		March 31, 2023
Investment income:
Interest income	$	3,503	$	3,640
Payment in-kind interest		2,451		2,514
Other income		24		—
Total Investment Income	$	5,978	$	6,154

For the three month periods ended March 31, 2024 and 2023, total investment income was driven by the Company’s deployment of capital and invested balance of investments. The size of the Company’s investment portfolio at fair value was approximately $190 million as of March 31, 2024 and, as of such date, all of the Company’s debt investments were income producing.

Interest income on the Company’s debt investments is dependent on the composition and credit quality of the portfolio. Generally, the Company expects the portfolio to generate predictable quarterly interest income based on the terms stated in each loan’s credit agreement.

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Expenses

Expenses were as follows (amounts in thousands):

	For the Three Months Ended
	March 31, 2024			March 31, 2023
Expenses:
Management fee	$	649		$	729
Directors fees		43			62
Administration fee		75			88
Interest expense		219			—
Organization costs		—			99
Offering costs		—			5
Legal expenses		63			—
Other expenses		126			32
Recoupment of prior expenses paid by the Advisor		86			—
Total expenses	$	1,261		$	1,015
Waivers		(649	)		(729	)
Net expenses	$	612		$	286

Other expenses include valuation, insurance, filing, research, subscriptions and other costs. Organization and offering costs include expenses incurred in the Company’s initial formation and the Company’s offering of Shares.

Waivers include organizational costs and management fee waivers.

Income Taxes, Including Excise Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to the Company’s stockholders in each taxable year generally at least 90% of the sum of our Investment Company Taxable Income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain the Company’s tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its stockholders, which generally relieve the Company from corporate-level U.S. federal income taxes.

For the three month periods ended March 31, 2024 and 2023, we did not incur any excise tax.

Financial Condition, Liquidity And Capital Resources

The Company generates cash from the net proceeds of offerings of its Shares, and from cash flows from interest and fees earned from its investments and principal repayments and proceeds from sales of its investments. The Company may also fund a portion of its investments through borrowings from banks and issuances of senior securities, including before the Company has fully invested the proceeds of any closing of the Company’s continuous private offering of its Shares. The Company’s primary use of cash will be investments in portfolio companies, payments of Company expenses and payment of cash distributions to stockholders.

Financing Transactions

The Company intends to utilize leverage (including through the establishment of wholly-owned financing subsidiaries) to finance its investments and operations. The amount of leverage that the Company employs will be subject to the restrictions of the 1940 Act and the supervision of the Board. At the time of any proposed borrowing, the amount of leverage the Company employs will also depend on the Advisor’s assessment of market and other factors. The Company may use leverage for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions).

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The Company is subject to limitations on leverage applicable to BDCs under the 1940 Act. As a BDC, with certain limited exceptions, the Company is only permitted to borrow amounts such that the Company’s asset coverage ratio, as defined in the 1940 Act, equals at least 150% after (and including) such borrowing. As of March 31, 2024, our asset coverage ratio, as defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, was not applicable because the Company did not have any borrowings outstanding as of that date.

In determining whether to borrow money or issue debt on behalf of the Company, the Advisor will analyze, as applicable, the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to the Company’s investment outlook, among other factors. Any such leverage, if incurred, would increase the total capital available for investment by the Company.

On June 19, 2023, the Company, entered into the Credit Facility with Massachusetts Mutual Life Insurance Company under which the Company is permitted to borrow up to $150,000 (amount in thousands). See “Note 4. Borrowings” in “Item 1. Unaudited Consolidated Financial Statements” in this Report for more information.

As of March 31, 2024, the Company did not have any outstanding borrowings.

The Company may also from time to time enter into new credit facilities, increase the size of existing credit facilities or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

Contractual Obligations

The Company has entered into an Advisory Agreement with the Advisor pursuant to the 1940 Act to provide the Company with investment advisory services and the Administration Agreement with the Administrator to provide the Company with administrative services. Payments for investment advisory services under the Advisory Agreement are described under Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions. Payments for administration services under the Administration Agreement are described under Item 1. Consolidated Financial Statements – Notes to Unaudited Consolidated Financial Statements – Note 3. Related Party Transactions.

Off-Balance Sheet Arrangements

The Company may become a party to investment commitments and to financial instruments with off-balance sheet risk in the normal course of its business to fund investments and to meet the financial needs of its 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 Consolidated Statements of Assets and Liabilities. As of March 31, 2024, the Company believed it had adequate resources to satisfy its unfunded commitments. The unfunded commitments to provide funds to portfolio companies were as follows (amounts in thousands:

Unfunded Commitments	As of March 31, 2024
First Lien Senior Secured	$	741

Unregistered Sales of Equity Securities

For the three month periods ended March 31, 2024 and 2023, the Company did not hold closings of our continuous private offering of Shares.

Distributions and Distribution Reinvestment

For the three month period ended March 31, 2024, the Board did not declare any distributions.

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Critical Accounting Estimates

The preparation of the Company’s financial statements requires us 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. 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 Fair Value of Investments, Revenue Recognition, Deferred Financing Fees, Distribution Policy, and Income Taxes. There have been no material changes in our critical accounting policies and practices.

The Company’s critical accounting policies, including those relating to the valuation of its investment portfolio, should be read in connection with the Company’s financial statements in Part I, Item 1 of this Report, “Risk Factors” in Part II, Item 1A of this Report, and “Risk Factors” in Item 1A of the Company’s initial registration statement on Form 10 (“Form 10”) and most recent Form 10-K.

Related Party Transactions

The Company has entered into a number of business relationships with affiliated or related parties, including the following (which are defined in the notes to the accompanying unaudited consolidated financial statements if not defined herein):

• the Advisory Agreement;

• the Administration Agreement; and

• the Expense Reimbursement Agreement.

See “Item 1. Consolidated Financial Statements-Notes to the Unaudited Consolidated Financial Statements-Note 3. Related Party Transactions.”

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is subject to financial market risks, including changes in interest rates. To the extent that the Company borrows money to make investments, the Company’s net investment income is dependent upon the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company’s cost of funds would increase, which may reduce the Company’s net investment income. Because the Company expects that most of its investments will bear interest at floating rates, the Company anticipates that an increase in interest rates would have a corresponding increase in the Company’s interest income that would likely offset any increase in the Company’s cost of funds and, thus, net investment income would not be reduced. However, there can be no assurance that a significant change in market interest rates will not have an adverse effect on the Company’s net investment income.

The Company will generally invest in illiquid loans and securities including debt and equity securities of middle-market companies. Because the Company expects that there will not be a readily available market for many of the investments in the Company’s portfolio, the Company expects to value many of its portfolio investments at fair value as determined in good faith by the Advisor using a documented valuation policy and a consistently applied valuation process, subject to Board oversight. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Assuming that the Consolidated Statement of Assets and Liabilities as of March 31, 2024, were to remain constant and that the Company took no actions to alter its existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (amounts in thousands).

Change in Interest Rates	Increase (Decrease) in Interest Income			Increase (Decrease) in Interest Expense		Net Increase (Decrease) in Net Investment Income
Down 25 basis points	$	(302	)	$	—	$	(302	)
Up 100 basis points	$	1,209		$	—	$	1,209
Up 200 basis points	$	2,417		$	—	$	2,417
Up 300 basis points	$	3,626		$	—	$	3,626

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In addition, although the Company does not currently intend to make investments that are denominated in a foreign currency, to the extent it does, the Company will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved.

The Company may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate the Company against adverse changes in interest rates, they may also limit the Company’s ability to participate in benefits of lower interest rates with respect to the Company’s portfolio of investments with fixed interest rates.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

As of the end of the period covered by this Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s President and Treasurer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act). Based on that evaluation, the Company’s President and Treasurer have concluded that the Company’s current disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that is required to be disclosed by the Company in the reports it files or submits under the Exchange Act.

Changes in internal control over financial reporting

There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The Company is not currently subject to any material legal proceedings, nor, to the Company’s knowledge, is any material legal proceeding threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under loans to or other contracts with the Company’s portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon the Company’s financial condition or results of operations.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Item 1A. Risk Factors” in the Company’s Form 10-K, which could materially affect the Company’s business, financial condition and/or operating results. The risks described in the Company’s Form 10-K are not the only risks the Company faces. Additional risks and uncertainties that are not currently known to the Company or that the Company currently deems to be immaterial also may materially adversely affect the Company’s business, financial condition and/or operating results. During the three months ended March 31, 2024, there have been no material changes from the risk factors set forth in the Company’s most recent Form 10-K.

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

Except as previously reported by the Company on its current reports on Form 8-K and on its Form 10, the Company did not sell any securities during the period covered by this Report that were not registered under the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosure

Not applicable.

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Item 5. Other Information

None.

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Item 6. Exhibits

The following exhibits are filed as part of this Report or are hereby incorporated by reference to exhibits previously filed with the SEC:

24.1*	Power of Attorney for John W. Lane.
24.2*	Power of Attorney for Crystal Porter.
24.3*	Power of Attorney for Richard R. LeBrun Jr.
24.5*	Power of Attorney for Debra W. Huddleston.
24.6*	Power of Attorney for Anne K. Kratky.
31.1*	Certification of Principal Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Principal Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, as amended.
101.INS*	Inline XBRL Instance Document
101.SCH*	Inline XBRL Taxonomy Extension Schema
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 (formatted as inline XBRL and contained in Exhibit 101)

* Filed herewith

34

SIGNATURES

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

		PIMCO CAPITAL SOLUTIONS BDC CORP.
Date: May 10, 2024	By:	/s/ John W. Lane *
		John W. Lane
		President
		(Principal Executive Officer)
Date: May 10, 2024	By:	/s/ Crystal Porter *
		Crystal Porter
		Treasurer
		(Principal Financial and Accounting Officer)
Date: May 10, 2024	By:	/s/ Rick LeBrun *
		Rick LeBrun
		Director
Date: May 10, 2024	By:	/s/ Debra W. Huddleston *
		Debra W. Huddleston
		Director
Date: May 10, 2024	By:	/s/ Anne K. Kratky *
		Anne K. Kratky
		Director
Date: May 10, 2024	*By:	/s/ William J. Bielefeld
		William J. Bielefeld
		As attorney-in-fact

^*  Pursuant to power of attorney filed herewith

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, John W. Lane, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PIMCO Capital Solutions BDC Corp.;

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

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent 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: May 10, 2024	By:	/s/ John W. Lane
		John W. Lane
		President
		(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Crystal Porter, certify that:

1. I have reviewed this quarterly report on Form 10-Q of PIMCO Capital Solutions BDC Corp;

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

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent 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: May 10, 2024	By:	/s/ Crystal Porter
		Crystal Porter
		Treasurer
		(Principal Financial Officer)

EX-32.1

Exhibit 32.1

Certification of Principal Executive Officer and Principal 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 PIMCO Capital Solutions BDC Corp. (the “Company”) for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), John W. Lane, as President of the Company, and Crystal Porter, as Treasurer of the Company, each 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 or her knowledge:

1. The Report fully complies with the requirements of Section 13(a) 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: May 10, 2024	/s/ John W. Lane
	John W. Lane
	President
	(Principal Executive Officer)
Date: May 10, 2024	/s/ Crystal Porter
	Crystal Porter
	Treasurer
	(Principal Financial Officer)

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	PIMCO Capital Solutions BDC Corp.
Document Quarterly Report	true
Document Transition Report	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001905824
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Title of 12(g) Security	Common Stock, par value $0.001 per share
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Securities Act File Number	814-01549
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-4705230
Entity Address, Address Line One	650 Newport Center Drive
Entity Address, City or Town	Newport Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	720-6000
Entity Common Stock, Shares Outstanding		21,602,602

XML

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments at fair value
Non-controlled, non-affiliated investments, at fair value (cost of $195,368 and $220,859, respectively)	$ 191,906	$ 215,975
Cash	97	2,306
Restricted cash	1,172	1,009
Interest receivable	2,096	2,428
Receivable for paydowns of investments	92	59
Organizational costs paid by Advisor	107	194
Deferred financing fee	2,216	2,280
Total Assets	197,686	224,251
Liabilities
Interest payable	115	325
Accrued administration fee	75	87
Organizational costs payable to Advisor	1,152	1,153
Offering costs payable to Advisor	20	20
Directors fee reimbursement to Advisor	112	152
Accrued legal fee	216	153
Accrued commitment fee	205	171
Other payable	234	140
Total Liabilities	2,129	2,201
Commitments & Contingencies (Note 7)
Net Assets
Common stock, $0.001 par value, 250,000,000 shares authorized, 21,602,602 and 25,387,884 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	22	25
Paid-in-capital in excess of par	220,619	253,745
Distributable earnings (loss)	(25,084)	(31,720)
Total Net Assets	195,557	222,050
Total Liabilities and Net Assets	$ 197,686	$ 224,251
Net asset value per share	$ 9.05	$ 8.75

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Investment Owned, at Cost	[1]	$ 195,368	$ 220,859
Common Stock, Par Value Per Share		$ 0.001	$ 0.001
Common Stock, Shares Authorized		250,000,000	250,000,000
Common Stock, Shares, Issued		21,602,602	25,387,884
Common Stock, Shares, Outstanding		21,602,602	25,387,884

[1] All investments are U.S. domiciled.

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest income	$ 3,503	$ 3,640
Payment in-kind interest	2,451	2,514
Other income	24
Total investment income	5,978	6,154
Expenses
Management fee	649	729
Directors fee	43	62
Administration fee	75	88
Interest expense	219
Offering costs		5
Legal expenses	63
Other expenses	126	32
Recoupment of prior expenses paid by the Advisor	86	99
Total expenses	1,261	1,015
Less: Waivers (Note 3)	(649)	(729)
Net expenses	612	286
Net investment income (loss)	5,366	5,868
Net realized and unrealized gains (losses) on investment transactions:
Non-controlled/non-affiliated investments	(43)	(17,751)
Non-controlled/non-affiliated investments	1,422	17,594
Net realized and unrealized gains (losses)	1,379	(157)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 6,745	$ 5,711
Weighted average shares outstanding, Basic	22,600,919	25,387,884
Weighted average shares outstanding, Diluted	22,600,919	25,387,884
Net Investment income (loss) per share (basic and diluted)	$ 0.24	$ 0.23
Earnings (loss) per share, Basic	0.3	0.22
Earnings (loss) per share, Diluted	$ 0.3	$ 0.22

XML

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Financial Highlights [Line Items]
Net investment income	$ 5,366	$ 5,868
Net realized gain (loss)	(43)	(17,751)
Net change in unrealized appreciation (depreciation)	1,422	17,594
Net Increase (Decrease) in Net Assets Resulting from Operations	6,745	5,711
Capital Share Transactions
Redemption of common shares	(33,238)
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions	(33,238)
Total Increase (Decrease) in Net Assets	(26,493)	5,711
Net Assets
Beginning of period	222,050	233,795
End of period	$ 195,557	$ 239,506
Capital Share Activity
Shares redeemed	(3,785,282)	0
Net Increase (Decrease) in Shares Outstanding	(3,785,282)

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows From Operating Activities:
Net Increase (Decrease) in Net Assets from Operations	$ 6,745	$ 5,711
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of long-term securities	(4,900)	(12,375)
Proceeds from sales of long-term securities	10,605	17,041
Sales (Purchases) of short-term portfolio investments, net	22,823	(6,498)
Net change in unrealized (appreciation) depreciation on investments	(1,422)	(17,594)
Net realized (gain) loss on investments	43	17,751
Payment in-kind interest	(2,451)	(2,514)
Net (accretion) on investments	(619)	(611)
Paydown (gain)	(10)	(77)
Amortization of deferred financing cost	67
Amortization of deferred offering costs		5
Increase/(decrease) in operating assets and liabilities:
(Increase) decrease in interest receivable	332	84
(Increase) decrease in paydown receivable	(33)
(Increase) decrease in organizational costs paid by Advisor	87	99
(Increase) decrease in due from affiliate		(177)
Increase (decrease) in due to affiliate		(435)
Increase (decrease) in interest payable	(210)
Increase (decrease) in accrued administration fee	(12)	(6)
Increase (decrease) in organizational costs payable to Advisor	(1)
Increase (decrease) in directors fee reimbursement to Advisor	(40)	62
Increase (decrease) in accrued legal fee	63
Increase (decrease) in accrued commitment fee	34
Increase (decrease) in other payable	94	32
Net cash provided by (used for) operating activities	31,195	498
Cash Flows From Financing Activities:
Redemption of common shares	(33,238)
Deferred financing fees paid	(3)
Net cash provided by (used for) financing activities	(33,241)
Net increase (decrease) in cash and restricted cash	(2,046)	498
Cash and restricted cash, beginning of period	3,315	800
Cash and restricted cash, end of period	1,269	$ 1,298
Supplemental and Cash Flow Information:
Interest paid during the period	$ 362

XML

Consolidated Schedule of Investments - USD ($) $ in Thousands		Mar. 31, 2024		Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 195,368		$ 220,859
Fair Value	[1]	$ 191,906		$ 215,975
Percentage of Net Assets	[1]	98.13%		97.26%
Investment, Identifier [Axis]: Common Stocks | Chemicals | K2 Propco Class S Units
Summary of Investment Holdings [Line Items]
Par Amount	[1],[2]	$ 897
Cost	[1],[2]	285
Fair Value	[1],[2]	$ 285
Percentage of Net Assets	[1],[2]	0.15%
Investment, Identifier [Axis]: Common Stocks | Chemicals | K2 Pure Solutions Class S Units
Summary of Investment Holdings [Line Items]
Par Amount	[1],[2]	$ 113
Cost	[1],[2]	36
Fair Value	[1],[2]	$ 36
Percentage of Net Assets	[1],[2]	0.02%
Investment, Identifier [Axis]: Common Stocks | Chemicals | Total Chemicals
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 321
Fair Value	[1]	$ 321
Percentage of Net Assets	[1]	0.17%
Investment, Identifier [Axis]: Common Stocks | Retailers | Total Retailers
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 359		$ 359
Fair Value	[1]	$ 263		$ 263
Percentage of Net Assets	[1]	0.13%		0.12%
Investment, Identifier [Axis]: Common Stocks | Retailers | West Marine/Rising Tide Holdings, Inc.
Summary of Investment Holdings [Line Items]
Par Amount	[1],[2],[3]	$ 25,000		$ 25,000
Cost	[1],[2],[3]	359		359
Fair Value	[1],[2],[3]	$ 263		$ 263
Percentage of Net Assets	[1],[2],[3]	0.13%		0.12%
Investment, Identifier [Axis]: Common Stocks | Total Common Stocks
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 680		$ 359
Fair Value	[1]	$ 584		$ 263
Percentage of Net Assets	[1]	0.30%		0.12%
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Rivian Holdings/Auto LLC 144 | SOFR + 5.625% | 11.493% | 10/15/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[4],[5]	5.625%
Interest Rate	[1],[4],[6]	11.493%
Maturity Date	[1],[4]	Oct. 15, 2026
Par Amount	[1],[4]	$ 18,601
Cost	[1],[4]	18,394
Fair Value	[1],[4]	$ 18,800
Percentage of Net Assets	[1],[4]	9.61%
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Rivian Holdings/Auto LLC 144A | SOFR + 5.625% | 11.493 % | 10/15/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[7],[8]			5.625%
Interest Rate	[1],[6],[7]			11.493%
Maturity Date	[1],[7]			Oct. 15, 2026
Par Amount	[1],[7]			$ 28,601
Cost	[1],[7]			28,255
Fair Value	[1],[7]			$ 28,658
Percentage of Net Assets	[1],[7]			12.91%
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Total Automotive
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 18,394		$ 28,255
Fair Value	[1]	$ 18,800		$ 28,658
Percentage of Net Assets	[1]	9.61%		12.91%
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Total Corporate Bonds
Summary of Investment Holdings [Line Items]
Cost	[1]			$ 28,255
Fair Value	[1]			$ 28,658
Percentage of Net Assets	[1]			12.91%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Consumer Services | BCPE Empire Holdings, Inc. Extended Term Loan | SOFR + 4.750% | 10.106 % | 12/11/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			4.75%
Interest Rate	[1]			10.106%
Maturity Date	[1]			Dec. 11, 2028
Par Amount	[1]			$ 2,494
Cost	[1]			2,496
Fair Value	[1]			$ 2,504
Percentage of Net Assets	[1]			1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Consumer Services | BCPE Empire Holdings, Inc. Term Loan | SOFR + 4.000% | 9.330 % | 12/11/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.00%
Interest Rate	[1],[9]	9.33%
Maturity Date	[1],[9]	Dec. 11, 2028
Par Amount	[1],[9]	$ 2,494
Cost	[1],[9]	2,496
Fair Value	[1],[9]	$ 2,499
Percentage of Net Assets	[1],[9]	1.28%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Diversified Manufacturing | TK Elevator Midco GmbH Facility B1 Loan | SOFR + 3.928% | 9.381 % | 07/30/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			3.928%
Interest Rate	[1]			9.381%
Maturity Date	[1]			Jul. 30, 2027
Par Amount	[1]			$ 2,494
Cost	[1]			2,494
Fair Value	[1]			$ 2,503
Percentage of Net Assets	[1]			1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Diversified Manufacturing | TK Elevator Midco GmbH Facility B2 Loan | SOFR + 3.500% | 9.081% | 04/30/2030
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	3.50%
Interest Rate	[1],[9]	9.081%
Maturity Date	[1],[9]	Apr. 30, 2030
Par Amount	[1],[9]	$ 2,488
Cost	[1],[9]	2,487
Fair Value	[1],[9]	$ 2,498
Percentage of Net Assets	[1],[9]	1.28%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-1 Loan | SOFR + 5.614% | 10.945% | 09/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	5.614%
Interest Rate	[1]	10.945%
Maturity Date	[1]	Sep. 01, 2027
Par Amount	[1]	$ 2,134
Cost	[1]	2,112
Fair Value	[1]	$ 2,097
Percentage of Net Assets	[1]	1.07%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-1 Loan | SOFR + 5.614% | 10.970 % | 09/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			5.614%
Interest Rate	[1]			10.97%
Maturity Date	[1]			Sep. 01, 2027
Par Amount	[1]			$ 2,165
Cost	[1]			2,140
Fair Value	[1]			$ 2,124
Percentage of Net Assets	[1]			0.96%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-2 Loan | SOFR + 5.614% | 10.945% | 09/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	5.614%
Interest Rate	[1]	10.945%
Maturity Date	[1]	Sep. 01, 2027
Par Amount	[1]	$ 2,231
Cost	[1]	2,207
Fair Value	[1]	$ 2,189
Percentage of Net Assets	[1]	1.12%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-2 Loan | SOFR + 5.614% | 10.970 % | 09/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			5.614%
Interest Rate	[1]			10.97%
Maturity Date	[1]			Sep. 01, 2027
Par Amount	[1]			$ 2,231
Cost	[1]			2,205
Fair Value	[1]			$ 2,184
Percentage of Net Assets	[1]			0.98%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | PLNTF Holdings, LLC Initial Term Loan | SOFR + 8.262% | 13.590% | 03/22/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	8.262%
Interest Rate	[1],[9]	13.59%
Maturity Date	[1],[9]	Mar. 22, 2026
Par Amount	[1],[9]	$ 11,087
Cost	[1],[9]	10,977
Fair Value	[1],[9]	$ 11,018
Percentage of Net Assets	[1],[9]	5.63%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | PLNTF Holdings, LLC Initial Term Loan | SOFR + 8.262% | 13.633 % | 03/22/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			8.262%
Interest Rate	[1],[9]			13.633%
Maturity Date	[1],[9]			Mar. 22, 2026
Par Amount	[1],[9]			$ 11,116
Cost	[1],[9]			10,989
Fair Value	[1],[9]			$ 10,671
Percentage of Net Assets	[1],[9]			4.80%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Financial Other | Asurion, LLC B-8 Term Loan | SOFR + 3.364% | 8.692% | 12/23/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	3.364%
Interest Rate	[1],[9]	8.692%
Maturity Date	[1],[9]	Dec. 23, 2026
Par Amount	[1],[9]	$ 2,487
Cost	[1],[9]	2,427
Fair Value	[1],[9]	$ 2,443
Percentage of Net Assets	[1],[9]	1.25%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Financial Other | Asurion, LLC B-8 Term Loan | SOFR + 3.364% | 8.720 % | 12/23/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			3.364%
Interest Rate	[1]			8.72%
Maturity Date	[1]			Dec. 23, 2026
Par Amount	[1]			$ 2,494
Cost	[1]			2,428
Fair Value	[1]			$ 2,492
Percentage of Net Assets	[1]			1.12%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Healthcare | U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.356% | 10.442% | 06/20/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	5.356%
Interest Rate	[1]	10.442%
Maturity Date	[1]	Jun. 20, 2028
Par Amount	[1]	$ 1,587
Cost	[1]	993
Fair Value	[1]	$ 1,383
Percentage of Net Assets	[1]	0.71%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Healthcare | U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.356% | 10.470 % | 06/20/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			5.356%
Interest Rate	[1]			10.47%
Maturity Date	[1]			Jun. 20, 2028
Par Amount	[1]			$ 1,591
Cost	[1]			977
Fair Value	[1]			$ 1,213
Percentage of Net Assets	[1]			0.55%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | IT Services | Alorica, Inc. Term Loan | SOFR + 6.875% | 12.205% | 12/21/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[5]	6.875%
Interest Rate	[1],[2]	12.205%
Maturity Date	[1],[2]	Dec. 21, 2027
Par Amount	[1],[2]	$ 11,690
Cost	[1],[2]	11,591
Fair Value	[1],[2]	$ 11,562
Percentage of Net Assets	[1],[2]	5.91%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | IT Services | Alorica, Inc. Term Loan | SOFR + 6.875% | 12.231 % | 12/21/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[8]			6.875%
Interest Rate	[1],[2]			12.231%
Maturity Date	[1],[2]			Dec. 21, 2027
Par Amount	[1],[2]			$ 12,250
Cost	[1],[2]			12,137
Fair Value	[1],[2]			$ 11,999
Percentage of Net Assets	[1],[2]			5.40%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Delayed Draw Term Loan | SOFR + 6.000% | 11.343% | 08/27/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[5]	6.00%
Interest Rate	[1],[2]	11.343%
Maturity Date	[1],[2]	Aug. 27, 2026
Par Amount	[1],[2]	$ 3,682
Cost	[1],[2]	3,682
Fair Value	[1],[2]	$ 3,682
Percentage of Net Assets	[1],[2]	1.88%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Delayed Draw Term Loan | SOFR + 6.000% | 11.388 % | 08/27/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[8]			6.00%
Interest Rate	[1],[2]			11.388%
Maturity Date	[1],[2]			Aug. 27, 2026
Par Amount	[1],[2]			$ 3,691
Cost	[1],[2]			3,691
Fair Value	[1],[2]			$ 3,671
Percentage of Net Assets	[1],[2]			1.65%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Incremental Term Loan | SOFR + 6.000% | 11.343% | 08/27/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[5]	6.00%
Interest Rate	[1],[2]	11.343%
Maturity Date	[1],[2]	Aug. 27, 2026
Par Amount	[1],[2]	$ 5,514
Cost	[1],[2]	5,404
Fair Value	[1],[2]	$ 5,514
Percentage of Net Assets	[1],[2]	2.82%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Incremental Term Loan | SOFR + 6.000% | 11.388 % | 08/27/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[8]			6.00%
Interest Rate	[1],[2]			11.388%
Maturity Date	[1],[2]			Aug. 27, 2026
Par Amount	[1],[2]			$ 5,528
Cost	[1],[2]			5,417
Fair Value	[1],[2]			$ 5,498
Percentage of Net Assets	[1],[2]			2.48%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan | SOFR + 4.275% | 9.105% | 04/13/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.275%
Interest Rate	[1],[9]	9.105%
Maturity Date	[1],[9]	Apr. 13, 2029
Par Amount	[1],[9]	$ 2,197
Cost	[1],[9]	2,120
Fair Value	[1],[9]	$ 2,203
Percentage of Net Assets	[1],[9]	1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan | SOFR + 4.275% | 9.631 % | 04/13/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			4.275%
Interest Rate	[1],[9]			9.631%
Maturity Date	[1],[9]			Apr. 13, 2029
Par Amount	[1],[9]			$ 2,203
Cost	[1],[9]			2,122
Fair Value	[1],[9]			$ 2,215
Percentage of Net Assets	[1],[9]			1.00%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | LABL, Inc. Initial Dollar Term Loan | SOFR + 5.100% | 10.430% | 10/29/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	5.10%
Interest Rate	[1]	10.43%
Maturity Date	[1]	Oct. 29, 2028
Par Amount	[1]	$ 2,487
Cost	[1]	2,480
Fair Value	[1]	$ 2,441
Percentage of Net Assets	[1]	1.25%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | LABL, Inc. Initial Dollar Term Loan | SOFR + 5.100% | 10.456 % | 10/29/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			5.10%
Interest Rate	[1]			10.456%
Maturity Date	[1]			Oct. 29, 2028
Par Amount	[1]			$ 2,494
Cost	[1]			2,485
Fair Value	[1]			$ 2,398
Percentage of Net Assets	[1]			1.08%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Pharmaceuticals | Gainwell Acquisition Corp. Term B Loan | SOFR + 4.100% | 9.409% | 10/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.10%
Interest Rate	[1],[9]	9.409%
Maturity Date	[1],[9]	Oct. 01, 2027
Par Amount	[1],[9]	$ 2,232
Cost	[1],[9]	2,217
Fair Value	[1],[9]	$ 2,139
Percentage of Net Assets	[1],[9]	1.09%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Pharmaceuticals | Gainwell Acquisition Corp. Term B Loan | SOFR + 4.100% | 9.448 % | 10/01/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			4.10%
Interest Rate	[1],[9]			9.448%
Maturity Date	[1],[9]			Oct. 01, 2027
Par Amount	[1],[9]			$ 2,238
Cost	[1],[9]			2,221
Fair Value	[1],[9]			$ 2,182
Percentage of Net Assets	[1],[9]			0.98%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | LBM Acquisition, LLC Initial Term Loan | SOFR + 3.850% | 9.177% | 12/17/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	3.85%
Interest Rate	[1],[9]	9.177%
Maturity Date	[1],[9]	Dec. 17, 2027
Par Amount	[1],[9]	$ 2,216
Cost	[1],[9]	2,202
Fair Value	[1],[9]	$ 2,215
Percentage of Net Assets	[1],[9]	1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | LBM Acquisition, LLC Initial Term Loan | SOFR + 3.850% | 9.206 % | 12/17/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			3.85%
Interest Rate	[1],[9]			9.206%
Maturity Date	[1],[9]			Dec. 17, 2027
Par Amount	[1],[9]			$ 2,222
Cost	[1],[9]			2,207
Fair Value	[1],[9]			$ 2,201
Percentage of Net Assets	[1],[9]			0.99%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | Rising Tide Holdings, Inc. FILO Term Loan | SOFR + 9.000% | 14.327% | 06/01/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[5]	9.00%
Interest Rate	[1],[2]	14.327%
Maturity Date	[1],[2]	Jun. 01, 2026
Par Amount	[1],[2]	$ 4,570
Cost	[1],[2]	4,436
Fair Value	[1],[2]	$ 4,429
Percentage of Net Assets	[1],[2]	2.27%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | Rising Tide Holdings, Inc. FILO Term Loan | SOFR + 9.000% | 14.356 % | 06/01/2026
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[2],[8]			9.00%
Interest Rate	[1],[2]			14.356%
Maturity Date	[1],[2]			Jun. 01, 2026
Par Amount	[1],[2]			$ 4,570
Cost	[1],[2]			4,426
Fair Value	[1],[2]			$ 4,406
Percentage of Net Assets	[1],[2]			1.98%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Endurance International Group Holdings, Inc. Initial Term Loan | SOFR + 3.928% | 9.422% | 02/10/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1]	3.928%	[5],[9]	3.928%	[8]
Interest Rate	[1]	9.422%	[9]	9.422%
Maturity Date	[1]	Feb. 10, 2028	[9]	Feb. 10, 2028
Par Amount	[1]	$ 6,876	[9]	$ 6,894
Cost	[1]	6,593	[9]	6,594
Fair Value	[1]	$ 6,727	[9]	$ 6,772
Percentage of Net Assets	[1]	3.44%	[9]	3.05%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | MH Sub I, LLC Term Loan | SOFR + 4.250% | 9.580% | 05/03/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.25%
Interest Rate	[1],[9]	9.58%
Maturity Date	[1],[9]	May 03, 2028
Par Amount	[1],[9]	$ 2,487
Cost	[1],[9]	2,403
Fair Value	[1],[9]	$ 2,476
Percentage of Net Assets	[1],[9]	1.27%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | MH Sub I, LLC Term Loan | SOFR + 4.250% | 9.606 % | 05/03/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			4.25%
Interest Rate	[1]			9.606%
Maturity Date	[1]			May 03, 2028
Par Amount	[1]			$ 2,494
Cost	[1]			2,405
Fair Value	[1]			$ 2,456
Percentage of Net Assets	[1]			1.11%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Mavenir Systems, Inc. Initial Term Loan | SOFR + 5.012% | 10.335% | 08/18/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[4],[5]	5.012%
Interest Rate	[1],[4]	10.335%
Maturity Date	[1],[4]	Aug. 18, 2028
Par Amount	[1],[4]	$ 9,800
Cost	[1],[4]	9,726
Fair Value	[1],[4]	$ 7,011
Percentage of Net Assets	[1],[4]	3.59%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Mavenir Systems, Inc. Initial Term Loan | SOFR + 5.012% | 10.390 % | 08/18/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[7],[8]			5.012%
Interest Rate	[1],[7]			10.39%
Maturity Date	[1],[7]			Aug. 18, 2028
Par Amount	[1],[7]			$ 9,825
Cost	[1],[7]			9,746
Fair Value	[1],[7]			$ 6,951
Percentage of Net Assets	[1],[7]			3.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | McAfee Corp. Term Loan | SOFR + 3.850% | 9.176% | 03/01/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	3.85%
Interest Rate	[1],[9]	9.176%
Maturity Date	[1],[9]	Mar. 01, 2029
Par Amount	[1],[9]	$ 2,346
Cost	[1],[9]	2,240
Fair Value	[1],[9]	$ 2,348
Percentage of Net Assets	[1],[9]	1.20%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | McAfee Corp. Term Loan | SOFR + 3.850% | 9.193 % | 03/01/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			3.85%
Interest Rate	[1],[9]			9.193%
Maturity Date	[1],[9]			Mar. 01, 2029
Par Amount	[1],[9]			$ 2,352
Cost	[1],[9]			2,241
Fair Value	[1],[9]			$ 2,348
Percentage of Net Assets	[1],[9]			1.06%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Planview Parent, Inc. Closing Date Term Loan | SOFR + 4.262% | 9.564% | 12/17/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.262%
Interest Rate	[1],[9]	9.564%
Maturity Date	[1],[9]	Dec. 17, 2027
Par Amount	[1],[9]	$ 6,876
Cost	[1],[9]	6,747
Fair Value	[1],[9]	$ 6,868
Percentage of Net Assets	[1],[9]	3.51%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Planview Parent, Inc. Closing Date Term Loan | SOFR + 4.262% | 9.610 % | 12/17/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8],[9]			4.262%
Interest Rate	[1],[9]			9.61%
Maturity Date	[1],[9]			Dec. 17, 2027
Par Amount	[1],[9]			$ 6,893
Cost	[1],[9]			6,758
Fair Value	[1],[9]			$ 6,850
Percentage of Net Assets	[1],[9]			3.08%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Polaris Newco, LLC Dollar Term Loan | SOFR + 4.114% | 9.470 % | 06/02/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			4.114%
Interest Rate	[1]			9.47%
Maturity Date	[1]			Jun. 02, 2028
Par Amount	[1]			$ 2,400
Cost	[1]			2,331
Fair Value	[1]			$ 2,371
Percentage of Net Assets	[1]			1.07%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Polaris Newco, LLC Dollar Term Loan | SOFR + 4.262% | 9.574% | 06/02/2028
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	4.262%
Interest Rate	[1]	9.574%
Maturity Date	[1]	Jun. 02, 2028
Par Amount	[1]	$ 2,394
Cost	[1]	2,328
Fair Value	[1]	$ 2,373
Percentage of Net Assets	[1]	1.21%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | TIBCO Software, Inc. Dollar Term Loan B | SOFR + 4.600% | 9.909% | 03/30/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5],[9]	4.60%
Interest Rate	[1],[9]	9.909%
Maturity Date	[1],[9]	Mar. 30, 2029
Par Amount	[1],[9]	$ 2,487
Cost	[1],[9]	2,387
Fair Value	[1],[9]	$ 2,479
Percentage of Net Assets	[1],[9]	1.27%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | TIBCO Software, Inc. Dollar Term Loan B | SOFR + 4.600% | 9.948 % | 03/30/2029
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			4.60%
Interest Rate	[1]			9.948%
Maturity Date	[1]			Mar. 30, 2029
Par Amount	[1]			$ 2,494
Cost	[1]			2,389
Fair Value	[1]			$ 2,442
Percentage of Net Assets	[1]			1.10%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Consumer Services
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,496		$ 2,496
Fair Value	[1]	$ 2,499		$ 2,504
Percentage of Net Assets	[1]	1.28%		1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Diversified Manufacturing
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,487		$ 2,494
Fair Value	[1]	$ 2,498		$ 2,503
Percentage of Net Assets	[1]	1.28%		1.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Entertainment
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 15,296		$ 15,334
Fair Value	[1]	$ 15,304		$ 14,979
Percentage of Net Assets	[1]	7.82%		6.74%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Financial Other
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,427		$ 2,428
Fair Value	[1]	$ 2,443		$ 2,492
Percentage of Net Assets	[1]	1.25%		1.12%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total First Lien Senior Secured
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 97,000		$ 97,624
Fair Value	[1]	$ 95,524		$ 95,381
Percentage of Net Assets	[1]	48.85%		42.95%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Healthcare
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 993		$ 977
Fair Value	[1]	$ 1,383		$ 1,213
Percentage of Net Assets	[1]	0.71%		0.55%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total IT Services
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 11,591		$ 12,137
Fair Value	[1]	$ 11,562		$ 11,999
Percentage of Net Assets	[1]	5.91%		5.40%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Insurance Life
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 9,086		$ 9,108
Fair Value	[1]	$ 9,196		$ 9,169
Percentage of Net Assets	[1]	4.70%		4.13%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Packaging
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 4,600		$ 4,607
Fair Value	[1]	$ 4,644		$ 4,613
Percentage of Net Assets	[1]	2.38%		2.08%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Pharmaceuticals
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,217		$ 2,221
Fair Value	[1]	$ 2,139		$ 2,182
Percentage of Net Assets	[1]	1.09%		0.98%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Retailers
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 6,638		$ 6,633
Fair Value	[1]	$ 6,644		$ 6,607
Percentage of Net Assets	[1]	3.40%		2.97%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Second Lien Senior Secured
Summary of Investment Holdings [Line Items]
Cost	[1]			$ 2,875
Fair Value	[1]			$ 2,878
Percentage of Net Assets	[1]			1.30%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Technology
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 32,424		$ 32,464
Fair Value	[1]	$ 30,282		$ 30,190
Percentage of Net Assets	[1]	15.49%		13.60%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Wireless
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 6,745		$ 6,725
Fair Value	[1]	$ 6,930		$ 6,930
Percentage of Net Assets	[1]	3.54%		3.12%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Wireless | Windstream Services, LLC Incremental Term Loan | SOFR + 4.100% | 9.430% | 02/23/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	4.10%
Interest Rate	[1]	9.43%
Maturity Date	[1]	Feb. 23, 2027
Par Amount	[1]	$ 7,000
Cost	[1]	6,745
Fair Value	[1]	$ 6,930
Percentage of Net Assets	[1]	3.54%
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Wireless | Windstream Services, LLC Incremental Term Loan | SOFR + 4.100% | 9.456 % | 02/23/2027
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			4.10%
Interest Rate	[1]			9.456%
Maturity Date	[1]			Feb. 23, 2027
Par Amount	[1]			$ 7,000
Cost	[1]			6,725
Fair Value	[1]			$ 6,930
Percentage of Net Assets	[1]			3.12%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Chemicals | K2 Pure Solutions Nocal Holding Term Loan | 17.000% | 01/30/2029
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[2],[6],[10]	17.00%
Maturity Date	[1],[2],[10]	Jan. 30, 2029
Par Amount	[1],[2],[10]	$ 5,057
Cost	[1],[2],[10]	4,645
Fair Value	[1],[2],[10]	$ 4,631
Percentage of Net Assets	[1],[2],[10]	2.37%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Technology | Altar BidCo, Inc. Initial Term Loan | SOFR + 5.600% | 10.399% | 02/01/2030
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[5]	5.60%
Interest Rate	[1],[6]	10.399%
Maturity Date	[1]	Feb. 01, 2030
Par Amount	[1]	$ 2,900
Cost	[1]	2,875
Fair Value	[1]	$ 2,872
Percentage of Net Assets	[1]	1.47%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Technology | Altar BidCo, Inc. Initial Term Loan | SOFR + 5.600% | 10.813 % | 02/01/2030
Summary of Investment Holdings [Line Items]
Reference Rate Spread	[1],[8]			5.60%
Interest Rate	[1]			10.813%
Maturity Date	[1]			Feb. 01, 2030
Par Amount	[1]			$ 2,900
Cost	[1]			2,875
Fair Value	[1]			$ 2,878
Percentage of Net Assets	[1]			1.30%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Total Chemicals
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 4,645
Fair Value	[1]	$ 4,631
Percentage of Net Assets	[1]	2.37%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Total Second Lien Senior Secured
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 7,520
Fair Value	[1]	$ 7,503
Percentage of Net Assets	[1]	3.84%
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Total Technology
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,875		$ 2,875
Fair Value	[1]	$ 2,872		$ 2,878
Percentage of Net Assets	[1]	1.47%		1.30%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Consumer Services | LEAF Home Solutions Note | 12.000% | 02/26/2027
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[2],[6],[9],[10]	12.00%		12.00%
Maturity Date	[1],[2],[9],[10]	Feb. 26, 2027		Feb. 26, 2027
Par Amount	[1],[2],[9],[10]	$ 34,170		$ 32,235
Cost	[1],[2],[9],[10]	33,927		32,090
Fair Value	[1],[2],[9],[10]	$ 32,208		$ 29,526
Percentage of Net Assets	[1],[2],[9],[10]	16.47%		13.30%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Corporate Bonds | Total Corporate Bonds
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 18,394
Fair Value	[1]	$ 18,800
Percentage of Net Assets	[1]	9.61%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Technology | GCOM | 17.000% | 02/16/2029
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[2],[6],[10],[11]	17.00%		17.00%
Maturity Date	[1],[2],[10],[11]	Feb. 16, 2029		Feb. 16, 2029
Par Amount	[1],[2],[10],[11]	$ 13,848		$ 13,277
Cost	[1],[2],[10],[11]	11,262		10,622
Fair Value	[1],[2],[10],[11]	$ 10,980		$ 10,535
Percentage of Net Assets	[1],[2],[10],[11]	5.61%		4.74%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Consumer Services
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 33,927		$ 32,090
Fair Value	[1]	$ 32,208		$ 29,526
Percentage of Net Assets	[1]	16.47%		13.30%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Senior Unsecured
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 45,189		$ 42,712
Fair Value	[1]	$ 43,188		$ 40,061
Percentage of Net Assets	[1]	22.08%		18.04%
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Technology
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 11,262		$ 10,622
Fair Value	[1]	$ 10,980		$ 10,535
Percentage of Net Assets	[1]	5.61%		4.74%
Investment, Identifier [Axis]: Debt Investments | Total Debt Investments
Summary of Investment Holdings [Line Items]
Cost	[1]			$ 143,211
Fair Value	[1]			$ 138,320
Percentage of Net Assets	[1]			62.29%
Investment, Identifier [Axis]: Short-Term Investments | Total U.S. Treasury Bills
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 24,094		$ 46,543
Fair Value	[1]	$ 24,095		$ 46,553
Percentage of Net Assets	[1]	12.32%		20.96%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 0.000 % | 01/02/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]			0.00%
Maturity Date	[1]			Jan. 02, 2024
Par Amount	[1]			$ 8,000
Cost	[1]			7,999
Fair Value	[1]			$ 8,000
Percentage of Net Assets	[1]			3.61%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.660% | 04/09/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	4.66%
Maturity Date	[1]	Apr. 09, 2024
Par Amount	[1]	$ 1,124
Cost	[1]	1,123
Fair Value	[1]	$ 1,123
Percentage of Net Assets	[1]	0.57%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.820 % | 01/23/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]			4.82%
Maturity Date	[1]			Jan. 23, 2024
Par Amount	[1]			$ 6,200
Cost	[1]			6,180
Fair Value	[1]			$ 6,181
Percentage of Net Assets	[1]			2.78%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.094 % | 02/20/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]			5.094%
Maturity Date	[1]			Feb. 20, 2024
Par Amount	[1]			$ 4,300
Cost	[1]			4,268
Fair Value	[1]			$ 4,269
Percentage of Net Assets	[1]			1.92%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.096 % | 03/14/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]			5.096%
Maturity Date	[1]			Mar. 14, 2024
Par Amount	[1]			$ 27,200
Cost	[1]			26,911
Fair Value	[1]			$ 26,918
Percentage of Net Assets	[1]			12.12%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.128% | 06/04/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.128%
Maturity Date	[1]	Jun. 04, 2024
Par Amount	[1]	$ 5,200
Cost	[1]	5,152
Fair Value	[1]	$ 5,152
Percentage of Net Assets	[1]	2.64%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.133% | 05/02/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.133%
Maturity Date	[1]	May 02, 2024
Par Amount	[1]	$ 2,600
Cost	[1]	2,588
Fair Value	[1]	$ 2,588
Percentage of Net Assets	[1]	1.32%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.137 % | 03/28/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]			5.137%
Maturity Date	[1]			Mar. 28, 2024
Par Amount	[1]			$ 1,200
Cost	[1]			1,185
Fair Value	[1]			$ 1,185
Percentage of Net Assets	[1]			0.53%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.195% | 05/21/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.195%
Maturity Date	[1]	May 21, 2024
Par Amount	[1]	$ 1,700
Cost	[1]	1,688
Fair Value	[1]	$ 1,688
Percentage of Net Assets	[1]	0.86%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.195% | 06/13/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.195%
Maturity Date	[1]	Jun. 13, 2024
Par Amount	[1]	$ 7,500
Cost	[1]	7,420
Fair Value	[1]	$ 7,421
Percentage of Net Assets	[1]	3.80%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.215% | 05/30/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.215%
Maturity Date	[1]	May 30, 2024
Par Amount	[1]	$ 1,100
Cost	[1]	1,091
Fair Value	[1]	$ 1,091
Percentage of Net Assets	[1]	0.56%
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.222% | 07/02/2024
Summary of Investment Holdings [Line Items]
Interest Rate	[1],[6]	5.222%
Maturity Date	[1]	Jul. 02, 2024
Par Amount	[1]	$ 5,100
Cost	[1]	5,032
Fair Value	[1]	$ 5,032
Percentage of Net Assets	[1]	2.57%
Investment, Identifier [Axis]: Total Debt Investments
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 149,709
Fair Value	[1]	$ 146,215
Percentage of Net Assets	[1]	74.77%
Investment, Identifier [Axis]: Total Non-Controlled Non-Affiliated Investments
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 195,368		$ 220,859
Fair Value	[1]	$ 191,906		$ 215,975
Percentage of Net Assets	[1]	98.13%		97.26%
Investment, Identifier [Axis]: Total Short-Term Investments
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 24,094		$ 46,543
Fair Value	[1]	$ 24,095		$ 46,553
Percentage of Net Assets	[1]	12.32%		20.96%
Investment, Identifier [Axis]: Total Warrants
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,491		$ 2,491
Fair Value	[1]	$ 2,212		$ 2,181
Percentage of Net Assets	[1]	1.13%		0.98%
Investment, Identifier [Axis]: Warrants | Retailers | Total Retailers
Summary of Investment Holdings [Line Items]
Percentage of Net Assets	[1]	0.00%		0.00%
Investment, Identifier [Axis]: Warrants | Retailers | West Marine/Rising Tide Holdings, Inc. | 09/08/2028
Summary of Investment Holdings [Line Items]
Maturity Date	[1],[2],[3]	Sep. 08, 2028		Sep. 08, 2028
Par Amount	[1],[2],[3]	$ 47,166		$ 47,166
Percentage of Net Assets	[1],[2],[3]	0.00%		0.00%
Investment, Identifier [Axis]: Warrants | Technology | GCOM | 08/11/2033
Summary of Investment Holdings [Line Items]
Maturity Date	[1],[2],[3],[11]	Aug. 11, 2033		Aug. 11, 2033
Par Amount	[1],[2],[3],[11]	$ 2,491,250		$ 2,491,250
Cost	[1],[2],[3],[11]	2,491		2,491
Fair Value	[1],[2],[3],[11]	$ 2,212		$ 2,181
Percentage of Net Assets	[1],[2],[3],[11]	1.13%		0.98%
Investment, Identifier [Axis]: Warrants | Technology | Total Technology
Summary of Investment Holdings [Line Items]
Cost	[1]	$ 2,491		$ 2,491
Fair Value	[1]	$ 2,212		$ 2,181
Percentage of Net Assets	[1]	1.13%		0.98%

[1] All investments are U.S. domiciled.

[2] The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.

[3] Non-income producing security.

[4] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, total non-qualifying assets at fair value represented 13.2% of the Company’s total net assets calculated in accordance with the 1940 Act.

[5] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of March 31, 2024, the reference rates for the floating rate loans were the 1 Month SOFR of 5.33%, 3 Month SOFR of 5.30% and 6 Month SOFR of 5.22%.

[6] Interest rates on short-term investments are annualized.

[7] The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2023, total non-qualifying assets at fair value represented 16.0% of the Company’s total net assets calculated in accordance with the 1940 Act.

[8] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2023, the reference rates for the floating rate loans were the 1 Month SOFR of 5.35%, 3 Month SOFR of 5.33% and 6 Month SOFR of 5.16%.

[9] Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Unaudited Consolidated Financial Statements for additional information.

[10] All or a portion of the interest on this position is paid-in-kind (PIK).

[11] Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Unaudited Consolidated Financial Statements.

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Consolidated Schedule of Investments (Parenthetical)	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Percentage of qualifying assets to the total assets	70.00%	70.00%
1 Month SOFR [Member]
Summary of Investment Holdings [Line Items]
Investment, Basis Spread, Variable Rate	5.33%	5.35%
3 Month SOFR [Member]
Summary of Investment Holdings [Line Items]
Investment, Basis Spread, Variable Rate	5.30%	5.33%
6 Month SOFR [Member]
Summary of Investment Holdings [Line Items]
Investment, Basis Spread, Variable Rate	5.22%	5.16%
Minimum [Member]
Summary of Investment Holdings [Line Items]
Percentage of qualifying assets to the total assets	13.20%	16.00%

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 6,745	$ 5,711

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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N-2 - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cover [Abstract]
Entity Central Index Key	0001905824
Amendment Flag	false
Securities Act File Number	814-01549
Document Type	10-Q
Entity Registrant Name	PIMCO Capital Solutions BDC Corp.
Entity Address, Address Line One	650 Newport Center Drive
Entity Address, City or Town	Newport Beach
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92660
City Area Code	949
Local Phone Number	720-6000
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
General Description of Registrant [Abstract]
NAV Per Share	$ 9.05	$ 8.75	$ 9.43	$ 9.21

XML

Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

PIMCO Capital Solutions BDC Corp. (collectively with its consolidated subsidiaries, the “Company,” “we,” “our,” and “us”), is an externally managed, non-diversified, closed-end management investment company that elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on July 11, 2022. The Company was incorporated under the laws of the state of Delaware on December 23, 2021. In addition, for U.S. federal income tax purposes, the Company has elected as of August 1, 2022 to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company invests primarily in privately negotiated loans and equity investments to middle market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. Pacific Investment Management Company LLC (“PIMCO” or the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment management agreement (the “Advisory Agreement”). PIMCO is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PIMCO also serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”). The Administrator may retain a sub-administrator to perform any or all of its obligations under the Administration Agreement.

The Company is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares (as defined below) pursuant to a subscription agreement (“Subscription Agreement”) entered into with the Company or PIMCO Capital Solutions US Feeder LP, a feeder fund established by the Advisor to invest in Shares of the Company (“Feeder Fund”). The Company is a perpetual-life investment vehicle, without a fixed termination date or commitment period. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a capital draw-down notice to its investors. The Company entered into an initial subscription agreement on June 9, 2022, received capital contributions on June 10, 2022 (date of inception), and commenced investment operations on June 30, 2022.

The initial meeting of the Board of Directors (the “Board”) of the Company was held on June 22, 2022. There were no operations prior to June 10, 2022 (date of inception). Effective June 10, 2022, affiliated entities of the Advisor (the “PIMCO Entities”) indirectly contributed $15 (amount in thousands) of capital to the Company by investing in interests of the Feeder Fund. In exchange for this contribution, the PIMCO Entities, through their interest in the Feeder Fund, each indirectly received common stock of the Company, par value $0.001 (“Shares”). On June 29, 2022, the PIMCO Entities made an additional capital contribution and, pursuant to Transfer Agreements entered into on June 30, 2022, the PIMCO Entities contributed additional assets to the Company with a fair market value of $143,864 and unrealized loss of $6,588 (amounts in thousands). As a result of these foregoing transactions, the Company issued and sold a total of 25,387,884 Shares at an aggregate purchase price of $253,879 (amount in thousands).

On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands).

As of March 31, 2024, the Company had total Capital Commitments of $216,026 (amount in thousands), of which 0% is unfunded. Capital Commitments may be drawn down by the Company on a pro rata basis, as needed (including follow-on investments), for paying the Company’s expenses, including fees under the Advisory Agreement and Administration Agreement (as defined below), and/or maintaining a reserve account for the payment of future expenses or liabilities.

The Company’s fiscal year ends December 31.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The functional and reporting currency for the Company is the U.S. dollar.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

As provided under ASC Topic 946 and Regulation S-X, the Company will generally 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 results of the Company’s wholly-owned subsidiaries, Emerald CS LLC, Ruby CS LLC, Amber CS LLC, Citrine CS LLC, Diamond CS LLC, Opal CS LLC, Quartz CS LLC, Jade CS LLC, Pearl CS LLC, Sapphire CS LLC, Topaz CS LLC, Garnet CS LLC, Turquoise CS LLC, Aquamarine CS LLC, Tanzanite CS LLC and Peridot CS LLC. All material intercompany transactions are eliminated in consolidation.

Fair Value of Investments

The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Revenue Recognition

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Company is informed of the dividend. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statements of Operations. Paydown gains and losses on asset-backed securities are recorded as components of interest income on the Consolidated Statements of Operations.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, 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.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statements of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statement of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income.

Deferred Financing Fees

Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2024 and December 31, 2023, the Company had deferred financing costs of $2,216 and $2,280, respectively (amount in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings.

Payment In-Kind Interest

The Company may have investments that contain Payment-In-Kind (“PIK”) provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as Payment in-kind interest on the Consolidated Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of March 31, 2024 and December 31, 2023, $107 and $194, respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of March 31, 2024 and December 31, 2023, $1,152 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of both March 31, 2024 and December 31, 2023, there were $0 recoverable by the Advisor for offering costs paid on the Company’s behalf. As of both March 31, 2024 and December 31, 2023, there were $20 (amount in thousands) owed to the Advisor for offering costs paid on the Company’s behalf, which were recorded as “Offering costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Other Expenses

All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

Legal Expense

Legal expenses are primarily for legal guidance related to investments, financing, co-investment matters and Board Member advice. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statement of Assets and Liabilities.

Cash and Foreign Currency

Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings.

Cash and restricted cash consisted of the following as of March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
Cash	$	97	$	2,306
Restricted Cash		1,172		1,009
Total cash and restricted cash in the Consolidated Statement of Cash Flows	$	1,269	$	3,315

Income Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the Internal Revenue Service or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2024. As of March 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are the years 2022-2023 (with limited exceptions), assuming tax filings have been made for the previous two years.

Distributions

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP.

The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

New Accounting Pronouncement

In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, which provides guidance to account for certain contract modifications prospectively to ease the potential accounting burden associated with transitioning away from the LIBOR (as defined below) and other reference rates that are expected to be discontinued. ASU 2020-04 is effective upon release of the update on March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, the FASB issued ASU 2022-06, which extends the sunset date established by ASU 2020-04 from December 31, 2022 to December 31, 2024 in order to capture the time period in which the aforementioned contract modifications may occur. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Company’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Company’s consolidated financial statements.

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Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

3. Related Party Transactions

Advisory Agreement

On June 30, 2022, the Company entered into an Advisory Agreement, pursuant to which the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25%. The base management fee is calculated based on the average of the Company’s total net assets (including cash or cash equivalents but excluding assets purchased with borrowed amounts) as of the end of the two most recently completed calendar quarters. The base management fee for any partial month or quarter is appropriately prorated. The Advisor has agreed to waive all management fees payable pursuant to the Advisory Agreement for so long as the only stockholders of the Company are PIMCO Entities. The Advisory Agreement does not provide for the payment of incentive fees.

For the three month periods ended March 31, 2024 and 2023, the Company incurred a management fee of $649 and $729, respectively (amounts in thousands), of which 100% was waived by the Advisor.

Administration Agreement

On June 30, 2022, the Company entered into an Administration Agreement with PIMCO in its capacity as Administrator. Under the Administration Agreement, the Administrator provides or causes to be furnished certain supervisory and administrative and other services reasonably necessary for the operation of the Company. Pursuant to the Administration Agreement, the Company pays the Administrator an annual fee calculated and payable quarterly in arrears on the last business day of calendar quarter in an amount equal to 0.15% of the Company’s total net assets.

For the three month periods ended March 31, 2024 and 2023, the Company incurred an administration fee of $75 and $88, respectively (amounts in thousands).

Expense Reimbursement Agreement

The Company has entered into an Expense Reimbursement Agreement with the Advisor. The Advisor may elect to make certain Expense Payments on the Company’s behalf, provided that no portion of the payment will be used to pay any of the Company’s interest expense. The Advisor has agreed to make Expense Payments on the Company’s behalf through June 30, 2025. During the period ended March 31, 2024 and the year ended December 31, 2023, the Advisor paid directors fees on behalf of the Company. As of March 31, 2024 and the year ended December 31, 2023, $112 and $152, respectively (amounts in thousands), are reimbursable to the Advisor for directors fees and are recorded as “Directors fee reimbursement to Advisor” on the Consolidated Statements of Assets and Liabilities.

Following any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, “Excess Operating Funds”), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net “investment company taxable income”, as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). No Reimbursement Payment for any calendar year will be made if the Company’s Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the expense payment was made to which such Reimbursement Payment relates. The “Operating Expense Ratio” is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies, less organizational and offering expenses, base management fees owed to the Advisor, and interest expense, by the Company’s average net assets.

The Expense Reimbursement Agreement may require the Company to repay the Advisor for previously waived reimbursement of Expense Payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver.

For the three month periods ended March 31, 2024 and 2023, the Company waived organization costs of $0 and $0, respectively.

For the three month periods ended March 31, 2024 and 2023, the Advisor recouped $86 and $99, respectively (amounts in thousands), from the Company for prior expenses paid and were recorded as “Recoupment of prior expenses paid by the Advisor” on the Consolidated Statement of Operations.

Directors Fee

The Company compensates each of its Independent Directors for their services. Their compensation is included in Directors fee on the Consolidated Statements of Operations. The Independent Directors also receive reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each meeting, which are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

Co-Investment Relief

The Company has received exemptive relief from the SEC that, to the extent the Company relies on such relief, permits it to (among other things) co-invest with certain other persons, including certain affiliates of the Advisor and certain public or private funds managed by the Advisor and its affiliates, subject to certain terms and conditions. The exemptive relief from the SEC with respect to co-investments imposes extensive conditions on any co-investments made in reliance on such relief.

See Note 1. Organization for other related party transactions.

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Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

4. Borrowings

The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of March 31, 2024 and December 31, 2023, the Company did not have any borrowings outstanding and, therefore, the asset coverage ratio is not applicable.

Credit Facility

On June 19, 2023, Amber CS LLC (the “Subsidiary”), as borrower and portfolio asset servicer, a wholly-owned financing subsidiary of the Company, Topaz CS LLC, as equity holder of Subsidiary, and Opal CS LLC and Quartz CS LLC, as Subsidiary guarantors, entered into a loan servicing agreement (the “Credit Facility”) with Massachusetts Mutual Life Insurance Company, as initial lender, administrative agent, facility servicer, and collateral custodian, and MassMutual Ascend Life Insurance Company, as initial lender. Under the Credit Facility, the maximum aggregate committed borrowing amount is $150,000 (amount in thousands) (the “Maximum Facility Amount”) with a scheduled maturity date of June 19, 2032.

The facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum (as such terms are defined in the Credit Facility). The facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum (as such terms are defined in the Credit Facility). The Minimum Usage Amount is (a) zero prior to June 19, 2024, and (b) an amount equal to 70% of the Maximum Facility Amount (as such term is defined in the Credit Facility) any date on or after June 19, 2024. The Subsidiary also pays a Facility Servicer Fee in an aggregate amount equal to 0.03% per annum of the Maximum Facility Amount, an annual Collateral Custodian Fee (as such term is defined in the Credit Facility) of $5, an Agent Fee in an annual amount of $25, and a Rating fee of $175 for the initial rating and an annual fee of $45 thereafter (amounts in thousands).

The Credit Facility contains certain covenants including: (i) the Subsidiary acquiring a Debt Rating of BBB-, BBB (low) or Baa3 or higher and (ii) maintaining a loan to value less than minimums dictated by the number of assets in the portfolio. As of March 31, 2024, the Company is in compliance with these covenants.

Certain investments, as disclosed on the Consolidated Schedule of Investments and their related cash flows, are pledged as collateral for the Credit Facility.

In connection with the establishment of the loan facility, the Company paid upfront fees and incurred legal expenses of $2,427 (amount in thousands), which are being amortized into interest expense through the scheduled maturity date. The Company had $0 of outstanding borrowings as of March 31, 2024. Interest expense related to the borrowings and amortization of deferred financing costs are disclosed as a component of interest expense on the Consolidated Statements of Operations. For the three month periods ended March 31, 2024 and 2023, the Company had interest expense of $219 and $0, respectively, inclusive of amortization expense for deferred financing fees of $67 and $0, respectively, and unused commitment fee of $152 and $0, respectively (amounts in thousands).

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Investments

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Investments

5. Investments

Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the Consolidated Schedules of Investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments.

Investments at fair value and cost consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Amounts in thousands)	Cost		Fair Value		Cost		Fair Value
First Lien Secured	$	97,000	$	95,524	$	97,624	$	95,381
Second Lien Secured		7,520		7,503		2,875		2,878
Senior Unsecured		45,189		43,188		42,712		40,061
Corporate Bonds		18,394		18,800		28,255		28,658
Common Stocks		680		584		359		263
Warrants		2,491		2,212		2,491		2,181
Short-Term Investments		24,094		24,095		46,543		46,553
Total investments	$	195,368	$	191,906	$	220,859	$	215,975

The industry composition of investments as a percentage of total investments based on fair value as of March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024			December 31, 2023
Automotive		9.8	%		13.3	%
Chemicals		2.6	%		—	%
Consumer Services		18.1	%		14.8	%
Diversified Manufacturing		1.3	%		1.1	%
Entertainment		7.9	%		6.9	%
Financial Other		1.3	%		1.2	%
Healthcare		0.7	%		0.6	%
Insurance Life		4.8	%		4.3	%
Packaging		2.4	%		2.1	%
Pharmaceuticals		1.1	%		1.0	%
Retailers		3.6	%		3.2	%
Technology		24.2	%		21.2	%
Treasury Bills		12.6	%		21.5	%
IT Services		6.0	%		5.6	%
Wireless		3.6	%		3.2	%
Total		100.0	%		100.0	%

As of March 31, 2024 and December 31, 2023, 100.0% of investments held were based in the United States.

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Fair Value Measurement

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair value disclosures

6. Fair Value Measurement

In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date.

Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

• Level 1 – Quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments at the reporting date).

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement depending on the source of the base price. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Valuation of Investments

Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted at the end of each fiscal quarter.

Common stocks, warrants and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating to all Company investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources (together, “Pricing Sources”).

The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 or Level 3. Loan investments priced using internal models with significant unobservable inputs are categorized as Level 3.

Short-term debt instruments (such as commercial paper) held by the Company having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Company may elect to obtain broker quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Company does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security.

Discounted cash flow valuation uses an internal analysis based on the Advisor’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined security deemed to be comparable in duration, generally a U.S. Treasury or sovereign note based on country of issuance. The base price may be a broker-dealer quote, transaction price, or an internal value as derived by analysis of market data. The base price of the security may be reset on a periodic basis based on the availability of market data and procedures approved by the Valuation Oversight Committee. Significant changes in the unobservable inputs of the proxy pricing process (the base price) would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The market approach generally involves multiplying a key performance metric of the company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), by a valuation multiple observed in a range of comparable companies or transactions. The selection of a population of comparable companies requires judgment, including qualitative and quantitative analysis of the comparability of the companies. The Advisor may also adjust the valuation multiple for differences between the investment and the referenced comparable.

A cost approach is generally used when a recent transaction price for a specific asset is indicative of fair value.

Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material.

The following tables summarize the fair value of the Company’s investments as of March 31, 2024 and December 31, 2023 (amounts in thousands):

	March 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	70,337	$	25,187	$	95,524
Second Lien Senior Secured		—		2,872		4,631		7,503
Senior Unsecured		—		—		43,188		43,188
Corporate Bonds		—		18,800		—		18,800
Common Stocks		—		—		584		584
Warrants		—		—		2,212		2,212
Short-Term Investments		—		24,095		—		24,095
Total assets	$	—	$	116,104	$	75,802	$	191,906

	December 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	69,807	$	25,574	$	95,381
Second Lien Senior Secured		—		2,878		—		2,878
Senior Unsecured		—		—		40,061		40,061
Corporate Bonds		—		28,658		—		28,658
Common Stocks		—		—		263		263
Warrants		—		—		2,181		2,181
Short-Term Investments		—		46,553		—		46,553
Total assets	$	—	$	147,896	$	68,079	$	215,975

Assets or liabilities categorized as Level 2 or Level 3 as of period end have been transferred between Level 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the tables below.

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands) for the three months ended March 31, 2024 and 2023:

	Beginning Balance at 12/31/2023		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)		Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3		Ending Balance at 3/31/24
Term Loans First Lien Secured	$	25,574	$	0	$	0	($	582	)	$	18	$	7	$	170		$	0	$	0	$	25,187
Term Loans Second Lien Secured		0		4,636		0		0			8		0		(13	)		0		0		4,631
Term Loans Senior Unsecured		40,061		2,394		0		0			83		0		650			0		0		43,188
Common Stocks		263		642		0		(321	)		0		0		0			0		0		584
Unlisted Warrants		2,181		0		0		0			0		0		31			0		0		2,212
Totals	$	68,079	$	7,672	$	0	($	903	)	$	109	$	7	$	838		$	0	$	0	$	75,802

	Beginning Balance at 12/31/2022		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3			Ending Balance at 3/31/23
Term Loans First Lien Secured	$	22,082	$	12,470	$	0	($	109	)	$	36		($	3,747	)	$	5,067		$	6,285	($	6,060	)	$	36,024
Term Loans Second Lien Secured		8,062		698		0		0			(43	)		(13,850	)		11,272			0		0			6,139
Term Loans Senior Unsecured		25,562		1,721		0		0			13			0			(382	)		0		0			26,914
Totals	$	55,706	$	14,889	$	0	($	109	)	$	6		($	17,597	)	$	15,957		$	6,285	($	6,060	)	$	69,077

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range	Weighted Average (1)
Term Loans	$	25,187	Discounted Cash Flow	Discount Rate	10.88% – 17.01%	12.49%
		4,631	Recent Transaction	Purchase Price	n/a	n/a
Senior Unsecured		43,188	Discounted Cash Flow	Discount Rate	14.66% – 23.62%	17.04%
Common Stocks		321	Comparable Multiple	EBITDA Multiple	n/a	5.75x
		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a	19.25%/0.55x
Warrants		2,212	Comparable Multiple	EBITDA Multiple	n/a	10.25x
Total Assets	$	75,802

	Fair Value as of December 31, 2023		Valuation Techniques	Unobservable Input	Range	Weighted Average (3)
Term Loans	$	25,574	Discounted Cash Flow	Discount Rate	10.67% - 16.39%		12.23%
Senior Unsecured		40,061	Discounted Cash Flow	Discount Rate	15.41% - 23.37%		17.50%
Common Stocks		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a		17.25%/0.55x
Warrants		2,181	Comparable Multiple	EBITDA Multiple	n/a		10.00x
Total Assets	$	68,079

(1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

7. Commitments & Contingencies

Commitments

The Company may enter into commitments to fund investments. As of March 31, 2024, the Advisor believed that the Company had adequate financial resources to satisfy its unfunded commitments, if any. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s Consolidated Statements of Assets and Liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement.

As of March 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):

Portfolio Company	Investment Type	March 31, 2024
Integrity Marketing Acquisition, LLC	Revolver	$	741

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.

Litigation

As of the issuance date of this report, the Company is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

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Net Assets

3 Months Ended

Mar. 31, 2024

Net Assets [Abstract]

Net Assets

8. Net Assets

Equity Issuance

The Company’s authorized stock consists of 250,000,000 Shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share.

The Company did not hold a closing of the continuous Private Offering for the three month period ended March 31, 2024.

Distributions

For the three month period ended March 31, 2024, the Board did not declare any distributions.

Share Repurchase Program

At the discretion of the Board, the Company may repurchase Shares (either by number of Shares or aggregate net asset value) as of such quarter end pursuant to a quarterly share repurchase program. Repurchases of Shares will be made at the current net offering price per Share on the date of such repurchase.

In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Share repurchase program, as applicable.

On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands). The Tender Offer expired on January 25, 2024 and $33,238 (amount in thousands) was paid to PIMCO Capital Solutions US Feeder LP on January 31, 2024. For the three months ended March 31, 2023, no Share repurchase was offered or requested and no Shares were repurchased.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings Per Share

The following tables set forth the computation of basic and diluted earnings (loss) per common share for the three month periods ended March 31, 2024 and 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Net increase (decrease) in net assets resulting from operations	$	6,745	$	5,711
Weighted average shares of common stock oustanding - basic and diluted		22,600,919		25,387,884
Earnings (loss) per common share (basic and diluted)	$	0.30	$	0.22

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Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

10. Financial Highlights

	Three Months Ended
	March 31, 2024			March 31, 2023
Per share data:
Net asset value, beginning of period	$	8.75		$	9.21
Net investment income (loss) (1)		0.24			0.23
Net realized and unrealized gain (loss) on investment transactions (2)		0.06			(0.01	)
Net increase (decrease) in net assets from operations (1)		0.30			0.22
Total increase (decrease) in net assets		0.30			0.22
Net asset value, end of period	$	9.05		$	9.43
Shares Outstanding, end of period		21,602,602			25,387,884
Total Return (3)		3.57	%		2.44	%
Ratios / supplemental data
Ratio of expenses to average net assets, gross of waivers (4)(5)		2.42	%		1.59	%
Ratio of expenses to average net assets, net of waivers (4)(5)		1.10	%		0.35	%
Ratio of net investment income (loss) to average net assets (4)(5)		11.03	%		10.07	%
Net Assets, end of period	$	195,557		$	239,506
Weighted average shares outstanding		22,600,919			25,387,884
Total capital commitments, end of period	$	216,026		$	253,879
Portfolio turnover rate (6)		2.91	%		6.27	%

(1) Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(4) All expenses are annualized with the exception of organizational expenses.

(5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6) Not annualized.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

11. Subsequent Events

Subsequent events after the Consolidated Statements of Assets and Liabilities date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements except as discussed below.

On May 3, 2024, the Company’s board of directors declared a dividend of $0.14 per share which is payable on May 22, 2024 to stockholders of record as of May 20, 2024.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting

The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The functional and reporting currency for the Company is the U.S. dollar.

The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024.

Use of Estimates

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Consolidation

Basis of Consolidation

As provided under ASC Topic 946 and Regulation S-X, the Company will generally 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 results of the Company’s wholly-owned subsidiaries, Emerald CS LLC, Ruby CS LLC, Amber CS LLC, Citrine CS LLC, Diamond CS LLC, Opal CS LLC, Quartz CS LLC, Jade CS LLC, Pearl CS LLC, Sapphire CS LLC, Topaz CS LLC, Garnet CS LLC, Turquoise CS LLC, Aquamarine CS LLC, Tanzanite CS LLC and Peridot CS LLC. All material intercompany transactions are eliminated in consolidation.

Fair Value of Investments

Fair Value of Investments

The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Revenue Recognition

Revenue Recognition

Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Company is informed of the dividend. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statements of Operations. Paydown gains and losses on asset-backed securities are recorded as components of interest income on the Consolidated Statements of Operations.

Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgement. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgement, 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.

Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income.

Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statements of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments.

The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statement of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income.

Deferred Financing Fees

Deferred Financing Fees

Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of March 31, 2024 and December 31, 2023, the Company had deferred financing costs of $2,216 and $2,280, respectively (amount in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings.

Payment In-Kind Interest

Payment In-Kind Interest

The Company may have investments that contain Payment-In-Kind (“PIK”) provisions. PIK income, computed at the contractual rate specified in the Company investment agreement, is added to the principal balance of the investment and recorded as Payment in-kind interest on the Consolidated Statements of Operations. The Company prospectively ceases recognition of PIK income and the associated principal balance if such amounts and balances are deemed to be doubtful of collection. For investments with PIK income, the Company calculates income accruals based on the principal balance including any PIK.

Organizational Costs

Organizational Costs

Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of March 31, 2024 and December 31, 2023, $107 and $194, respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of March 31, 2024 and December 31, 2023, $1,152 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses paid on the Company’s behalf and are recorded as “Organizational costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Offering Costs

Offering Costs

Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of both March 31, 2024 and December 31, 2023, there were $0 recoverable by the Advisor for offering costs paid on the Company’s behalf. As of both March 31, 2024 and December 31, 2023, there were $20 (amount in thousands) owed to the Advisor for offering costs paid on the Company’s behalf, which were recorded as “Offering costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities.

Other Expenses

Other Expenses

All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket expenses and other costs, are included as components of Other expenses on the Consolidated Statements of Operations and Other payables on the Statement of Assets and Liabilities.

Legal Expense

Legal Expense

Legal expenses are primarily for legal guidance related to investments, financing, co-investment matters and Board Member advice. These expenses are included as Legal expenses on the Consolidated Statement of Operations and Legal expenses payable on the Consolidated Statement of Assets and Liabilities.

Cash and Foreign Currency

Cash and Foreign Currency

Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings.

Cash and restricted cash consisted of the following as of March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
Cash	$	97	$	2,306
Restricted Cash		1,172		1,009
Total cash and restricted cash in the Consolidated Statement of Cash Flows	$	1,269	$	3,315

Income Taxes

Income Taxes

The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).

The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the Internal Revenue Service or a change in law might affect the Company’s ability to qualify or be eligible for such treatment.

If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits.

The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through March 31, 2024. As of March 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are the years 2022-2023 (with limited exceptions), assuming tax filings have been made for the previous two years.

Distributions

Distributions

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP.

The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes.

New Accounting Pronouncement

New Accounting Pronouncement

In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, which provides guidance to account for certain contract modifications prospectively to ease the potential accounting burden associated with transitioning away from the LIBOR (as defined below) and other reference rates that are expected to be discontinued. ASU 2020-04 is effective upon release of the update on March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, the FASB issued ASU 2022-06, which extends the sunset date established by ASU 2020-04 from December 31, 2022 to December 31, 2024 in order to capture the time period in which the aforementioned contract modifications may occur. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Company’s investments and has determined that it is unlikely the ASU’s adoption will have a material impact on the Company’s consolidated financial statements.

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Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary Of Cash And Restricted Cash

Cash and restricted cash consisted of the following as of March 31, 2024 and December 31, 2023.

	March 31, 2024		December 31, 2023
Cash	$	97	$	2,306
Restricted Cash		1,172		1,009
Total cash and restricted cash in the Consolidated Statement of Cash Flows	$	1,269	$	3,315

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Summary of Investments at Fair Value and Cost

Investments at fair value and cost consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
(Amounts in thousands)	Cost		Fair Value		Cost		Fair Value
First Lien Secured	$	97,000	$	95,524	$	97,624	$	95,381
Second Lien Secured		7,520		7,503		2,875		2,878
Senior Unsecured		45,189		43,188		42,712		40,061
Corporate Bonds		18,394		18,800		28,255		28,658
Common Stocks		680		584		359		263
Warrants		2,491		2,212		2,491		2,181
Short-Term Investments		24,094		24,095		46,543		46,553
Total investments	$	195,368	$	191,906	$	220,859	$	215,975

Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value

The industry composition of investments as a percentage of total investments based on fair value as of March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024			December 31, 2023
Automotive		9.8	%		13.3	%
Chemicals		2.6	%		—	%
Consumer Services		18.1	%		14.8	%
Diversified Manufacturing		1.3	%		1.1	%
Entertainment		7.9	%		6.9	%
Financial Other		1.3	%		1.2	%
Healthcare		0.7	%		0.6	%
Insurance Life		4.8	%		4.3	%
Packaging		2.4	%		2.1	%
Pharmaceuticals		1.1	%		1.0	%
Retailers		3.6	%		3.2	%
Technology		24.2	%		21.2	%
Treasury Bills		12.6	%		21.5	%
IT Services		6.0	%		5.6	%
Wireless		3.6	%		3.2	%
Total		100.0	%		100.0	%

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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair value, investments, entities that calculate net asset value per share

The following tables summarize the fair value of the Company’s investments as of March 31, 2024 and December 31, 2023 (amounts in thousands):

	March 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	70,337	$	25,187	$	95,524
Second Lien Senior Secured		—		2,872		4,631		7,503
Senior Unsecured		—		—		43,188		43,188
Corporate Bonds		—		18,800		—		18,800
Common Stocks		—		—		584		584
Warrants		—		—		2,212		2,212
Short-Term Investments		—		24,095		—		24,095
Total assets	$	—	$	116,104	$	75,802	$	191,906

	December 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Senior Secured	$	—	$	69,807	$	25,574	$	95,381
Second Lien Senior Secured		—		2,878		—		2,878
Senior Unsecured		—		—		40,061		40,061
Corporate Bonds		—		28,658		—		28,658
Common Stocks		—		—		263		263
Warrants		—		—		2,181		2,181
Short-Term Investments		—		46,553		—		46,553
Total assets	$	—	$	147,896	$	68,079	$	215,975

Fair value, assets measured on recurring basis, unobservable input reconciliation

The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands) for the three months ended March 31, 2024 and 2023:

	Beginning Balance at 12/31/2023		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)		Realized Gain/ (Loss)		Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3		Ending Balance at 3/31/24
Term Loans First Lien Secured	$	25,574	$	0	$	0	($	582	)	$	18	$	7	$	170		$	0	$	0	$	25,187
Term Loans Second Lien Secured		0		4,636		0		0			8		0		(13	)		0		0		4,631
Term Loans Senior Unsecured		40,061		2,394		0		0			83		0		650			0		0		43,188
Common Stocks		263		642		0		(321	)		0		0		0			0		0		584
Unlisted Warrants		2,181		0		0		0			0		0		31			0		0		2,212
Totals	$	68,079	$	7,672	$	0	($	903	)	$	109	$	7	$	838		$	0	$	0	$	75,802

	Beginning Balance at 12/31/2022		Net Purchases and Drawdowns		In-Kind Contributions		Net Sales and Paydowns			Accrued Discounts/ (Premiums)			Realized Gain/ (Loss)			Net Change in Unrealized Appreciation/ (Depreciation)			Transfers into Level 3		Tranfers out of Level 3			Ending Balance at 3/31/23
Term Loans First Lien Secured	$	22,082	$	12,470	$	0	($	109	)	$	36		($	3,747	)	$	5,067		$	6,285	($	6,060	)	$	36,024
Term Loans Second Lien Secured		8,062		698		0		0			(43	)		(13,850	)		11,272			0		0			6,139
Term Loans Senior Unsecured		25,562		1,721		0		0			13			0			(382	)		0		0			26,914
Totals	$	55,706	$	14,889	$	0	($	109	)	$	6		($	17,597	)	$	15,957		$	6,285	($	6,060	)	$	69,077

Disclosure in tabular form of significant unobservable inputs used in measuring fair value of investments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value (amounts in thousands).

	Fair Value as of March 31, 2024		Valuation Techniques	Unobservable Input	Range	Weighted Average (1)
Term Loans	$	25,187	Discounted Cash Flow	Discount Rate	10.88% – 17.01%	12.49%
		4,631	Recent Transaction	Purchase Price	n/a	n/a
Senior Unsecured		43,188	Discounted Cash Flow	Discount Rate	14.66% – 23.62%	17.04%
Common Stocks		321	Comparable Multiple	EBITDA Multiple	n/a	5.75x
		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a	19.25%/0.55x
Warrants		2,212	Comparable Multiple	EBITDA Multiple	n/a	10.25x
Total Assets	$	75,802

	Fair Value as of December 31, 2023		Valuation Techniques	Unobservable Input	Range	Weighted Average (3)
Term Loans	$	25,574	Discounted Cash Flow	Discount Rate	10.67% - 16.39%		12.23%
Senior Unsecured		40,061	Discounted Cash Flow	Discount Rate	15.41% - 23.37%		17.50%
Common Stocks		263	Discounted Cash Flow/Comparable Multiple	Discount Rate/Revenue Multiple	n/a		17.25%/0.55x
Warrants		2,181	Comparable Multiple	EBITDA Multiple	n/a		10.00x
Total Assets	$	68,079

(1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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Commitments And Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Other Commitments [Abstract]

Summary of outstanding commitments to fund investments

As of March 31, 2024, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands):

Portfolio Company	Investment Type	March 31, 2024
Integrity Marketing Acquisition, LLC	Revolver	$	741

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of of basic and diluted earnings (loss) per common share

The following tables set forth the computation of basic and diluted earnings (loss) per common share for the three month periods ended March 31, 2024 and 2023:

	Three Months Ended
	March 31, 2024		March 31, 2023
Net increase (decrease) in net assets resulting from operations	$	6,745	$	5,711
Weighted average shares of common stock oustanding - basic and diluted		22,600,919		25,387,884
Earnings (loss) per common share (basic and diluted)	$	0.30	$	0.22

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule Of Financial Highlights

	Three Months Ended
	March 31, 2024			March 31, 2023
Per share data:
Net asset value, beginning of period	$	8.75		$	9.21
Net investment income (loss) (1)		0.24			0.23
Net realized and unrealized gain (loss) on investment transactions (2)		0.06			(0.01	)
Net increase (decrease) in net assets from operations (1)		0.30			0.22
Total increase (decrease) in net assets		0.30			0.22
Net asset value, end of period	$	9.05		$	9.43
Shares Outstanding, end of period		21,602,602			25,387,884
Total Return (3)		3.57	%		2.44	%
Ratios / supplemental data
Ratio of expenses to average net assets, gross of waivers (4)(5)		2.42	%		1.59	%
Ratio of expenses to average net assets, net of waivers (4)(5)		1.10	%		0.35	%
Ratio of net investment income (loss) to average net assets (4)(5)		11.03	%		10.07	%
Net Assets, end of period	$	195,557		$	239,506
Weighted average shares outstanding		22,600,919			25,387,884
Total capital commitments, end of period	$	216,026		$	253,879
Portfolio turnover rate (6)		2.91	%		6.27	%

(1) Per share amounts are calculated based on the weighted average shares outstanding during the period.

(2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statements of Operations due to share transactions during the period.

(3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(4) All expenses are annualized with the exception of organizational expenses.

(5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6) Not annualized.

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Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		7 Months Ended
	Jan. 25, 2024	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Jun. 10, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock par value			$ 0.001			$ 0.001
Stock repurchased during period shares			3,785,282	0
Stock repurchased during period Value			$ 33,238
Capital commitments			$ 216,026
Unfunded capital commitments percentage			0.00%
Privately Negotiated Loans and Equity Investments [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Minimum aggregate revenue			$ 20,000
Maximum earnings before interest taxes depreciation and amortization			$ 50,000
PIMCO Entities [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from issuance of common stock					$ 15
Common stock par value							$ 0.001
Non-cash additional assets contributed by related party fair value		$ 143,864
Non-cash additional assets contributed by related party unrealized loss		$ 6,588
Number of new stock issued during the period.			25,387,884
Aggregate purchase price			$ 253,879
PIMCO Capital Solutions [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock par value	$ 0.001
Stock repurchased during period shares	3,785,281.95
Stock repurchased during period Value	$ 33,238
Tender Offer [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock par value	$ 8.78
Stock repurchased during period Value	$ 40,000

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Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Regulated investment company qualification description	least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses).
Deferred Financing Fees	$ 2,216	$ 2,280
Organizational costs payable	1,152	1,153
Offering costs payable	20	20
Advisor [Member]
Accounting Policies [Line Items]
Deferred offering costs	0	0
Organizational costs payable	1,152	1,153
Offering costs payable	20	20
Advisor [Member] | Organizational costs [Member]
Accounting Policies [Line Items]
Accounts payable to related parties	$ 107	$ 194

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Significant Accounting Policies - Summary Of Cash And Restricted Cash (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash	$ 97	$ 2,306
Restricted Cash	1,172	1,009
Total cash and restricted cash in the Consolidated Statement of Cash Flows	$ 1,269	$ 3,315	$ 1,298	$ 800

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Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Investment company organization cost waiver		$ 0	$ 0
Recoupment of prior expenses paid by the Advisor		(86)	(99)
Advisor [Member]
Related Party Transaction [Line Items]
Recoupment of prior expenses paid by the Advisor		$ 86	$ 99
Advisory Agreement [Member]
Related Party Transaction [Line Items]
Percentage of base management fee	1.25%
Investment company management fee waiver		100.00%	100.00%
Advisory Agreement [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party costs		$ 649	$ 729
Administration Agreement [Member]
Related Party Transaction [Line Items]
Investment company administrator fee to net assets	0.15%
Administration Agreement [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party costs		75	$ 88
Directors fee [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party costs		$ 112		$ 152

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Borrowings - Addtional Information (Detail) - USD ($) $ in Thousands				3 Months Ended
	Jun. 19, 2024	Jun. 30, 2023	Jun. 19, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Short-Term Debt [Line Items]
Maximum amount borrowed under the credit facility			$ 150,000
Date the credit facility terminates			Jun. 19, 2032
Line of Credit [Member]
Short-Term Debt [Line Items]
Permitted borrowings over asset coverage ratio percentage			150.00%
Line of credit				$ 0		$ 0
Line of credit facility, unused capacity, commitment fee percentage			40.00%
Line Of credit facility servicer fee percentage			0.03%
Line of credit facility aggregate collateral custodian fee			$ 5
Line of credit facility aggregate agent fee			25
Payment of upfront fees and incurred legal expenses		$ 2,427
Interest expense				219	$ 0
Interest expense, debt, excluding amortization				67	0
Line of credit intial rating fee payable			175
Line of credit annual fee payable thereafter			$ 45
Unused commitment fees				$ 152	$ 0
Line of Credit [Member] | Prior to June 19, 2024 [Member]
Short-Term Debt [Line Items]
Line of credit facility, maximum usage amount percentage	0.00%
Line of Credit [Member] | Post June 19, 2024 [Member]
Short-Term Debt [Line Items]
Line of credit facility, maximum usage amount percentage	70.00%
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Short-Term Debt [Line Items]
Debt instrument, basis spread on variable rate			2.85%
Line of Credit [Member] | Base Rate [Member]
Short-Term Debt [Line Items]
Debt instrument, basis spread on variable rate			1.85%
Description of reference rate used for variable rate of debt instrument			(a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum (as such terms are defined in the Credit Facility).

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Investments - Additional Information (Detail)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Non controlled investments percentage of total outstanding securities minimum threshold affiliated companies	5.00%
Controlled investments percentage of total outstanding securities minimum threshold	25.00%
Percentage of investments	100.00%	100.00%
US
Schedule of Investments [Line Items]
Percentage of investments	100.00%	100.00%

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Investments - Summary of Investments at Fair Value and Cost (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost	[1]	$ 195,368	$ 220,859
Fair Value	[1]	191,906	215,975
First Lien Secured [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		97,000	97,624
Fair Value		95,524	95,381
Second Lien Secured [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		7,520	2,875
Fair Value		7,503	2,878
Senior Unsecured [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		45,189	42,712
Fair Value		43,188	40,061
Corporate Bonds [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		18,394	28,255
Fair Value		18,800	28,658
Common Stocks [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		680	359
Fair Value		584	263
Warrants [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		2,491	2,491
Fair Value		2,212	2,181
Short-Term Investments [Member]
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items]
Cost		24,094	46,543
Fair Value		$ 24,095	$ 46,553

[1] All investments are U.S. domiciled.

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Investments - Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value (Detail)	Mar. 31, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	100.00%	100.00%
Automotive [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	9.80%	13.30%
Chemicals [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	2.60%	0.00%
Consumer Services [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	18.10%	14.80%
Diversified Manufacturing [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	1.30%	1.10%
Entertainment [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	7.90%	6.90%
Financial Other [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	1.30%	1.20%
Healthcare [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	0.70%	0.60%
Insurance Life [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	4.80%	4.30%
Packaging [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	2.40%	2.10%
Pharmaceuticals [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	1.10%	1.00%
Retailers [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	3.60%	3.20%
Technology [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	24.20%	21.20%
Treasury Bills [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	12.60%	21.50%
IT Serives [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	6.00%	5.60%
Wireless [Member]
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items]
Percentage of investments	3.60%	3.20%

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Fair Value Measurement - Summary Of Fair Value, Investments, Entities That Calculate Net Asset Value Per Share (Detail) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Investment owned, at fair value	[1]	$ 191,906	$ 215,975
First Lien Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		95,524	95,381
Second Lien Senior Secured [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		7,503	2,878
Senior unsecured notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		43,188	40,061
Corporate bond securities [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		18,800	28,658
Common Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		584	263
Warrant [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		2,212	2,181
Short-term investments [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		24,095	46,553
Fair Value, Inputs, Level 1 [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | First Lien Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Second Lien Senior Secured [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Senior unsecured notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Corporate bond securities [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Warrant [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 1 [Member] | Short-term investments [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 2 [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		116,104	147,896
Fair Value, Inputs, Level 2 [Member] | First Lien Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		70,337	69,807
Fair Value, Inputs, Level 2 [Member] | Second Lien Senior Secured [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		2,872	2,878
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 2 [Member] | Corporate bond securities [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		18,800	28,658
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 2 [Member] | Warrant [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 2 [Member] | Short-term investments [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		24,095	46,553
Fair Value, Inputs, Level 3 [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		75,802	68,079
Fair Value, Inputs, Level 3 [Member] | First Lien Senior Secured Notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		25,187	25,574
Fair Value, Inputs, Level 3 [Member] | Second Lien Senior Secured [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		4,631	0
Fair Value, Inputs, Level 3 [Member] | Senior unsecured notes [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		43,188	40,061
Fair Value, Inputs, Level 3 [Member] | Corporate bond securities [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		0	0
Fair Value, Inputs, Level 3 [Member] | Common Stock [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		584	263
Fair Value, Inputs, Level 3 [Member] | Warrant [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		2,212	2,181
Fair Value, Inputs, Level 3 [Member] | Short-term investments [Member]
Schedule of Investments [Line Items]
Investment owned, at fair value		$ 0	$ 0

[1] All investments are U.S. domiciled.

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Fair Value Measurement - Summary Of Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Realized gain (loss)	$ (43)	$ (17,751)
Net Change in Unrealized Appreciation/ (Depreciation)	1,422	17,594
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	68,079	55,706
Net Purchases and Drawdowns	7,672	14,889
In-Kind Contributions	0	0
Net Sales and Paydowns	(903)	(109)
Accrued Discounts/ (Premiums)	109	6
Realized gain (loss)	7	(17,597)
Net Change in Unrealized Appreciation/ (Depreciation)	838	15,957
Transfers into Level 3	0	6,285
Tranfers out of Level 3	0	(6,060)
Ending balance	75,802	69,077
Investments term loans first lien secured [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	25,574	22,082
Net Purchases and Drawdowns	0	12,470
In-Kind Contributions	0	0
Net Sales and Paydowns	(582)	(109)
Accrued Discounts/ (Premiums)	18	36
Realized gain (loss)	7	(3,747)
Net Change in Unrealized Appreciation/ (Depreciation)	170	5,067
Transfers into Level 3	0	6,285
Tranfers out of Level 3	0	(6,060)
Ending balance	25,187	36,024
Investments term loans second lien secured [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	0	8,062
Net Purchases and Drawdowns	4,636	698
In-Kind Contributions	0	0
Net Sales and Paydowns	0	0
Accrued Discounts/ (Premiums)	8	(43)
Realized gain (loss)	0	(13,850)
Net Change in Unrealized Appreciation/ (Depreciation)	(13)	11,272
Transfers into Level 3	0	0
Tranfers out of Level 3	0	0
Ending balance	4,631	6,139
Investments term loans senior secured [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	40,061	25,562
Net Purchases and Drawdowns	2,394	1,721
In-Kind Contributions	0	0
Net Sales and Paydowns	0	0
Accrued Discounts/ (Premiums)	83	13
Realized gain (loss)	0	0
Net Change in Unrealized Appreciation/ (Depreciation)	650	(382)
Transfers into Level 3	0	0
Tranfers out of Level 3	0	0
Ending balance	43,188	$ 26,914
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	263
Net Purchases and Drawdowns	642
In-Kind Contributions	0
Net Sales and Paydowns	(321)
Accrued Discounts/ (Premiums)	0
Realized gain (loss)	0
Net Change in Unrealized Appreciation/ (Depreciation)	0
Transfers into Level 3	0
Tranfers out of Level 3	0
Ending balance	584
Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	2,181
Net Purchases and Drawdowns	0
In-Kind Contributions	0
Net Sales and Paydowns	0
Accrued Discounts/ (Premiums)	0
Realized gain (loss)	0
Net Change in Unrealized Appreciation/ (Depreciation)	31
Transfers into Level 3	0
Tranfers out of Level 3	0
Ending balance	$ 2,212

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Fair Value Measurement - Summary Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 191,906	$ 215,975
Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		75,802	68,079
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Term Loans One [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 25,187	$ 25,574
Valuation techniques		Discounted Cash Flow	Discounted Cash Flow
Unobservable Input		Discount Rate	Discount Rate
Significant unobservable input used in the valuation of investment	[1]	12.49	12.23
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Term Loans One [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment		17.01	16.39
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Term Loans One [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment		10.88	10.67
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 43,188	$ 40,061
Valuation techniques		Discounted Cash Flow	Discounted Cash Flow
Unobservable Input		Discount Rate	Discount Rate
Significant unobservable input used in the valuation of investment	[1]	17.04	17.50
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment		23.62	23.37
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment		14.66	15.41
Measurement Input Purchase Price [Member] | Valuation, Recent Transaction [Member] | Term Loans Two [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 4,631
Valuation techniques		Recent Transaction
Unobservable Input		Purchase Price
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 263	$ 263
Valuation techniques		Discounted Cash Flow/Comparable Multiple	Discounted Cash Flow/Comparable Multiple
Unobservable Input		Discount Rate/Revenue Multiple	Discount Rate/Revenue Multiple
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment	[1]	0.55	0.55
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Significant unobservable input used in the valuation of investment	[1]	19.25	17.25
Measurement Input, EBITDA Multiple [Member] | Valuation Comparable Multiple [Member] | Common Stocks [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 321
Valuation techniques		Comparable Multiple
Unobservable Input		EBITDA Multiple
Significant unobservable input used in the valuation of investment	[1]	5.75
Measurement Input, EBITDA Multiple [Member] | Valuation Comparable Multiple [Member] | Warrants [Member] | Fair Value, Inputs, Level 3 [Member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items]
Fair value disclosures		$ 2,212	$ 2,181
Valuation techniques		Comparable Multiple	Comparable Multiple
Unobservable Input		EBITDA Multiple	EBITDA Multiple
Significant unobservable input used in the valuation of investment	[1]	10.25	10.00

[1] Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

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Commitments And Contingencies - Summary Of Outstanding Commitments To Fund Investments (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
Capital commitments	$ 216,026
Integrity Marketing Acquisition, LLC [Member] | Revolver [Member]
Other Commitments [Line Items]
Capital commitments	$ 741

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Net Assets - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Jan. 25, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Net Assets [Line Items]
Common stock, shares authorized		250,000,000		250,000,000
Common stock, par value | $ / shares		$ 0.001		$ 0.001
Preferred stock, shares authorized		1,000,000
Preferred stock, par value | $ / shares		$ 0.001
Number of shares repurchased during the period		3,785,282	0
Stock repurchased during period Value		$ 33,238
PIMCO Capital Solutions US Feeder LP [Member] | Common Stock [Member]
Net Assets [Line Items]
Common stock, par value | $ / shares	$ 0.001
Number of shares repurchased during the period	3,785,281.95
Repurchase price per share	$ 8.78
PIMCO Capital Solutions US Feeder LP [Member] | Maximum [Member] | Common Stock [Member]
Net Assets [Line Items]
Stock repurchased during period Value	$ 40,000
PIMCO Capital Solutions US Feeder LP [Member] | Minimum [Member] | Common Stock [Member]
Net Assets [Line Items]
Stock repurchased during period Value	$ 33,238

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Earnings Per Share - Summary of of basic and diluted earnings (loss) per common share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 6,745	$ 5,711
Weighted Average Number of Shares Outstanding, Basic	22,600,919	25,387,884
Weighted Average Number of Shares Outstanding, Diluted	22,600,919	25,387,884
Earnings Per Share, Basic	$ 0.3	$ 0.22
Earnings Per Share, Diluted	$ 0.3	$ 0.22

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Financial Highlights - Schedule Of Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Financial Highlights [Abstract]
Net asset value, beginning of period	$ 8.75	$ 9.21
Net investment income (loss)	0.24	0.23
Net realized and unrealized gain (loss) on investment transactions	0.06	(0.01)
Net increase (decrease) in net assets from operations	0.3	0.22
Total increase (decrease) in net assets	0.3	0.22
Net asset value, end of period	$ 9.05	$ 9.43
Shares Outstanding, end of period	21,602,602	25,387,884
Total Return	3.57%	2.44%
Ratios / supplemental data
Ratio of expenses to average net assets, gross of waivers	2.42%	1.59%
Ratio of expenses to average net assets, net of waivers	1.10%	0.35%
Ratio of net investment income (loss) to average net assets	11.03%	10.07%
Net Assets, end of period	$ 195,557	$ 239,506	$ 222,050	$ 233,795
Weighted average shares outstanding, Basic	22,600,919	25,387,884
Weighted average shares outstanding, Diluted	22,600,919	25,387,884
Total capital commitments, end of period	$ 216,026	$ 253,879
Portfolio turnover rate	2.91	6.27

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Subsequent Events - Additional Information (Detail) - Subsequent Event [Member]	May 03, 2024 $ / shares
Subsequent Event [Line Items]
Dividend payable date declared	May 03, 2024
Dividend payable amount per share	$ 0.14
Dividend payable date	May 22, 2024
Dividends payable, date of record	May 20, 2024