10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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

or

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

Commission file number: 814-01599

Crescent Private Credit Income Corp.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	88-4283363
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA	90025
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

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

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

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

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

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

The number of shares of the Registrant’s common stock, par value $0.01 per share outstanding at May 13, 2024 was 5,931,257 shares of Class I Common Stock ("Class I Shares").

Common shares outstanding exclude May 1, 2024 subscriptions since the issuance price is not yet finalized at the date of this filing.

11

CRESCENT PRIVATE CREDIT INCOME CORP.

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

Table of Contents

PART I	FINANCIAL INFORMATION	4
Item 1.	Financial Statements	4
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (Unaudited) and December 31, 2023	4
	Consolidated Statement of Operations for the three months ended March 31, 2024 (Unaudited)	5
	Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2024 (Unaudited)	6
	Consolidated Statement of Cash Flows for three months ended March 31, 2024 (Unaudited)	7
	Consolidated Schedule of Investments as of March 31, 2024 (Unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2023	13
	Notes to Consolidated Financial Statements (Unaudited)
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	42
Part II	OTHER INFORMATION	43
Item 1.	Legal Proceeding	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales Of Equity Securities And Use Of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44

2

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about Crescent Private Credit Income Corp (together, with its consolidated subsidiaries, the “Company," “we” or “our”), our current and prospective portfolio investments, our industry, our beliefs and opinions, and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

•regulations governing our operation as a business development company;

•financing investments with borrowed money;

•operation in a highly competitive market for investment opportunities;

•risks associated with original issue discount (“OID”) and payment-in-kind (“PIK”) interest income;

•changes in interest rates may affect our cost of capital and net investment income;

•the impact of changes in Secured Overnight Financing Rate (“SOFR”), or other benchmark rates on our operating results;

•uncertainty as to the value of certain portfolio investments;

•our ability to deploy any capital raised in sales of our Common Shares;

•lack of liquidity in investments;

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies;

•the ensuing conflict in the Middle East;

•the timing, form and amount of any dividend distributions;

•risks regarding distributions;

•potential resignation of the Adviser and/or the Administrator;

•potential adverse effects of price declines and illiquidity in the corporate debt markets;

•potential impact of economic recessions or downturns;

•defaults by portfolio companies;

•the outcome and impact of any litigation;

•uncertainty surrounding the financial stability of the United States, Europe and China;

•adverse developments in the credit markets; and

•potential fluctuation in quarterly operating results.

Although we believe that the assumptions on which these forward-looking statements are based upon are reasonable, some of those assumptions may be based on the work of third parties and any of those assumptions could prove to be inaccurate; as a result, 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 Quarterly Report on Form 10-Q (the “Quarterly Report”) and should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report or other information incorporated herein by reference, as applicable. We do not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law. You are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including registration statements on Form N-2, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), which preclude civil liability for certain forward-looking statements, do not apply to the forward-looking statements in this report because we are an investment company.

3

PART I. Financial Information
Item 1. Financial Statements

Crescent Private Credit Income Corp.
Consolidated Statements of Assets and Liabilities
(in thousands, except for per share data)
	As of March 31, 2024 (Unaudited)		As of December 31, 2023
Assets
Investments, at fair value
Non-controlled non-affiliated investments (cost of $162,510 and $112,919, respectively)	$	164,431	$	114,294
Cash and cash equivalents		21,143		8,576
Restricted cash and cash equivalents		41,377		20,178
Interest receivable		1,777		671
Other assets		-		3
Total assets	$	228,728	$	143,722
Liabilities
Debt (net of deferred financing costs of $1,683 and $1,772, respectively)	$	43,317	$	20,728
Payable for investments purchased		25,413		17,762
Interest and other debt financing costs payable		731		177
Due to administrator		416		697
Accrued professional fees		340		165
Accrued expenses and other liabilities		238		335
Total liabilities		70,455		39,864
Commitments and Contingencies (Note 7)
Net assets
Common stock, par value $0.01 per share (300,000,000 shares authorized, 5,931,257 and 3,977,799 shares issued and outstanding, respectively)		59		40
Paid-in capital in excess of par value		151,306		99,875
Accumulated earnings		6,908		3,943
Total net assets		158,273		103,858
Total liabilities and net assets	$	228,728	$	143,722
Net asset value per share (Class I)	$	26.68	$	26.11

See accompanying notes

4

Crescent Private Credit Income Corp.
Consolidated Statements of Operations
(in thousands, except for per share data)
(Unaudited)
	For the Three Months Ended March 31, 2024
Investment Income:
From non-controlled non-affiliated investments:
Interest income	$	3,970
Other income		42
Total investment income		4,012
Expenses:
Interest and other debt financing costs		828
Management fees		408
Income based incentive fees		302
Capital gains based incentive fees		69
Professional fees		253
Directors’ fees		53
Other general and administrative expenses		459
Total expenses		2,372
Management fees waiver		(408	)
Income based incentive fees waiver		(302	)
Capital gains based incentive fees waiver		(69	)
Net expenses		1,593
Net investment income		2,419
Net realized and unrealized gains on investments:
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments		546
Net realized and unrealized gains on investments		546
Net increase in net assets resulting from operations	$	2,965

See accompanying notes

5

Crescent Private Credit Income Corp.
Consolidated Statement of Changes in Net Assets
(in thousands, except share and per share data)
(Unaudited)
	Common Stock
	Class I Shares		Par Amount		Paid in Capital in Excess of Par Value		Accumulated Earnings		Total Net Assets
Balance at December 31, 2023		3,977,799	$	40	$	99,875	$	3,943	$	103,858
Net increase (decrease) in net assets resulting from operations:
Net investment income		-		-		-		2,419	$	2,419
Net change in unrealized appreciation (depreciation) on investments		-		-		-		546	$	546
Issuance of common stock - Class I shares		1,953,458		19		51,431		-	$	51,450
Total increase (decrease) in net assets		1,953,458	$	19	$	51,431	$	2,965	$	54,415
Balance at March 31, 2024		5,931,257	$	59	$	151,306	$	6,908	$	158,273

See accompanying notes

6

Crescent Private Credit Income Corp.
Consolidated Statement of Cash Flows
(in thousands)
(Unaudited)
	For the Three Months Ended March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	2,965
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments		(54,105	)
Proceeds from sales of investments and principal repayments		4,756
Net change in unrealized (appreciation) depreciation on investments		(546	)
Amortization of premium and accretion of discount, net		(243	)
Amortization of deferred financing costs		90
Change in operating assets and liabilities:
(Increase) decrease in interest receivable		(1,106	)
(Increase) decrease in other assets		3
Increase (decrease) in payable for investment purchased		7,651
Increase (decrease) in interest and other debt financing costs payable		554
Increase (decrease) in due to administrator		(281	)
Increase (decrease) in accrued professional expenses		175
Increase (decrease) in accrued expenses and other liabilities		(97	)
Net cash provided by (used for) operating activities	$	(40,184	)
Cash flows from financing activities:
Proceeds from issuance of common stock		51,450
Borrowings on credit facilities		22,500
Net cash provided by (used for) financing activities		73,950
Net increase (decrease) in cash and cash equivalents		33,766
Cash and cash equivalents, beginning of period		28,754
Cash and cash equivalents, end of period (1)	$	62,520
Supplemental and non-cash financing activities:
Cash paid during the period for interest	$	172
Cash paid during the period for taxes	$	110

(1) As of March 31, 2024, the balance included cash and cash equivalents of $21,143 and restricted cash and cash equivalents of $41,377.

See accompanying notes

7

Crescent Private Credit Income Corp. Consolidated Schedule of Investments March 31, 2024 (in thousands) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Capital Goods
AECOM Management Services (Amentum) (7)	Senior Secured First Lien Term Loan	S + 400	9.44%	01/2027		742	$	730			0.5	$	745
Alterra Mountain Company (7)	Senior Secured First Lien Term Loan	S + 375	9.08%	07/2026		303		303			0.2		304
Conair (7)	Senior Secured First Lien Term Loan	S + 375	9.18%	05/2028		997		994			0.6		990
CP Atlas (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.18%	11/2027		1,247		1,234			0.8		1,234
Energy Solutions (7)	Senior Secured First Lien Term Loan	S + 400 (50 Floor)	9.31%	09/2030		746		744			0.5		750
Fairbanks Morse Defense (7)	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	10.32%	06/2028		1,018		1,004			0.6		1,019
MIWD Holdco (7)	Senior Secured First Lien Term Loan	S + 350	8.82%	03/2031		286		285			0.2		288
White Cap (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.08%	10/2027		992		992			0.6		997
						6,331		6,286			4.0		6,327
Commercial and Professional Services
Brown Group Holdings (7)	Senior Secured First Lien Term Loan	S + 300	8.32%	07/2029		748		747			0.5		748
Corelogic (7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.94%	06/2028		1,496		1,470			0.9		1,467
Iris Buyer LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	11.56%	10/2030		332		319			0.2		344
Iris Buyer LLC (4)(5)	Unitranche First Lien Revolver			10/2029		-		(13	)		-		11
Iris Buyer LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	11.56%	10/2030		3,523		3,430			2.3		3,603
LABL Inc (7)	Senior Secured First Lien Term Loan	S + 500 (50 Floor)	10.43%	10/2028		997		982			0.6		979
McKissock Investment Holdings LLC (Colibri) (7)	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	10.38%	03/2029		3,000		2,929			1.9		3,014
Trugreen (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.43%	11/2027		1,247		1,217			0.8		1,215
Vaco Holdings (7)	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	10.43%	01/2029		1,240		1,178			0.8		1,229
WCG/WIRB-Copernicus Group, Inc. (7)	Senior Secured First Lien Term Loan	S + 400 (100 Floor)	9.44%	01/2027		1,488		1,468			0.9		1,491
						14,071		13,727			8.9		14,101
Consumer Discretionary Distribution and Retail
1-800 Contacts (CNT Holdings I Corp) (7)	Senior Secured First Lien Term Loan	S + 350 (75 Floor)	8.82%	11/2027		982		977			0.6		985
Bass Pro - Great American Outdoors Group LLC (7)	Senior Secured First Lien Term Loan	S + 375 (75 Floor)	9.19%	03/2028		1,489		1,482			0.9		1,491
Harbor Freight Tools USA, Inc (7)	Senior Secured First Lien Term Loan	S + 275 (50 Floor)	8.19%	10/2027		1,746		1,733			1.1		1,746
Les Schwab Tire (LS Group Opco Acquisition, LLC) (7)	Senior Secured First Lien Term Loan	S + 325 (75 Floor)	8.68%	11/2027		744		744			0.5		746
PetSmart (7)	Senior Secured First Lien Term Loan	S + 375	9.18%	02/2028		1,694		1,688			1.1		1,692
Savers (6)(7)	Senior Secured First Lien Term Loan	S + 375 (75 Floor)	9.05%	04/2028		2,104		2,104			1.3		2,115
						8,759		8,728			5.5		8,775
Consumer Durables and Apparel
Lakeshore Learning (7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.94%	09/2028		870		863			0.6		872
						870		863			0.6		872
Consumer Services
Ascend Learning (7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.92%	12/2028		1,496		1,489			0.9		1,490
Golden Nugget Inc (Landry’s) (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.08%	01/2029		2,237		2,222			1.4		2,245
Inspire Brands, Inc. (Arby’s & Buffalo Wild Wings) (7)	Senior Secured First Lien Term Loan	S + 275 (75 Floor)	8.18%	12/2027		744		737			0.5		745
J&J Ventures Gaming (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.44%	04/2028		1,011		1,001			0.6		1,003
Kuehg Corp (7)	Senior Secured First Lien Term Loan	S + 500 (50 Floor)	10.30%	06/2030		222		222			0.1		223
Mavis Tire Express Services Topco, Corp. (7)	Senior Secured First Lien Term Loan	S + 375	9.08%	05/2028		443		443			0.3		444
Whatabrands LLC (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.69%	08/2028		992		991			0.6		994
						7,145		7,105			4.4		7,144
Diversified Financials
Pinnacle Purchaser, LLC (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.93%	12/2029		88		84			0.1		88
Pinnacle Purchaser, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.93%	12/2029		3,616		3,582			2.3		3,616
						3,704		3,666			2.4		3,704

See accompanying notes

8

Crescent Private Credit Income Corp. Consolidated Schedule of Investments March 31, 2024 (in thousands) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Energy
Brazos (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.08%	02/2030		705		703			0.4		708
TallGrass Energy (Prairie ECI) (7)	Senior Secured First Lien Term Loan	S + 475	10.08%	08/2029		1,248		1,241			0.8		1,245
						1,953		1,944			1.2		1,953
Financial Services
Acrisure (7)	Senior Secured First Lien Term Loan	S + 450	9.83%	10/2030		1,496		1,490			1.0		1,506
Blackhawk Network Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 500	10.33%	06/2025		744		741			0.5		746
LBM Acquisition (7)	Senior Secured First Lien Term Loan	S + 375 (75 Floor)	9.17%	12/2027		1,247		1,245			0.8		1,246
Nexus (7)	Senior Secured First Lien Term Loan	S + 450	9.83%	12/2028		1,500		1,493			0.9		1,493
						4,987		4,969			3.2		4,991
Food, Beverage and Tobacco
Triton Water Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.81%	03/2028		1,489		1,457			0.9		1,475
Triton Water Holdings, Inc.	Senior Secured First Lien Term Loan	S + 400 (50 Floor)	9.30%	03/2028		506		501			0.3		505
						1,995		1,958			1.2		1,980
Health Care Equipment and Services
Angels of Care	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.81%	02/2030		3,750		3,713			2.3		3,713
Angels of Care (4)(5)	Senior Secured First Lien Revolver			02/2030		-		(4	)		-		(4	)
Angels of Care (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			02/2030		-		(4	)		-		(8	)
Aspen Dental- ADMI Corp (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.19%	12/2027		1,565		1,484			1.0		1,515
Aspen Dental- ADMI Corp (7)	Senior Secured First Lien Term Loan	S + 575 (50 Floor)	11.08%	12/2027		506		482			0.3		507
Avalign (4)(5)	Unitranche First Lien Revolver			12/2028		-		(18	)		-		(18	)
Avalign	Unitranche First Lien Term Loan	S + 650 (75 Floor)	11.83%	12/2028		7,121		6,980			4.4		6,979
Azalea Topco (7)	Senior Secured First Lien Term Loan	S + 375 (75 Floor)	9.08%	07/2026		1,247		1,247			0.8		1,240
DuPage Medical Group (Midwest Physician) (7)	Senior Secured First Lien Term Loan	S + 325 (75 Floor)	8.82%	03/2028		1,240		1,153			0.7		1,036
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	10.44%	07/2028		7,488		6,906			4.4		7,001
Laserway Intermediate Holdings II, LLC (7)	Senior Secured First Lien Term Loan	S + 575 (75 Floor)	11.33%	10/2027		3,280		3,243			2.1		3,271
LifePoint Health Inc (7)	Senior Secured First Lien Term Loan	S + 550	11.09%	11/2028		1,749		1,706			1.1		1,756
MB2 Dental	Unitranche First Lien Term Loan	S + 600 (75 Floor)	11.32%	02/2031		5,544		5,489			3.5		5,489
MB2 Dental (4)(5)	Unitranche First Lien Revolver			02/2031		-		(4	)		-		(4	)
MB2 Dental (4)(5)	Unitranche First Lien Delayed Draw Term Loan			02/2031		-		(19	)		-		(19	)
MB2 Dental (4)(5)	Unitranche First Lien Delayed Draw Term Loan			02/2031		-		(23	)		-		(12	)
Medical Solutions LLC (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.68%	11/2028		1,489		1,398			0.8		1,332
Medline Industries (Mozart Borrower) (7)	Senior Secured First Lien Term Loan	S + 275 (50 Floor)	8.20%	10/2028		676		667			0.4		667
MPH Acquisition (7)	Senior Secured First Lien Term Loan	S + 425 (50 Floor)	9.85%	09/2028		997		969			0.6		966
Pacific Dental Services (7)	Senior Secured First Lien Term Loan	S + 325	8.58%	05/2028		747		746			0.5		748
Upstream Newco Inc (7)	Senior Secured First Lien Term Loan	S + 425	9.82%	11/2026		1,491		1,405			0.9		1,407
						38,890		37,516			23.8		37,562
Insurance
Accession Risk Management (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			10/2026		-		(12	)		-		8
Accession Risk Management (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (100 Floor)	11.34%	10/2026		660		652			0.4		667
Assured Partners (7)	Senior Secured First Lien Term Loan	S + 375	9.08%	02/2027		746		746			0.5		748
Assured Partners (7)	Senior Secured First Lien Term Loan	S + 350	8.83%	01/2029		208		207			0.1		209
BroadStreet Partners Inc. (7)	Senior Secured First Lien Term Loan	S + 375	9.08%	01/2029		1,484		1,481			0.9		1,491
Galway (5)	Senior Secured First Lien Revolver	S + 525 (75 Floor)	10.66%	09/2028		112		105			0.1		101
Galway (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			09/2028		-		(53	)		-		(41	)
Outcomes Group Holdings Inc (7)	Senior Secured First Lien Term Loan	S + 325	8.69%	10/2025		744		742			0.5		745
Sedgwick CMS Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 375	9.08%	02/2028		743		738			0.5		745
						4,697		4,606			3.0		4,673

See accompanying notes

9

Crescent Private Credit Income Corp. Consolidated Schedule of Investments March 31, 2024 (in thousands) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Materials
Anchor Packaging LLC (7)	Senior Secured First Lien Term Loan	S + 350	8.93%	07/2026		744		741			0.5		745
Chemours (6)(7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.83%	08/2028		1,460		1,445			0.9		1,457
Formulations Parent Corporation (4)(5)	Unitranche First Lien Revolver			11/2030		-		(10	)		-		1
Formulations Parent Corporation	Unitranche First Lien Term Loan	S + 575 (75 Floor)	11.06%	11/2030		3,302		3,239			2.1		3,309
Novolex - Flex Acquisition Company, Inc. (7)	Senior Secured First Lien Term Loan	S + 367.5 (50 Floor)	9.11%	04/2029		1,986		1,965			1.3		1,991
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Revolver			12/2029		-		(2	)		-		-
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		-		(1	)		-		-
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2025		-		(1	)		-		-
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	10.61%	12/2029		1,446		1,432			0.9		1,446
Pegasus Steel	Senior Secured First Lien Term Loan	S + 550 (100 Floor)	10.83%	01/2031		1,549		1,526			1.0		1,541
Pegasus Steel (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			01/2031		-		(3	)		-		(2	)
Plaze Inc (7)	Senior Secured First Lien Term Loan	S + 375	9.19%	08/2026		463		451			0.3		457
Plaze Inc (7)	Senior Secured First Lien Term Loan	S + 350	8.94%	08/2026		744		728			0.5		735
						11,694		11,510			7.5		11,680
Media and Entertainment
Authentic Brands Group - ABG (7)	Senior Secured First Lien Term Loan	S + 350	8.93%	12/2028		625		622			0.4		628
CMG Media Corp (7)	Senior Secured First Lien Term Loan	S + 350	8.91%	12/2026		1,740		1,592			1.0		1,522
Red Ventures, LLC (7)	Senior Secured First Lien Term Loan	S + 300	8.33%	03/2030		1,489		1,484			0.9		1,485
Yahoo/Verizon Media (7)	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	10.94%	09/2027		1,442		1,413			0.9		1,416
						5,296		5,111			3.2		5,051
Pharmaceuticals, Biotechnology and Life Sciences
Parexel (Phoenix Newco, Inc.) (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.69%	11/2028		1,479		1,472			0.9		1,484
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 625 (75 Floor)	11.43%	12/2029		3,366		3,286			2.2		3,434
WCT Group Holdings, LLC (4)(5)	Unitranche First Lien Revolver			12/2029		-		(11	)		-		9
						4,845		4,747			3.1		4,927
Real Estate Management and Development
Belfor Holdings Inc	Senior Secured First Lien Term Loan	S + 375	9.08%	10/2030		314		311			0.2		316
Chamberlain Group (Chariot Buyer) (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.68%	11/2028		1,488		1,463			0.9		1,488
						1,802		1,774			1.1		1,804
Software and Services
Access Records Management (7)	Senior Secured First Lien Term Loan	S + 500 (50 Floor)	10.33%	08/2028		1,467		1,455			0.9		1,471
Asurion, LLC (7)	Senior Secured First Lien Term Loan	S + 425	9.68%	08/2028		1,987		1,932			1.3		1,922
Cloud Software (7)	Senior Secured First Lien Term Loan	S + 450 (50 Floor)	9.91%	03/2029		1,643		1,585			1.0		1,638
Cloud Software (7)	Senior Secured First Lien Term Loan	S + 450 (50 Floor)	9.93%	03/2029		808		803			0.5		803
Concord III, LLC (4)(5)	Unitranche First Lien Revolver			12/2028		-		(3	)		-		-
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	11.56%	12/2028		5,675		5,618			3.6		5,675
Cotiviti Holdings (7)	Senior Secured First Lien Term Loan	S + 325	8.58%	02/2031		2,296		2,290			1.5		2,295
Endure Digital (Endurance Intl) (7)	Senior Secured First Lien Term Loan	S + 350 (75 Floor)	9.42%	02/2028		990		944			0.6		968
Ensono (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.44%	05/2028		745		720			0.5		724
Enverus (4)(5)	Unitranche First Lien Revolver			12/2029		-		(5	)		-		(1	)
Enverus (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-		(3	)		-		(1	)
Enverus	Unitranche First Lien Term Loan	S + 550 (75 Floor)	10.83%	12/2029		4,440		4,378			2.8		4,429
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		-		(11	)		-		-
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 600 (75 Floor)	11.31%	09/2030		4,489		4,383			2.9		4,557
Granicus, Inc. (4)(5)	Unitranche First Lien Delayed Draw Term Loan			01/2031		-		(6	)		-		(1	)
Granicus, Inc. (4)(5)	Unitranche First Lien Revolver			01/2031		-		(5	)		-		(1	)
						24,540		24,075			15.6		24,478

See accompanying notes

10

Crescent Private Credit Income Corp. Consolidated Schedule of Investments March 31, 2024 (in thousands) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Granicus, Inc.	Unitranche First Lien Term Loan	S + 350 (100 Floor) (including 225 PIK)	11.06%	01/2031		3,873		3,838			2.4			3,864
Isolved (7)	Senior Secured First Lien Term Loan	S + 400	9.33%	10/2030		180		178			0.1			181
Micro Holdings (7)	Senior Secured First Lien Term Loan	S + 425	9.58%	05/2028		2,237		2,182			1.4			2,227
Milano Acquisition Corp (Gainwell) (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.41%	10/2027		2,235		2,179			1.4			2,142
RealPage, Inc. (7)	Senior Secured First Lien Term Loan	S + 300 (50 Floor)	8.44%	04/2028		1,489		1,461			0.9			1,450
Red Planet (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.18%	10/2028		1,247		1,228			0.8			1,229
Sovos Compliance (7)	Senior Secured First Lien Term Loan	S + 450 (50 Floor)	9.94%	08/2028		997		991			0.6			990
						12,258		12,057			7.6			12,083
Telecommunication Services
CCI Buyer (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.30%	12/2027		1,496		1,491			0.9			1,489
						1,496		1,491			0.9			1,489
Utilities
Granite Energy LLC (7)	Senior Secured First Lien Term Loan	S + 375 (100 Floor)	9.19%	11/2026		1,226		1,217			0.8			1,230
						1,226		1,217			0.8			1,230
Total Debt Investments United States						156,559	$	153,350			98.0	%	$	154,824
Equity Investments
Commercial and Professional Services
Iris Buyer LLC	Common Stock					192		193			0.1			199
Iris Buyer LLC	Common Stock					192,308		-			-			31
						192,500		193			0.1			230
Pharmaceuticals, Biotechnology and Life Sciences
WCT Group Holdings, LLC	Common Stock					118		1,176			0.8			1,240
						118		1,176			0.8			1,240
Total Equity Investments United States						192,618	$	1,369			0.9	%	$	1,470
Netherlands
Debt Investments
Financial Services
Hunter Douglas (6)(7)(8)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.82%	02/2029		1,496		1,481			0.9			1,482
Total Debt Investments Netherlands						1,496		1,481			0.9			1,482
New Zealand
Debt Investments
Software & Services
Pushpay USA Inc. (4)(5)(6)	Unitranche First Lien Revolver			05/2030		-		(11	)		-			-
Pushpay USA Inc. (6)	Unitranche First Lien Term Loan	S + 675 (75 Floor)	12.21%	05/2030		5,544		5,391			3.6			5,710
Total Debt Investments New Zealand						5,544		5,380			3.6			5,710
United Kingdom
Debt Investments
Commercial and Professional Services
Ineos Quattro (6)(7)(8)	Senior Secured First Lien Term Loan	S + 425	9.68%	04/2029		444		435			0.3			444
						444		435			0.3			444

See accompanying notes

11

Crescent Private Credit Income Corp. Consolidated Schedule of Investments March 31, 2024 (in thousands) (Unaudited)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Media and Entertainment
Stubhub (6)(7)	Senior Secured First Lien Term Loan	S + 475	10.08%	03/2030		500		495		0.3			501
						500		495		0.3			501
Total Debt Investments United Kingdom						944		930		0.6			945
Total Investments							$	162,510		104.0	%	$	164,431
Cash Equivalents
Dreyfus Government Cash Management Institutional Fund	Cash Equivalents					21,099		21,099		13.3			21,099
Goldman Sachs FS Government Fund	Cash Equivalents					40,594		40,594		25.6			40,594
Cash Equivalents Total							$	61,693		38.9	%	$	61,693
Investments and Cash Equivalents Total							$	224,203		142.9	%	$	226,124

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of March 31, 2024, the reference rates for the Company’s variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ($) unless otherwise noted.

***Percentage is based on net assets of $158,273 as of March 31, 2024.

	Tenor
Reference Rate	Overnight	1 month	3 month	6 Month	12 Month
SOFR (“S”)		5.33%	5.30%	5.22%	5.00%

(1)All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

(2)All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(3)The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.

(4)The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5)Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 7 “Commitments and Contingencies”.

(6)Investment is not a qualifying asset as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 5.2% as of March 31, 2024.

(7)This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.
 

See accompanying notes

12

Crescent Private Credit Income Corp. Consolidated Schedule of Investments December 31, 2023 (in thousands)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Investments (1)(2)(3)
United States
Debt Investments
Capital Goods
AECOM Management Services (Amentum) (7)	Senior Secured First Lien Term Loan	S + 400	9.47%	01/2027		744	$	731			0.7	$	746
Energy Solutions (7)	Senior Secured First Lien Term Loan	S + 400 (50 Floor)	9.36%	09/2030		748		745			0.7		749
Fairbanks Morse Defense (7)	Senior Secured First Lien Term Loan	S + 475 (75 Floor)	10.36%	06/2028		1,020		1,006			1.0		1,022
White Cap (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.11%	10/2027		995		989			1.0		998
						3,507		3,471			3.4		3,515
Commercial and Professional Services
Brown Group Holdings (7)	Senior Secured First Lien Term Loan	S + 375	9.13%	07/2029		748		746			0.7		751
CHA Holdings, Inc.	Senior Secured First Lien Term Loan	S + 450 (100 Floor)	9.97%	04/2025		1,295		1,281			1.2		1,274
CHA Holdings, Inc. (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 450 (100 Floor)	10.15%	04/2025		573		566			0.5		563
Iris Buyer LLC (5)	Unitranche First Lien Delayed Draw Term Loan	S + 625 (100 Floor)	11.64%	10/2030		73		60			0.1		59
Iris Buyer LLC (4)(5)	Unitranche First Lien Revolver			10/2029		-		(13	)		-		(14	)
Iris Buyer LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	11.60%	10/2030		3,532		3,435			3.4		3,435
McKissock Investment Holdings LLC (Colibri) (7)	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	10.24%	03/2029		3,000		2,926			2.9		3,004
Vaco Holdings (7)	Senior Secured First Lien Term Loan	S + 500 (75 Floor)	10.43%	01/2029		1,243		1,168			1.2		1,230
WCG/WIRB-Copernicus Group, Inc. (7)	Senior Secured First Lien Term Loan	S + 400 (100 Floor)	9.47%	01/2027		1,492		1,470			1.4		1,497
						11,956		11,639			11.4		11,799
Consumer Discretionary Distribution and Retail
1-800 Contacts (CNT Holdings I Corp) (7)	Senior Secured First Lien Term Loan	S + 350 (75 Floor)	8.93%	11/2027		744		740			0.7		747
Bass Pro - Great American Outdoors Group LLC (7)	Senior Secured First Lien Term Loan	S + 375 (75 Floor)	9.22%	03/2028		1,492		1,485			1.4		1,494
Harbor Freight Tools USA, Inc (7)	Senior Secured First Lien Term Loan	S + 275 (50 Floor)	8.22%	10/2027		1,742		1,724			1.8		1,742
Les Schwab Tire (LS Group Opco Acquisition, LLC) (7)	Senior Secured First Lien Term Loan	S + 325 (75 Floor)	8.71%	11/2027		746		745			0.7		747
PetSmart (7)	Senior Secured First Lien Term Loan	S + 375	9.21%	02/2028		1,698		1,692			1.6		1,682
						6,422		6,386			6.2		6,412
Consumer Durables and Apparel
Lakeshore Learning (7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.97%	09/2028		873		866			0.8		873
						873		866			0.8		873
Consumer Services
Golden Nugget Inc (Landry’s) (7)	Senior Secured First Lien Term Loan	S + 400 (50 Floor)	9.36%	01/2029		1,492		1,478			1.4		1,495
Inspire Brands, Inc. (Arby’s & Buffalo Wild Wings) (7)	Senior Secured First Lien Term Loan	S + 300 (75 Floor)	8.46%	12/2027		744		737			0.7		747
J&J Ventures Gaming (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.61%	04/2028		1,014		1,003			1.0		1,009
Whatabrands LLC (7)	Senior Secured First Lien Term Loan	S + 300 (50 Floor)	8.47%	08/2028		995		994			1.0		998
						4,245		4,212			4.1		4,249
Diversified Financials
Pinnacle Purchaser, LLC (5)	Senior Secured First Lien Revolver	S + 575 (100 Floor)	10.93%	12/2029		88		84			0.1		84
Pinnacle Purchaser, LLC	Senior Secured First Lien Term Loan	S + 575 (100 Floor)	10.93%	12/2029		3,625		3,589			3.5		3,589
						3,713		3,673			3.6		3,673
Energy
Brazos (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.11%	02/2030		746		743			0.7		749
TallGrass Energy (Prairie ECI) (7)	Senior Secured First Lien Term Loan	S + 475	10.21%	03/2026		748		740			0.7		750
						1,494		1,483			1.4		1,499
Financial Services
Acrisure (7)	Senior Secured First Lien Term Loan	S + 450	9.89%	10/2030		1,500		1,493			1.5		1,506
Blackhawk Network Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 275	8.14%	06/2025		744		740			0.7		745
						2,244		2,233			2.2		2,251

See accompanying notes

13

Crescent Private Credit Income Corp. Consolidated Schedule of Investments December 31, 2023 (in thousands)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***		Fair Value
Food, Beverage and Tobacco
Triton Water Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.86%	03/2028		1,492		1,458			1.4		1,481
						1,492		1,458			1.4		1,481
Health Care Equipment and Services
Aspen Dental- ADMI Corp (7)	Senior Secured First Lien Term Loan	S + 375 (50 Floor)	9.22%	12/2027		994		927			0.9		947
Aspen Dental- ADMI Corp	Senior Secured First Lien Term Loan	S + 575 (50 Floor)	11.11%	12/2027		507		482			0.5		501
DuPage Medical Group (Midwest Physician) (7)	Senior Secured First Lien Term Loan	S + 325 (75 Floor)	8.86%	03/2028		1,243		1,152			1.1		1,131
FH MD Buyer, Inc	Senior Secured First Lien Term Loan	S + 511.448 (75 Floor)	10.47%	07/2028		7,507		6,915			6.7		6,945
Laserway Intermediate Holdings II, LLC (7)	Senior Secured First Lien Term Loan	S + 575 (75 Floor)	11.41%	10/2027		3,288		3,249			3.1		3,251
LifePoint Health Inc (7)	Senior Secured First Lien Term Loan	S + 550	11.17%	11/2028		1,753		1,708			1.7		1,751
Medical Solutions LLC (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.71%	11/2028		1,492		1,397			1.4		1,405
Medline Industries (Mozart Borrower) (7)	Senior Secured First Lien Term Loan	S + 300 (50 Floor)	8.47%	10/2028		744		734			0.7		749
Pacific Dental Services (7)	Senior Secured First Lien Term Loan	S + 350 (75 Floor)	8.97%	05/2028		747		746			0.7		748
Upstream Newco Inc (7)	Senior Secured First Lien Term Loan	S + 425	9.89%	11/2026		1,245		1,163			1.1		1,179
						19,520		18,473			17.9		18,607
Insurance
Accession Risk Management (5)	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (75 Floor)	11.35%	10/2026		84		65			0.1		77
Accession Risk Management	Senior Secured First Lien Delayed Draw Term Loan	S + 600 (75 Floor)	11.43%	10/2026		188		185			0.2		187
Assured Partners (7)	Senior Secured First Lien Term Loan	S + 375	9.11%	02/2027		748		747			0.7		752
BroadStreet Partners Inc. (7)	Senior Secured First Lien Term Loan	S + 375	9.10%	01/2029		1,488		1,485			1.4		1,495
Outcomes Group Holdings Inc (7)	Senior Secured First Lien Term Loan	S + 325	8.90%	10/2025		746		744			0.7		748
Sedgwick CMS Holdings, Inc. (7)	Senior Secured First Lien Term Loan	S + 375	9.11%	02/2028		744		739			0.7		748
						3,998		3,965			3.8		4,007
Materials
Anchor Packaging LLC (7)	Senior Secured First Lien Term Loan	S + 350	8.96%	07/2026		746		743			0.7		743
Chemours (6)(7)	Senior Secured First Lien Term Loan	S + 350 (50 Floor)	8.86%	08/2028		1,463		1,448			1.4		1,465
Formulations Parent Corporation (4)(5)	Unitranche First Lien Revolver			11/2030		-		(11	)		-		(11	)
Formulations Parent Corporation	Unitranche First Lien Term Loan	S + 575 (75 Floor)	11.13%	11/2030		3,302		3,237			3.2		3,237
Novolex - Flex Acquisition Company, Inc. (7)	Senior Secured First Lien Term Loan	S + 417.5 (50 Floor)	9.63%	04/2029		1,991		1,969			1.9		2,002
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Revolver			12/2029		-		(2	)		-		(2	)
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2029		-		(1	)		-		(2	)
Online Labels Group, LLC (4)(5)	Senior Secured First Lien Delayed Draw Term Loan			12/2025		-		(1	)		-		(2	)
Online Labels Group, LLC	Senior Secured First Lien Term Loan	S + 525 (100 Floor)	10.61%	12/2029		1,450		1,436			1.4		1,436
Plaze Inc (7)	Senior Secured First Lien Term Loan	S + 275	8.11%	08/2026		464		450			0.4		452
Plaze Inc (7)	Senior Secured First Lien Term Loan	S + 350	8.97%	08/2026		746		729			0.7		727
						10,162		9,997			9.7		10,045
Media and Entertainment
Authentic Brands Group - ABG (7)	Senior Secured First Lien Term Loan	S + 350	8.96%	12/2028		627		624			0.6		630
CMG Media Corp (7)	Senior Secured First Lien Term Loan	S + 350	8.95%	12/2026		1,494		1,368			1.3		1,390
Red Ventures, LLC (7)	Senior Secured First Lien Term Loan	S + 300	8.36%	03/2030		1,243		1,238			1.2		1,241
Yahoo/Verizon Media (7)	Senior Secured First Lien Term Loan	S + 550 (75 Floor)	10.97%	09/2027		1,213		1,179			1.1		1,190
						4,577		4,409			4.2		4,451
Pharmaceuticals, Biotechnology and Life Sciences
Parexel (Phoenix Newco, Inc.) (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.72%	11/2028		993		985			1.0		1,000
WCT Group Holdings, LLC	Unitranche First Lien Term Loan	S + 625 (75 Floor)	11.43%	12/2029		3,366		3,282			3.2		3,282
WCT Group Holdings, LLC (5)	Unitranche First Lien Revolver	S + 625 (75 Floor)	11.60%	12/2029		137		126			0.1		126
						4,496		4,393			4.3		4,408

See accompanying notes

14

Crescent Private Credit Income Corp. Consolidated Schedule of Investments December 31, 2023 (in thousands)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost			Percentage of Net Assets ***			Fair Value
Real Estate Management and Development
Belfor Holdings Inc (7)	Senior Secured First Lien Term Loan	S + 375	9.11%	10/2030		334		331			0.3			335
Chamberlain Group (Chariot Buyer) (7)	Senior Secured First Lien Term Loan	S + 325 (50 Floor)	8.71%	11/2028		1,492		1,462			1.4			1,490
						1,826		1,793			1.7			1,825
Software and Services
Access Records Management (7)	Senior Secured First Lien Term Loan	S + 500 (50 Floor)	10.39%	08/2028		748		740			0.7			750
Asurion, LLC (7)	Senior Secured First Lien Term Loan	S + 425	9.71%	08/2028		1,492		1,443			1.4			1,489
Cloud Software (7)	Senior Secured First Lien Term Loan	S + 450 (50 Floor)	9.95%	03/2029		1,647		1,585			1.6			1,613
Concord III, LLC (4)(5)	Unitranche First Lien Revolver			12/2028		-		(3	)		-			(3	)
Concord III, LLC	Unitranche First Lien Term Loan	S + 625 (100 Floor)	11.62%	12/2028		5,675		5,619			5.4			5,620
Endure Digital (Endurance Intl) (7)	Senior Secured First Lien Term Loan	S + 350 (75 Floor)	9.42%	02/2028		1,492		1,417			1.4			1,466
Ensono (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.47%	05/2028		747		721			0.7			721
Enverus (4)(5)	Unitranche First Lien Revolver			12/2029		-		(5	)		-			(5	)
Enverus (4)(5)	Unitranche First Lien Delayed Draw Term Loan			12/2029		-		(3	)		-			(3	)
Enverus	Unitranche First Lien Term Loan	S + 550 (75 Floor)	10.86%	12/2029		4,440		4,374			4.2			4,374
Evergreen IX Borrower 2023, LLC (4)(5)	Unitranche First Lien Revolver			09/2029		-		(12	)		-			-
Evergreen IX Borrower 2023, LLC	Unitranche First Lien Term Loan	S + 600 (75 Floor)	11.35%	09/2030		4,500		4,391			4.4			4,548
Isolved (7)	Senior Secured First Lien Term Loan	S + 400	9.48%	10/2030		180		178			0.2			181
Micro Holdings (7)	Senior Secured First Lien Term Loan	S + 425	9.61%	05/2028		1,993		1,935			1.9			1,963
Milano Acquisition Corp (Gainwell) (7)	Senior Secured First Lien Term Loan	S + 400 (75 Floor)	9.45%	10/2027		1,990		1,943			1.9			1,941
RealPage, Inc. (7)	Senior Secured First Lien Term Loan	S + 300 (50 Floor)	8.47%	04/2028		1,492		1,457			1.4			1,484
RevSpring, Inc. (7)	Senior Secured First Lien Term Loan	S + 400	9.61%	10/2025		744		719			0.7			742
						27,140		26,499			25.9			26,881
Utilities
Granite Energy LLC (7)	Senior Secured First Lien Term Loan	S + 375 (100 Floor)	9.22%	11/2026		1,226		1,214			1.2			1,225
						1,226		1,214			1.2			1,225
Total Debt Investments United States						108,891	$	106,164			103.2	%	$	107,201
Equity Investments
Commercial and Professional Services
Iris Buyer LLC	Common Stock					192		193			0.2			192
Iris Buyer LLC	Common Stock					192,308		-			-			-
						192,500		193			0.2			192
Pharmaceuticals, Biotechnology and Life Sciences
WCT Group Holdings, LLC	Common Stock					118		1,177			1.1			1,177
						118		1,177			1.1			1,177
Total Equity Investments United States						192,618	$	1,370			1.3	%	$	1,369
New Zealand
Debt Investments
Software & Services
Pushpay USA Inc. (4)(5)(6)	Unitranche First Lien Revolver			05/2029		-		(12	)		-			-
Pushpay USA Inc. (6)	Unitranche First Lien Term Loan	S + 675 (75 Floor)	12.28%	05/2030		5,558		5,397			5.5			5,724
Total Debt Investments New Zealand						5,558		5,385			5.5			5,724
Total Investments							$	112,919			110.0	%	$	114,294

See accompanying notes

15

Crescent Private Credit Income Corp. Consolidated Schedule of Investments December 31, 2023 (in thousands)
Country/Security/Industry/Company	Investment Type	Interest Term *	Interest Rate	Maturity/ Dissolution Date	Principal Amount, Par Value or Shares **		Cost		Percentage of Net Assets ***			Fair Value
Cash Equivalents
Dreyfus Government Cash Management Institutional Fund	Cash Equivalents					8,576		8,576		8.3			8,576
Goldman Sachs FS Government Fund	Cash Equivalents					20,178		20,178		19.4			20,178
Cash Equivalents Total							$	28,754		27.7	%	$	28,754
Investments and Cash Equivalents Total							$	141,673		137.7	%	$	143,048

*The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2023, the reference rates for the Company’s variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

**The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ($) unless otherwise noted.

***Percentage is based on net assets of $103,858 as of December 31, 2023.

	Tenor
Reference Rate	Overnight	1 month	3 month	6 Month	12 Month
SOFR (“S”)		5.35%	5.33%	5.16%	4.77%

(1)All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

(2)All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

(3)The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.

(4)The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

(5)Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 7 “Commitments and Contingencies”.

(6)Investment is not a qualifying asset as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 5.0% as of December 31, 2023.

(7)This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.
 

See accompanying notes

16

Crescent Private Credit Income Corp.

Notes to Consolidated Financial Statements

(in thousands, except share and per share amounts)

March 31, 2024
(Unaudited)

Note 1. Organization and Basis of Presentation

Crescent Private Credit Income Corp. (the “Company”) was formed on November 10, 2022 as a Maryland corporation structured as a non-diversified, closed-end management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is externally managed by its adviser, Crescent Cap NT Advisors, LLC (the “Adviser”), an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. In addition, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. The Company has authorized three classes of its common stock, par value $0.01 per share, Class S Common Stock (“Class S shares”), Class D Common Stock (“Class D shares”) and Class I Common Stock (“Class I shares”) and, together with Class S shares and Class D shares, “Common Shares”). Since commencing operations, the Company has not offered or sold any of its Class S shares or Class D shares.

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company intends to invest primarily in directly originated assets, including debt securities and related equity investments, made to or issued by U.S. middle-market companies. The Company may also make investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments, for cash management purposes and to generate attractive risk adjusted returns.

CCAP Administration LLC (the “Administrator”) provides certain administrative services necessary for the Company to operate. Company management consists of investment and administrative professionals from the Adviser and Administrator, along with the Company’s Board of Directors (the “Board”). The Adviser directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company. The Board has delegated investment management of the Company’s portfolio assets to the Adviser. The Board consists of five directors, three of whom are independent.

From time to time, the Company may form wholly owned subsidiaries to facilitate the normal course of business if the Adviser determines that for legal, tax, regulatory, accounting or other similar reasons it is in the best interest of the Company to do so. The Company has also formed a special purpose vehicle that holds certain debt investments in connection with a credit facility.

On May 3, 2023, Crescent Capital Group LP, an affiliate of the Adviser (“Crescent”), purchased 1,000 Common Shares for $25, or $25.00 per share.

On May 5, 2023, Sun Life Assurance Company of Canada (“Sun Life Assurance”), an affiliate of Sun Life Financial Inc., a majority owner of the Company (“Sun Life”) made a $150,000 capital commitment to the Company. On May 5, 2023, the Company received capital call proceeds totaling $30,000 from Sun Life Assurance. In June 2023, Sun Life Assurance subsequently transferred its remaining undrawn commitment totaling $120,000 to BK Canada Holdings Inc. (“BK Canada”), an affiliate of Sun Life, pursuant to a transfer agreement among Sun Life Assurance, BK Canada and the Company. As of March 31, 2024, the Company received all $120,000 of remaining capital commitment proceeds from BK Canada.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company's functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. The Company is treated as an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of consolidated financial statements as of and for the periods included herein. All significant intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2024.

17

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. The consolidated financial statements reflect all adjustments that in the opinion of management are necessary for the fair statement of the Company’s results of the period presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. The Company deposits its cash and cash equivalents with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Cash equivalents held by the Company are deemed to be a Level 1 asset per ASC 820 Fair Value hierarchy, as defined below. Restricted cash and cash equivalents consists of deposits and cash collateral held at U.S. Bank N.A. related to the Company’s credit facility.

Investment Transactions

Loan originations are recorded on the date of the binding commitment. Investments purchased on a secondary market are recorded on the trade date. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investment Valuation

The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1—Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Adviser utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the Adviser, as the Board’s valuation designee, determines the fair value of the investments in good faith, based on, among other things, the fair valuation recommendations from investment professionals, the oversight of the Company’s Audit Committee and independent third-party valuation firms.

The Adviser, as the valuation designee, undertakes a multi-step valuation process under the supervision of the Board, which includes, among other procedures, the following:

•Each investment is initially valued by the investment professionals responsible for monitoring that investment.

•The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.

•The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.

•Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

18

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Company applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, in its capacity as the Board’s valuation designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

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 fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the unrealized gains or losses reflected herein.

Debt Issuance Costs

The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are amortized over the life of the related debt instrument using the straight-line method. See Note 6 for details.

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital to the stockholders. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital to stockholders are recorded as a reduction in the cost basis of the investment.

Certain investments have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no investments on non-accrual status.

19

Other Income

Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses will be paid by the Adviser until the commencement of the Company’s anticipated public offering of its Common Shares (the “Offering”). The Company’s obligation to reimburse the Adviser for organizational expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any organization expenses incurred by the Company, including the reimbursements to the Adviser, will be expensed as incurred. The Company’s reimbursement of organization expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid organization expenses of $1,546, on behalf of the Company.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the Offering and associated marketing materials. Offering expenses will be incurred by the Adviser until the commencement of the Offering. The Company’s obligation to reimburse the Adviser for offering expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any offering expenses incurred by the Company, including reimbursements to the Adviser, will be recorded as deferred offering costs on the consolidated statement of assets and liabilities and then subsequently amortized to expenses on the Company's consolidated statement of operations over 12 months. The Company’s reimbursement of offering expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid offering expenses of $2,706 and $2,667, respectively, on behalf of the Company.

Income Taxes

The Company elected to be regulated as a BDC under the Investment Company Act. The Company also intends to qualify annually as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of March 31, 2024 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its net capital gains for the current one-year period ending October 31 in that calendar year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate NAV of that class in relation to the aggregate NAV of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

20

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its stockholders. Distributions to stockholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including stockholder servicing and/or distribution fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which stockholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of common stock to which the distribution relates unless they elect to receive their distributions in cash.

New Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Administration Agreement

On May 3, 2023, the Company entered into the administration agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator provides administrative services to the Company. These services include providing office facilities, equipment, clerical bookkeeping and record keeping services, maintaining financial and other records, preparing reports to stockholders and reports and other materials filed with the SEC or any other regulatory authority, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered by others. The Administrator also will provide on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. Certain of these services are reimbursable to the Administrator under the terms of the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

For the three month period ended March 31, 2024, the Company incurred administrative services expenses of $318, which are included in other general and administrative expenses on the Consolidated Statement of Operations. As of March 31, 2024 and December 31, 2023, $416 and $697, respectively, was payable to the Administrator. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the costs, expenses, compensation and benefits paid by the Administrator or its affiliates to the Company’s chief compliance officer, chief financial officer, general counsel and secretary, their respective staffs and operations staff who provide services to the Company; provided that such reimbursement does not conflict with Section 7.8 of the Company's charter. The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings.

Investment Advisory and Management Agreement

On May 3, 2023, the Company entered into an investment advisory and management agreement with the Adviser (the “Investment Advisory and Management Agreement”). Under the terms of the Investment Advisory and Management Agreement, the Adviser provides investment advisory services to the Company and its portfolio investments. The Adviser’s services under the Investment Advisory and Management Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory and Management Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below. The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While the Company has not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of the Company’s net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering.

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Base Management Fee

The base management fee is calculated and payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory and Management Agreement, “net assets” means the Company’s total net assets determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company commenced operations.

For the three month period ended March 31, 2024 the Company incurred management fees of $408, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no management fees were unpaid.

Incentive Fee per Investment Advisory and Management Agreement

Under the Investment Advisory and Management Agreement, the incentive fee consists of two parts:

The first part, the income incentive fee, is calculated and payable quarterly in arrears and is paid with respect to the Company’s pre-incentive fee net investment income (as defined below) in each calendar quarter as follows: (a) no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% per quarter (5.0% annualized) (the “Hurdle”), (b) 100% of the dollar amount of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle rate but is less than a rate of return of 1.4286% (5.714% annualized), and (c) 12.5% of the dollar amount of the Company’s pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.4286% (5.714% annualized).

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year at a rate of 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from the Company’s commencement of operations through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory and Management Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee.

Pre-incentive fee net investment income means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets in accordance with GAAP at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus the Company’s operating expenses accrued for such quarter (including the base management fee, expenses payable under the Administration Agreement entered into between us and the Administrator and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee and any stockholder and/or distribution servicing fees). Pre-incentive fee net investment income returns include, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments is also excluded from pre-incentive fee net investment income. Fees payable under the Investment Advisory and Management Agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2024, the Company incurred income incentive fees of $302, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no income incentive fees were unpaid.

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory and Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 12.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three months ended March 31, 2024, the Company recorded GAAP incentive fees of $69, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no GAAP incentive fees were unpaid.

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Intermediary Manager Agreement

On July 17, 2023, the Company entered into an Intermediary Manager agreement (the “Intermediary Manager Agreement”) with Emerson Equity LLC (the “Intermediary Manager”). Under the terms of the Intermediary Manager Agreement, the Intermediary Manager agreed to, among other things, manage the Company's relationships with third-party brokers engaged by the Intermediary Manager to participate in the distribution of common shares and financial advisors. The Intermediary Manager will be entitled to receive stockholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% of the Company’s aggregate NAV attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager is entitled to receive stockholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25% of the Company’s aggregate NAV attributable to Class D shares as of the beginning of the first calendar day of the month. No stockholder servicing and/or distribution fees will be paid with respect to Class I shares. The stockholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the stockholder servicing and/or distribution fees will be retained by, or re-allowed (paid) to, participating broker-dealers.

The Company will cease paying the stockholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the stockholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and stockholder servicing and/or distribution fees paid with respect to any single share held in a stockholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such Common Shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the stockholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such stockholder’s account. At the end of such month, the applicable Class S shares or Class D shares in such common stockholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S shares or Class D shares.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s board of directors who are not “interested persons”, as defined in the Investment Company Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager.

The Intermediary Manager may terminate the Intermediary Manager Agreement, without the payment of penalty, on at least 120 days' written notice to the Company. Either party may terminate the Intermediary Manager Agreement immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision of the Intermediary Manager Agreement. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the Investment Company Act. The Company’s obligations under the Intermediary Manager Agreement to pay the stockholder servicing and/or distribution fees with respect to the Class S shares and Class D shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

On May 4, 2023, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the stockholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Company’s NAV for such class.

Class of Common Shares	Stockholder Servicing and/or Distribution Fee as a % of NAV
Class S Shares	0.85%
Class D Shares	0.25%
Class I Shares	-

The stockholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

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The Intermediary Manager will reallow (pay) all or a portion of the stockholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing stockholder services performed by such brokers, and will waive stockholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the stockholder servicing and/or distribution fees with respect to Class S shares or Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the stockholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the stockholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the stockholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The stockholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. For the three months ended March 31, 2024, the Company has not incurred any expenses in connection with the Intermediary Manager Agreement.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an Expense Support and Conditional Reimbursement Agreement on May 3, 2023 (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or stockholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company or on behalf of the Company in any combination of cash or other immediately available funds no later than forty-five days after such election was made in writing by the Adviser, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as 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 month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” As described below, reimbursement payments are conditioned on (i) an expense ratio (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution level (exclusive of return of capital to stockholders, if any), equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital 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) dividends 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).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. Reimbursement Payments for a given Expense Payment must be made within three years prior to the last business day of the applicable calendar month. The expense support is measured on a per share class basis.

The Expense Support Agreement provides that no Reimbursement Payment will be made for any calendar month if: (1) the annualized rate (based on a 365-day year) of regular cash distributions per share of common stock declared by the Board exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and any declared special dividends or distributions (the “Effective Rate of Distributions Per Share”) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Operating Expense Ratio (as 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 Operating Expenses (as defined below), less organizational and offering expenses, base

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management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the operating costs and expenses incurred, as determined in accordance with GAAP.

Note 4. Investments

The information in the following tables 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 consisted of the following (in thousands):

	As of March 31, 2024						As of December 31, 2023
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)		Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	114,932	$	115,606	$	674	$	81,687	$	82,558	$	871
Unitranche First Lien		46,209		47,355		1,146		29,862		30,367		505
Equity		1,369		1,470		101		1,370		1,369		(1	)
Total Investments	$	162,510	$	164,431	$	1,921	$	112,919	$	114,294	$	1,375

The industry composition of investments at fair value is as follows (in thousands):

Industry	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
Software and Services	$	42,271		25.7	%		32,605		28.5	%
Health Care Equipment and Services		37,562		22.8			18,607		16.3
Commercial and Professional Services		14,835		9.0			11,991		10.5
Materials		11,680		7.1			10,045		8.8
Consumer Discretionary Distribution and Retail		8,775		5.4			6,412		5.6
Consumer Services		7,144		4.3			4,249		3.7
Financial Services		6,473		4.0			2,251		2.0
Capital Goods		6,327		3.8			3,515		3.1
Pharmaceuticals, Biotechnology and Life Sciences		6,167		3.8			5,585		4.9
Media and Entertainment		5,552		3.4			4,451		3.9
Insurance		4,613		2.8			4,007		3.5
Diversified Financials		3,704		2.3			3,673		3.2
Food, Beverage and Tobacco		1,980		1.2			1,481		1.3
Energy		1,953		1.2			1,499		1.3
Real Estate Management and Development		1,804		1.1			1,825		1.6
Telecommunication Services		1,489		0.9			-		-
Utilities		1,230		0.7			1,225		1.1
Consumer Durables and Apparel		872		0.5			873		0.7
Total Investments	$	164,431		100.0	%	$	114,294		100.0	%

The geographic composition of investments at fair value is as follows (in thousands):

Geographic Region	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
United States	$	156,294		95.0	%	$	108,570		95.0	%
New Zealand		5,710		3.5			5,724		5.0
Netherlands		1,482		0.9			-		-
United Kingdom		945		0.6			-		-
Total Investments	$	164,431		100.0	%	$	114,294		100.00	%

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Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of March 31, 2024 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	96,660	$	18,946	$	115,606
Unitranche First Lien		—		—		47,355		47,355
Equity		—		—		1,470		1,470
Total Investments	$	—	$	96,660	$	67,771	$	164,431

The following table presents fair value measurements of investments as of December 31, 2023 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	67,909	$	14,649	$	82,558
Unitranche First Lien		—		—		30,367		30,367
Equity		—		—		1,369		1,369
Total Investments	$	—	$	67,909	$	46,385	$	114,294

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024, based off of the fair value hierarchy as of March 31, 2024 (in thousands):

	Senior Secured First Lien			Unitranche First Lien			Equity		Total
Balance as of December 31, 2023	$	14,649		$	30,367		$	1,369	$	46,385
Amortized discounts/premiums		15			32			-		47
Paid in-kind interest		-			-			-		-
Net realized gain (loss)		23			2			-		25
Net change in unrealized appreciation (depreciation)		179			642			101		922
Purchases		7,437			16,671			-		24,108
Sales/principal repayments/paydowns		(3,191	)		(359	)		-		(3,550	)
Transfers in		335			-			-		335
Transfers out		(501	)		-			-		(501	)
Balance as of March 31, 2024	$	18,946		$	47,355		$	1,470	$	67,771
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	179		$	642		$	100	$	921

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of March 31, 2024 and December 31, 2023. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.

Security Type	Fair Value as of March 31, 2024 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	8,810	Discounted Cash Flows	Discount Rate	10.6%	-	11.3%	(11.1%)
		10,136	Broker Quoted	Broker Quote			N/A
	$	18,946
Unitranche First Lien	$	43,494	Discounted Cash Flows	Discount Rate	10.4%	-	12.4%	(11.4%)
		3,861	Broker Quoted	Broker Quote			N/A
	$	47,355
Equity		1,470	Enterprise Value	Comparable EBITDA Multiple	16.0x	-	22.2x	(21.3x)
	$	1,470
Total	$	67,771

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Security Type	Fair Value as of December 31, 2023 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	5,103	Discounted Cash Flows	Discount Rate	6.5%	-	11.2%	(9.8%)
		9,546	Broker Quoted	Broker Quote			N/A
	$	14,649
Unitranche First Lien	$	30,367	Discounted Cash Flows	Discount Rate	11.2%	-	12.2%	(11.7%)
	$	30,367
Equity		1,369	Enterprise Value	Comparable EBITDA Multiple	13.0x	-	21.4x	(20.2x)
	$	1,369
Total	$	46,385

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses comparable EBITDA multiples on its equity securities to determine the fair value of investments. The Company uses discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security.

•The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments.

•The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ EBITDA, revenue and comparable market transactions. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.

Note 6. Debt

Debt consisted of the following:

($ in thousands)	As of March 31, 2024								As of December 31, 2023
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)
JPM Funding Facility	$	150,000	$	45,000	$	105,000	$	45,000	$	150,000	$	22,500	$	127,500	$	22,500

(1)The amount available is subject to any limitations related to the credit facility borrowing base.

(2)The amount presented excludes netting of deferred financing costs.

(3)As of March 31, 2024 and December 31, 2023, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

The weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2024 was 11.64%. The weighted average borrowing outstanding for the three months ended March 31, 2024 was $28,434.

The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of March 31, 2024 and December 31, 2023, the debt would be deemed to be Level 3 of the fair value hierarchy.

As of March 31, 2024 and December 31, 2023, the Company was in compliance with the terms and covenants of its debt arrangements.

JPM Funding Facility

On December 8, 2023, we entered into a Loan and Security Agreement (the “JPM Funding Facility”), as servicer, with CPCI Funding SPV, LLC (“CPCI SPV”), the Company's wholly owned subsidiary (the “Borrower”), as borrower, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility

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of $150,000 with a reinvestment period ending December 8, 2026 and a final maturity date of December 8, 2028. The JPM Funding Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the JPM Funding Facility to a maximum of $500,000. The Company consolidates CPCI SPV in the consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CPCI SPV.

The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower. The interest rate charged on the JPM Funding Facility is based on an applicable benchmark (Term SOFR or other applicable benchmark based on the currency of the borrowing) plus a margin of 2.60%, subject to increase from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an administrative agency fee on the facility commitment and a commitment fee on the undrawn balance. The JPM Funding Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

Costs incurred in connection with obtaining the JPM Funding Facility were recorded as deferred financing costs and are being amortized over the life of the JPM Funding Facility on a straight-line basis. As of March 31, 2024 and December 31, 2023, deferred financing costs related to the JPM Funding Facility were $1,683 and $1,772, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the JPM Funding Facility were as follows (in thousands):

($ in thousands)	For the three months ended March 31,
	2024
Borrowing interest expense	$	570
Unused facility fees		92
Amortization of financing costs		90
Administrative fee		76
Total interest and other debt financings costs	$	828
Weighted average outstanding balance	$	28,434

Note 7. Commitments and Contingencies

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements.

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The Company has the following unfunded commitments to portfolio companies (in thousands):

		As of March 31, 2024			As of December 31, 2023
Company	Investment Type	Commitment Expiration Date (1)	Unfunded Commitment		Commitment Expiration Date (1)	Unfunded Commitment
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026	$	779	10/30/2026	$	1,165
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026		80	-		-
Angels of Care (3)	Revolver	2/11/2030		400	-		-
Angels of Care (3)	Delayed Draw Term Loan	2/11/2030		850	-		-
Avalign (3)	Revolver	12/20/2028		921	-		-
Concord III, LLC (3)	Revolver	12/20/2028		325	12/20/2028		325
Enverus (3)	Revolver	12/24/2029		338	12/24/2029		338
Enverus (3)	Delayed Draw Term Loan	12/22/2025		222	12/22/2025		222
Evergreen IX Borrower 2023, LLC (3)	Revolver	9/29/2029		500	9/29/2029		500
Formulations Parent Corporation (3)	Revolver	11/15/2030		550	11/15/2029		550
Galway (3)	Revolver	9/30/2028		581	-		-
Galway (3)	Delayed Draw Term Loan	9/30/2028		5,495	-		-
Granicus, Inc. (3)	Delayed Draw Term Loan	1/17/2031		579	-		-
Granicus, Inc. (3)	Revolver	1/17/2031		548	-		-
Iris Buyer LLC (3)	Delayed Draw Term Loan	3/29/2025		172	3/29/2025		431
Iris Buyer LLC (3)	Revolver	10/2/2029		505	10/2/2029		505
MB2 Dental (3)	Revolver	2/13/2031		384	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,920	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,151	-		-
Online Labels Group, LLC (3)	Revolver	12/19/2029		200	12/19/2029		200
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Pegasus Steel (3)	Delayed Draw Term Loan	1/19/2031		451	-		-
Pinnacle Purchaser, LLC (3)	Revolver	12/28/2029		288	12/28/2029		288
Pushpay USA Inc. (3)	Revolver	5/10/2030		429	5/10/2030		429
WCT Group Holdings, LLC (3)	Revolver	12/12/2029		457	12/12/2029		320
Total			$	18,475		$	5,623

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)Investment pays 1.00% unfunded commitment fee on delayed draw term loan facility.

(3)Investment pays 0.50% unfunded commitment fee on revolving credit facility.

Other Commitments and Contingencies

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any risk exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Adviser has agreed to bear certain expenses through the date on which the Company commences the Offering. The Company will be obligated to reimburse the Adviser for such advanced expenses upon commencing the Offering and the Adviser requesting reimbursement of these expenses paid pursuant to the Expense Support Agreement. The total organization expenses incurred as of March 31, 2024 and December 31, 2023 were $1,546, all of which have been borne by the Adviser. The total offering expenses incurred as of March 31, 2024 and December 31, 2023, were $2,706 and $2,667, respectively, all of which have been borne by the Adviser.

Note 8. Net Assets

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be NAV per share for each share class as of the last calendar day of the immediately preceding month (i.e. the prior month-end NAV).

In connection with its formation, the Company has the authority to issue 300,000,000 of Common Shares at $0.01 par value per share. On May 3, 2023, Crescent was issued 1,000 Class I shares for $25 at $25.00 per share.

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As of March 31, 2024, pursuant to subscription agreements entered into between the Company and Crescent Capital, Sun Life, BK Canada, Scotia and Crescent, the Company issued approximately 5,931,257 of its Class I shares and raised gross proceeds of approximately $151,475 since inception.

Net Asset Value per Share and Offering Price

The following table summarizes each month-end NAV per share for Class I shares of beneficial interest during the three months ended March 31, 2024. As of March 31, 2024, the Company had not sold any of its Class S shares or Class D shares.

Date	Class I NAV Per Share
January 31, 2024	$	26.24
February 29, 2024		26.45
March 31, 2024		26.68

Share Repurchase Program

At the discretion of the Board and beginning no later than the first full calendar quarter from the date on which the Company commences the Offering, the Company intends to commence a share repurchase program in which the Company intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. The Board may amend, suspend, or terminate the share repurchase program if it deems such action to be in the best interest of the Company and its common stockholders. As a result, share repurchases may not be available each quarter, or at all. The Company will conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act, with terms of such tender offer published in a tender offer statement to be sent to all stockholders and filed with the SEC on Schedule TO. All common stockholders will be given at least 20 business days to elect to participate in such share repurchases. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable month designated by the Company’s Board, except that the Company deducts 2.00% from such NAV for shares that have not been outstanding for at least one year (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining common stockholders.

Note 9. Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

	For the Three Months Ended March 31, 2024 (6)
Per Share Data:
Net asset value, beginning of period	$	26.11
Net investment income (1)		0.49
Net realized and unrealized gains on investments(1)(2)		0.08
Net increase in net assets resulting from operations		0.57
Net asset value, end of period	$	26.68
Shares outstanding, end of period		5,931,257
Weighted average shares outstanding		4,983,501
Total return based on net asset value (3)		2.18	%
Ratio/Supplemental Data:
Net assets, end of period	$	158,273
Ratio of total net expenses to average net assets(4)(5)(7)		4.88	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)(7)		2.34	%
Ratio of net investment income to average net assets(7)		7.40	%
Ratio of interest and credit facility expenses to average net assets(7)		2.53	%
Portfolio turnover		3.58	%
Asset coverage ratio		444	%

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

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

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(3)Total return based on NAV is calculated as the change in NAV per share during the period plus declared dividends per share during the period, divided by the beginning NAV per share, and not annualized.

(4)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees.

(5)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive the management, income and capital gains incentive fees. Excluding the effects of the voluntary waivers, the annualized ratio of total expenses to average net assets would have been 7.26% for the three months ended March 31, 2024.

(6)Net asset information presented is related to Class I shares.

(7)Annualized.

Note 10. Income Taxes

For the three months ended March 31, 2024, the Company recognized no excise taxes related to its status as a RIC. As of March 31, 2024, and December 31, 2023, $0 and $110 of accrued excise taxes remained payable, respectively.

For the three months ended March 31, 2024, the Company recognized no benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments. As of March 31, 2024 and December 31, 2023, no deferred tax assets or liabilities were recorded on the Consolidated Statement of Assets and Liabilities.

The Company's aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

	As of March 31, 2024			As of December 31, 2023
Tax Cost	$	162,376		$	141,673
Gross Unrealized Appreciation	$	2,268		$	1,436
Gross Unrealized Depreciation		(347	)		(61	)
Net Unrealized Investment Appreciation (Depreciation)	$	1,921		$	1,375

Note 11. Subsequent Events

The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements as of March 31, 2024.

On April 24, 2024, the Company agreed to sell Class I shares for an aggregate purchase price of $345. The purchase price per Class I share will equal the Company’s net asset value per Class I share as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares will be credited to the investor’s account as of May 1, 2024, the effective date of the share purchase. The offer and sale of the Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder.

The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While the Company has not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of the Company’s net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering. See Note 3 “Agreements and Related Party Transactions– Investment Advisory and Management Agreement.”

Beginning in June 2024, regardless of whether the Company has held the initial closing of the Offering, the Company intends to begin declaring and paying regular monthly distributions. See Note 2 “Summary of Significant Accounting Policies – Distributions.” Any distributions the Company makes will be at the discretion of the Company’s Board, considering factors such as the Company’s earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, the Company’s distribution rates and payment frequency may vary from time to time.

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

The information contained in this section should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Quarterly Report. Some of the statements in this section (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of Crescent Private Credit Income Corp. (the “Company,” “we,” “us,” or “our”). The forward-looking statements contained in this section involve a number of risks and uncertainties. Please see “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” for a discussion of uncertainties, risks and assumptions associated with these statements.

OVERVIEW

We are an externally managed, non-diversified closed-end management investment company that has elected to be treated as a BDC under the Investment Company Act. Formed as a Maryland corporation on November 10, 2022, we are externally managed by our investment adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our investment adviser is registered as an investment adviser with the SEC. We have also elected to be treated, and intend to qualify annually, as a RIC under the Code.

We are externally managed by our investment adviser, Crescent Cap NT Advisors, LLC (the “Adviser”), an affiliate of Crescent, pursuant to our Investment Advisory and Management Agreement (as defined below). Our administrator, CCAP Administration LLC (the “Administrator”), an affiliate of Crescent, provides certain administrative and other services necessary for us to operate. CCAP Administration LLC also serves as the Administrator of Crescent Capital BDC, Inc. (“CCAP”), a publicly-traded BDC affiliated with the Company, since 2015.

Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation through debt and related equity investments. We seek to invest primarily in directly originated assets, including first lien senior secured loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated secured and unsecured loans, subordinated debt, which in some cases includes an equity component and preferred component and other types of credit instruments, made to or issued by U.S. middle-market companies. Our primary focus is to invest in companies with EBITDA of $35 million to $120 million; however, we may invest in larger or smaller companies. The first and second lien senior secured loans generally have terms of five to eight years. In connection with our first and second lien senior secured loans, we generally receive security interests in certain assets of our portfolio companies that could serve as collateral in support of the repayment of such loans. First and second lien senior secured loans generally have floating interest rates, which may have interest rate floors, and also may provide for some amortization of principal and excess cash flow payments, with the remaining principal balance due at maturity. To a lesser extent, we may make investments in syndicated loans and other liquid credit investment opportunities, including in publicly traded debt instruments, for cash management purposes, while also presenting an opportunity for attractive investment returns. The credit instruments we may invest in include distressed securities, securitized products, notes, bills, debentures, bank loans, convertible and preferred securities and government and municipal obligations. We may also invest in foreign instruments and illiquid and restricted securities.

Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments (loans, bonds and other credit instruments that are issued in private offerings or issued by private companies). While most of our investments will be in private U.S. companies, we also expect to invest from time to time in non-U.S. companies (we generally have to invest at least 70% of our total assets in “qualifying assets,” including private U.S. companies). We believe that our liquid credit investments will help maintain liquidity to satisfy any share repurchases we choose to make in our sole discretion and manage cash before investing subscription proceeds into directly originated loans while also seeking attractive investment returns. We expect these investments to enhance our risk/return profile and serve as a source of liquidity for the Company. Subject to the limitations of the Investment Company Act, we may invest in loans or other securities, the proceeds of which may refinance or otherwise repay debt or securities of companies whose debt is owned by other Crescent funds. From time to time, we may co-invest with other Crescent funds.

“First lien” investments are senior loans that have the benefit of a first-priority security interest on all existing and future assets of the issuer. The security interest ranks above the security interest of any second-lien lenders in those assets.

“Unitranche” investments are loans that may extend deeper in a company’s capital structure than traditional first lien debt and may provide for a waterfall of cash flow priority among different lenders in the unitranche loan. In certain instances, we may find another lender to provide the “first out” portion of such loan and retain the “last out” portion of such loan, in which case, the “first out” portion of the loan would generally receive priority with respect to payment of principal, interest and any other amounts due thereunder over the “last out” portion that we would continue to hold. In exchange for the greater risk of loss, the “last out” portion earns a higher interest rate.

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“Second lien” investments are loans with a second priority lien on all existing and future assets of the portfolio company. The security interest ranks below the security interests of any first lien and unitranche lenders in those assets.

“Unsecured debt” investments are loans that generally rank senior to a borrower’s equity securities and junior in right of payment to such borrower’s other senior indebtedness.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

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

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

COMPONENTS OF OPERATIONS

Investments

We expect our investment activity to vary substantially from period to period depending on many factors, the general economic environment, the amount of capital we have available to us, the level of merger and acquisition activity for middle-market companies, including the amount of debt and equity capital available to such companies and the competitive environment for the type of investments we make. In addition, as part of our risk strategy on investments, we may reduce certain levels of investments through partial sales or syndication to additional investors.

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

The Investment Adviser

Our investment activities are managed by the Adviser, which is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis. Crescent is majority owned by Sun Life Financial Inc. (together with its subsidiaries and joint ventures, “Sun Life”).

Revenues

We generate revenue primarily in the form of interest income on debt investments and capital gains and distributions, if any, on equity securities that we may acquire in portfolio companies.

Certain investments may have contractual PIK interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point we believe PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status. We also generate revenue in the form of commitment or origination fees. Loan origination fees, original issue discount and market discount or premium are capitalized, and we accrete or amortize such amounts into income over the life of the loan using the effective yield method.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.

We may receive other income, which may include income such as consent, waiver, amendment, underwriting, and arranger fees associated with our investment activities as well as any fees for managerial assistance services rendered to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

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Expenses

Except as specifically provided below, all investment professionals of the Adviser and their respective staff, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. We bear all other costs and expenses of our operations, administration and transactions, including, but not limited to:

•investment advisory fees, including management fees and incentive fees, to the Adviser, pursuant to the Investment Advisory and Management Agreement;

•our allocable portion of the costs, expenses and benefits paid by the Administrator or its affiliates to our chief compliance officer, chief financial officer, general counsel and secretary, their respective staffs and our operations and finance staffs who provide services to us; provided that such reimbursement does not conflict with section 7.8 of our charter;

•the cost of calculating our net asset value;

•fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;

•fees and expenses associated with independent audits and outside legal costs;

•independent directors’ fees and expenses;

•U.S. federal, state and local taxes;

•costs associated with our reporting and compliance obligations under the Investment Company Act and other applicable U.S. federal and state securities laws;

•debt service and other costs of borrowings or other financing arrangements; and

•all other expenses reasonably incurred by us in operating the business.

The Adviser has agreed to advance all of our organization and offering expenses on our behalf until the commencement of the Offering. Subsequent to the commencement of the Offering, any such expenses incurred by the Company, including the reimbursements to the Adviser, will be expensed as incurred subject to the Expense Support Agreement. We are obligated to reimburse the Adviser for such advanced expenses (including any additional expenses the Adviser elects to pays on our behalf), subject to certain conditions. See “Components of Operations — Expenses — Expense Support and Conditional Reimbursement Agreement.” Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

From time to time, the Adviser, the Administrator, or their respective affiliates, may pay third party providers of goods or services. We will reimburse the Adviser, the Administrator, or such affiliates thereof for any such amounts paid on our behalf. Each of the Adviser or the Administrator will waive its right to be reimbursed in the event that such reimbursements would cause any distributions to our common stockholders to constitute a return of capital to stockholders. All of these expenses will ultimately be borne by the Company’s common stockholders.

Expense Support and Conditional Reimbursement Agreement

We have entered into the Expense Support Agreement with the Adviser. For additional information see Note 3 “Agreements and Related Party Transactions” to the consolidated financial statements.

Leverage

In accordance with applicable SEC staff guidance and interpretations, we, as a BDC, are permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met). Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we may employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

PORTFOLIO INVESTMENT ACTIVITY

Our portfolio at fair value was comprised of the following:

($ in millions)	As of March 31, 2024					As of December 31, 2023
Investment Type	Fair Value		Percentage			Fair Value		Percentage
Senior Secured First Lien	$	115.6		70.3	%	$	82.6		72.2	%
Unitranche First Lien		47.3		28.8			30.4		26.6
Equity		1.5		0.9			1.4		1.2
Total Investments	$	164.4		100.0	%	$	114.3		100.0	%

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The following table presents certain selected information regarding our investment portfolio:

($ in millions)	For the three months ended
	March 31, 2024
New investments at cost:
Senior Secured First Lien	$	37.4
Unitranche First Lien		16.7
Total Investments	$	54.1
Proceeds from investments sold or repaid:
Senior Secured First Lien	$	4.4
Unitranche First Lien		0.4
Total Proceeds	$	4.8
Net increase (decrease) in portfolio	$	49.3

The following table presents certain selected information regarding our investment portfolio:

	As of March 31, 2024			As of December 31, 2023
Weighted average yield on income producing securities (at cost) (1)		10.7	%		10.7	%
Percentage of debt bearing a floating rate (at fair value)		100.0	%		100.0	%
Percentage of debt bearing a fixed rate (at fair value)		0.0	%		0.0	%
Number of portfolio companies		95			69

(1) Includes performing debt and other income producing investments (excluding investments on non-accrual). As of March 31, 2024 and December 31, 2023, there were no investments on non-accrual status.

The following table shows the amortized cost and fair value of our performing and non-accrual debt and income producing debt securities.

($ in millions)	As of March 31, 2024										As of December 31, 2023
	Cost		% of Cost			Fair Value		% of Fair Value			Cost		% of Cost			Fair Value		% of Fair Value
Performing	$	161.1		100.0	%	$	163.0		100.0	%	$	111.5		100.0	%	$	112.9		100.0	%
Non-Accrual		-		0.0	%		-		0.0	%		-		0.0	%		-		0.0	%
Total	$	161.1		100.0	%	$	163.0		100.0	%	$	111.5		1.00		$	112.9		100.0	%

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, we had no investments on non-accrual status.

The Adviser monitors our portfolio companies on an ongoing basis. The Adviser monitors the financial trends of each portfolio company to determine if it is meeting its business plans and to assess the appropriate course of action for each company. The Adviser has a number of methods of evaluating and monitoring the performance and fair value of our investments, which may include the following:

•assessment of success of the portfolio company in adhering to its business plan and compliance with covenants;

•review of monthly and quarterly financial statements and financial projections for portfolio companies;

•contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements and accomplishments;

•comparisons to other companies in the industry; and

•attendance and participation in board meetings.

As part of the monitoring process, the Adviser regularly assesses the risk profile of each of our investments and, on a quarterly basis, grades each investment on a risk scale of 1 to 5. Risk assessment is not standardized in our industry and our risk assessment may not be comparable to ones used by our competitors. Our assessment is based on the following categories:

(1)Involves the least amount of risk relative to cost or amortized cost. Investment performance is above expectations since origination or acquisition. Trends and risk factors are generally favorable, which may include financial performance or a potential exit.

(2)Involves a level of risk that is similar to the risk at the time of origination or acquisition. The investment is generally performing as expected, and the risks around our ability to ultimately recoup the cost of the investment are neutral to

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favorable relative to the time of origination or acquisition. New investments are generally assigned a rating of 2 at origination or acquisition.

(3)Indicates an investment performing below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased since origination or acquisition. For debt investments, borrowers are more likely than not in compliance with debt covenants and loan payments are generally not past due. An investment rating of 3 requires closer monitoring.

(4)Indicates an investment performing materially below expectations where the risks around our ability to ultimately recoup the cost of the investment have increased materially since origination or acquisition. For debt investments, borrowers may be out of compliance with debt covenants and loan payments may be past due (but generally not more than 180 days past due). Non-accrual status is strongly considered for debt investments rated 4.

(5)Indicates an investment performing substantially below expectations where the risks around our ability to ultimately recoup the cost of the investment have substantially increased since origination or acquisition. We do not expect to recover our initial cost basis from investments rated 5. Debt investments with an investment rating of 5 are generally in payment and/or covenant default and are on non-accrual status.

The following table shows the composition of our portfolio on the 1 to 5 investment performance rating scale. Investment performance ratings are accurate only as of those dates and may change due to subsequent developments relating to a portfolio company’s business or financial condition, market conditions or developments, and other factors.

($ in millions)	As of March 31, 2024					As of December 31, 2023
	Investments at		Percentage of			Investments at		Percentage of
Investment Performance Rating	Fair Value		Total Portfolio			Fair Value		Total Portfolio
1		-		-	%		-		-	%
2		164.4		100.0			114.3		100.0
3		-		-			-		-
4		-		-			-		-
5		-		-			-		-
Total		164.4		100.0	%		114.3		100.0	%

RESULTS OF OPERATIONS

Summarized statement of operations

Operating results were as follows:

($ in millions)	For the Three Months Ended March 31, 2024
Total investment income	$	4.0
Total net expenses		1.6
Net investment income	$	2.4
Net realized and unrealized gains (losses) on investments		0.5
Net increase (decrease) in net assets resulting from operations	$	2.9

Total investment income

For the three months ended March 31, 2024, total investment income, which includes interest income and accretion of OID, was $4.0 million. We expect total investment income to continue to increase with the growing portfolio.

Total net expenses

For the three months ended March 31, 2024, total net expenses, including the impact of the fee waivers, were $1.6 million. We expect our general and administrative expenses to be relatively stable or decline as a percentage of total assets during periods of asset growth and to increase during periods of asset declines.

Net investment income

For the three months ended March 31, 2024, net investment income was $4.0 million. Net investment income can vary substantially from period to period due to various factors including net deployment, credit facility usage and market base rates.

Net realized and unrealized gains (losses) on investments

For the three months ended March 31, 2024, we recorded net unrealized appreciation on investments of $0.5 million. The change in net unrealized gains on investments is primarily driven by the performance of our liquid credit investments.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

The primary uses of our cash and cash equivalents are for (1) investments in portfolio companies and other investments; (2) the cost of operations (including paying the Adviser and expense reimbursements paid to the Administrator); (3) debt service, repayment, and other financing costs; and (4) future cash distributions to the holders of our common stock. We expect to generate additional liquidity from (1) future offerings of securities, (2) future borrowings and (3) cash flows from operations, including investment sales and repayments as well as income earned on investments.

As of March 31, 2024 and December 31, 2023, we had $62.5 and $28.8 million in cash and cash equivalents and $105.0 and $127.5 million of undrawn capacity on our JPM Funding Facility (as defined below) respectively, subject to borrowing base and other limitations. As of March 31, 2024, the undrawn capacity under our facilities and cash and cash equivalents were in excess of our unfunded commitments.

As of March 31, 2024, we were in compliance with our asset coverage requirements under the Investment Company Act. In addition, we were in compliance with all the financial covenant requirements of our JPM Funding Facility as of March 31, 2024. However, an increase in realized losses or unrealized depreciation of our investment portfolio or significant reductions in our net asset value as a result of the effects of the rising rate environment and the potential for a recession increase the risk of breaching the relevant covenants requirements. Any breach of these requirements may adversely affect the access to sufficient debt and equity capital.

Debt

($ in millions)	As of March 31, 2024								As of December 31, 2023
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)
JPM Funding Facility	$	150.0	$	45.0	$	105.0	$	45.0	$	150.0	$	22.5	$	127.5	$	22.5

(1) The amount available is subject to any limitations related to the credit facility borrowing base.

(2) Amount presented excludes netting of deferred financing costs.

The combined weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2024 was 11.64%. The weighted average debt of the borrowings outstanding for the three months ended March 31, 2024 was $28.4 million.

JPM Funding Facility

On December 8, 2023, we entered into a Loan and Security Agreement (the “JPM Funding Facility”), as servicer, with CPCI Funding SPV, LLC ("CPCI SPV"), our wholly owned subsidiary (the “Borrower”), as borrower, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of $150.0 million with a reinvestment period ending December 8, 2026 and a final maturity date of December 8, 2028. The JPM Funding Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the JPM Funding Facility to a maximum of $500.0 million. In addition, on December 8, 2023, we, as seller, and the Borrower, as purchaser, entered into a Sale and Contribution Agreement, pursuant to which we will sell or contribute to the Borrower certain originated or acquired loans and other corporate debt securities and related assets from time to time. We consolidate CPCI SPV in our consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CPCI SPV.

The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower. The interest rate charged on the JPM Funding Facility is based on an applicable benchmark (Term SOFR or other applicable benchmark based on the currency of the borrowing) plus a margin of 2.60%, subject to increase from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an administrative agency fee on the facility commitment and a commitment fee on the undrawn balance. The JPM Funding Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

For the three months ended March 31, 2024 we incurred $0.8 million of interest and other debt financing costs.

To the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced opportunities, or if our Board otherwise determines that leveraging our portfolio would be in our best interest and the best interests of our stockholders, we may enter into new debt financing opportunities in addition to our existing debt. The pricing and other terms of any such opportunities would depend upon market conditions and the performance of our business, among other factors.

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In accordance with applicable SEC staff guidance and interpretations, with the stockholder approval, we, as a BDC, are now permitted to borrow amounts such that our asset coverage ratio is at least 150% after such borrowing (if certain requirements are met), rather than 200%, as previously required. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to securities lending will not be considered borrowings for these purposes. The amount of leverage that we employ depends on our Adviser’s and our Board’s assessment of market conditions and other factors at the time of any proposed borrowing.

As of March 31, 2024 and December 31, 2023, our asset coverage ratio was 444% and 557%, respectively. We may also refinance or repay any of our indebtedness at any time based on our financial condition and market conditions. See Note 6. Debt to our consolidated financial statements for more detail on the JPM Funding Facility.

Capital Share Activity

We have authorized three classes of common stock, par value $0.01 per share, Class S Common Stock (“Class S shares”), Class D Common Stock (“Class D shares”) and Class I Common Stock (“Class I shares” and together, with Class S shares and Class D shares, “Common Shares”). Pursuant to a subscription agreement entered into between us and Crescent, Crescent purchased 1,000 Class I shares at an initial offering price of $25.00 per share. In addition, pursuant to a subscription agreement entered into between us and Sun Life Assurance, Sun Life Assurance committed to purchase Class I shares at an initial offering price of $25.00 per share. Following a partial drawdown of its commitment, Sun Life Assurance transferred the remainder of its commitment to BK Canada pursuant to a transfer agreement entered into among us and the Private Placement Investors (the transfer agreement and the subscription agreement with Sun Life Assurance, together, the “Private Placement Agreements”).

Additionally, on December 31, 2023, we agreed to sell Class I shares for an aggregate purchase price of $1.5 million to Scotia Private Credit Pool (together with Sun Life Assurance and BK Canada, the “Private Placement Investors”) This offer and sale of the Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder.

The Private Placement Investors' subscriptions were initially drawn down at a price of $25.00 per share, and subsequent subscriptions were priced at our current NAV at the time of contribution. Since our commencement of operations and through March 31, 2024, we received $151.5 million of committed capital from the Private Placement Investors, and in exchange therefore, we issued approximately 5.9 million Class I shares to four stockholders, including the investment from our sole initial stockholder. As of March 31, 2024, we have not offered or sold any of our Class S shares or Class D shares and we have not commenced the anticipated public offering of our Common Shares pursuant to our registration statement (the “Offering”).

Capital Share Distribution Policy

We currently intend to commence declaration and payment of regular monthly distributions commencing in June 2024, regardless of whether we have held the first closing in the Offering. However, any distributions we make will be at the sole discretion of our Board, which will consider factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC (as defined below) requirements. To maintain our treatment as a RIC, we generally are required to make aggregate annual distributions to our common stockholders of at least 90% of our taxable income and tax exempt interest.

We have made no distributions for the three months ended March 31, 2024.

Share Repurchase Program

Beginning no later than the first full calendar quarter after we hold the first closing in the Offering, and at the discretion of our Board, we intend to commence a share repurchase program in which we intend to repurchase up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. Our Board may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interests. For example, in accordance with our directors' duties to the Company, our Board may amend, suspend or terminate the share repurchase program during periods of market dislocation where selling assets to fund a repurchase could have a materially negative impact on remaining stockholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board will reinstate the share repurchase program when appropriate and subject to our directors’ duties to the Company. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company Act, with the terms of such tender offer published in a tender offer statement to be sent to all stockholders and filed on Schedule TO. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable month designated by our Board, except that the Company deducts 2.00% from such NAV for shares that have not been outstanding for at least one year, also referred to as the Early Repurchase Deduction. Such share repurchase prices may be lower than

39

the price at which you purchase our Common Shares in the Offering. The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining common stockholders.

OFF BALANCE SHEET ARRANGEMENTS

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. Our investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on our Consolidated Statement of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that we hold. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. As of March 31, 2024 and December 31, 2023 we had aggregate unfunded commitments totaling $18.5 million and $5.6 million, respectively. See Note 7 to our consolidated financial statements for more information on our commitments.

RECENT DEVELOPMENTS

On April 24, 2024, we agreed to sell Class I shares for an aggregate purchase price of $0.3 million. The purchase price per Class I share will equal our net asset value per Class I share as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares will be credited to the investor’s account as of May 1, 2024, the effective date of the share purchase. The offer and sale of the Class I shares was exempt from the registration provisions of the Securities Act pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder.

The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While we have not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of our net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering. See Note 3 “Agreements and Related Party Transactions – Investment Advisory and Management Agreement” to our consolidated financial statements.

Beginning in June 2024, regardless of whether we have held the initial closing of the Offering, we intend to begin declaring and paying regular monthly distributions. See Note 2 “Summary of Significant Accounting Policies – Distributions” to our consolidated financial statements. Any distributions we make will be at the discretion of the Board, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, our distribution rates and payment frequency may vary from time to time.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2 “Summary of Significant Accounting Policies” to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We plan to fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

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As of March 31, 2024, 100.0% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

Assuming that our Consolidated Statement of Assets and Liabilities as of March 31, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)

Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points	$	1.6		$	0.5		$	1.1
Up 75 basis points		1.2			0.3			0.9
Up 50 basis points		0.8			0.2			0.6
Up 25 basis points		0.4			0.1			0.3
Down 25 basis points		(0.4	)		(0.1	)		(0.3	)
Down 50 basis points		(0.8	)		(0.2	)		(0.6	)
Down 75 basis points		(1.2	)		(0.3	)		(0.9	)
Down 100 basis points		(1.6	)		(0.5	)		(1.1	)

(1)Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2024. Based upon that evaluation and subject to the foregoing, our principal executive officer and principal financial officer concluded that, as of March 31, 2024, the design and operation of our disclosure controls and procedures were effective to accomplish their objectives at the reasonable assurance level.

Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2024, that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. We may be a party to certain lawsuits in the normal course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with our activities or the activities of our portfolio companies. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

Item 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors set forth in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Risk Factors”of the Pre-Effective Amendment No. 3 to our registration statement on Form N-2 filed on September 27, 2023, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes to the risk factors set forth in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Risk Factors” of Pre-Effective Amendment No. 3 to our registration statement on Form N-2 filed on September 27, 2023.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Refer to Item 8.01 in our Current Reports on Form 8-K filed with the SEC on January 30, 2024, February 28, 2024 and March 22, 2024 for information about unregistered sales of our equity securities during the quarter.

On April 24, 2024, we agreed to sell Class I shares for an aggregate purchase price of $0.3 million to an investor who represented it was a “non-U.S. person” pursuant to Regulation S of the Securities Act. The purchase price per Class I share will equal our April NAV, which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares will be credited to the investor’s account as of May 1, 2024, the effective date of the share purchase. The offer and sale of the Class I shares was exempt from the registration provisions of the Securities Act, pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder. See “Recent Developments”.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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ITEM 6. EXHIBITS

The following documents are filed as part of this Quarterly Report:

Exhibit Number	Description
3.1	Second Amended & Restated Articles of Amendment and Restatement (incorporated by reference to Exhibit (a) to the Registrant’s Pre-Effective Registration Statement on Form N-2 (File No. 333-268622), filed on September 18, 2023).
3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit (b) to the Registrant’s Pre-Effective Registration Statement on Form N-2 (File No. 333-268622), filed on July 19, 2023).
31.1	Certification of Chief Executive Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
31.2	Certification of Chief Financial Officer, Pursuant to Rule 13a-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.1	Certification of Chief Executive Officer and Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

44

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Eric Hall
	Eric Hall
	Chief Executive Officer (Principal Executive Officer)
	Date: May 13, 2024
By:	/s/ Kirill Bouek
	Kirill Bouek
	Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
	Date: May 13, 2024

45

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Eric Hall, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Crescent Private Credit Income 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 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(s) 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 14(d)-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(s) 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.

	Crescent Private Credit Income Corp.
Date: May 13, 2024	By:	/s/ Eric Hall
		Eric Hall
		Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to Exchange Act Rule 13a-14(a) and Rule 15d-14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Kirill Bouek, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Crescent Private Credit Income 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 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(s) 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 14(d)-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(s) 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.

	Crescent Private Credit Income Corp.
Date: May 13, 2024	By:	/s/ Kirill Bouek
		Kirill Bouek
		Chief Financial Officer

EX-32.1

Exhibit 32.1

Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to

18 U.S.C. Section 1350,

as Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of Crescent Private Credit Income Corp. (the “Company”) for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Eric Hall, as the Chief Executive Officer of the Company and Kirill Bouek, as the Chief Financial Officer of the Company, each hereby certifies, to the best of such officer’s knowledge and belief, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Eric Hall
Name:	Eric Hall
Title:	Chief Executive Officer
Date:	May 13, 2024
/s/ Kirill Bouek
Name:	Kirill Bouek
Title:	Chief Financial Officer
Date:	May 13, 2024

XML

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	Mar. 31, 2024	May 13, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Crescent Private Credit Income Corp.
Entity Central Index Key	0001954360
Current Fiscal Year End Date	--12-31
Securities Act File Number	814-01599
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	88-4283363
Entity Address, Address Line One	11100 Santa Monica Blvd
Entity Address, Address Line Two	Suite 2000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	235-5900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,931,257

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Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, at fair value
Non-controlled non-affiliated investments (cost of $162,510 and $112,919, respectively)	$ 164,431	$ 114,294
Cash and cash equivalents	21,143	8,576
Restricted cash and cash equivalents	41,377	20,178
Interest receivable	1,777	671
Other assets		3
Total assets	228,728	143,722
Liabilities
Debt (net of deferred financing costs of $1,683 and $1,772, respectively)	43,317	20,728
Payable for investments purchased	25,413	17,762
Interest and other debt financing costs payable	731	177
Due to administrator	416	697
Accrued professional fees	340	165
Accrued expenses and other liabilities	238	335
Total liabilities	70,455	39,864
Commitments and Contingencies (Note 7)
Net assets
Common stock, par value $0.01 per share (300,000,000 shares authorized, 5,931,257 and 3,977,799 shares issued and outstanding, respectively)	59	40
Paid-in capital in excess of par value	151,306	99,875
Accumulated earnings	6,908	3,943
Total net assets	158,273	103,858
Total liabilities and net assets	$ 228,728	$ 143,722
Net asset value per share (Class I)	$ 26.68	$ 26.11
Non-controlled non-affiliated
Investments, at fair value
Non-controlled non-affiliated investments (cost of $162,510 and $112,919, respectively)	$ 164,431	$ 114,294

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Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investments, at cost	$ 162,510	$ 112,919
Deferred financing costs, net	$ 1,683	$ 1,772
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	5,931,257	3,977,799
Common stock, outstanding	5,931,257	3,977,799

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Consolidated Statement of Operations (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
From non-controlled non-affiliated investments:
Interest income	$ 3,970
Other income	42
Total investment income	4,012
Expenses:
Interest and other debt financing costs	828
Management fees	408
Income based incentive fees	302
Capital gains based incentive fees	69
Professional fees	253
Directors' fees	53
Other general and administrative expenses	459
Total expenses	2,372
Management fees waiver	(408)
Income based incentive fees waiver	(302)
Capital gains based incentive fees waiver	(69)
Net expenses	1,593
Net investment income	2,419
Net change in unrealized appreciation (depreciation) on:
Non-controlled non-affiliated investments	546
Net realized and unrealized gains on investments	546
Net increase in net assets resulting from operations	$ 2,965

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Consolidated Statement of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
Balance	$ 103,858
Balance, shares	3,977,799
Net increase (decrease) in net assets resulting from operations:
Net investment income	$ 2,419
Net change in unrealized appreciation (depreciation) on investments	546
Total increase (decrease) in net assets	54,415
Balance	$ 158,273	$ 158,273
Balance, shares	5,931,257	5,931,257
Class I
Net increase (decrease) in net assets resulting from operations:
Issuance of common stock, share		5,931,257
Issuance of common stock	$ 51,450
Common Stock
Balance	$ 40
Balance, shares	3,977,799
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) in net assets, share	1,953,458
Total increase (decrease) in net assets	$ 19
Balance	$ 59	$ 59
Balance, shares	5,931,257	5,931,257
Common Stock | Class I
Net increase (decrease) in net assets resulting from operations:
Issuance of common stock, share	1,953,458
Issuance of common stock	$ 19
Paid in Capital in Excess of Par Value
Balance	99,875
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) in net assets	51,431
Balance	151,306	$ 151,306
Paid in Capital in Excess of Par Value | Class I
Net increase (decrease) in net assets resulting from operations:
Issuance of common stock	51,431
Accumulated Earnings
Balance	3,943
Net increase (decrease) in net assets resulting from operations:
Net investment income	2,419
Net change in unrealized appreciation (depreciation) on investments	546
Total increase (decrease) in net assets	2,965
Balance	$ 6,908	$ 6,908

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Consolidated Statement of Cash Flows (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$ 2,965
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:
Purchases of investments	(54,105)
Proceeds from sales of investments and principal repayments	4,756
Net change in unrealized (appreciation) depreciation on investments	(546)
Amortization of premium and accretion of discount, net	(243)
Amortization of deferred financing costs	90
Change in operating assets and liabilities:
(Increase) decrease in interest receivable	(1,106)
(Increase) decrease in other assets	3
Increase (decrease) in payable for investment purchased	7,651
Increase (decrease) in interest and other debt financing costs payable	554
Increase (decrease) in due to administrator	(281)
Increase (decrease) in accrued professional expenses	175
Increase (decrease) in accrued expenses and other liabilities	(97)
Net cash provided by (used for) operating activities	(40,184)
Cash flows from financing activities:
Proceeds from issuance of common stock	51,450
Borrowings on credit facilities	22,500
Net cash provided by (used for) financing activities	73,950
Net increase (decrease) in cash and cash equivalents	33,766
Cash and cash equivalents, beginning of period	28,754
Cash and cash equivalents, end of period	62,520	[1]
Supplemental and non-cash financing activities:
Cash paid during the period for interest	172
Cash paid during the period for taxes	$ 110

[1] As of March 31, 2024, the balance included cash and cash equivalents of $21,143 and restricted cash and cash equivalents of $41,377.

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Consolidated Statement of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 21,143	$ 8,576
Restricted cash and cash equivalents	$ 41,377	$ 20,178

XML

Consolidated Schedule of Investments - USD ($) $ in Thousands		3 Months Ended		8 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Cost		$ 162,510		$ 112,919
Fair Value		164,431		114,294
Investment, Identifier [Axis]: Investments
Schedule of Investments [Line Items]
Cost	[2]	$ 162,510	[1],[3]	$ 112,919	[4],[5]
Percentage of Net Assets	[2]	104.00%	[1],[3],[6]	110.00%	[4],[5],[7]
Fair Value	[2]	$ 164,431	[1],[3]	$ 114,294	[4],[5]
Investment, Identifier [Axis]: Investments Netherlands Debt Investments
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	1,496
Cost	[1],[2],[3]	$ 1,481
Percentage of Net Assets	[1],[2],[3],[6]	0.90%
Fair Value	[1],[2],[3]	$ 1,482
Investment, Identifier [Axis]: Investments Netherlands Debt Investments Financial Services Hunter Douglas Investment Type Senior Secured First Lien Term Loan S + 350 (50 Floor) Interest Rate 8.82% Maturity/Dissolution Date 02/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10],[11]	S + 350 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[9],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[9],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[9],[11]	8.82%
Maturity/ Dissolution Date	[1],[2],[3],[9],[11]	2029-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9],[11]	$ 1,496
Cost	[1],[2],[3],[9],[11]	$ 1,481
Percentage of Net Assets	[1],[2],[3],[6],[9],[11]	0.90%
Fair Value	[1],[2],[3],[9],[11]	$ 1,482
Investment, Identifier [Axis]: Investments New Zealand Debt Investments
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	5,544	[1],[3],[8]	5,558	[4],[5],[12]
Cost	[2]	$ 5,380	[1],[3]	$ 5,385	[4],[5]
Percentage of Net Assets	[2]	3.60%	[1],[3],[6]	5.50%	[4],[5],[7]
Fair Value	[2]	$ 5,710	[1],[3]	$ 5,724	[4],[5]
Investment, Identifier [Axis]: Investments New Zealand Debt Investments Software & Services Pushpay USA Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 05/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2],[4],[5],[13],[14],[15]			2029-05
Cost	[2],[4],[5],[13],[14],[15]			$ (12)
Investment, Identifier [Axis]: Investments New Zealand Debt Investments Software & Services Pushpay USA Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 05/2030
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[9],[16],[17]	2030-05
Cost	[1],[2],[3],[9],[16],[17]	$ (11)
Investment, Identifier [Axis]: Investments New Zealand Debt Investments Software & Services Pushpay USA Inc. Investment Type Unitranche First Lien Term Loan S + 675 (75 Floor) Interest Rate 12.21% Maturity/Dissolution Date 05/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10]	S + 675 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[9],[10]	675.00%
Interest Rate, Floor	[1],[2],[3],[9],[10]	75.00%
Interest Rate	[1],[2],[3],[9]	12.21%
Maturity/ Dissolution Date	[1],[2],[3],[9]	2030-05
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9]	$ 5,544
Cost	[1],[2],[3],[9]	$ 5,391
Percentage of Net Assets	[1],[2],[3],[6],[9]	3.60%
Fair Value	[1],[2],[3],[9]	$ 5,710
Investment, Identifier [Axis]: Investments New Zealand Debt Investments Software & Services Pushpay USA Inc. Investment Type Unitranche First Lien Term Loan S + 675 (75 Floor) Interest Rate 12.28% Maturity/Dissolution Date 05/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[13],[18]			S + 675 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[13],[18]			675.00%
Interest Rate, Floor	[2],[4],[5],[13],[18]			75.00%
Interest Rate	[2],[4],[5],[13]			12.28%
Maturity/ Dissolution Date	[2],[4],[5],[13]			2030-05
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[13]			$ 5,558
Cost	[2],[4],[5],[13]			$ 5,397
Percentage of Net Assets	[2],[4],[5],[7],[13]			5.50%
Fair Value	[2],[4],[5],[13]			$ 5,724
Investment, Identifier [Axis]: Investments United Kingdom Debt Investments
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	944
Cost	[1],[2],[3]	$ 930
Percentage of Net Assets	[1],[2],[3],[6]	0.60%
Fair Value	[1],[2],[3]	$ 945
Investment, Identifier [Axis]: Investments United Kingdom Debt Investments Commercial and Professional Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	444
Cost	[1],[2],[3]	$ 435
Percentage of Net Assets	[1],[2],[3],[6]	0.30%
Fair Value	[1],[2],[3]	$ 444
Investment, Identifier [Axis]: Investments United Kingdom Debt Investments Commercial and Professional Services Ineos Quattro Investment Type Senior Secured First Lien Term Loan S + 425 Interest Rate 9.68% Maturity/Dissolution Date 04/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10],[11]	S + 425
Interest Rate, Spread	[1],[2],[3],[9],[10],[11]	425.00%
Interest Rate	[1],[2],[3],[9],[11]	9.68%
Maturity/ Dissolution Date	[1],[2],[3],[9],[11]	2029-04
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9],[11]	$ 444
Cost	[1],[2],[3],[9],[11]	$ 435
Percentage of Net Assets	[1],[2],[3],[6],[9],[11]	0.30%
Fair Value	[1],[2],[3],[9],[11]	$ 444
Investment, Identifier [Axis]: Investments United Kingdom Debt Investments Media and Entertainment
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	500
Cost	[1],[2],[3]	$ 495
Percentage of Net Assets	[1],[2],[3],[6]	0.30%
Fair Value	[1],[2],[3]	$ 501
Investment, Identifier [Axis]: Investments United Kingdom Debt Investments Media and Entertainment Stubhub Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 10.08% Maturity/Dissolution Date 03/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10],[11]	S + 475
Interest Rate, Spread	[1],[2],[3],[9],[10],[11]	475.00%
Interest Rate	[1],[2],[3],[9],[11]	10.08%
Maturity/ Dissolution Date	[1],[2],[3],[9],[11]	2030-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9],[11]	500
Cost	[1],[2],[3],[9],[11]	$ 495
Percentage of Net Assets	[1],[2],[3],[6],[9],[11]	0.30%
Fair Value	[1],[2],[3],[9],[11]	$ 501
Investment, Identifier [Axis]: Investments United States Cash Equivalents
Schedule of Investments [Line Items]
Cost	[2]	$ 61,693	[1],[3]	$ 28,754	[4],[5]
Percentage of Net Assets	[2]	38.90%	[1],[3],[6]	27.70%	[4],[5],[7]
Fair Value	[2]	$ 61,693	[1],[3]	$ 28,754	[4],[5]
Investment, Identifier [Axis]: Investments United States Cash Equivalents Dreyfus Government Cash Management Institutional Fund Investment Type Cash Equivalents
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	21,099
Cost	[1],[2],[3]	$ 21,099
Percentage of Net Assets	[1],[2],[3],[6]	13.30%
Fair Value	[1],[2],[3]	$ 21,099
Investment, Identifier [Axis]: Investments United States Cash Equivalents Dreyfus Government Cash Management Institutional Fund Investment Type Cash Equivalents Interest Rate 5.26%
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			8,576
Cost	[2],[4],[5]			$ 8,576
Percentage of Net Assets	[2],[4],[5],[7]			8.30%
Fair Value	[2],[4],[5]			$ 8,576
Investment, Identifier [Axis]: Investments United States Cash Equivalents Goldman Sachs FS Government Fund Investment Type Cash Equivalents
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	40,594
Cost	[1],[2],[3]	$ 40,594
Percentage of Net Assets	[1],[2],[3],[6]	25.60%
Fair Value	[1],[2],[3]	$ 40,594
Investment, Identifier [Axis]: Investments United States Cash Equivalents Goldman Sachs FS Government Fund Investment Type Cash Equivalents Interest Rate 5.25%
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			20,178
Cost	[2],[4],[5]			$ 20,178
Percentage of Net Assets	[2],[4],[5],[7]			19.40%
Fair Value	[2],[4],[5]			$ 20,178
Investment, Identifier [Axis]: Investments United States Debt Investments
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	156,559	[1],[3],[8]	108,891	[4],[5],[12]
Cost	[2]	$ 153,350	[1],[3]	$ 106,164	[4],[5]
Percentage of Net Assets	[2]	98.00%	[1],[3],[6]	103.20%	[4],[5],[7]
Fair Value	[2]	$ 154,824	[1],[3]	$ 107,201	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	6,331	[1],[3],[8]	3,507	[4],[5],[12]
Cost	[2]	$ 6,286	[1],[3]	$ 3,471	[4],[5]
Percentage of Net Assets	[2]	4.00%	[1],[3],[6]	3.40%	[4],[5],[7]
Fair Value	[2]	$ 6,327	[1],[3]	$ 3,515	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods AECOM Management Services (Amentum) Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.44% Maturity/Dissolution Date 01/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate	[1],[2],[3],[11]	9.44%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 742
Cost	[1],[2],[3],[11]	$ 730
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 745
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods AECOM Management Services (Amentum) Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.47% Maturity/Dissolution Date 01/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate	[2],[4],[5],[19]			9.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-01
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 731
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 746
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Alterra Mountain Company Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.43% Maturity/Dissolution Date 07/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-07
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 303
Cost	[1],[2],[3],[11]	$ 303
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.20%
Fair Value	[1],[2],[3],[11]	$ 304
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods CP Atlas Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.18% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.18%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,247
Cost	[1],[2],[3],[11]	$ 1,234
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,234
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Conair Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 Interest Rate 10.33% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.18%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-05
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 997
Cost	[1],[2],[3],[11]	$ 994
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 990
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Energy Solutions Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (50 Floor) Interest Rate 9.31% Maturity/Dissolution Date 09/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.31%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-09
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 746
Cost	[1],[2],[3],[11]	$ 744
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 750
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Energy Solutions Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (50 Floor) Interest Rate 9.36% Maturity/Dissolution Date 09/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.36%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-09
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 748
Cost	[2],[4],[5],[19]			$ 745
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 749
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Fairbanks Morse Defense Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 10.32% Maturity/Dissolution Date 06/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 475 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	475.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	10.32%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-06
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,018
Cost	[1],[2],[3],[11]	$ 1,004
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 1,019
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods Fairbanks Morse Defense Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 (75 Floor) Interest Rate 10.36% Maturity/Dissolution Date 06/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 475 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			475.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			10.36%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-06
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,020
Cost	[2],[4],[5],[19]			$ 1,006
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.00%
Fair Value	[2],[4],[5],[19]			$ 1,022
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods MIWD Holdco Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.93% Maturity/Dissolution Date 03/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.82%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2031-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 286
Cost	[1],[2],[3],[11]	$ 285
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.20%
Fair Value	[1],[2],[3],[11]	$ 288
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods White Cap Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.08% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 992
Cost	[1],[2],[3],[11]	$ 992
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 997
Investment, Identifier [Axis]: Investments United States Debt Investments Capital Goods White Cap Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.11% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 995
Cost	[2],[4],[5],[19]			$ 989
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.00%
Fair Value	[2],[4],[5],[19]			$ 998
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	14,071	[1],[3],[8]	11,956	[4],[5],[12]
Cost	[2]	$ 13,727	[1],[3]	$ 11,639	[4],[5]
Percentage of Net Assets	[2]	8.90%	[1],[3],[6]	11.40%	[4],[5],[7]
Fair Value	[2]	$ 14,101	[1],[3]	$ 11,799	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Brown Group Holdings Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 Interest Rate 8.34% Maturity/Dissolution Date 07/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 300
Interest Rate, Spread	[1],[2],[3],[10],[11]	300.00%
Interest Rate	[1],[2],[3],[11]	8.32%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-07
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 748
Cost	[1],[2],[3],[11]	$ 747
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Brown Group Holdings Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.13% Maturity/Dissolution Date 07/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.13%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-07
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 748
Cost	[2],[4],[5],[19]			$ 746
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 751
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services CHA Holdings, Inc. Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 450 (100 Floor) Interest Rate 10.15% Maturity/Dissolution Date 04/2025
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[14],[18]			S + 450 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[14],[18]			450.00%
Interest Rate, Floor	[2],[4],[5],[14],[18]			100.00%
Interest Rate	[2],[4],[5],[14]			10.15%
Maturity/ Dissolution Date	[2],[4],[5],[14]			2025-04
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[14]			$ 573
Cost	[2],[4],[5],[14]			$ 566
Percentage of Net Assets	[2],[4],[5],[7],[14]			0.50%
Fair Value	[2],[4],[5],[14]			$ 563
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services CHA Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (100 Floor) Interest Rate 9.97% Maturity/Dissolution Date 04/2025
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 450 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			450.00%
Interest Rate, Floor	[2],[4],[5],[18]			100.00%
Interest Rate	[2],[4],[5]			9.97%
Maturity/ Dissolution Date	[2],[4],[5]			2025-04
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 1,295
Cost	[2],[4],[5]			$ 1,281
Percentage of Net Assets	[2],[4],[5],[7]			1.20%
Fair Value	[2],[4],[5]			$ 1,274
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Corelogic Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.94% Maturity/Dissolution Date 06/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.94%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-06
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,496
Cost	[1],[2],[3],[11]	$ 1,470
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,467
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.58% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[16]	S + 625 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[16]	625.00%
Interest Rate, Floor	[1],[2],[3],[10],[16]	100.00%
Interest Rate	[1],[2],[3],[16]	11.56%
Maturity/ Dissolution Date	[1],[2],[3],[16]	2030-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[16]	$ 332
Cost	[1],[2],[3],[16]	$ 319
Percentage of Net Assets	[1],[2],[3],[6],[16]	0.20%
Fair Value	[1],[2],[3],[16]	$ 344
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Delayed Draw Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.64% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[14],[18]			S + 625 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[14],[18]			625.00%
Interest Rate, Floor	[2],[4],[5],[14],[18]			100.00%
Interest Rate	[2],[4],[5],[14]			11.64%
Maturity/ Dissolution Date	[2],[4],[5],[14]			2030-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[14]			$ 73
Cost	[2],[4],[5],[14]			$ 60
Percentage of Net Assets	[2],[4],[5],[7],[14]			0.10%
Fair Value	[2],[4],[5],[14]			$ 59
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 10/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2]	2029-10	[1],[3],[16],[17]	2029-10	[4],[5],[14],[15]
Cost	[2]	$ (13)	[1],[3],[16],[17]	$ (13)	[4],[5],[14],[15]
Fair Value	[2]	$ 11	[1],[3],[16],[17]	$ (14)	[4],[5],[14],[15]
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.56% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Rate	[1],[2],[3]	11.56%
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.58% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 625 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	625.00%
Interest Rate, Floor	[1],[2],[3],[10]	100.00%
Maturity/ Dissolution Date	[1],[2],[3]	2030-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 3,523
Cost	[1],[2],[3]	$ 3,430
Percentage of Net Assets	[1],[2],[3],[6]	2.30%
Fair Value	[1],[2],[3]	$ 3,603
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Iris Buyer LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.60% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 625 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			625.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			100.00%
Interest Rate	[2],[4],[5],[19]			11.60%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 3,532
Cost	[2],[4],[5],[19]			$ 3,435
Percentage of Net Assets	[2],[4],[5],[7],[19]			3.40%
Fair Value	[2],[4],[5],[19]			$ 3,435
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services LABL Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (50 Floor) Interest Rate 10.43% Maturity/Dissolution Date 10/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 500 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	500.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	10.43%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 997
Cost	[1],[2],[3],[11]	$ 982
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 979
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services McKissock Investment Holdings LLC (Colibri) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 10.24% Maturity/Dissolution Date 03/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 500 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			500.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			10.24%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 3,000
Cost	[2],[4],[5],[19]			$ 2,926
Percentage of Net Assets	[2],[4],[5],[7],[19]			2.90%
Fair Value	[2],[4],[5],[19]			$ 3,004
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services McKissock Investment Holdings LLC (Colibri) Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 10.33% Maturity/Dissolution Date 03/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 500 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	500.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	10.38%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 3,000
Cost	[1],[2],[3],[11]	$ 2,929
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.90%
Fair Value	[1],[2],[3],[11]	$ 3,014
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Trugreen Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.43% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.43%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,247
Cost	[1],[2],[3],[11]	$ 1,217
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,215
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services Vaco Holdings Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 10.43% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[2]	S + 500 (75 Floor)	[1],[3],[10],[11]	S + 500 (75 Floor)	[4],[5],[18],[19]
Interest Rate, Spread	[2]	500.00%	[1],[3],[10],[11]	500.00%	[4],[5],[18],[19]
Interest Rate, Floor	[2]	75.00%	[1],[3],[10],[11]	75.00%	[4],[5],[18],[19]
Interest Rate	[2]	10.43%	[1],[3],[11]	10.43%	[4],[5],[19]
Maturity/ Dissolution Date	[2]	2029-01	[1],[3],[11]	2029-01	[4],[5],[19]
Principal Amount, Par Value or Shares	[2]	$ 1,240	[1],[3],[8],[11]	$ 1,243	[4],[5],[12],[19]
Cost	[2]	$ 1,178	[1],[3],[11]	$ 1,168	[4],[5],[19]
Percentage of Net Assets	[2]	0.80%	[1],[3],[6],[11]	1.20%	[4],[5],[7],[19]
Fair Value	[2]	$ 1,229	[1],[3],[11]	$ 1,230	[4],[5],[19]
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services WCG/WIRB-Copernicus Group, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (100 Floor) Interest Rate 9.44% Maturity/Dissolution Date 01/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	100.00%
Interest Rate	[1],[2],[3],[11]	9.44%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,488
Cost	[1],[2],[3],[11]	$ 1,468
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,491
Investment, Identifier [Axis]: Investments United States Debt Investments Commercial and Professional Services WCG/WIRB-Copernicus Group, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (100 Floor) Interest Rate 9.47% Maturity/Dissolution Date 01/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			100.00%
Interest Rate	[2],[4],[5],[19]			9.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-01
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,470
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,497
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	8,759	[1],[3],[8]	6,422	[4],[5],[12]
Cost	[2]	$ 8,728	[1],[3]	$ 6,386	[4],[5]
Percentage of Net Assets	[2]	5.50%	[1],[3],[6]	6.20%	[4],[5],[7]
Fair Value	[2]	$ 8,775	[1],[3]	$ 6,412	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail 1-800 Contacts (CNT Holdings I Corp) Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (75 Floor) Interest Rate 8.82% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	8.82%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 982
Cost	[1],[2],[3],[11]	$ 977
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 985
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail 1-800 Contacts (CNT Holdings I Corp) Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (75 Floor) Interest Rate 8.93% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			8.93%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 740
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 747
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Bass Pro - Great American Outdoors Group LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (75 Floor) Interest Rate 9.19% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.19%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,489
Cost	[1],[2],[3],[11]	$ 1,482
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,491
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Bass Pro - Great American Outdoors Group LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (75 Floor) Interest Rate 9.22% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			9.22%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,485
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,494
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Harbor Freight Tools USA, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 (50 Floor) Interest Rate 8.19% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 275 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	275.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.19%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,746
Cost	[1],[2],[3],[11]	$ 1,733
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.10%
Fair Value	[1],[2],[3],[11]	$ 1,746
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Harbor Freight Tools USA, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 (50 Floor) Interest Rate 8.22% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 275 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			275.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.22%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,742
Cost	[2],[4],[5],[19]			$ 1,724
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.80%
Fair Value	[2],[4],[5],[19]			$ 1,742
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Les Schwab Tire (LS Group Opco Acquisition, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (75 Floor) Interest Rate 8.68% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	8.68%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 744
Cost	[1],[2],[3],[11]	$ 744
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 746
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Les Schwab Tire (LS Group Opco Acquisition, LLC) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (75 Floor) Interest Rate 8.71% Maturity/Dissolution Date 11/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			8.71%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 746
Cost	[2],[4],[5],[19]			$ 745
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 747
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail PetSmart Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.18% Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.18%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,694
Cost	[1],[2],[3],[11]	$ 1,688
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.10%
Fair Value	[1],[2],[3],[11]	$ 1,692
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail PetSmart Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.21% Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.21%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-02
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,698
Cost	[2],[4],[5],[19]			$ 1,692
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.60%
Fair Value	[2],[4],[5],[19]			$ 1,682
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Discretionary Distribution and Retail Savers Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.35% Maturity/Dissolution Date 04/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10],[11]	S + 375 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[9],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[9],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[9],[11]	9.05%
Maturity/ Dissolution Date	[1],[2],[3],[9],[11]	2028-04
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9],[11]	$ 2,104
Cost	[1],[2],[3],[9],[11]	$ 2,104
Percentage of Net Assets	[1],[2],[3],[6],[9],[11]	1.30%
Fair Value	[1],[2],[3],[9],[11]	$ 2,115
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Durables and Apparel
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	870	[1],[3],[8]	873	[4],[5],[12]
Cost	[2]	$ 863	[1],[3]	$ 866	[4],[5]
Percentage of Net Assets	[2]	0.60%	[1],[3],[6]	0.80%	[4],[5],[7]
Fair Value	[2]	$ 872	[1],[3]	$ 873	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Durables and Apparel Lakeshore Learning Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.94% Maturity/Dissolution Date 09/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.94%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-09
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 870
Cost	[1],[2],[3],[11]	$ 863
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 872
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Durables and Apparel Lakeshore Learning Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.97% Maturity/Dissolution Date 09/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.97%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-09
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 873
Cost	[2],[4],[5],[19]			$ 866
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.80%
Fair Value	[2],[4],[5],[19]			$ 873
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	7,145	[1],[3],[8]	4,245	[4],[5],[12]
Cost	[2]	$ 7,105	[1],[3]	$ 4,212	[4],[5]
Percentage of Net Assets	[2]	4.40%	[1],[3],[6]	4.10%	[4],[5],[7]
Fair Value	[2]	$ 7,144	[1],[3]	$ 4,249	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Ascend Learning Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.93% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.92%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,496
Cost	[1],[2],[3],[11]	$ 1,489
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,490
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Golden Nugget Inc (Landry’s) Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.08% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 2,237
Cost	[1],[2],[3],[11]	$ 2,222
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.40%
Fair Value	[1],[2],[3],[11]	$ 2,245
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Golden Nugget Inc (Landry’s) Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (50 Floor) Interest Rate 9.36% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.36%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-01
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,478
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,495
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Inspire Brands, Inc. (Arby’s & Buffalo Wild Wings) Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 (75 Floor) Interest Rate 8.46% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[2]	S + 275 (75 Floor)	[1],[3],[10],[11]	S + 300 (75 Floor)	[4],[5],[18],[19]
Interest Rate, Spread	[2]	275.00%	[1],[3],[10],[11]	300.00%	[4],[5],[18],[19]
Interest Rate, Floor	[2]	75.00%	[1],[3],[10],[11]	75.00%	[4],[5],[18],[19]
Interest Rate	[2]	8.18%	[1],[3],[11]	8.46%	[4],[5],[19]
Maturity/ Dissolution Date	[2]	2027-12	[1],[3],[11]	2027-12	[4],[5],[19]
Principal Amount, Par Value or Shares	[2]	$ 744	[1],[3],[8],[11]	$ 744	[4],[5],[12],[19]
Cost	[2]	$ 737	[1],[3],[11]	$ 737	[4],[5],[19]
Percentage of Net Assets	[2]	0.50%	[1],[3],[6],[11]	0.70%	[4],[5],[7],[19]
Fair Value	[2]	$ 745	[1],[3],[11]	$ 747	[4],[5],[19]
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services J&J Ventures Gaming Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.44% Maturity/Dissolution Date 04/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.44%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-04
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,011
Cost	[1],[2],[3],[11]	$ 1,001
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 1,003
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services J&J Ventures Gaming Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.61% Maturity/Dissolution Date 04/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			9.61%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-04
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,014
Cost	[2],[4],[5],[19]			$ 1,003
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.00%
Fair Value	[2],[4],[5],[19]			$ 1,009
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Kuehg Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (50 Floor) Interest Rate 10.30% Maturity/Dissolution Date 06/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 500 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	500.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	10.30%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-06
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 222
Cost	[1],[2],[3],[11]	$ 222
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.10%
Fair Value	[1],[2],[3],[11]	$ 223
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Mavis Tire Express Services Topco, Corp. Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.08% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-05
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 443
Cost	[1],[2],[3],[11]	$ 443
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.30%
Fair Value	[1],[2],[3],[11]	$ 444
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Whatabrands LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 (50 Floor) Interest Rate 8.47% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 300 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			300.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 995
Cost	[2],[4],[5],[19]			$ 994
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.00%
Fair Value	[2],[4],[5],[19]			$ 998
Investment, Identifier [Axis]: Investments United States Debt Investments Consumer Services Whatabrands LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.69% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.69%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 992
Cost	[1],[2],[3],[11]	$ 991
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 994
Investment, Identifier [Axis]: Investments United States Debt Investments Diversified Financials Pinnacle Purchaser, LLC
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	3,704	[1],[3],[8]	3,713	[4],[5],[12]
Cost	[2]	$ 3,666	[1],[3]	$ 3,673	[4],[5]
Percentage of Net Assets	[2]	2.40%	[1],[3],[6]	3.60%	[4],[5],[7]
Fair Value	[2]	$ 3,704	[1],[3]	$ 3,673	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Diversified Financials Pinnacle Purchaser, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 10.93% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[14],[18]			S + 575 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[14],[18]			575.00%
Interest Rate, Floor	[2],[4],[5],[14],[18]			100.00%
Interest Rate	[2],[4],[5],[14]			10.93%
Maturity/ Dissolution Date	[2],[4],[5],[14]			2029-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[14]			$ 88
Cost	[2],[4],[5],[14]			$ 84
Percentage of Net Assets	[2],[4],[5],[7],[14]			0.10%
Fair Value	[2],[4],[5],[14]			$ 84
Investment, Identifier [Axis]: Investments United States Debt Investments Diversified Financials Pinnacle Purchaser, LLC Investment Type Senior Secured First Lien Revolver Interest Term S + 575 (100 Floor) Interest Rate 11.08% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[16]	S + 575 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[16]	575.00%
Interest Rate, Floor	[1],[2],[3],[10],[16]	100.00%
Interest Rate	[1],[2],[3],[16]	10.93%
Maturity/ Dissolution Date	[1],[2],[3],[16]	2029-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[16]	$ 88
Cost	[1],[2],[3],[16]	$ 84
Percentage of Net Assets	[1],[2],[3],[6],[16]	0.10%
Fair Value	[1],[2],[3],[16]	$ 88
Investment, Identifier [Axis]: Investments United States Debt Investments Diversified Financials Pinnacle Purchaser, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 10.93% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 575 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			575.00%
Interest Rate, Floor	[2],[4],[5],[18]			100.00%
Interest Rate	[2],[4],[5]			10.93%
Maturity/ Dissolution Date	[2],[4],[5]			2029-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 3,625
Cost	[2],[4],[5]			$ 3,589
Percentage of Net Assets	[2],[4],[5],[7]			3.50%
Fair Value	[2],[4],[5]			$ 3,589
Investment, Identifier [Axis]: Investments United States Debt Investments Diversified Financials Pinnacle Purchaser, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 11.08% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 575 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	575.00%
Interest Rate, Floor	[1],[2],[3],[10]	100.00%
Interest Rate	[1],[2],[3]	10.93%
Maturity/ Dissolution Date	[1],[2],[3]	2029-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 3,616
Cost	[1],[2],[3]	$ 3,582
Percentage of Net Assets	[1],[2],[3],[6]	2.30%
Fair Value	[1],[2],[3]	$ 3,616
Investment, Identifier [Axis]: Investments United States Debt Investments Energy
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	1,953	[1],[3],[8]	1,494	[4],[5],[12]
Cost	[2]	$ 1,944	[1],[3]	$ 1,483	[4],[5]
Percentage of Net Assets	[2]	1.20%	[1],[3],[6]	1.40%	[4],[5],[7]
Fair Value	[2]	$ 1,953	[1],[3]	$ 1,499	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Energy Brazos Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.08% Maturity/Dissolution Date 02/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 705
Cost	[1],[2],[3],[11]	$ 703
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.40%
Fair Value	[1],[2],[3],[11]	$ 708
Investment, Identifier [Axis]: Investments United States Debt Investments Energy Brazos Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.11% Maturity/Dissolution Date 02/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-02
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 746
Cost	[2],[4],[5],[19]			$ 743
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 749
Investment, Identifier [Axis]: Investments United States Debt Investments Energy TallGrass Energy (Prairie ECI) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 Interest Rate 10.08% Maturity/Dissolution Date 08/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 475
Interest Rate, Spread	[1],[2],[3],[10],[11]	475.00%
Interest Rate	[1],[2],[3],[11]	10.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,248
Cost	[1],[2],[3],[11]	$ 1,241
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,245
Investment, Identifier [Axis]: Investments United States Debt Investments Energy TallGrass Energy (Prairie ECI) Investment Type Senior Secured First Lien Term Loan Interest Term S + 475 Interest Rate 10.21% Maturity/Dissolution Date 03/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 475
Interest Rate, Floor	[2],[4],[5],[18],[19]			475.00%
Interest Rate	[2],[4],[5],[19]			10.21%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 748
Cost	[2],[4],[5],[19]			$ 740
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 750
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	4,987	[1],[3],[8]	2,244	[4],[5],[12]
Cost	[2]	$ 4,969	[1],[3]	$ 2,233	[4],[5]
Percentage of Net Assets	[2]	3.20%	[1],[3],[6]	2.20%	[4],[5],[7]
Fair Value	[2]	$ 4,991	[1],[3]	$ 2,251	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services Acrisure Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 Interest Rate 9.83% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 450
Interest Rate, Spread	[1],[2],[3],[10],[11]	450.00%
Interest Rate	[1],[2],[3],[11]	9.83%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,496
Cost	[1],[2],[3],[11]	$ 1,490
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.00%
Fair Value	[1],[2],[3],[11]	$ 1,506
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services Acrisure Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 Interest Rate 9.89% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 450
Interest Rate, Floor	[2],[4],[5],[18],[19]			450.00%
Interest Rate	[2],[4],[5],[19]			9.89%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,500
Cost	[2],[4],[5],[19]			$ 1,493
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.50%
Fair Value	[2],[4],[5],[19]			$ 1,506
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services Blackhawk Network Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 Interest Rate 8.14% Maturity/Dissolution Date 06/2025
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 275
Interest Rate, Floor	[2],[4],[5],[18],[19]			275.00%
Interest Rate	[2],[4],[5],[19]			8.14%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2025-06
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 740
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 745
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services Blackhawk Network Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 Interest Rate 10.33% Maturity/Dissolution Date 06/2025
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 500
Interest Rate, Spread	[1],[2],[3],[10],[11]	500.00%
Interest Rate	[1],[2],[3],[11]	10.33%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2025-06
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 744
Cost	[1],[2],[3],[11]	$ 741
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 746
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services LBM Acquisition Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (75 Floor) Interest Rate 9.18% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.17%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,247
Cost	[1],[2],[3],[11]	$ 1,245
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,246
Investment, Identifier [Axis]: Investments United States Debt Investments Financial Services Nexus Investment Type Senior Secured First Lien Term Loan Interest Term S + 650 Interest Rate 11.83% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 450
Interest Rate, Spread	[1],[2],[3],[10],[11]	450.00%
Interest Rate	[1],[2],[3],[11]	9.83%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,500
Cost	[1],[2],[3],[11]	$ 1,493
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,493
Investment, Identifier [Axis]: Investments United States Debt Investments Food, Beverage and Tobacco
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	1,995	[1],[3],[8]	1,492	[4],[5],[12]
Cost	[2]	$ 1,958	[1],[3]	$ 1,458	[4],[5]
Percentage of Net Assets	[2]	1.20%	[1],[3],[6]	1.40%	[4],[5],[7]
Fair Value	[2]	$ 1,980	[1],[3]	$ 1,481	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Food, Beverage and Tobacco Triton Water Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.81% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.81%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,489
Cost	[1],[2],[3],[11]	$ 1,457
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,475
Investment, Identifier [Axis]: Investments United States Debt Investments Food, Beverage and Tobacco Triton Water Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.86% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.86%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,458
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,481
Investment, Identifier [Axis]: Investments United States Debt Investments Food, Beverage and Tobacco Triton Water Holdings, Inc. Investment Type Senior Secured First Lien Term Loan One Interest Term S + 400 (50 Floor) Interest Rate 9.30% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 400 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	400.00%
Interest Rate, Floor	[1],[2],[3],[10]	50.00%
Interest Rate	[1],[2],[3]	9.30%
Maturity/ Dissolution Date	[1],[2],[3]	2028-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 506
Cost	[1],[2],[3]	$ 501
Percentage of Net Assets	[1],[2],[3],[6]	0.30%
Fair Value	[1],[2],[3]	$ 505
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	38,890	[1],[3],[8]	19,520	[4],[5],[12]
Cost	[2]	$ 37,516	[1],[3]	$ 18,473	[4],[5]
Percentage of Net Assets	[2]	23.80%	[1],[3],[6]	17.90%	[4],[5],[7]
Fair Value	[2]	$ 37,562	[1],[3]	$ 18,607	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Angels of Care Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 02/2030
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2030-02
Cost	[1],[2],[3],[16],[17]	$ (4)
Fair Value	[1],[2],[3],[16],[17]	$ (8)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Angels of Care Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 02/2030
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2030-02
Cost	[1],[2],[3],[16],[17]	$ (4)
Fair Value	[1],[2],[3],[16],[17]	$ (4)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Angels of Care Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (100 Floor) Interest Rate 11.08% Maturity/Dissolution Date 02/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 550 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	550.00%
Interest Rate, Floor	[1],[2],[3],[10]	100.00%
Interest Rate	[1],[2],[3]	10.81%
Maturity/ Dissolution Date	[1],[2],[3]	2030-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 3,750
Cost	[1],[2],[3]	$ 3,713
Percentage of Net Assets	[1],[2],[3],[6]	2.30%
Fair Value	[1],[2],[3]	$ 3,713
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Aspen Dental- ADMI Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.19% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.19%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,565
Cost	[1],[2],[3],[11]	$ 1,484
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.00%
Fair Value	[1],[2],[3],[11]	$ 1,515
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Aspen Dental- ADMI Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.22% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.22%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 994
Cost	[2],[4],[5],[19]			$ 927
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.90%
Fair Value	[2],[4],[5],[19]			$ 947
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Aspen Dental- ADMI Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (50 Floor) Interest Rate 11.08% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 575 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	575.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	11.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 506
Cost	[1],[2],[3],[11]	$ 482
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.30%
Fair Value	[1],[2],[3],[11]	$ 507
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Aspen Dental- ADMI Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (50 Floor) Interest Rate 11.11% Maturity/Dissolution Date 12/2027 One
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 575 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			575.00%
Interest Rate, Floor	[2],[4],[5],[18]			50.00%
Interest Rate	[2],[4],[5]			11.11%
Maturity/ Dissolution Date	[2],[4],[5]			2027-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 507
Cost	[2],[4],[5]			$ 482
Percentage of Net Assets	[2],[4],[5],[7]			0.50%
Fair Value	[2],[4],[5]			$ 501
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Avalign Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2028-12
Cost	[1],[2],[3],[16],[17]	$ (18)
Fair Value	[1],[2],[3],[16],[17]	$ (18)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Avalign Investment Type Unitranche First Lien Term Loan Interest Term S + 650 (75 Floor) Interest Rate 11.83% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 650 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	650.00%
Interest Rate, Floor	[1],[2],[3],[10]	75.00%
Interest Rate	[1],[2],[3]	11.83%
Maturity/ Dissolution Date	[1],[2],[3]	2028-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 7,121
Cost	[1],[2],[3]	$ 6,980
Percentage of Net Assets	[1],[2],[3],[6]	4.40%
Fair Value	[1],[2],[3]	$ 6,979
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Azalea Topco Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (75 Floor) Interest Rate 9.19% Maturity/Dissolution Date 07/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-07
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,247
Cost	[1],[2],[3],[11]	$ 1,247
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,240
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services DuPage Medical Group (Midwest Physician) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (75 Floor) Interest Rate 8.82% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 325 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	325.00%
Interest Rate, Floor	[1],[2],[3],[10]	75.00%
Interest Rate	[1],[2],[3]	8.82%
Maturity/ Dissolution Date	[1],[2],[3]	2028-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 1,240
Cost	[1],[2],[3]	$ 1,153
Percentage of Net Assets	[1],[2],[3],[6]	0.70%
Fair Value	[1],[2],[3]	$ 1,036
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services DuPage Medical Group (Midwest Physician) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (75 Floor) Interest Rate 8.86% Maturity/Dissolution Date 03/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			8.86%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,243
Cost	[2],[4],[5],[19]			$ 1,152
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.10%
Fair Value	[2],[4],[5],[19]			$ 1,131
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services FH MD Buyer, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (75 Floor) Interest Rate 10.44% Maturity/Dissolution Date 07/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 500 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	500.00%
Interest Rate, Floor	[1],[2],[3],[10]	75.00%
Interest Rate	[1],[2],[3]	10.44%
Maturity/ Dissolution Date	[1],[2],[3]	2028-07
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 7,488
Cost	[1],[2],[3]	$ 6,906
Percentage of Net Assets	[1],[2],[3],[6]	4.40%
Fair Value	[1],[2],[3]	$ 7,001
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services FH MD Buyer, Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 511.448 (75 Floor) Interest Rate 10.47% Maturity/Dissolution Date 07/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 511.448 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			511.448%
Interest Rate, Floor	[2],[4],[5],[18]			75.00%
Interest Rate	[2],[4],[5]			10.47%
Maturity/ Dissolution Date	[2],[4],[5]			2028-07
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 7,507
Cost	[2],[4],[5]			$ 6,915
Percentage of Net Assets	[2],[4],[5],[7]			6.70%
Fair Value	[2],[4],[5]			$ 6,945
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Laserway Intermediate Holdings II, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 11.34% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 575 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	575.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	11.33%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 3,280
Cost	[1],[2],[3],[11]	$ 3,243
Percentage of Net Assets	[1],[2],[3],[6],[11]	2.10%
Fair Value	[1],[2],[3],[11]	$ 3,271
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Laserway Intermediate Holdings II, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 11.41% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 575 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			575.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			11.41%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 3,288
Cost	[2],[4],[5],[19]			$ 3,249
Percentage of Net Assets	[2],[4],[5],[7],[19]			3.10%
Fair Value	[2],[4],[5],[19]			$ 3,251
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services LifePoint Health Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 Interest Rate 11.09% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 550
Interest Rate, Spread	[1],[2],[3],[10],[11]	550.00%
Interest Rate	[1],[2],[3],[11]	11.09%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,749
Cost	[1],[2],[3],[11]	$ 1,706
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.10%
Fair Value	[1],[2],[3],[11]	$ 1,756
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services LifePoint Health Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 Interest Rate 11.17% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 550
Interest Rate, Spread	[2],[4],[5],[18],[19]			550.00%
Interest Rate	[2],[4],[5],[19]			11.17%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,753
Cost	[2],[4],[5],[19]			$ 1,708
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.70%
Fair Value	[2],[4],[5],[19]			$ 1,751
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 02/2031
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-02
Cost	[1],[2],[3],[16],[17]	$ (19)
Fair Value	[1],[2],[3],[16],[17]	$ (19)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services MB2 Dental Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 02/2031 Two
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-02
Cost	[1],[2],[3],[16],[17]	$ (23)
Fair Value	[1],[2],[3],[16],[17]	$ (12)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services MB2 Dental Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 02/2031 One
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-02
Cost	[1],[2],[3],[16],[17]	$ (4)
Fair Value	[1],[2],[3],[16],[17]	$ (4)
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services MB2 Dental Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (75 Floor) Interest Rate 11.33% Maturity/Dissolution Date 02/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 600 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	600.00%
Interest Rate, Floor	[1],[2],[3],[10]	75.00%
Interest Rate	[1],[2],[3]	11.32%
Maturity/ Dissolution Date	[1],[2],[3]	2031-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 5,544
Cost	[1],[2],[3]	$ 5,489
Percentage of Net Assets	[1],[2],[3],[6]	3.50%
Fair Value	[1],[2],[3]	$ 5,489
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services MPH Acquisition Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 (50 Floor) Interest Rate 9.85% Maturity/Dissolution Date 09/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 425 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	425.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.85%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-09
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 997
Cost	[1],[2],[3],[11]	$ 969
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 966
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Medical Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.68% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.68%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,489
Cost	[1],[2],[3],[11]	$ 1,398
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,332
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Medical Solutions LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.71% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.71%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,397
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,405
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Medline Industries (Mozart Borrower) Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 (50 Floor) (50 Floor) Interest Rate 8.20% Maturity/Dissolution Date 10/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 275 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	275.00%
Interest Rate	[1],[2],[3],[11]	8.20%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 676
Cost	[1],[2],[3],[11]	$ 667
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.40%
Fair Value	[1],[2],[3],[11]	$ 667
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Medline Industries (Mozart Borrower) Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 (50 Floor) Interest Rate 8.20% Maturity/Dissolution Date 10/2028
Schedule of Investments [Line Items]
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Medline Industries (Mozart Borrower) Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 (50 Floor) Interest Rate 8.47% Maturity/Dissolution Date 10/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 300 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			300.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 734
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 749
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Pacific Dental Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 Interest Rate 8.58% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate	[1],[2],[3],[11]	8.58%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-05
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 747
Cost	[1],[2],[3],[11]	$ 746
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Pacific Dental Services Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (75 Floor) Interest Rate 8.97% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			8.97%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-05
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 747
Cost	[2],[4],[5],[19]			$ 746
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Upstream Newco Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.82% Maturity/Dissolution Date 11/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 425
Interest Rate, Spread	[1],[2],[3],[10],[11]	425.00%
Interest Rate	[1],[2],[3],[11]	9.82%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,491
Cost	[1],[2],[3],[11]	$ 1,405
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,407
Investment, Identifier [Axis]: Investments United States Debt Investments Health Care Equipment and Services Upstream Newco Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.89% Maturity/Dissolution Date 11/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 425
Interest Rate, Spread	[2],[4],[5],[18],[19]			425.00%
Interest Rate	[2],[4],[5],[19]			9.89%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,245
Cost	[2],[4],[5],[19]			$ 1,163
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.10%
Fair Value	[2],[4],[5],[19]			$ 1,179
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	4,697	[1],[3],[8]	3,998	[4],[5],[12]
Cost	[2]	$ 4,606	[1],[3]	$ 3,965	[4],[5]
Percentage of Net Assets	[2]	3.00%	[1],[3],[6]	3.80%
Fair Value	[2]	$ 4,673	[1],[3]	$ 4,007	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Accession Risk Management Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (100 Floor) Rate 11.33% Maturity/Dissolution Date 10/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[16]	S + 600 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[16]	600.00%
Interest Rate, Floor	[1],[2],[3],[10],[16]	100.00%
Interest Rate	[1],[2],[3],[16]	11.34%
Maturity/ Dissolution Date	[1],[2],[3],[16]	2026-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[16]	$ 660
Cost	[1],[2],[3],[16]	$ 652
Percentage of Net Assets	[1],[2],[3],[6],[16]	0.40%
Fair Value	[1],[2],[3],[16]	$ 667
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Accession Risk Management Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) Rate 11.35% Maturity/Dissolution Date 10/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[14],[18]			S + 600 (75 Floor
Interest Rate, Spread	[2],[4],[5],[14],[18]			600.00%
Interest Rate, Floor	[2],[4],[5],[14],[18]			75.00%
Interest Rate	[2],[4],[5],[14]			11.35%
Maturity/ Dissolution Date	[2],[4],[5],[14]			2026-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[14]			$ 84
Cost	[2],[4],[5],[14],[15]			$ 65
Percentage of Net Assets	[2],[4],[5],[7]			0.10%
Fair Value	[2],[4],[5],[14]			$ 77
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Accession Risk Management Investment Type Senior Secured First Lien Delayed Draw Term Loan Interest Term S + 600 (75 Floor) Rate 11.43% Maturity/Dissolution Date 10/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 600 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			600.00%
Interest Rate, Floor	[2],[4],[5],[18]			75.00%
Interest Rate	[2],[4],[5]			11.43%
Maturity/ Dissolution Date	[2],[4],[5]			2026-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 188
Cost	[2],[4],[5]			$ 185
Percentage of Net Assets	[2],[4],[5],[7]			0.20%
Fair Value	[2],[4],[5]			$ 187
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Accession Risk Management Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 10/2026
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2026-10
Cost	[1],[2],[3],[16],[17]	$ (12)
Fair Value	[1],[2],[3],[16],[17]	$ 8
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Assured Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Rate 8.83% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.83%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 208
Cost	[1],[2],[3],[11]	$ 207
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.10%
Fair Value	[1],[2],[3],[11]	$ 209
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Assured Partners Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Rate 9.08% Maturity/Dissolution Date 02/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 746
Cost	[1],[2],[3],[11]	$ 746
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Assured Partners Investment Type Senior Senior Secured First Lien Term Loan Interest Term S + 375 Rate 9.11% Maturity/Dissolution Date 02/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-02
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 748
Cost	[2],[4],[5],[19]			$ 747
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 752
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance BroadStreet Partners Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.08% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,484
Cost	[1],[2],[3],[11]	$ 1,481
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,491
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance BroadStreet Partners Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.10% Maturity/Dissolution Date 01/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.10%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-01
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,488
Cost	[2],[4],[5],[19]			$ 1,485
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,495
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Galway Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 09/2028
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2028-09
Cost	[1],[2],[3],[16],[17]	$ (53)
Fair Value	[1],[2],[3],[16],[17]	$ (41)
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Galway Investment Type Senior Secured First Lien Revolver Interest Term S + 525 (75 Floor) Interest Rate 10.68%Maturity/Dissolution Date 09/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[16]	S + 525 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[16]	525.00%
Interest Rate, Floor	[1],[2],[3],[10],[16]	75.00%
Interest Rate	[1],[2],[3],[16]	10.66%
Maturity/ Dissolution Date	[1],[2],[3],[16]	2028-09
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[16]	$ 112
Cost	[1],[2],[3],[16]	$ 105
Percentage of Net Assets	[1],[2],[3],[6],[16]	0.10%
Fair Value	[1],[2],[3],[16]	$ 101
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Outcomes Group Holdings Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 Interest Rate 8.69% Maturity/Dissolution Date 10/2025
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate	[1],[2],[3],[11]	8.69%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2025-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 744
Cost	[1],[2],[3],[11]	$ 742
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 745
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Outcomes Group Holdings Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 Interest Rate 8.90% Maturity/Dissolution Date 10/2025
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate	[2],[4],[5],[19]			8.90%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2025-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 746
Cost	[2],[4],[5],[19]			$ 744
Percentage of Net Assets	[2],[4],[5],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Sedgwick CMS Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.08% Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.08%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-02
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 743
Cost	[1],[2],[3],[11]	$ 738
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 745
Investment, Identifier [Axis]: Investments United States Debt Investments Insurance Sedgwick CMS Holdings, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.11% Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-02
Principal Amount, Par Value or Shares	[2],[4],[5],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 739
Percentage of Net Assets	[2],[4],[5],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 748
Investment, Identifier [Axis]: Investments United States Debt Investments Materials
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	11,694	[1],[3],[8]	10,162	[4],[5],[12]
Cost	[2]	$ 11,510	[1],[3]	$ 9,997	[4],[5]
Percentage of Net Assets	[2]	7.50%	[1],[3],[6]	9.70%	[4],[5],[7]
Fair Value	[2]	$ 11,680	[1],[3]	$ 10,045	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Anchor Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.93% Maturity/Dissolution Date 07/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.93%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-07
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 744
Cost	[1],[2],[3],[11]	$ 741
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 745
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Anchor Packaging LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.96% Maturity/Dissolution Date 07/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate	[2],[4],[5],[19]			8.96%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-07
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 746
Cost	[2],[4],[5],[19]			$ 743
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 743
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Chemours Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.83% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[9],[10],[11]	S + 350 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[9],[10],[11]	350.00%
Interest Rate, Floor	[1],[2],[3],[9],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[9],[11]	8.83%
Maturity/ Dissolution Date	[1],[2],[3],[9],[11]	2028-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[9],[11]	$ 1,460
Cost	[1],[2],[3],[9],[11]	$ 1,445
Percentage of Net Assets	[1],[2],[3],[6],[9],[11]	0.90%
Fair Value	[1],[2],[3],[9],[11]	$ 1,457
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Chemours Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (50 Floor) Interest Rate 8.86% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[13],[18],[19]			S + 350 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[13],[18],[19]			350.00%
Interest Rate, Floor	[2],[4],[5],[13],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[13],[19]			8.86%
Maturity/ Dissolution Date	[2],[4],[5],[13],[19]			2028-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[13],[19]			$ 1,463
Cost	[2],[4],[5],[13],[19]			$ 1,448
Percentage of Net Assets	[2],[4],[5],[7],[13],[19]			1.40%
Fair Value	[2],[4],[5],[13],[19]			$ 1,465
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2],[4],[5],[14],[15]			2030-11
Cost	[2],[4],[5],[14],[15]			$ (11)
Fair Value	[2],[4],[5],[14],[15]			$ (11)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 11/2030
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2030-11
Cost	[1],[2],[3],[16],[17]	$ (10)
Fair Value	[1],[2],[3],[16],[17]	$ 1
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 11.06% Maturity/Dissolution Date 11/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 575 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	575.00%
Interest Rate, Floor	[1],[2],[3],[10]	75.00%
Interest Rate	[1],[2],[3]	11.06%
Maturity/ Dissolution Date	[1],[2],[3]	2030-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 3,302
Cost	[1],[2],[3]	$ 3,239
Percentage of Net Assets	[1],[2],[3],[6]	2.10%
Fair Value	[1],[2],[3]	$ 3,309
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Formulations Parent Corporation Investment Type Unitranche First Lien Term Loan Interest Term S + 575 (75 Floor) Interest Rate 11.13% Maturity/Dissolution Date 11/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 575 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			575.00%
Interest Rate, Floor	[2],[4],[5],[18]			75.00%
Interest Rate	[2],[4],[5]			11.13%
Maturity/ Dissolution Date	[2],[4],[5]			2030-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 3,302
Cost	[2],[4],[5]			$ 3,237
Percentage of Net Assets	[2],[4],[5],[7]			3.20%
Fair Value	[2],[4],[5]			$ 3,237
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Novolex - Flex Acquisition Company, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 367.5 (50 Floor) Interest Rate 9.11% Maturity/Dissolution Date 04/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 367.5 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	367.50%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.11%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-04
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,986
Cost	[1],[2],[3],[11]	$ 1,965
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.30%
Fair Value	[1],[2],[3],[11]	$ 1,991
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Novolex - Flex Acquisition Company, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 417.5 (50 Floor Interest Rate 9.63% Maturity/Dissolution Date 04/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 417.5 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			417.50%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.63%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-04
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,991
Cost	[2],[4],[5],[19]			$ 1,969
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.90%
Fair Value	[2],[4],[5],[19]			$ 2,002
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Maturity/Dissolution Date 12/2025 One
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2],[4],[5],[14],[15]			2025-12
Cost	[2],[4],[5],[14],[15]			$ (1)
Fair Value	[2],[4],[5],[14],[15]			$ (2)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2],[4],[5],[14],[15]			2029-12
Cost	[2],[4],[5],[14],[15]			$ (1)
Fair Value	[2],[4],[5],[14],[15]			$ (2)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2025
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2025-12
Cost	[1],[2],[3],[16],[17]	$ (1)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2029-12
Cost	[1],[2],[3],[16],[17]	$ (1)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 04/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2],[4],[5],[14],[15]			2029-12
Cost	[2],[4],[5],[14],[15]			$ (2)
Fair Value	[2],[4],[5],[14],[15]			$ (2)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Revolver Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2029-12
Cost	[1],[2],[3],[16],[17]	$ (2)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Online Labels Group, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 525 (100 Floor) Interest Rate 10.61% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2]	S + 525 (100 Floor)	[1],[3],[10]	S + 525 (100 Floor)	[4],[5],[18]
Interest Rate, Spread	[2]	525.00%	[1],[3],[10]	525.00%	[4],[5],[18]
Interest Rate, Floor	[2]	100.00%	[1],[3],[10]	100.00%	[4],[5],[18]
Interest Rate	[2]	10.61%	[1],[3]	10.61%	[4],[5]
Maturity/ Dissolution Date	[2]	2029-12	[1],[3]	2029-12	[4],[5]
Principal Amount, Par Value or Shares	[2]	$ 1,446	[1],[3],[8]	$ 1,450	[4],[5],[12]
Cost	[2]	$ 1,432	[1],[3]	$ 1,436	[4],[5]
Percentage of Net Assets	[2]	0.90%	[1],[3],[6]	1.40%	[4],[5],[7]
Fair Value	[2]	$ 1,446	[1],[3]	$ 1,436	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Pegasus Steel Investment Type Senior Secured First Lien Delayed Draw Term Loan Maturity/Dissolution Date 01/2031
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-01
Cost	[1],[2],[3],[16],[17]	$ (3)
Fair Value	[1],[2],[3],[16],[17]	$ (2)
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Pegasus Steel Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (100 Floor) Interest Rate 10.83% Maturity/Dissolution Date 01/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 550 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10]	550.00%
Interest Rate, Floor	[1],[2],[3],[10]	100.00%
Interest Rate	[1],[2],[3]	10.83%
Maturity/ Dissolution Date	[1],[2],[3]	2031-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 1,549
Cost	[1],[2],[3]	$ 1,526
Percentage of Net Assets	[1],[2],[3],[6]	1.00%
Fair Value	[1],[2],[3]	$ 1,541
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Plaze Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 275 Interest Rate 8.11% Maturity/Dissolution Date 08/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 275
Interest Rate, Spread	[2],[4],[5],[18],[19]			275.00%
Interest Rate	[2],[4],[5],[19]			8.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 464
Cost	[2],[4],[5],[19]			$ 450
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.40%
Fair Value	[2],[4],[5],[19]			$ 452
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Plaze Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.94% Maturity/Dissolution Date 08/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.94%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 744
Cost	[1],[2],[3],[11]	$ 728
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 735
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Plaze Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.97% Maturity/Dissolution Date 08/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate	[2],[4],[5],[19]			8.97%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 746
Cost	[2],[4],[5],[19]			$ 729
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 727
Investment, Identifier [Axis]: Investments United States Debt Investments Materials Plaze Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 8.19% Maturity/Dissolution Date 08/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate	[1],[2],[3],[11]	9.19%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 463
Cost	[1],[2],[3],[11]	$ 451
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.30%
Fair Value	[1],[2],[3],[11]	$ 457
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	5,296	[1],[3],[8]	4,577	[4],[5],[12]
Cost	[2]	$ 5,111	[1],[3]	$ 4,409	[4],[5]
Percentage of Net Assets	[2]	3.20%	[1],[3],[6]	4.20%	[4],[5],[7]
Fair Value	[2]	$ 5,051	[1],[3]	$ 4,451	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Authentic Brands Group - ABG Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.93% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.93%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 625
Cost	[1],[2],[3],[11]	$ 622
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.40%
Fair Value	[1],[2],[3],[11]	$ 628
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Authentic Brands Group - ABG Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.96% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate	[2],[4],[5],[19]			8.96%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 627
Cost	[2],[4],[5],[19]			$ 624
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.60%
Fair Value	[2],[4],[5],[19]			$ 630
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment CMG Media Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.91% Maturity/Dissolution Date 12/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 350
Interest Rate, Spread	[1],[2],[3],[10],[11]	350.00%
Interest Rate	[1],[2],[3],[11]	8.91%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,740
Cost	[1],[2],[3],[11]	$ 1,592
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.00%
Fair Value	[1],[2],[3],[11]	$ 1,522
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment CMG Media Corp Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 Interest Rate 8.95% Maturity/Dissolution Date 12/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 350
Interest Rate, Spread	[2],[4],[5],[18],[19]			350.00%
Interest Rate	[2],[4],[5],[19]			8.95%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,494
Cost	[2],[4],[5],[19]			$ 1,368
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.30%
Fair Value	[2],[4],[5],[19]			$ 1,390
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Red Ventures, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 Interest Rate 8.33% Maturity/Dissolution Date 03/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 300
Interest Rate, Spread	[1],[2],[3],[10],[11]	300.00%
Interest Rate	[1],[2],[3],[11]	8.33%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-03
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,489
Cost	[1],[2],[3],[11]	$ 1,484
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,485
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Red Ventures, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 Interest Rate 8.36% Maturity/Dissolution Date 03/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 300
Interest Rate, Spread	[2],[4],[5],[18],[19]			300.00%
Interest Rate	[2],[4],[5],[19]			8.36%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,243
Cost	[2],[4],[5],[19]			$ 1,238
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.20%
Fair Value	[2],[4],[5],[19]			$ 1,241
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Yahoo/Verizon Media Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.94% Maturity/Dissolution Date 09/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 550 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	550.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	10.94%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-09
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,442
Cost	[1],[2],[3],[11]	$ 1,413
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,416
Investment, Identifier [Axis]: Investments United States Debt Investments Media and Entertainment Yahoo/Verizon Media Investment Type Senior Secured First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.97% Maturity/Dissolution Date 09/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 550 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			550.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			10.97%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-09
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,213
Cost	[2],[4],[5],[19]			$ 1,179
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.10%
Fair Value	[2],[4],[5],[19]			$ 1,190
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	4,845	[1],[3],[8]	4,496	[4],[5],[12]
Cost	[2]	$ 4,747	[1],[3]	$ 4,393	[4],[5]
Percentage of Net Assets	[2]	3.10%	[1],[3],[6]	4.30%	[4],[5],[7]
Fair Value	[2]	$ 4,927	[1],[3]	$ 4,408	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences Parexel (Phoenix Newco, Inc.) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.69% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.69%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,479
Cost	[1],[2],[3],[11]	$ 1,472
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,484
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences Parexel (Phoenix Newco, Inc.) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.72% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.72%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 993
Cost	[2],[4],[5],[19]			$ 985
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.00%
Fair Value	[2],[4],[5],[19]			$ 1,000
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Revolver Interest Term S + 625 (75 Floor) Interest Rate 11.60% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[14],[18],[19]			S + 625 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[14],[18],[19]			625.00%
Interest Rate, Floor	[2],[4],[5],[14],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[14],[19]			11.60%
Maturity/ Dissolution Date	[2],[4],[5],[14],[19]			2029-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[14],[19]			$ 137
Cost	[2],[4],[5],[14],[19]			$ 126
Percentage of Net Assets	[2],[4],[5],[7],[14],[19]			0.10%
Fair Value	[2],[4],[5],[14],[19]			$ 126
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2029-12
Cost	[1],[2],[3],[16],[17]	$ (11)
Fair Value	[1],[2],[3],[16],[17]	$ 9
Investment, Identifier [Axis]: Investments United States Debt Investments Pharmaceuticals, Biotechnology and Life Sciences WCT Group Holdings, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (75 Floor) Interest Rate 11.43% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2]	S + 625 (75 Floor)	[1],[3],[10]	S + 625 (75 Floor)	[4],[5],[18]
Interest Rate, Spread	[2]	625.00%	[1],[3],[10]	625.00%	[4],[5],[18]
Interest Rate, Floor	[2]	75.00%	[1],[3],[10]	75.00%	[4],[5],[18]
Interest Rate	[2]	11.43%	[1],[3]	11.43%	[4],[5]
Maturity/ Dissolution Date	[2]	2029-12	[1],[3]	2029-12	[4],[5]
Principal Amount, Par Value or Shares	[2]	$ 3,366	[1],[3],[8]	$ 3,366	[4],[5],[12]
Cost	[2]	$ 3,286	[1],[3]	$ 3,282	[4],[5]
Percentage of Net Assets	[2]	2.20%	[1],[3],[6]	3.20%	[4],[5],[7]
Fair Value	[2]	$ 343	[1],[3]	$ 3,282	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Real Estate Management and Development
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	1,802	[1],[3],[8]	1,826	[4],[5],[12]
Cost	[2]	$ 1,774	[1],[3]	$ 1,793	[4],[5]
Percentage of Net Assets	[2]	1.10%	[1],[3],[6]	1.70%	[4],[5],[7]
Fair Value	[2]	$ 1,804	[1],[3]	$ 1,825	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Real Estate Management and Development Belfor Holdings Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.08% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 375
Interest Rate, Spread	[1],[2],[3],[10]	375.00%
Interest Rate	[1],[2],[3]	9.08%
Maturity/ Dissolution Date	[1],[2],[3]	2030-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 314
Cost	[1],[2],[3]	$ 311
Percentage of Net Assets	[1],[2],[3],[6]	0.20%
Fair Value	[1],[2],[3]	$ 316
Investment, Identifier [Axis]: Investments United States Debt Investments Real Estate Management and Development Belfor Holdings Inc Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 Interest Rate 9.11% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate	[2],[4],[5],[19]			9.11%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-10
Principal Amount, Par Value or Shares	[2],[12],[19]			$ 334
Cost	[2],[19]			$ 331
Percentage of Net Assets	[2],[7],[19]			0.30%
Fair Value	[2],[19]			$ 335
Investment, Identifier [Axis]: Investments United States Debt Investments Real Estate Management and Development Chamberlain Group (Chariot Buyer) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.68% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 325 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	325.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.68%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,488
Cost	[1],[2],[3],[11]	$ 1,463
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,488
Investment, Identifier [Axis]: Investments United States Debt Investments Real Estate Management and Development Chamberlain Group (Chariot Buyer) Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 (50 Floor) Interest Rate 8.71% Maturity/Dissolution Date 11/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 325 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			325.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.71%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-11
Principal Amount, Par Value or Shares	[2],[12],[19]			$ 1,492
Cost	[2],[19]			$ 1,462
Percentage of Net Assets	[2],[7],[19]			1.40%
Fair Value	[2],[19]			$ 1,490
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	12,258	[1],[3],[8]	27,140	[4],[5],[12]
Cost	[2]	$ 12,057	[1],[3]	$ 26,499	[4],[5]
Percentage of Net Assets	[2]	7.60%	[1],[3],[6]	25.90%	[4],[5],[7]
Fair Value	[2]	$ 12,083	[1],[3]	$ 26,881	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Access Records Management Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (50 Floor) Interest Rate 10.33% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 500 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[11]	500.00%
Interest Rate, Floor	[1],[2],[3],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	10.33%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-08
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 1,467
Cost	[1],[2],[3],[11]	$ 1,455
Percentage of Net Assets	[1],[2],[3],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,471
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Access Records Management Investment Type Senior Secured First Lien Term Loan Interest Term S + 500 (50 Floor) Interest Rate 10.39% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 500 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			500.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			10.39%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 748
Cost	[2],[4],[5],[19]			$ 740
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 750
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Asurion, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.68% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 425
Interest Rate, Spread	[1],[2],[3],[11]	425.00%
Interest Rate	[1],[2],[3],[11]	9.68%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-08
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 1,987
Cost	[1],[2],[3],[11]	$ 1,932
Percentage of Net Assets	[1],[2],[3],[11]	1.30%
Fair Value	[1],[2],[3],[11]	$ 1,922
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Asurion, LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.71% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 425
Interest Rate, Spread	[2],[4],[5],[18],[19]			425.00%
Interest Rate	[2],[4],[5],[19]			9.71%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-08
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,443
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,489
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Cloud Software Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (50 Floor) Interest Rate 9.91% Maturity/Dissolution Date 03/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 450 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[11]	450.00%
Interest Rate, Floor	[1],[2],[3],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.91%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-03
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 1,643
Cost	[1],[2],[3],[11]	$ 1,585
Percentage of Net Assets	[1],[2],[3],[11]	1.00%
Fair Value	[1],[2],[3],[11]	$ 1,638
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Cloud Software Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (50 Floor) Interest Rate 9.93% Maturity/Dissolution Date 03/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 450 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[11]	450.00%
Interest Rate, Floor	[1],[2],[3],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.93%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2029-03
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 808
Cost	[1],[2],[3],[11]	$ 803
Percentage of Net Assets	[1],[2],[3],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 803
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Cloud Software Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (50 Floor) Interest Rate 9.95% Maturity/Dissolution Date 03/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 450 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			450.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			9.95%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2029-03
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,647
Cost	[2],[4],[5],[19]			$ 1,585
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.60%
Fair Value	[2],[4],[5],[19]			$ 1,613
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Concord III, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2]	2028-12	[1],[3],[16],[17]	2028-12	[4],[5],[14],[15]
Cost	[2]	$ (3)	[1],[3],[16],[17]	$ (3)	[14],[15]
Fair Value	[2],[14],[15]			$ (3)
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.56% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3]	S + 625 (100 Floor)
Interest Rate, Spread	[1],[2],[3]	625.00%
Interest Rate, Floor	[1],[2],[3]	100.00%
Interest Rate	[1],[2],[3]	11.56%
Maturity/ Dissolution Date	[1],[2],[3]	2028-12
Principal Amount, Par Value or Shares	[1],[2],[3]	$ 5,675
Cost	[1],[2],[3]	$ 5,618
Percentage of Net Assets	[1],[2],[3]	3.60%
Fair Value	[1],[2],[3]	$ 5,675
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Concord III, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 625 (100 Floor) Interest Rate 11.62% Maturity/Dissolution Date 12/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 625 (100 Floor
Interest Rate, Spread	[2],[4],[5],[18]			625.00%
Interest Rate, Floor	[2],[4],[5],[18]			100.00%
Interest Rate	[2],[4],[5]			11.62%
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 5,675
Cost	[2],[4],[5]			$ 5,619
Percentage of Net Assets	[2],[4],[5],[7]			5.40%
Fair Value	[2],[4],[5]			$ 5,620
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Cotiviti Holdings Investment Type Senior Secured First Lien Term Loan Interest Term S + 325 Interest Rate 8.58% Maturity/Dissolution Date 02/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 325
Interest Rate, Spread	[1],[2],[3],[11]	325.00%
Interest Rate	[1],[2],[3],[11]	8.58%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2031-02
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 2,296
Cost	[1],[2],[3],[11]	$ 2,290
Percentage of Net Assets	[1],[2],[3],[11]	1.50%
Fair Value	[1],[2],[3],[11]	$ 2,295
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Endure Digital (Endurance Intl) Investment Type Senior Secured First Lien Term Loan Interest Term S + 350 (75 Floor) Interest Rate 9.42% Maturity/Dissolution Date 02/2028
Schedule of Investments [Line Items]
Interest Term	[2]	S + 350 (75 Floor)	[1],[3],[11]	S + 350 (75 Floor)	[4],[5],[18],[19]
Interest Rate, Spread	[2]	350.00%	[1],[3],[11]	350.00%	[4],[5],[18],[19]
Interest Rate, Floor	[2]	75.00%	[1],[3],[11]	75.00%	[4],[5],[18],[19]
Interest Rate	[2]	9.42%	[1],[3],[11]	9.42%	[4],[5],[19]
Maturity/ Dissolution Date	[2]	2028-02	[1],[3],[11]	2028-02	[4],[5],[19]
Principal Amount, Par Value or Shares	[2]	$ 990	[1],[3],[11]	$ 1,492	[4],[5],[12],[19]
Cost	[2]	$ 944	[1],[3],[11]	$ 1,417	[4],[5],[19]
Percentage of Net Assets	[2]	0.60%	[1],[3],[11]	1.40%	[4],[5],[7],[19]
Fair Value	[2]	$ 968	[1],[3],[11]	$ 1,466	[4],[5],[19]
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Ensono Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.44% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[11]	S + 400 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.44%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-05
Principal Amount, Par Value or Shares	[1],[2],[3],[11]	$ 745
Cost	[1],[2],[3],[11]	$ 720
Percentage of Net Assets	[1],[2],[3],[11]	0.50%
Fair Value	[1],[2],[3],[11]	$ 724
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Ensono Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.47% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			9.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-05
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 747
Cost	[2],[4],[5],[19]			$ 721
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 721
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Enverus Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2]	2029-12	[1],[3],[16],[17]	2029-12	[4],[5],[14],[15]
Cost	[2]	$ (3)	[1],[3],[16],[17]	$ (3)	[14],[15]
Fair Value	[2]	$ (1)	[1],[3],[16],[17]	$ (3)	[14],[15]
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Enverus Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2]	2029-12	[1],[3],[16],[17]	2029-12	[4],[5],[14],[15]
Cost	[2]	$ (5)	[1],[3],[16],[17]	$ (5)	[14],[15]
Fair Value	[2]	$ (1)	[1],[3],[16],[17]	$ (5)	[14],[15]
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Enverus Investment Type Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.83% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3]	S + 550 (75 Floor)
Interest Rate, Spread	[1],[2],[3]	550.00%
Interest Rate, Floor	[1],[2],[3]	75.00%
Interest Rate	[1],[2],[3]	10.83%
Maturity/ Dissolution Date	[1],[2],[3]	2029-12
Principal Amount, Par Value or Shares	[1],[2],[3]	$ 4,440
Cost	[1],[2],[3]	$ 4,378
Percentage of Net Assets	[1],[2],[3]	2.80%
Fair Value	[1],[2],[3]	$ 4,429
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Enverus Investment Type Unitranche Unitranche First Lien Term Loan Interest Term S + 550 (75 Floor) Interest Rate 10.86% Maturity/Dissolution Date 12/2029
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 550 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			550.00%
Interest Rate, Floor	[2],[4],[5],[18]			75.00%
Interest Rate	[2],[4],[5]			10.86%
Maturity/ Dissolution Date	[2],[4],[5]			2029-12
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 4,440
Cost	[2],[4],[5]			$ 4,374
Percentage of Net Assets	[2],[4],[5],[7]			4.20%
Fair Value	[2],[4],[5]			$ 4,374
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 09/2029
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[2]	2029-09	[1],[3],[16],[17]	2029-09	[4],[5],[14],[15]
Cost	[2]	$ (11)	[1],[3],[16],[17]	$ (12)	[4],[5],[14],[15]
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (75 Floor) Interest Rate 11.31% Maturity/Dissolution Date 09/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3]	S + 600 (75 Floor)
Interest Rate, Spread	[1],[2],[3]	600.00%
Interest Rate, Floor	[1],[2],[3]	75.00%
Interest Rate	[1],[2],[3]	11.31%
Maturity/ Dissolution Date	[1],[2],[3]	2030-09
Principal Amount, Par Value or Shares	[1],[2],[3]	$ 4,489
Cost	[1],[2],[3]	$ 4,383
Percentage of Net Assets	[1],[2],[3]	2.90%
Fair Value	[1],[2],[3]	$ 4,557
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Evergreen IX Borrower 2023, LLC Investment Type Unitranche First Lien Term Loan Interest Term S + 600 (75 Floor) Interest Rate 11.35% Maturity/Dissolution Date 09/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18]			S + 600 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18]			600.00%
Interest Rate, Floor	[2],[4],[5],[18]			75.00%
Interest Rate	[2],[4],[5]			11.35%
Maturity/ Dissolution Date	[2],[4],[5]			2030-09
Principal Amount, Par Value or Shares	[2],[4],[5],[12]			$ 4,500
Cost	[2],[4],[5]			$ 4,391
Percentage of Net Assets	[2],[4],[5],[7]			4.40%
Fair Value	[2],[4],[5]			$ 4,548
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Granicus, Inc. Investment Type Unitranche First Lien Delayed Draw Term Loan Maturity/Dissolution Date 01/2031
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-01
Cost	[1],[2],[3],[16],[17]	$ (6)
Fair Value	[1],[2],[3],[16],[17]	$ (1)
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Granicus, Inc. Investment Type Unitranche First Lien Revolver Maturity/Dissolution Date 01/2031
Schedule of Investments [Line Items]
Maturity/ Dissolution Date	[1],[2],[3],[16],[17]	2031-01
Cost	[1],[2],[3],[16],[17]	$ (5)
Fair Value	[1],[2],[3],[16],[17]	$ (1)
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Granicus, Inc. Investment Type Unitranche First Lien Term Loan Interest Term S + 350 (100 Floor) (including 225 PIK) Interest Rate 11.06% Maturity/Dissolution Date 01/2031
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10]	S + 350 (100 Floor) (including 225 PIK)
Interest Rate, Spread	[1],[2],[3],[10]	350.00%
Interest Rate, Floor	[1],[2],[3],[10]	100.00%
Interest Rate, PIK	[1],[2],[3],[10]	225.00%
Interest Rate	[1],[2],[3]	11.06%
Maturity/ Dissolution Date	[1],[2],[3]	2031-01
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	$ 3,873
Cost	[1],[2],[3]	$ 3,838
Percentage of Net Assets	[1],[2],[3],[6]	2.40%
Fair Value	[1],[2],[3]	$ 3,864
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Isolved Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.33% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate	[1],[2],[3],[11]	9.33%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2030-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 180
Cost	[1],[2],[3],[11]	$ 178
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.10%
Fair Value	[1],[2],[3],[11]	$ 181
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Isolved Investment Type Unitranche Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.48% Maturity/Dissolution Date 10/2030
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate	[2],[4],[5],[19]			9.48%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2030-10
Principal Amount, Par Value or Shares	[2],[12],[19]			$ 180
Cost	[2],[19]			$ 178
Percentage of Net Assets	[2],[7],[19]			0.20%
Fair Value	[2],[19]			$ 181
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Micro Holdings Investment Type Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.58% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 425
Interest Rate, Spread	[1],[2],[3],[10],[11]	425.00%
Interest Rate	[1],[2],[3],[11]	9.58%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-05
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 2,237
Cost	[1],[2],[3],[11]	$ 2,182
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.40%
Fair Value	[1],[2],[3],[11]	$ 2,227
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Micro Holdings Investment Type Senior Unitranche Senior Secured First Lien Term Loan Interest Term S + 425 Interest Rate 9.61% Maturity/Dissolution Date 05/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 425
Interest Rate, Spread	[2],[4],[5],[18],[19]			425.00%
Interest Rate	[2],[4],[5],[19]			9.61%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-05
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,993
Cost	[2],[4],[5],[19]			$ 1,935
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.90%
Fair Value	[2],[4],[5],[19]			$ 1,963
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Milano Acquisition Corp (Gainwell) Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.41% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.41%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 2,235
Cost	[1],[2],[3],[11]	$ 2,179
Percentage of Net Assets	[1],[2],[3],[6],[11]	1.40%
Fair Value	[1],[2],[3],[11]	$ 2,142
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Milano Acquisition Corp (Gainwell) Investment Type Senior Unitranche Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.45% Maturity/Dissolution Date 10/2027
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400 (75 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			75.00%
Interest Rate	[2],[4],[5],[19]			9.45%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2027-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,990
Cost	[2],[4],[5],[19]			$ 1,943
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.90%
Fair Value	[2],[4],[5],[19]			$ 1,941
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services One
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3]	24,540
Cost	[1],[2],[3]	$ 24,075
Percentage of Net Assets	[1],[2],[3]	15.60%
Fair Value	[1],[2],[3]	$ 24,478
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services RealPage, Inc. Investment Type Senior Secured First Lien Term Loan Interest Term S + 300 (50 Floor) Interest Rate 8.44% Maturity/Dissolution Date 04/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 300 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	300.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	8.44%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-04
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,489
Cost	[1],[2],[3],[11]	$ 1,461
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,450
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services RealPage, Inc. Investment Type Senior Unitranche Senior Secured First Lien Term Loan Interest Term S + 300 (50 Floor) Interest Rate 8.47% Maturity/Dissolution Date 04/2028
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 300 (50 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			300.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			50.00%
Interest Rate	[2],[4],[5],[19]			8.47%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2028-04
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,492
Cost	[2],[4],[5],[19]			$ 1,457
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.40%
Fair Value	[2],[4],[5],[19]			$ 1,484
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Red Planet Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (50 Floor) Interest Rate 9.19% Maturity/Dissolution Date 10/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.18%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-10
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,247
Cost	[1],[2],[3],[11]	$ 1,228
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,229
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services RevSpring, Inc. Investment Type Senior Unitranche Senior Secured First Lien Term Loan Interest Term S + 400 Interest Rate 9.61% Maturity/Dissolution Date 10/2025
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 400
Interest Rate, Spread	[2],[4],[5],[18],[19]			400.00%
Interest Rate	[2],[4],[5],[19]			9.61%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2025-10
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 744
Cost	[2],[4],[5],[19]			$ 719
Percentage of Net Assets	[2],[4],[5],[7],[19]			0.70%
Fair Value	[2],[4],[5],[19]			$ 742
Investment, Identifier [Axis]: Investments United States Debt Investments Software and Services Sovos Compliance Investment Type Senior Secured First Lien Term Loan Interest Term S + 450 (50 Floor) Interest Rate 9.94% Maturity/Dissolution Date 08/2028
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 450 (50 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	450.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	50.00%
Interest Rate	[1],[2],[3],[11]	9.94%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2028-08
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 997
Cost	[1],[2],[3],[11]	$ 991
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.60%
Fair Value	[1],[2],[3],[11]	$ 990
Investment, Identifier [Axis]: Investments United States Debt Investments Telecommunication Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[1],[2],[3],[8]	1,496
Cost	[1],[2],[3]	$ 1,491
Percentage of Net Assets	[1],[2],[3],[6]	0.90%
Fair Value	[1],[2],[3]	$ 1,489
Investment, Identifier [Axis]: Investments United States Debt Investments Telecommunication Services CCI Buyer Investment Type Senior Secured First Lien Term Loan Interest Term S + 400 (75 Floor) Interest Rate 9.30% Maturity/Dissolution Date 12/2027
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 400 (75 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	400.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	75.00%
Interest Rate	[1],[2],[3],[11]	9.30%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2027-12
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,496
Cost	[1],[2],[3],[11]	$ 1,491
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.90%
Fair Value	[1],[2],[3],[11]	$ 1,489
Investment, Identifier [Axis]: Investments United States Debt Investments Utilities
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	1,226	[1],[3],[8]	1,226	[4],[5],[12]
Cost	[2]	$ 1,217	[1],[3]	$ 1,214	[4],[5]
Percentage of Net Assets	[2]	0.80%	[1],[3],[6]	1.20%	[4],[5],[7]
Fair Value	[2]	$ 1,230	[1],[3]	$ 1,225	[4],[5]
Investment, Identifier [Axis]: Investments United States Debt Investments Utilities Granite Energy LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (100 Floor) Interest Rate 9.19% Maturity/Dissolution Date 11/2026
Schedule of Investments [Line Items]
Interest Term	[1],[2],[3],[10],[11]	S + 375 (100 Floor)
Interest Rate, Spread	[1],[2],[3],[10],[11]	375.00%
Interest Rate, Floor	[1],[2],[3],[10],[11]	100.00%
Interest Rate	[1],[2],[3],[11]	9.19%
Maturity/ Dissolution Date	[1],[2],[3],[11]	2026-11
Principal Amount, Par Value or Shares	[1],[2],[3],[8],[11]	$ 1,226
Cost	[1],[2],[3],[11]	$ 1,217
Percentage of Net Assets	[1],[2],[3],[6],[11]	0.80%
Fair Value	[1],[2],[3],[11]	$ 1,230
Investment, Identifier [Axis]: Investments United States Debt Investments Utilities Granite Energy LLC Investment Type Senior Secured First Lien Term Loan Interest Term S + 375 (100 Floor) Interest Rate 9.22% Maturity/Dissolution Date 11/2026
Schedule of Investments [Line Items]
Interest Term	[2],[4],[5],[18],[19]			S + 375 (100 Floor)
Interest Rate, Spread	[2],[4],[5],[18],[19]			375.00%
Interest Rate, Floor	[2],[4],[5],[18],[19]			100.00%
Interest Rate	[2],[4],[5],[19]			9.22%
Maturity/ Dissolution Date	[2],[4],[5],[19]			2026-11
Principal Amount, Par Value or Shares	[2],[4],[5],[12],[19]			$ 1,226
Cost	[2],[4],[5],[19]			$ 1,214
Percentage of Net Assets	[2],[4],[5],[7],[19]			1.20%
Fair Value	[2],[4],[5],[19]			$ 1,225
Investment, Identifier [Axis]: Investments United States Equity Investments
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	192,618,000	[1],[3],[8]	192,618,000	[4],[5],[12]
Cost	[2]	$ 1,369	[1],[3]	$ 1,370	[4],[5]
Percentage of Net Assets	[2]	0.90%	[1],[3],[6]	1.30%	[4],[5],[7]
Fair Value	[2]	$ 1,470	[1],[3]	$ 1,369	[4],[5]
Investment, Identifier [Axis]: Investments United States Equity Investments Commercial and Professional Services
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	192,500,000	[1],[3],[8]	192,500,000	[4],[5],[12]
Cost	[2]	$ 193	[1],[3]	$ 193	[4],[5]
Percentage of Net Assets	[2]	0.10%	[1],[3],[6]	0.20%	[4],[5],[7]
Fair Value	[2]	$ 230	[1],[3]	$ 192	[4],[5]
Investment, Identifier [Axis]: Investments United States Equity Investments Commercial and Professional Services Iris Buyer LLC Investment Type Common Stock
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	192,000	[1],[3],[8]	192,000	[4],[5],[12]
Cost	[2]	$ 193	[1],[3]	$ 193	[4],[5]
Percentage of Net Assets	[2]	0.10%	[1],[3],[6]	0.20%	[4],[5],[7]
Fair Value	[2]	$ 199	[1],[3]	$ 192	[4],[5]
Investment, Identifier [Axis]: Investments United States Equity Investments Commercial and Professional Services Iris Buyer LLC Investment Type Common Stock One
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	192,308,000	[1],[3],[8]	192,308,000	[4],[5],[12]
Fair Value	[1],[2],[3]	$ 31
Investment, Identifier [Axis]: Investments United States Equity Investments Pharmaceuticals, Biotechnology and Life Sciences
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	118,000	[1],[3],[8]	118,000	[4],[5],[12]
Cost	[2]	$ 1,176	[1],[3]	$ 1,177	[4],[5]
Percentage of Net Assets	[2]	0.80%	[1],[3],[6]	1.10%	[4],[5],[7]
Fair Value	[2]	$ 1,240	[1],[3]	$ 1,177	[4],[5]
Investment, Identifier [Axis]: Investments United States Equity Investments Pharmaceuticals, Biotechnology and Life Sciences WCT Group Holdings, LLC Investment Type Common Stock
Schedule of Investments [Line Items]
Principal Amount, Par Value or Shares	[2]	118,000	[1],[3],[8]	118,000	[4],[5],[12]
Cost	[2]	$ 1,176	[1],[3]	$ 1,177	[4],[5]
Percentage of Net Assets	[2]	0.80%	[1],[3],[6]	1.10%	[4],[5],[7]
Fair Value	[2]	$ 1,240	[1],[3]	$ 1,177	[4],[5]
Investment, Identifier [Axis]: Investments United States Investments and Cash Equivalents
Schedule of Investments [Line Items]
Cost	[2]	$ 224,203	[1],[3]	$ 141,673	[4],[5]
Percentage of Net Assets	[2]	142.90%	[1],[3],[6]	137.70%	[4],[5],[7]
Fair Value	[2]	$ 226,124	[1],[3]	$ 143,048	[4],[5]

[1] All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

[2] All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.

[3] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.

[4] All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.

[5] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.

[6] Percentage is based on net assets of $158,273 as of March 31, 2024.

[7] Percentage is based on net assets of $103,858 as of December 31, 2023.

[8] The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ($) unless otherwise noted.

[9] Investment is not a qualifying asset as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 5.2% as of March 31, 2024.

[10] The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of March 31, 2024, the reference rates for the Company’s variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

[11] This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.

[12] The total par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ($) unless otherwise noted.

[13] Investment is not a qualifying asset as defined under section 55 (a) of the Investment Company Act of 1940. Qualifying assets must represent at least 70% of total assets at the time of acquisition. The Company’s percentage of non-qualifying assets based on fair value was 5.0% as of December 31, 2023.

[14] Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 7 “Commitments and Contingencies”.

[15] The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

[16] Position or portion thereof is an unfunded loan commitment and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee. See Note 7 “Commitments and Contingencies”.

[17] The negative cost, if applicable, is the result of the capitalized discount or unfunded commitment being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount or unfunded commitment on the loan.

[18] The majority of the investments bear interest at a rate that may be determined by reference to Secured Overnight Financing Rate (“SOFR” or “S”) and which reset monthly, quarterly, semiannually, or annually. For each, the Company has provided the spread over the reference rate and the current interest rate in effect at the reporting date. The impact of a credit spread adjustment, if applicable, is included within the stated all-in interest rate. As of December 31, 2023, the reference rates for the Company’s variable rate loans are represented in the below table. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable.

[19] This investment is valued using observable inputs and is considered a Level 2 investment per FASB guidance under ASC 820. See Note 5 for further information related to investments at fair value.

XML

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Abstract]
Net assets	$ 158,273	$ 103,858
Percentage of qualifying assets to total assets	70.00%	70.00%
Percentage of non-qualifying assets on fair value	5.20%	5.00%

XML

Consolidated Schedule of Investments - Summary of Reference Rates for Variable Rate Loans (Parenthetical) - SOFR ("S")	Mar. 31, 2024	Dec. 31, 2023
1 month
Schedule of Investments [Line Items]
Interest Rate, Spread	5.33%	5.35%
3 month
Schedule of Investments [Line Items]
Interest Rate, Spread	5.30%	5.33%
6 Month
Schedule of Investments [Line Items]
Interest Rate, Spread	5.22%	5.16%
12 Month
Schedule of Investments [Line Items]
Interest Rate, Spread	5.00%	4.77%

XML

Pay vs Performance Disclosure $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,965

XML

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

XML

N-2 - $ / shares

3 Months Ended

Mar. 31, 2024

Dec. 31, 2023

Cover [Abstract]

Entity Central Index Key

0001954360

Amendment Flag

false

Securities Act File Number

814-01599

Document Type

10-Q

Entity Registrant Name

Crescent Private Credit Income Corp.

Entity Address, Address Line One

11100 Santa Monica Blvd

Entity Address, Address Line Two

Suite 2000

Entity Address, City or Town

Los Angeles

Entity Address, State or Province

CA

Entity Address, Postal Zip Code

90025

City Area Code

310

Local Phone Number

235-5900

Entity Emerging Growth Company

true

Entity Ex Transition Period

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2 “Summary of Significant Accounting Policies” to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We plan to fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of March 31, 2024, 100.0% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

Assuming that our Consolidated Statement of Assets and Liabilities as of March 31, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)

Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points	$	1.6		$	0.5		$	1.1
Up 75 basis points		1.2			0.3			0.9
Up 50 basis points		0.8			0.2			0.6
Up 25 basis points		0.4			0.1			0.3
Down 25 basis points		(0.4	)		(0.1	)		(0.3	)
Down 50 basis points		(0.8	)		(0.2	)		(0.6	)
Down 75 basis points		(1.2	)		(0.3	)		(0.9	)
Down 100 basis points		(1.6	)		(0.5	)		(1.1	)

(1)Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

Item 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors set forth in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Risk Factors”of the Pre-Effective Amendment No. 3 to our registration statement on Form N-2 filed on September 27, 2023, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially affect our business, financial condition and/or operating results. There have been no material changes to the risk factors set forth in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and “Risk Factors” of Pre-Effective Amendment No. 3 to our registration statement on Form N-2 filed on September 27, 2023.

NAV Per Share

$ 26.68

$ 26.11

Valuation Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Valuation Risk

We have invested, and plan to continue to invest, in illiquid debt and equity securities of private companies. These investments will generally not have a readily available market price, and we will value these investments at fair value as determined in good faith by our Adviser, as the Board's valuation designee, in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material. See Note 2 “Summary of Significant Accounting Policies” to our consolidated financial statements for more details on estimates and judgments made by us in connection with the valuation of our investments.

Interest Rate Risk [Member]

General Description of Registrant [Abstract]

Risk [Text Block]

Interest Rate Risk

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. We plan to fund a portion of our investments with borrowings and our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. There can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

As of March 31, 2024, 100.0% of the investments at fair value in our portfolio were at variable rates, subject to interest rate floors.

Assuming that our Consolidated Statement of Assets and Liabilities as of March 31, 2024 were to remain constant and that we took no actions to alter our existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates (considering interest rate floors for floating rate instruments):

($ in millions)

Basis Point Change	Interest Income			Interest Expense			Net Interest Income (1)
Up 100 basis points	$	1.6		$	0.5		$	1.1
Up 75 basis points		1.2			0.3			0.9
Up 50 basis points		0.8			0.2			0.6
Up 25 basis points		0.4			0.1			0.3
Down 25 basis points		(0.4	)		(0.1	)		(0.3	)
Down 50 basis points		(0.8	)		(0.2	)		(0.6	)
Down 75 basis points		(1.2	)		(0.3	)		(0.9	)
Down 100 basis points		(1.6	)		(0.5	)		(1.1	)

(1)Excludes the impact of income incentive fees. See Note 3 to our consolidated financial statements for more information on the income incentive fees.

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for changes in the credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, we cannot assure you that actual results would not differ materially from the analysis above.

We may in the future hedge against interest rate fluctuations by using hedging instruments such as interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of lower interest rates with respect to our portfolio investments.

XML

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1. Organization and Basis of Presentation

Crescent Private Credit Income Corp. (the “Company”) was formed on November 10, 2022 as a Maryland corporation structured as a non-diversified, closed-end management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company is externally managed by its adviser, Crescent Cap NT Advisors, LLC (the “Adviser”), an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. In addition, the Company has elected to be treated, and intends to qualify annually, as a regulated investment company (a “RIC”) under Subchapter M of the Internal Revenue Code of 1986 (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. The Company has authorized three classes of its common stock, par value $0.01 per share, Class S Common Stock (“Class S shares”), Class D Common Stock (“Class D shares”) and Class I Common Stock (“Class I shares”) and, together with Class S shares and Class D shares, “Common Shares”). Since commencing operations, the Company has not offered or sold any of its Class S shares or Class D shares.

The Company’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Company intends to invest primarily in directly originated assets, including debt securities and related equity investments, made to or issued by U.S. middle-market companies. The Company may also make investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments, for cash management purposes and to generate attractive risk adjusted returns.

CCAP Administration LLC (the “Administrator”) provides certain administrative services necessary for the Company to operate. Company management consists of investment and administrative professionals from the Adviser and Administrator, along with the Company’s Board of Directors (the “Board”). The Adviser directs and executes the investment operations and capital raising activities of the Company subject to oversight from the Board, which sets the broad policies of the Company. The Board has delegated investment management of the Company’s portfolio assets to the Adviser. The Board consists of five directors, three of whom are independent.

From time to time, the Company may form wholly owned subsidiaries to facilitate the normal course of business if the Adviser determines that for legal, tax, regulatory, accounting or other similar reasons it is in the best interest of the Company to do so. The Company has also formed a special purpose vehicle that holds certain debt investments in connection with a credit facility.

On May 3, 2023, Crescent Capital Group LP, an affiliate of the Adviser (“Crescent”), purchased 1,000 Common Shares for $25, or $25.00 per share.

On May 5, 2023, Sun Life Assurance Company of Canada (“Sun Life Assurance”), an affiliate of Sun Life Financial Inc., a majority owner of the Company (“Sun Life”) made a $150,000 capital commitment to the Company. On May 5, 2023, the Company received capital call proceeds totaling $30,000 from Sun Life Assurance. In June 2023, Sun Life Assurance subsequently transferred its remaining undrawn commitment totaling $120,000 to BK Canada Holdings Inc. (“BK Canada”), an affiliate of Sun Life, pursuant to a transfer agreement among Sun Life Assurance, BK Canada and the Company. As of March 31, 2024, the Company received all $120,000 of remaining capital commitment proceeds from BK Canada

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company's functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. The Company is treated as an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of consolidated financial statements as of and for the periods included herein. All significant intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2024.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. The consolidated financial statements reflect all adjustments that in the opinion of management are necessary for the fair statement of the Company’s results of the period presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. The Company deposits its cash and cash equivalents with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Cash equivalents held by the Company are deemed to be a Level 1 asset per ASC 820 Fair Value hierarchy, as defined below. Restricted cash and cash equivalents consists of deposits and cash collateral held at U.S. Bank N.A. related to the Company’s credit facility.

Investment Transactions

Loan originations are recorded on the date of the binding commitment. Investments purchased on a secondary market are recorded on the trade date. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investment Valuation

The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1—Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Adviser utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the Adviser, as the Board’s valuation designee, determines the fair value of the investments in good faith, based on, among other things, the fair valuation recommendations from investment professionals, the oversight of the Company’s Audit Committee and independent third-party valuation firms.

The Adviser, as the valuation designee, undertakes a multi-step valuation process under the supervision of the Board, which includes, among other procedures, the following:

•Each investment is initially valued by the investment professionals responsible for monitoring that investment.

•The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.

•The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.

•Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Company applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, in its capacity as the Board’s valuation designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

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 fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the unrealized gains or losses reflected herein.

Debt Issuance Costs

The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are amortized over the life of the related debt instrument using the straight-line method. See Note 6 for details.

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital to the stockholders. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital to stockholders are recorded as a reduction in the cost basis of the investment.

Certain investments have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no investments on non-accrual status.

Other Income

Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses will be paid by the Adviser until the commencement of the Company’s anticipated public offering of its Common Shares (the “Offering”). The Company’s obligation to reimburse the Adviser for organizational expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any organization expenses incurred by the Company, including the reimbursements to the Adviser, will be expensed as incurred. The Company’s reimbursement of organization expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid organization expenses of $1,546, on behalf of the Company.

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the Offering and associated marketing materials. Offering expenses will be incurred by the Adviser until the commencement of the Offering. The Company’s obligation to reimburse the Adviser for offering expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any offering expenses incurred by the Company, including reimbursements to the Adviser, will be recorded as deferred offering costs on the consolidated statement of assets and liabilities and then subsequently amortized to expenses on the Company's consolidated statement of operations over 12 months. The Company’s reimbursement of offering expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid offering expenses of $2,706 and $2,667, respectively, on behalf of the Company.

Income Taxes

The Company elected to be regulated as a BDC under the Investment Company Act. The Company also intends to qualify annually as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of March 31, 2024 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its net capital gains for the current one-year period ending October 31 in that calendar year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate NAV of that class in relation to the aggregate NAV of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its stockholders. Distributions to stockholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including stockholder servicing and/or distribution fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which stockholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of common stock to which the distribution relates unless they elect to receive their distributions in cash.

New Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.

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Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 3. Agreements and Related Party Transactions

Administration Agreement

On May 3, 2023, the Company entered into the administration agreement (the “Administration Agreement”) with the Administrator. Under the terms of the Administration Agreement, the Administrator provides administrative services to the Company. These services include providing office facilities, equipment, clerical bookkeeping and record keeping services, maintaining financial and other records, preparing reports to stockholders and reports and other materials filed with the SEC or any other regulatory authority, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered by others. The Administrator also will provide on the Company’s behalf significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance. Certain of these services are reimbursable to the Administrator under the terms of the Administration Agreement. In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties. To the extent the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis, without incremental profit to the Administrator. The Administration Agreement may be terminated by either party without penalty on 60 days’ written notice to the other party.

For the three month period ended March 31, 2024, the Company incurred administrative services expenses of $318, which are included in other general and administrative expenses on the Consolidated Statement of Operations. As of March 31, 2024 and December 31, 2023, $416 and $697, respectively, was payable to the Administrator. In addition to administrative services expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company.

No person who is an officer, director or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the costs, expenses, compensation and benefits paid by the Administrator or its affiliates to the Company’s chief compliance officer, chief financial officer, general counsel and secretary, their respective staffs and operations staff who provide services to the Company; provided that such reimbursement does not conflict with Section 7.8 of the Company's charter. The allocable portion of the compensation for these officers and other professionals are included in the administration expenses paid to the Administrator. Directors who are not affiliated with the Administrator or its affiliates receive compensation for their services and reimbursement of expenses incurred to attend meetings.

Investment Advisory and Management Agreement

On May 3, 2023, the Company entered into an investment advisory and management agreement with the Adviser (the “Investment Advisory and Management Agreement”). Under the terms of the Investment Advisory and Management Agreement, the Adviser provides investment advisory services to the Company and its portfolio investments. The Adviser’s services under the Investment Advisory and Management Agreement are not exclusive, and the Adviser is free to furnish similar or other services to others so long as its services to the Company are not impaired. Under the terms of the Investment Advisory and Management Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below. The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While the Company has not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of the Company’s net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering.

Base Management Fee

The base management fee is calculated and payable monthly in arrears at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory and Management Agreement, “net assets” means the Company’s total net assets determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the date on which the Company commenced operations.

For the three month period ended March 31, 2024 the Company incurred management fees of $408, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no management fees were unpaid.

Incentive Fee per Investment Advisory and Management Agreement

Under the Investment Advisory and Management Agreement, the incentive fee consists of two parts:

The first part, the income incentive fee, is calculated and payable quarterly in arrears and is paid with respect to the Company’s pre-incentive fee net investment income (as defined below) in each calendar quarter as follows: (a) no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% per quarter (5.0% annualized) (the “Hurdle”), (b) 100% of the dollar amount of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle rate but is less than a rate of return of 1.4286% (5.714% annualized), and (c) 12.5% of the dollar amount of the Company’s pre-incentive fee net investment income, if any, that exceeds a rate of return of 1.4286% (5.714% annualized).

The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year at a rate of 12.5% of the Company’s realized capital gains, if any, on a cumulative basis from the Company’s commencement of operations through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. In the event that the Investment Advisory and Management Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a capital gains incentive fee.

Pre-incentive fee net investment income means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Company’s net assets in accordance with GAAP at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during each calendar quarter, minus the Company’s operating expenses accrued for such quarter (including the base management fee, expenses payable under the Administration Agreement entered into between us and the Administrator and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee and any stockholder and/or distribution servicing fees). Pre-incentive fee net investment income returns include, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments is also excluded from pre-incentive fee net investment income. Fees payable under the Investment Advisory and Management Agreement for any partial period will be appropriately prorated and adjusted for any share issuances or repurchases during the relevant quarter.

For the three months ended March 31, 2024, the Company incurred income incentive fees of $302, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no income incentive fees were unpaid.

GAAP Incentive Fee on Cumulative Unrealized Capital Appreciation

The Company accrues, but does not pay, a portion of the incentive fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an incentive fee based on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the incentive fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an incentive fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee payable under the Investment Advisory and Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 12.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.

For the three months ended March 31, 2024, the Company recorded GAAP incentive fees of $69, all of which were voluntarily waived by the Adviser. As of March 31, 2024 and December 31, 2023, no GAAP incentive fees were unpaid.

Intermediary Manager Agreement

On July 17, 2023, the Company entered into an Intermediary Manager agreement (the “Intermediary Manager Agreement”) with Emerson Equity LLC (the “Intermediary Manager”). Under the terms of the Intermediary Manager Agreement, the Intermediary Manager agreed to, among other things, manage the Company's relationships with third-party brokers engaged by the Intermediary Manager to participate in the distribution of common shares and financial advisors. The Intermediary Manager will be entitled to receive stockholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.85% of the Company’s aggregate NAV attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager is entitled to receive stockholder servicing and/or distribution fees monthly in arrears at an annual rate of 0.25% of the Company’s aggregate NAV attributable to Class D shares as of the beginning of the first calendar day of the month. No stockholder servicing and/or distribution fees will be paid with respect to Class I shares. The stockholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the stockholder servicing and/or distribution fees will be retained by, or re-allowed (paid) to, participating broker-dealers.

The Company will cease paying the stockholder servicing and/or distribution fees on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company’s assets or (iii) the date following the completion of the primary portion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with the Offering, including the stockholder servicing and/or distribution fees and other underwriting compensation, is equal to 10% of the gross proceeds from the Offering.

In addition, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and stockholder servicing and/or distribution fees paid with respect to any single share held in a stockholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such Common Shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), the Company will cease paying the stockholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such stockholder’s account. At the end of such month, the applicable Class S shares or Class D shares in such common stockholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S shares or Class D shares.

The Intermediary Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority.

The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Company’s board of directors who are not “interested persons”, as defined in the Investment Company Act, of the Company and who have no direct or indirect financial interest in the operation of the Company’s distribution plan or the Intermediary Manager Agreement or by vote of a majority of the outstanding voting securities of the Company, on not more than 60 days’ written notice to the Intermediary Manager.

The Intermediary Manager may terminate the Intermediary Manager Agreement, without the payment of penalty, on at least 120 days' written notice to the Company. Either party may terminate the Intermediary Manager Agreement immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision of the Intermediary Manager Agreement. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the Investment Company Act. The Company’s obligations under the Intermediary Manager Agreement to pay the stockholder servicing and/or distribution fees with respect to the Class S shares and Class D shares distributed shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

Distribution and Servicing Plan

On May 4, 2023, the Board approved a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the stockholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Company’s NAV for such class.

Class of Common Shares	Stockholder Servicing and/or Distribution Fee as a % of NAV
Class S Shares	0.85%
Class D Shares	0.25%
Class I Shares	-

The stockholder servicing and/or distribution fees are paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation.

The Intermediary Manager will reallow (pay) all or a portion of the stockholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing stockholder services performed by such brokers, and will waive stockholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the stockholder servicing and/or distribution fees with respect to Class S shares or Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan.

Eligibility to receive the stockholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S shares or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the stockholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the stockholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. The stockholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. For the three months ended March 31, 2024, the Company has not incurred any expenses in connection with the Intermediary Manager Agreement.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an Expense Support and Conditional Reimbursement Agreement on May 3, 2023 (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses of the Company on the Company’s behalf (each, an “Expense Payment”), provided that no portion of an Expense Payment will be used to pay any interest expense or stockholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company or on behalf of the Company in any combination of cash or other immediately available funds no later than forty-five days after such election was made in writing by the Adviser, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month in which Available Operating Funds (as 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 month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” As described below, reimbursement payments are conditioned on (i) an expense ratio (excluding any management or incentive fee) that, after giving effect to the recoupment, is lower than the expense ratio (excluding any management or incentive fee) at the time of the fee waiver or expense reimbursement and (ii) a distribution level (exclusive of return of capital to stockholders, if any), equal to, or greater than, the rate at the time of the waiver or reimbursement. “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital 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) dividends 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).

The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. Reimbursement Payments for a given Expense Payment must be made within three years prior to the last business day of the applicable calendar month. The expense support is measured on a per share class basis.

The Expense Support Agreement provides that no Reimbursement Payment will be made for any calendar month if: (1) the annualized rate (based on a 365-day year) of regular cash distributions per share of common stock declared by the Board exclusive of returns of capital, distribution rate reductions due to distribution and stockholder fees, and any declared special dividends or distributions (the “Effective Rate of Distributions Per Share”) declared by the Company at the time of such Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Operating Expense Ratio (as 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 Operating Expenses (as defined below), less organizational and offering expenses, base

management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets. “Operating Expenses” means all of the operating costs and expenses incurred, as determined in accordance with GAAP.

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Investments

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Investments

Note 4. Investments

The information in the following tables 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 consisted of the following (in thousands):

	As of March 31, 2024						As of December 31, 2023
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)		Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	114,932	$	115,606	$	674	$	81,687	$	82,558	$	871
Unitranche First Lien		46,209		47,355		1,146		29,862		30,367		505
Equity		1,369		1,470		101		1,370		1,369		(1	)
Total Investments	$	162,510	$	164,431	$	1,921	$	112,919	$	114,294	$	1,375

The industry composition of investments at fair value is as follows (in thousands):

Industry	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
Software and Services	$	42,271		25.7	%		32,605		28.5	%
Health Care Equipment and Services		37,562		22.8			18,607		16.3
Commercial and Professional Services		14,835		9.0			11,991		10.5
Materials		11,680		7.1			10,045		8.8
Consumer Discretionary Distribution and Retail		8,775		5.4			6,412		5.6
Consumer Services		7,144		4.3			4,249		3.7
Financial Services		6,473		4.0			2,251		2.0
Capital Goods		6,327		3.8			3,515		3.1
Pharmaceuticals, Biotechnology and Life Sciences		6,167		3.8			5,585		4.9
Media and Entertainment		5,552		3.4			4,451		3.9
Insurance		4,613		2.8			4,007		3.5
Diversified Financials		3,704		2.3			3,673		3.2
Food, Beverage and Tobacco		1,980		1.2			1,481		1.3
Energy		1,953		1.2			1,499		1.3
Real Estate Management and Development		1,804		1.1			1,825		1.6
Telecommunication Services		1,489		0.9			-		-
Utilities		1,230		0.7			1,225		1.1
Consumer Durables and Apparel		872		0.5			873		0.7
Total Investments	$	164,431		100.0	%	$	114,294		100.0	%

The geographic composition of investments at fair value is as follows (in thousands):

Geographic Region	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
United States	$	156,294		95.0	%	$	108,570		95.0	%
New Zealand		5,710		3.5			5,724		5.0
Netherlands		1,482		0.9			-		-
United Kingdom		945		0.6			-		-
Total Investments	$	164,431		100.0	%	$	114,294		100.00	%

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 5. Fair Value of Financial Instruments

Investments

The following table presents fair value measurements of investments as of March 31, 2024 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	96,660	$	18,946	$	115,606
Unitranche First Lien		—		—		47,355		47,355
Equity		—		—		1,470		1,470
Total Investments	$	—	$	96,660	$	67,771	$	164,431

The following table presents fair value measurements of investments as of December 31, 2023 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	67,909	$	14,649	$	82,558
Unitranche First Lien		—		—		30,367		30,367
Equity		—		—		1,369		1,369
Total Investments	$	—	$	67,909	$	46,385	$	114,294

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024, based off of the fair value hierarchy as of March 31, 2024 (in thousands):

	Senior Secured First Lien			Unitranche First Lien			Equity		Total
Balance as of December 31, 2023	$	14,649		$	30,367		$	1,369	$	46,385
Amortized discounts/premiums		15			32			-		47
Paid in-kind interest		-			-			-		-
Net realized gain (loss)		23			2			-		25
Net change in unrealized appreciation (depreciation)		179			642			101		922
Purchases		7,437			16,671			-		24,108
Sales/principal repayments/paydowns		(3,191	)		(359	)		-		(3,550	)
Transfers in		335			-			-		335
Transfers out		(501	)		-			-		(501	)
Balance as of March 31, 2024	$	18,946		$	47,355		$	1,470	$	67,771
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	179		$	642		$	100	$	921

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of March 31, 2024 and December 31, 2023. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.

Security Type	Fair Value as of March 31, 2024 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	8,810	Discounted Cash Flows	Discount Rate	10.6%	-	11.3%	(11.1%)
		10,136	Broker Quoted	Broker Quote			N/A
	$	18,946
Unitranche First Lien	$	43,494	Discounted Cash Flows	Discount Rate	10.4%	-	12.4%	(11.4%)
		3,861	Broker Quoted	Broker Quote			N/A
	$	47,355
Equity		1,470	Enterprise Value	Comparable EBITDA Multiple	16.0x	-	22.2x	(21.3x)
	$	1,470
Total	$	67,771

Security Type	Fair Value as of December 31, 2023 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	5,103	Discounted Cash Flows	Discount Rate	6.5%	-	11.2%	(9.8%)
		9,546	Broker Quoted	Broker Quote			N/A
	$	14,649
Unitranche First Lien	$	30,367	Discounted Cash Flows	Discount Rate	11.2%	-	12.2%	(11.7%)
	$	30,367
Equity		1,369	Enterprise Value	Comparable EBITDA Multiple	13.0x	-	21.4x	(20.2x)
	$	1,369
Total	$	46,385

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily earnings before interest, taxes, depreciation and amortization (“EBITDA”) comparable multiples and market discount rates. The Company typically uses comparable EBITDA multiples on its equity securities to determine the fair value of investments. The Company uses discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security.

•The significant unobservable inputs used in the discounted cash flow approach is the discount rate used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. Increases and decreases in the discount rate would result in a decrease and increase in the fair value, respectively. Included in the consideration and selection of discount rates is risk of default, rating of the investment, call provisions and comparable company investments.

•The significant unobservable inputs used in the market multiple approach are the multiples of similar companies’ EBITDA, revenue and comparable market transactions. Increases and decreases in market EBITDA multiples and revenue would result in an increase or decrease in the fair value, respectively.

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Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 6. Debt

Debt consisted of the following:

($ in thousands)	As of March 31, 2024								As of December 31, 2023
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)
JPM Funding Facility	$	150,000	$	45,000	$	105,000	$	45,000	$	150,000	$	22,500	$	127,500	$	22,500

(1)The amount available is subject to any limitations related to the credit facility borrowing base.

(2)The amount presented excludes netting of deferred financing costs.

(3)As of March 31, 2024 and December 31, 2023, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

The weighted average interest rate of the aggregate borrowings outstanding for the three months ended March 31, 2024 was 11.64%. The weighted average borrowing outstanding for the three months ended March 31, 2024 was $28,434.

The fair values of the Company’s debt are determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Company's debt is calculated by discounting remaining payments using comparable market rates or market quotes for similar instruments at the measurement date. As of March 31, 2024 and December 31, 2023, the debt would be deemed to be Level 3 of the fair value hierarchy.

As of March 31, 2024 and December 31, 2023, the Company was in compliance with the terms and covenants of its debt arrangements.

JPM Funding Facility

On December 8, 2023, we entered into a Loan and Security Agreement (the “JPM Funding Facility”), as servicer, with CPCI Funding SPV, LLC (“CPCI SPV”), the Company's wholly owned subsidiary (the “Borrower”), as borrower, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility

of $150,000 with a reinvestment period ending December 8, 2026 and a final maturity date of December 8, 2028. The JPM Funding Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the JPM Funding Facility to a maximum of $500,000. The Company consolidates CPCI SPV in the consolidated financial statements and no gain or loss is recognized from the transfer of assets to and from CPCI SPV.

The obligations of the Borrower under the JPM Funding Facility are secured by substantially all assets held by the Borrower. The interest rate charged on the JPM Funding Facility is based on an applicable benchmark (Term SOFR or other applicable benchmark based on the currency of the borrowing) plus a margin of 2.60%, subject to increase from time to time pursuant to the terms of the JPM Funding Facility. In addition, the Borrower will pay, among other fees, an administrative agency fee on the facility commitment and a commitment fee on the undrawn balance. The JPM Funding Facility includes customary covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

Costs incurred in connection with obtaining the JPM Funding Facility were recorded as deferred financing costs and are being amortized over the life of the JPM Funding Facility on a straight-line basis. As of March 31, 2024 and December 31, 2023, deferred financing costs related to the JPM Funding Facility were $1,683 and $1,772, respectively, and were netted against debt outstanding on the Consolidated Statements of Assets and Liabilities.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the JPM Funding Facility were as follows (in thousands):

($ in thousands)	For the three months ended March 31,
	2024
Borrowing interest expense	$	570
Unused facility fees		92
Amortization of financing costs		90
Administrative fee		76
Total interest and other debt financings costs	$	828
Weighted average outstanding balance	$	28,434

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. These commitments are subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements.

The Company has the following unfunded commitments to portfolio companies (in thousands):

		As of March 31, 2024			As of December 31, 2023
Company	Investment Type	Commitment Expiration Date (1)	Unfunded Commitment		Commitment Expiration Date (1)	Unfunded Commitment
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026	$	779	10/30/2026	$	1,165
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026		80	-		-
Angels of Care (3)	Revolver	2/11/2030		400	-		-
Angels of Care (3)	Delayed Draw Term Loan	2/11/2030		850	-		-
Avalign (3)	Revolver	12/20/2028		921	-		-
Concord III, LLC (3)	Revolver	12/20/2028		325	12/20/2028		325
Enverus (3)	Revolver	12/24/2029		338	12/24/2029		338
Enverus (3)	Delayed Draw Term Loan	12/22/2025		222	12/22/2025		222
Evergreen IX Borrower 2023, LLC (3)	Revolver	9/29/2029		500	9/29/2029		500
Formulations Parent Corporation (3)	Revolver	11/15/2030		550	11/15/2029		550
Galway (3)	Revolver	9/30/2028		581	-		-
Galway (3)	Delayed Draw Term Loan	9/30/2028		5,495	-		-
Granicus, Inc. (3)	Delayed Draw Term Loan	1/17/2031		579	-		-
Granicus, Inc. (3)	Revolver	1/17/2031		548	-		-
Iris Buyer LLC (3)	Delayed Draw Term Loan	3/29/2025		172	3/29/2025		431
Iris Buyer LLC (3)	Revolver	10/2/2029		505	10/2/2029		505
MB2 Dental (3)	Revolver	2/13/2031		384	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,920	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,151	-		-
Online Labels Group, LLC (3)	Revolver	12/19/2029		200	12/19/2029		200
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Pegasus Steel (3)	Delayed Draw Term Loan	1/19/2031		451	-		-
Pinnacle Purchaser, LLC (3)	Revolver	12/28/2029		288	12/28/2029		288
Pushpay USA Inc. (3)	Revolver	5/10/2030		429	5/10/2030		429
WCT Group Holdings, LLC (3)	Revolver	12/12/2029		457	12/12/2029		320
Total			$	18,475		$	5,623

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)Investment pays 1.00% unfunded commitment fee on delayed draw term loan facility.

(3)Investment pays 0.50% unfunded commitment fee on revolving credit facility.

Other Commitments and Contingencies

In the normal course of business, the Company enters into contracts which provide a variety of representations and warranties, and that provide general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any risk exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Adviser has agreed to bear certain expenses through the date on which the Company commences the Offering. The Company will be obligated to reimburse the Adviser for such advanced expenses upon commencing the Offering and the Adviser requesting reimbursement of these expenses paid pursuant to the Expense Support Agreement. The total organization expenses incurred as of March 31, 2024 and December 31, 2023 were $1,546, all of which have been borne by the Adviser. The total offering expenses incurred as of March 31, 2024 and December 31, 2023, were $2,706 and $2,667, respectively, all of which have been borne by the Adviser.

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Net Assets

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Net Assets

Note 8. Net Assets

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be NAV per share for each share class as of the last calendar day of the immediately preceding month (i.e. the prior month-end NAV).

In connection with its formation, the Company has the authority to issue 300,000,000 of Common Shares at $0.01 par value per share. On May 3, 2023, Crescent was issued 1,000 Class I shares for $25 at $25.00 per share.

As of March 31, 2024, pursuant to subscription agreements entered into between the Company and Crescent Capital, Sun Life, BK Canada, Scotia and Crescent, the Company issued approximately 5,931,257 of its Class I shares and raised gross proceeds of approximately $151,475 since inception.

Net Asset Value per Share and Offering Price

The following table summarizes each month-end NAV per share for Class I shares of beneficial interest during the three months ended March 31, 2024. As of March 31, 2024, the Company had not sold any of its Class S shares or Class D shares.

Date	Class I NAV Per Share
January 31, 2024	$	26.24
February 29, 2024		26.45
March 31, 2024		26.68

Share Repurchase Program

At the discretion of the Board and beginning no later than the first full calendar quarter from the date on which the Company commences the Offering, the Company intends to commence a share repurchase program in which the Company intends to offer to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) in each quarter. The Board may amend, suspend, or terminate the share repurchase program if it deems such action to be in the best interest of the Company and its common stockholders. As a result, share repurchases may not be available each quarter, or at all. The Company will conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act, with terms of such tender offer published in a tender offer statement to be sent to all stockholders and filed with the SEC on Schedule TO. All common stockholders will be given at least 20 business days to elect to participate in such share repurchases. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable month designated by the Company’s Board, except that the Company deducts 2.00% from such NAV for shares that have not been outstanding for at least one year (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining common stockholders.

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

For the three months ended March 31, 2024, the Company recognized no excise taxes related to its status as a RIC. As of March 31, 2024, and December 31, 2023, $0 and $110 of accrued excise taxes remained payable, respectively.

For the three months ended March 31, 2024, the Company recognized no benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments. As of March 31, 2024 and December 31, 2023, no deferred tax assets or liabilities were recorded on the Consolidated Statement of Assets and Liabilities.

The Company's aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

	As of March 31, 2024			As of December 31, 2023
Tax Cost	$	162,376		$	141,673
Gross Unrealized Appreciation	$	2,268		$	1,436
Gross Unrealized Depreciation		(347	)		(61	)
Net Unrealized Investment Appreciation (Depreciation)	$	1,921		$	1,375

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Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 9. Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

	For the Three Months Ended March 31, 2024 (6)
Per Share Data:
Net asset value, beginning of period	$	26.11
Net investment income (1)		0.49
Net realized and unrealized gains on investments(1)(2)		0.08
Net increase in net assets resulting from operations		0.57
Net asset value, end of period	$	26.68
Shares outstanding, end of period		5,931,257
Weighted average shares outstanding		4,983,501
Total return based on net asset value (3)		2.18	%
Ratio/Supplemental Data:
Net assets, end of period	$	158,273
Ratio of total net expenses to average net assets(4)(5)(7)		4.88	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)(7)		2.34	%
Ratio of net investment income to average net assets(7)		7.40	%
Ratio of interest and credit facility expenses to average net assets(7)		2.53	%
Portfolio turnover		3.58	%
Asset coverage ratio		444	%

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

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)Total return based on NAV is calculated as the change in NAV per share during the period plus declared dividends per share during the period, divided by the beginning NAV per share, and not annualized.

(4)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees.

(5)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive the management, income and capital gains incentive fees. Excluding the effects of the voluntary waivers, the annualized ratio of total expenses to average net assets would have been 7.26% for the three months ended March 31, 2024.

(6)Net asset information presented is related to Class I shares.

(7)Annualized.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than the items below, there have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements as of March 31, 2024.

On April 24, 2024, the Company agreed to sell Class I shares for an aggregate purchase price of $345. The purchase price per Class I share will equal the Company’s net asset value per Class I share as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares will be credited to the investor’s account as of May 1, 2024, the effective date of the share purchase. The offer and sale of the Class I shares was exempt from the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and/or Regulation S promulgated thereunder.

The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While the Company has not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of the Company’s net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering. See Note 3 “Agreements and Related Party Transactions– Investment Advisory and Management Agreement.”

Beginning in June 2024, regardless of whether the Company has held the initial closing of the Offering, the Company intends to begin declaring and paying regular monthly distributions. See Note 2 “Summary of Significant Accounting Policies – Distributions.” Any distributions the Company makes will be at the discretion of the Company’s Board, considering factors such as the Company’s earnings, cash flow, capital needs and general financial condition and the requirements of Maryland law. As a result, the Company’s distribution rates and payment frequency may vary from time to time.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company's functional currency is the United States dollar and these consolidated financial statements have been prepared in that currency. The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. The Company is treated as an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies.

The accompanying interim consolidated financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual consolidated financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of consolidated financial statements as of and for the periods included herein. All significant intercompany balances and transactions have been eliminated. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2024.

Use of Estimates

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. The consolidated financial statements reflect all adjustments that in the opinion of management are necessary for the fair statement of the Company’s results of the period presented. Although management believes that the estimates and assumptions are reasonable, changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and may include highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. The Company deposits its cash and cash equivalents with highly rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Cash equivalents held by the Company are deemed to be a Level 1 asset per ASC 820 Fair Value hierarchy, as defined below. Restricted cash and cash equivalents consists of deposits and cash collateral held at U.S. Bank N.A. related to the Company’s credit facility.

Investment Transactions

Investment Transactions

Loan originations are recorded on the date of the binding commitment. Investments purchased on a secondary market are recorded on the trade date. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investment Valuation

Investment Valuation

The Company applies Financial Accounting Standards Board ASC 820, Fair Value Measurement (ASC 820), as amended, which establishes a framework for measuring fair value in accordance with GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in the determination of fair value. In accordance with ASC 820, these levels are summarized below:

•Level 1—Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Adviser utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the Adviser, as the Board’s valuation designee, determines the fair value of the investments in good faith, based on, among other things, the fair valuation recommendations from investment professionals, the oversight of the Company’s Audit Committee and independent third-party valuation firms.

The Adviser, as the valuation designee, undertakes a multi-step valuation process under the supervision of the Board, which includes, among other procedures, the following:

•Each investment is initially valued by the investment professionals responsible for monitoring that investment.

•The Adviser has established pricing and valuation committees, which are responsible for reviewing and approving the fair valuation recommendations from the investment professionals.

•The valuations of certain portfolio investments are independently corroborated by third-party valuation firms based on certain criteria including investment size and risk profile.

•Final valuation determinations and supporting materials are provided to the Board quarterly as part of the Board's oversight of the Adviser as the valuation designee.

Investments in investment companies are valued at fair value. Fair values are generally determined utilizing the net asset value (“NAV”) supplied by, or on behalf of, management of each investment company, which is net of management and incentive fees or allocations charged by the investment company and is in accordance with the “practical expedient”, as defined by ASC 820. NAVs received by, or on behalf of, management of each investment company are based on the fair value of the investment company’s underlying investments in accordance with policies established by management of each investment company, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy.

The Company applies the valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, in its capacity as the Board’s valuation designee, evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for classification as a Level 2 or Level 3 investment. For example, the Company reviews pricing methodologies provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur.

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 fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different from the unrealized gains or losses reflected herein.

Debt Issuance Costs

Debt Issuance Costs

The Company records costs related to the issuance of debt obligations as deferred financing costs. These costs are amortized over the life of the related debt instrument using the straight-line method. See Note 6 for details.

Interest and Dividend Income Recognition

Interest and Dividend Income Recognition

Interest income is recorded on an accrual basis and includes the amortization of purchase discounts and premiums. Discounts and premiums to par value are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income.

Dividend income from common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Dividend income from preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital to the stockholders. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital to stockholders are recorded as a reduction in the cost basis of the investment.

Certain investments have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the loan principal or cost basis of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest or dividends are generally reversed through interest or dividend income, respectively, when an investment is placed on non-accrual status.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023, the Company had no investments on non-accrual status.

Other Income

Other Income

Other income may include income such as consent, waiver, amendment, agency, underwriting and arranger fees associated with the Company’s investment activities. Such fees are recognized as income when earned or the services are rendered.

Organization Expenses

Organization Expenses

Organization expenses include, among other things, the cost of incorporating the Company and the cost of legal services and other fees pertaining to the Company's organization. Organization expenses will be paid by the Adviser until the commencement of the Company’s anticipated public offering of its Common Shares (the “Offering”). The Company’s obligation to reimburse the Adviser for organizational expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any organization expenses incurred by the Company, including the reimbursements to the Adviser, will be expensed as incurred. The Company’s reimbursement of organization expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid organization expenses of $1,546, on behalf of the Company.

Offering Expenses

Offering Expenses

The Company's offering expenses include, among other things, legal fees, registration fees and other costs pertaining to the preparation of the Company's registration statement (and any amendments or supplements thereto) relating to the Offering and associated marketing materials. Offering expenses will be incurred by the Adviser until the commencement of the Offering. The Company’s obligation to reimburse the Adviser for offering expenses paid on its behalf is contingent upon the commencement of the Offering. Subsequent to the commencement of the Offering, any offering expenses incurred by the Company, including reimbursements to the Adviser, will be recorded as deferred offering costs on the consolidated statement of assets and liabilities and then subsequently amortized to expenses on the Company's consolidated statement of operations over 12 months. The Company’s reimbursement of offering expenses paid on its behalf will be in accordance with the terms of the Expense Support and Conditional Reimbursement Agreement (as defined below). As of March 31, 2024 and December 31, 2023, the Adviser accrued or paid offering expenses of $2,706 and $2,667, respectively, on behalf of the Company.

Income Taxes

Income Taxes

The Company elected to be regulated as a BDC under the Investment Company Act. The Company also intends to qualify annually as a RIC under the Code. So long as the Company maintains its status as a RIC, it will generally not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company.

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

The Company intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. As of March 31, 2024 the Company is subject to examination by U.S. federal tax authorities for returns filed for the three most recent calendar years and by state tax authorities for returns filed for the four most recent calendar years.

In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its net capital gains for the current one-year period ending October 31 in that calendar year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.

Allocation of Income, Expenses, Gains and Losses

Allocation of Income, Expenses, Gains and Losses

Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the aggregate NAV of that class in relation to the aggregate NAV of the Company. Expenses that are specific to a class of shares are allocated to such class directly.

Distributions

Distributions

To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its stockholders. Distributions to stockholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including stockholder servicing and/or distribution fees, if any.

The Company has adopted a distribution reinvestment plan pursuant to which stockholders will have their cash distributions automatically reinvested in additional shares of the Company's same class of common stock to which the distribution relates unless they elect to receive their distributions in cash.

New Accounting Standards

New Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023 and interim period within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.

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Agreements and Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Schedule of Stockholder Servicing and/or Distribution Fees

The following table shows the stockholder servicing and/or distribution fees the Company pays the Intermediary Manager with respect to the Class S shares and Class D shares on an annualized basis as a percentage of the Company’s NAV for such class.

Class of Common Shares	Stockholder Servicing and/or Distribution Fee as a % of NAV
Class S Shares	0.85%
Class D Shares	0.25%
Class I Shares	-

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Investments (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Investments [Abstract]

Schedule of Investments

Investments at fair value consisted of the following (in thousands):

	As of March 31, 2024						As of December 31, 2023
Investment Type	Cost		Fair Value		Unrealized Appreciation/ (Depreciation)		Cost		Fair Value		Unrealized Appreciation/ (Depreciation)
Senior Secured First Lien	$	114,932	$	115,606	$	674	$	81,687	$	82,558	$	871
Unitranche First Lien		46,209		47,355		1,146		29,862		30,367		505
Equity		1,369		1,470		101		1,370		1,369		(1	)
Total Investments	$	162,510	$	164,431	$	1,921	$	112,919	$	114,294	$	1,375

The industry composition of investments at fair value is as follows (in thousands):

Industry	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
Software and Services	$	42,271		25.7	%		32,605		28.5	%
Health Care Equipment and Services		37,562		22.8			18,607		16.3
Commercial and Professional Services		14,835		9.0			11,991		10.5
Materials		11,680		7.1			10,045		8.8
Consumer Discretionary Distribution and Retail		8,775		5.4			6,412		5.6
Consumer Services		7,144		4.3			4,249		3.7
Financial Services		6,473		4.0			2,251		2.0
Capital Goods		6,327		3.8			3,515		3.1
Pharmaceuticals, Biotechnology and Life Sciences		6,167		3.8			5,585		4.9
Media and Entertainment		5,552		3.4			4,451		3.9
Insurance		4,613		2.8			4,007		3.5
Diversified Financials		3,704		2.3			3,673		3.2
Food, Beverage and Tobacco		1,980		1.2			1,481		1.3
Energy		1,953		1.2			1,499		1.3
Real Estate Management and Development		1,804		1.1			1,825		1.6
Telecommunication Services		1,489		0.9			-		-
Utilities		1,230		0.7			1,225		1.1
Consumer Durables and Apparel		872		0.5			873		0.7
Total Investments	$	164,431		100.0	%	$	114,294		100.0	%

The geographic composition of investments at fair value is as follows (in thousands):

Geographic Region	Fair Value as of March 31, 2024		Percentage of Fair Value			Fair Value as of December 31, 2023		Percentage of Fair Value
United States	$	156,294		95.0	%	$	108,570		95.0	%
New Zealand		5,710		3.5			5,724		5.0
Netherlands		1,482		0.9			-		-
United Kingdom		945		0.6			-		-
Total Investments	$	164,431		100.0	%	$	114,294		100.00	%

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements of Investments

The following table presents fair value measurements of investments as of March 31, 2024 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	96,660	$	18,946	$	115,606
Unitranche First Lien		—		—		47,355		47,355
Equity		—		—		1,470		1,470
Total Investments	$	—	$	96,660	$	67,771	$	164,431

The following table presents fair value measurements of investments as of December 31, 2023 (in thousands):

Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total
Senior Secured First Lien	$	—	$	67,909	$	14,649	$	82,558
Unitranche First Lien		—		—		30,367		30,367
Equity		—		—		1,369		1,369
Total Investments	$	—	$	67,909	$	46,385	$	114,294

Summary of Reconciliation of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the three months ended March 31, 2024, based off of the fair value hierarchy as of March 31, 2024 (in thousands):

	Senior Secured First Lien			Unitranche First Lien			Equity		Total
Balance as of December 31, 2023	$	14,649		$	30,367		$	1,369	$	46,385
Amortized discounts/premiums		15			32			-		47
Paid in-kind interest		-			-			-		-
Net realized gain (loss)		23			2			-		25
Net change in unrealized appreciation (depreciation)		179			642			101		922
Purchases		7,437			16,671			-		24,108
Sales/principal repayments/paydowns		(3,191	)		(359	)		-		(3,550	)
Transfers in		335			-			-		335
Transfers out		(501	)		-			-		(501	)
Balance as of March 31, 2024	$	18,946		$	47,355		$	1,470	$	67,771
Net change in unrealized appreciation (depreciation) from investments still held as of March 31, 2024	$	179		$	642		$	100	$	921

Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments

The following tables present the fair value of Level 3 investments and the ranges of significant unobservable inputs used to value the Company’s Level 3 investments as of March 31, 2024 and December 31, 2023. These ranges represent the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured first lien investments is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments.

Security Type	Fair Value as of March 31, 2024 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	8,810	Discounted Cash Flows	Discount Rate	10.6%	-	11.3%	(11.1%)
		10,136	Broker Quoted	Broker Quote			N/A
	$	18,946
Unitranche First Lien	$	43,494	Discounted Cash Flows	Discount Rate	10.4%	-	12.4%	(11.4%)
		3,861	Broker Quoted	Broker Quote			N/A
	$	47,355
Equity		1,470	Enterprise Value	Comparable EBITDA Multiple	16.0x	-	22.2x	(21.3x)
	$	1,470
Total	$	67,771

Security Type	Fair Value as of December 31, 2023 (in thousands)		Valuation Technique	Unobservable Input	Range (Weighted Avg)
Senior Secured First Lien	$	5,103	Discounted Cash Flows	Discount Rate	6.5%	-	11.2%	(9.8%)
		9,546	Broker Quoted	Broker Quote			N/A
	$	14,649
Unitranche First Lien	$	30,367	Discounted Cash Flows	Discount Rate	11.2%	-	12.2%	(11.7%)
	$	30,367
Equity		1,369	Enterprise Value	Comparable EBITDA Multiple	13.0x	-	21.4x	(20.2x)
	$	1,369
Total	$	46,385

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Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following:

($ in thousands)	As of March 31, 2024								As of December 31, 2023
	Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)		Aggregate Principal Amount Committed		Drawn Amount		Amount Available (1)		Carrying Value (2)(3)
JPM Funding Facility	$	150,000	$	45,000	$	105,000	$	45,000	$	150,000	$	22,500	$	127,500	$	22,500

(1)The amount available is subject to any limitations related to the credit facility borrowing base.

(2)The amount presented excludes netting of deferred financing costs.

(3)As of March 31, 2024 and December 31, 2023, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

Summary of Interest and Credit Facility Expenses

The borrowing expenses incurred by the JPM Funding Facility were as follows (in thousands):

($ in thousands)	For the three months ended March 31,
	2024
Borrowing interest expense	$	570
Unused facility fees		92
Amortization of financing costs		90
Administrative fee		76
Total interest and other debt financings costs	$	828
Weighted average outstanding balance	$	28,434

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Unfunded Commitments to Portfolio Companies

The Company has the following unfunded commitments to portfolio companies (in thousands):

		As of March 31, 2024			As of December 31, 2023
Company	Investment Type	Commitment Expiration Date (1)	Unfunded Commitment		Commitment Expiration Date (1)	Unfunded Commitment
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026	$	779	10/30/2026	$	1,165
Accession Risk Management (2)	Delayed Draw Term Loan	10/30/2026		80	-		-
Angels of Care (3)	Revolver	2/11/2030		400	-		-
Angels of Care (3)	Delayed Draw Term Loan	2/11/2030		850	-		-
Avalign (3)	Revolver	12/20/2028		921	-		-
Concord III, LLC (3)	Revolver	12/20/2028		325	12/20/2028		325
Enverus (3)	Revolver	12/24/2029		338	12/24/2029		338
Enverus (3)	Delayed Draw Term Loan	12/22/2025		222	12/22/2025		222
Evergreen IX Borrower 2023, LLC (3)	Revolver	9/29/2029		500	9/29/2029		500
Formulations Parent Corporation (3)	Revolver	11/15/2030		550	11/15/2029		550
Galway (3)	Revolver	9/30/2028		581	-		-
Galway (3)	Delayed Draw Term Loan	9/30/2028		5,495	-		-
Granicus, Inc. (3)	Delayed Draw Term Loan	1/17/2031		579	-		-
Granicus, Inc. (3)	Revolver	1/17/2031		548	-		-
Iris Buyer LLC (3)	Delayed Draw Term Loan	3/29/2025		172	3/29/2025		431
Iris Buyer LLC (3)	Revolver	10/2/2029		505	10/2/2029		505
MB2 Dental (3)	Revolver	2/13/2031		384	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,920	-		-
MB2 Dental (3)	Delayed Draw Term Loan	2/13/2031		1,151	-		-
Online Labels Group, LLC (3)	Revolver	12/19/2029		200	12/19/2029		200
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Online Labels Group, LLC (3)	Delayed Draw Term Loan	12/19/2029		175	12/19/2025		175
Pegasus Steel (3)	Delayed Draw Term Loan	1/19/2031		451	-		-
Pinnacle Purchaser, LLC (3)	Revolver	12/28/2029		288	12/28/2029		288
Pushpay USA Inc. (3)	Revolver	5/10/2030		429	5/10/2030		429
WCT Group Holdings, LLC (3)	Revolver	12/12/2029		457	12/12/2029		320
Total			$	18,475		$	5,623

(1)Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

(2)Investment pays 1.00% unfunded commitment fee on delayed draw term loan facility.

(3)Investment pays 0.50% unfunded commitment fee on revolving credit facility.

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Net Assets (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary of Each Month-End NAV Per Share for Class I Shares of Beneficial Interest

The following table summarizes each month-end NAV per share for Class I shares of beneficial interest during the three months ended March 31, 2024. As of March 31, 2024, the Company had not sold any of its Class S shares or Class D shares.

Date	Class I NAV Per Share
January 31, 2024	$	26.24
February 29, 2024		26.45
March 31, 2024		26.68

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Aggregate Investment Unrealized Appreciation and Depreciation

The Company's aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

	As of March 31, 2024			As of December 31, 2023
Tax Cost	$	162,376		$	141,673
Gross Unrealized Appreciation	$	2,268		$	1,436
Gross Unrealized Depreciation		(347	)		(61	)
Net Unrealized Investment Appreciation (Depreciation)	$	1,921		$	1,375

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

	For the Three Months Ended March 31, 2024 (6)
Per Share Data:
Net asset value, beginning of period	$	26.11
Net investment income (1)		0.49
Net realized and unrealized gains on investments(1)(2)		0.08
Net increase in net assets resulting from operations		0.57
Net asset value, end of period	$	26.68
Shares outstanding, end of period		5,931,257
Weighted average shares outstanding		4,983,501
Total return based on net asset value (3)		2.18	%
Ratio/Supplemental Data:
Net assets, end of period	$	158,273
Ratio of total net expenses to average net assets(4)(5)(7)		4.88	%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets (6)(7)		2.34	%
Ratio of net investment income to average net assets(7)		7.40	%
Ratio of interest and credit facility expenses to average net assets(7)		2.53	%
Portfolio turnover		3.58	%
Asset coverage ratio		444	%

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

(2)The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)Total return based on NAV is calculated as the change in NAV per share during the period plus declared dividends per share during the period, divided by the beginning NAV per share, and not annualized.

(4)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees.

(5)The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive the management, income and capital gains incentive fees. Excluding the effects of the voluntary waivers, the annualized ratio of total expenses to average net assets would have been 7.26% for the three months ended March 31, 2024.

(6)Net asset information presented is related to Class I shares.

(7)Annualized.

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Organization and Basis of Presentation Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	May 05, 2023	May 03, 2023	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Related Party Transaction [Line Items]
Common stock, par value			$ 0.01	$ 0.01
Class S Shares
Related Party Transaction [Line Items]
Common stock, par value			0.01
Class D Shares
Related Party Transaction [Line Items]
Common stock, par value			0.01
Class I Shares
Related Party Transaction [Line Items]
Common stock, par value			$ 0.01
BK Canada Holdings Inc.
Related Party Transaction [Line Items]
Capital commitment made by majority shareholder			$ 120,000
Proceeds from capital commitment made by majority shareholder			$ 120,000
Undrawn capital commitment					$ 120,000
Crescent | Crescent Capital Group LP
Related Party Transaction [Line Items]
Number of shares purchased		1,000
Shares purchased amount		$ 25
Shares price per share		$ 25
Sun Life Assurance
Related Party Transaction [Line Items]
Capital commitment made by majority shareholder	$ 150,000
Proceeds from capital commitment made by majority shareholder	$ 30,000

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Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended	8 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Investments on non-accrual status	$ 0	$ 0
Adviser accrued or paid organization expenses	1,546,000	1,546,000
Adviser accrued or paid offering expenses	$ 2,706,000	$ 2,667,000
Description of tax distribution requirements	In order for the Company not to be subject to federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its net capital gains for the current one-year period ending October 31 in that calendar year and (iii) any undistributed ordinary income and net capital gains from preceding years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis.
Excise tax	4.00%

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Agreements and Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended	8 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Administrative services expenses	$ 318,000
Other payable to administrator	$ 416,000	$ 697,000
Management fee, description	Under the terms of the Investment Advisory and Management Agreement, the Adviser is entitled to receive a base management fee and may also receive incentive fees, as discussed below. The Adviser previously agreed to voluntarily waive its base management and incentive fees until the commencement of the Offering. While the Company has not held the initial closing of the Offering, the Adviser now intends to begin charging its base management fee on the value of the Company’s net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement. The Advisor will continue to waive incentive fees until the commencement of the Offering.
Annual base management fee calculation in percentage of gross assets	1.25%
Management fee	$ 408,000
Management fees payable	0	0
Management fees waiver	$ 408,000
Income incentive fee quarterly return on investment income percent	1.25%
Income incentive fee annual return on investment income percent	5.00%
Income incentive fee percent payable quarterly in excess of pre-incentive fee net investment income	100.00%
Pre-incentive fee net investment income percent catch-up	1.4286%
Pre-incentive fee net investment income percent in excess of catch-up	12.50%
Pre-incentive fee annual net investment income percent threshold	5.714%
Capital gains incentive fee percent payable annually	12.50%
Income incentive fee incurred	$ 302,000
Income incentive fees unpaid	0	0
Income based incentive fees waiver	$ 302,000
Incentive fee on cumulative unrealized capital appreciation description.	This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 12.5% of such amount, minus the aggregate amount of actual incentive fees based on capital gains paid in all prior periods. If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future.
GAAP incentive fees unpaid	$ 0	$ 0
GAAP incentive fees waived	$ 69,000
Stockholder servicing and/or distribution fees and other underwriting compensation is equal to percentage of gross proceeds from offering	10.00%
Class D Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.25%
Class I Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.00%
Class S Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.85%

XML

Agreements and Related Party Transactions - Summary of Stockholder Servicing and/or Distribution Fees (Details)	3 Months Ended
	Mar. 31, 2024
Class S Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.85%
Class S Shares | Distribution and Servicing Plan
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.85%
Class D Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.25%
Class D Shares | Distribution and Servicing Plan
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.25%
Class I Shares
Related Party Transaction [Line Items]
Stockholder servicing and/or distribution fees monthly in arrears at an annual rate	0.00%

XML

Investments - Summary of Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Cost	$ 162,510	$ 112,919
Fair Value	164,431	114,294
Unrealized Appreciation/ (Depreciation)	1,921	1,375
Senior Secured First Lien
Summary of Investment Holdings [Line Items]
Cost	114,932	81,687
Fair Value	115,606	82,558
Unrealized Appreciation/ (Depreciation)	674	871
Unitranche First Lien
Summary of Investment Holdings [Line Items]
Cost	46,209	29,862
Fair Value	47,355	30,367
Unrealized Appreciation/ (Depreciation)	1,146	505
Equity
Summary of Investment Holdings [Line Items]
Cost	1,369	1,370
Fair Value	1,470	1,369
Unrealized Appreciation/ (Depreciation)	$ 101	$ (1)

XML

Investments - Summary of Industry Composition of Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Fair Value	$ 164,431	$ 114,294
Percentage of Fair Value	100.00%	100.00%
Software And Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 42,271	$ 32,605
Percentage of Fair Value	25.70%	28.50%
Health Care Equipment & Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 37,562	$ 18,607
Percentage of Fair Value	22.80%	16.30%
Commercial & Professional Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 14,835	$ 11,991
Percentage of Fair Value	9.00%	10.50%
Materials
Summary of Investment Holdings [Line Items]
Fair Value	$ 11,680	$ 10,045
Percentage of Fair Value	7.10%	8.80%
Consumer Discretionary Distribution and Retail
Summary of Investment Holdings [Line Items]
Fair Value	$ 8,775	$ 6,412
Percentage of Fair Value	5.40%	5.60%
Consumer Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 7,144	$ 4,249
Percentage of Fair Value	4.30%	3.70%
Financial Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 6,473	$ 2,251
Percentage of Fair Value	4.00%	2.00%
Capital Goods
Summary of Investment Holdings [Line Items]
Fair Value	$ 6,327	$ 3,515
Percentage of Fair Value	3.80%	3.10%
Pharmaceuticals Biotechnology And Life Sciences
Summary of Investment Holdings [Line Items]
Fair Value	$ 6,167	$ 5,585
Percentage of Fair Value	3.80%	4.90%
Media and Entertainment
Summary of Investment Holdings [Line Items]
Fair Value	$ 5,552	$ 4,451
Percentage of Fair Value	3.40%	3.90%
Insurance
Summary of Investment Holdings [Line Items]
Fair Value	$ 4,613	$ 4,007
Percentage of Fair Value	2.80%	3.50%
Diversified Financials
Summary of Investment Holdings [Line Items]
Fair Value	$ 3,704	$ 3,673
Percentage of Fair Value	2.30%	3.20%
Food, Beverage & Tobacco
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,980	$ 1,481
Percentage of Fair Value	1.20%	1.30%
Energy
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,953	$ 1,499
Percentage of Fair Value	1.20%	1.30%
Real Estate Management and Development
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,804	$ 1,825
Percentage of Fair Value	1.10%	1.60%
Telecommunication Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,489
Percentage of Fair Value	0.90%
Utilities
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,230	$ 1,225
Percentage of Fair Value	0.70%	1.10%
Consumer Durables And Apparel
Summary of Investment Holdings [Line Items]
Fair Value	$ 872	$ 873
Percentage of Fair Value	0.50%	0.70%

XML

Investments - Summary of Geographic Composition of Investments at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Fair Value	$ 164,431	$ 114,294
Percentage of Fair Value	100.00%	100.00%
United States
Summary of Investment Holdings [Line Items]
Fair Value	$ 156,294	$ 108,570
Percentage of Fair Value	95.00%	95.00%
New Zealand
Summary of Investment Holdings [Line Items]
Fair Value	$ 5,710	$ 5,724
Percentage of Fair Value	3.50%	5.00%
Netherlands
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,482
Percentage of Fair Value	0.90%
United Kingdom
Summary of Investment Holdings [Line Items]
Fair Value	$ 945
Percentage of Fair Value	0.60%

XML

Fair Value of Financial Instruments - Summary of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Line Items]
Total Investments	$ 164,431	$ 114,294
Senior Secured First Lien
Fair Value Disclosures [Line Items]
Total Investments	115,606	82,558
Unitranche First Lien
Fair Value Disclosures [Line Items]
Total Investments	47,355	30,367
Equity
Fair Value Disclosures [Line Items]
Total Investments	1,470	1,369
Level 2
Fair Value Disclosures [Line Items]
Total Investments	96,660	67,909
Level 2 | Senior Secured First Lien
Fair Value Disclosures [Line Items]
Total Investments	96,660	67,909
Level 3
Fair Value Disclosures [Line Items]
Total Investments	67,771	46,385
Level 3 | Senior Secured First Lien
Fair Value Disclosures [Line Items]
Total Investments	18,946	14,649
Level 3 | Unitranche First Lien
Fair Value Disclosures [Line Items]
Total Investments	47,355	30,367
Level 3 | Equity
Fair Value Disclosures [Line Items]
Total Investments	$ 1,470	$ 1,369

XML

Fair Value of Financial Instruments - Summary of Reconciliation of Investments that Use Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 46,385
Amortized discounts/premiums	47
Paid in-kind interest	0
Net realized gain (loss)	25
Net change in unrealized appreciation (depreciation)	922
Purchases	24,108
Sales/principal repayments/paydowns	(3,550)
Transfers in	335
Transfers out	(501)
Ending Balance	67,771
Net change in unrealized appreciation (depreciation) from investments still held	921
Senior Secured First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	14,649
Amortized discounts/premiums	15
Paid in-kind interest	0
Net realized gain (loss)	23
Net change in unrealized appreciation (depreciation)	179
Purchases	7,437
Sales/principal repayments/paydowns	(3,191)
Transfers in	335
Transfers out	(501)
Ending Balance	18,946
Net change in unrealized appreciation (depreciation) from investments still held	179
Unitranche First Lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	30,367
Amortized discounts/premiums	32
Paid in-kind interest	0
Net realized gain (loss)	2
Net change in unrealized appreciation (depreciation)	642
Purchases	16,671
Sales/principal repayments/paydowns	(359)
Transfers in	0
Transfers out	0
Ending Balance	47,355
Net change in unrealized appreciation (depreciation) from investments still held	642
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	1,369
Amortized discounts/premiums	0
Paid in-kind interest	0
Net realized gain (loss)	0
Net change in unrealized appreciation (depreciation)	101
Purchases	0
Sales/principal repayments/paydowns	0
Transfers in	0
Transfers out	0
Ending Balance	1,470
Net change in unrealized appreciation (depreciation) from investments still held	$ 100

XML

Fair Value of Financial Instruments - Summary of Fair Value of Level 3 Investments and Ranges of Significant Unobservable Inputs Used to Value Level 3 Investments (Details) - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 67,771	$ 46,385
Senior Secured First Lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	18,946	14,649
Senior Secured First Lien | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,810	$ 5,103
Senior Secured First Lien | Discounted Cash Flows | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	10.6	6.5
Senior Secured First Lien | Discounted Cash Flows | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	11.3	11.2
Senior Secured First Lien | Discounted Cash Flows | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	11.1	9.8
Senior Secured First Lien | Broker Quoted
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 10,136	$ 9,546
Unitranche First Lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	47,355	30,367
Unitranche First Lien | Discounted Cash Flows
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 43,494	$ 30,367
Unitranche First Lien | Discounted Cash Flows | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	10.4	11.2
Unitranche First Lien | Discounted Cash Flows | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	12.4	12.2
Unitranche First Lien | Discounted Cash Flows | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	11.4	11.7
Unitranche First Lien | Broker Quoted
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 3,861
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,470	$ 1,369
Equity | Enterprise Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,470	$ 1,369
Equity | Enterprise Value | Minimum | Comparable EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	16	13
Equity | Enterprise Value | Maximum | Comparable EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	22.2	21.4
Equity | Enterprise Value | Weighted Average | Comparable EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	21.3	20.2

XML

Debt - Schedule of Debt (Details) - JPM Funding Facility - USD ($)		Mar. 31, 2024	Dec. 31, 2023	Dec. 08, 2023
Debt Instrument [Line Items]
Aggregate Principal Amount Committed		$ 150,000,000	$ 150,000,000	$ 150,000,000
Drawn Amount		45,000,000	22,500,000
Amount Available	[1]	105,000,000	127,500,000
Carrying Value	[2],[3]	$ 45,000,000	$ 22,500,000

[1] The amount available is subject to any limitations related to the credit facility borrowing base.

[2] As of March 31, 2024 and December 31, 2023, the carrying amount of the Company’s outstanding debt approximated fair value, unless otherwise noted.

[3] The amount presented excludes netting of deferred financing costs.

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Debt - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 08, 2023
Debt Instrument [Line Items]
Weighted average interest rate	11.64%
Weighted average debt outstanding	$ 28,434,000
Deferred financing costs, net	$ 1,683,000	$ 1,772,000
JPM Funding Facility
Debt Instrument [Line Items]
Line of credit facility, maturity date, description	On December 8, 2023, we entered into a Loan and Security Agreement (the “JPM Funding Facility”), as servicer, with CPCI Funding SPV, LLC (“CPCI SPV”), the Company's wholly owned subsidiary (the “Borrower”), as borrower, the lenders party thereto, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent, that provides a secured credit facility of $150,000 with a reinvestment period ending December 8, 2026 and a final maturity date of December 8, 2028.
Debt instrument, offering date	Dec. 08, 2023
Aggregate Principal Amount Committed	$ 150,000,000	150,000,000	$ 150,000,000
Debt instrument, reinvestment period ending date	Dec. 08, 2026
Debt instrument, maturity date	Dec. 08, 2028
Increase in borrowing capacity	$ 500,000,000
Line of credit facility, interest rate description	plus a margin of 2.60%
Interest Rate, Floor	2.60%
Deferred financing costs, net	$ 1,683,000	$ 1,772,000

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Debt - Summary of Interest and Credit Facility Expenses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Interest and Debt Expense [Abstract]
Borrowing interest expense	$ 570
Unused facility fees	92
Amortization of financing costs	90
Administrative fee	76
Total interest and other debt financings costs	828
Weighted average outstanding balance	$ 28,434

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Commitments and Contingencies - Summary of Unfunded Commitments to Portfolio Companies (Details) - USD ($) $ in Thousands		3 Months Ended	8 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Unfunded commitment		$ 18,475	$ 5,623
Delayed Draw Term Loan | Accession Risk Management
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Oct. 30, 2026	Oct. 30, 2026
Unfunded commitment	[2]	$ 779	$ 1,165
Delayed Draw Term Loan | Angels of Care
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Feb. 11, 2030
Unfunded commitment	[3]	$ 850
Delayed Draw Term Loan | Enverus
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 22, 2025	Dec. 22, 2025
Unfunded commitment	[3]	$ 222	$ 222
Delayed Draw Term Loan | Galway
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Sep. 30, 2028
Unfunded commitment	[3]	$ 5,495
Delayed Draw Term Loan | Granicus, Inc.
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Jan. 17, 2031
Unfunded commitment	[3]	$ 579
Delayed Draw Term Loan | Iris Buyer LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Mar. 29, 2025	Mar. 29, 2025
Unfunded commitment	[3]	$ 172	$ 431
Delayed Draw Term Loan | MB2 Dental
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Feb. 13, 2031
Unfunded commitment	[3]	$ 1,920
Delayed Draw Term Loan | Online Labels Group, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 19, 2029	Dec. 19, 2025
Unfunded commitment	[3]	$ 175	$ 175
Delayed Draw Term Loan | Pegasus Steel
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Jan. 19, 2031
Unfunded commitment	[3]	$ 451
Revolver | Angels of Care
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Feb. 11, 2030
Unfunded commitment	[3]	$ 400
Revolver | Avalign
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 20, 2028
Unfunded commitment	[3]	$ 921
Revolver | Concord III, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 20, 2028	Dec. 20, 2028
Unfunded commitment	[3]	$ 325	$ 325
Revolver | Enverus
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 24, 2029	Dec. 24, 2029
Unfunded commitment	[3]	$ 338	$ 338
Revolver | Evergreen IX Borrower 2023, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Sep. 29, 2029	Sep. 29, 2029
Unfunded commitment	[3]	$ 500	$ 500
Revolver | Formulations Parent Corporation
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Nov. 15, 2030	Nov. 15, 2029
Unfunded commitment	[3]	$ 550	$ 550
Revolver | Galway
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Sep. 30, 2028
Unfunded commitment	[3]	$ 581
Revolver | Granicus, Inc.
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Jan. 17, 2031
Unfunded commitment	[3]	$ 548
Revolver | Iris Buyer LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Oct. 02, 2029	Oct. 02, 2029
Unfunded commitment	[3]	$ 505	$ 505
Revolver | MB2 Dental
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Feb. 13, 2031
Unfunded commitment	[3]	$ 384
Revolver | Online Labels Group, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 19, 2029	Dec. 19, 2029
Unfunded commitment	[3]	$ 200	$ 200
Revolver | Pinnacle Purchaser, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 28, 2029	Dec. 28, 2029
Unfunded commitment	[3]	$ 288	$ 288
Revolver | Pushpay USA Inc.
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	May 10, 2030	May 10, 2030
Unfunded commitment	[3]	$ 429	$ 429
Revolver | WCT Group Holdings, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 12, 2029	Dec. 12, 2029
Unfunded commitment	[3]	$ 457	$ 320
Delayed Draw Term Loan | Accession Risk Management
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Oct. 30, 2026
Unfunded commitment	[2]	$ 80
Delayed Draw Term Loan | MB2 Dental
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Feb. 13, 2031
Unfunded commitment	[3]	$ 1,151
Delayed Draw Term Loan | Online Labels Group, LLC
Loss Contingencies [Line Items]
Commitment Expiration Date	[1]	Dec. 19, 2029	Dec. 19, 2025
Unfunded commitment	[3]	$ 175	$ 175

[1] Commitments are generally subject to borrowers meeting certain criteria such as compliance with covenants and certain operational metrics. These amounts may remain outstanding until the commitment period of an applicable loan expires, which may be shorter than its maturity.

[2] Investment pays 1.00% unfunded commitment fee on delayed draw term loan facility.

[3] Investment pays 0.50% unfunded commitment fee on revolving credit facility.

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Commitments and Contingencies - Summary of Unfunded Commitments to Portfolio Companies (Parenthetical) (Details)	3 Months Ended	8 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Investment Pays 1.00%
Loss Contingencies [Line Items]
Unfunded commitment fee percentage	1.00%	1.00%
Investment Pays 0.50%
Loss Contingencies [Line Items]
Unfunded commitment fee percentage	0.50%	0.50%

XML

Commitments and Contingencies - Additional Information (Details) - Adviser - USD ($) $ in Thousands	3 Months Ended	8 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Total organization expenses	$ 1,546	$ 1,546
Total offering expenses	$ 2,706	$ 2,667

XML

Net Assets - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	11 Months Ended
	May 03, 2023	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, authorized		300,000,000	300,000,000	300,000,000
Common stock, par value		$ 0.01	$ 0.01	$ 0.01
Gross proceeds from issuance of common stock		$ 51,450
Share repurchase program term		All common stockholders will be given at least 20 business days to elect to participate in such share repurchases.
Early repurchase deduction percentage of net assets		2.00%
Maximum
Class of Stock [Line Items]
Share repurchase outstanding percentage		5.00%
Class I
Class of Stock [Line Items]
Issuance of common stock, share			5,931,257
Issuance of common stock		$ 51,450
Gross proceeds from issuance of common stock			$ 151,475
Class I | Crescent
Class of Stock [Line Items]
Issuance of common stock, share	1,000
Issuance of common stock	$ 25
Shares price per share	$ 25
Class S Shares
Class of Stock [Line Items]
Common stock, par value		$ 0.01	$ 0.01
Sale of stock		0
Class D Shares
Class of Stock [Line Items]
Common stock, par value		$ 0.01	$ 0.01
Sale of stock		0

XML

Net Assets - Summary of Each Month-End NAV Per Share for Class I Shares of Beneficial Interest (Details) - $ / shares	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Class I NAV Per Share	$ 26.68			$ 26.11
Class I
Class of Stock [Line Items]
Class I NAV Per Share	$ 26.68	$ 26.45	$ 26.24

XML

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Excise taxes	$ 0
Accrued excise taxes remained payable	0	$ 110,000
Benefits (provisions) for taxes on realized and unrealized appreciation (depreciation) on investments	0
Deferred tax assets	0	0
Deferred tax liabilities	$ 0	$ 0

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Income Taxes - Summary of Aggregate Investment Unrealized Appreciation and Depreciation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax Cost	$ 162,376	$ 141,673
Gross Unrealized Appreciation	2,268	1,436
Gross Unrealized Depreciation	(347)	(61)
Net Unrealized Investment Appreciation (Depreciation)	$ 1,921	$ 1,375

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Financial Highlights - Schedule of Financial Highlights (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value Per Share, Beginning Balance	$ 26.11
Net investment income	0.49
Net realized and unrealized gains on investments	0.08
Net increase in net assets resulting from operations	0.57
Net Asset Value Per Share, Ending Balance	$ 26.68
Shares outstanding, end of period | shares	5,931,257
Weighted average shares outstanding (basic): | shares	4,983,501
Weighted average shares outstanding (diluted): | shares	4,983,501
Total return based on net asset value	2.18%
Investment Company, Financial Ratios [Abstract]
Net assets, end of period | $	$ 158,273
Ratio of total net expenses to average net assets	4.88%
Ratio of net expenses (without incentive fees and interest and other debt expenses) to average net assets	2.34%
Ratio of net investment income to average net assets	7.40%
Ratio of interest and credit facility expenses to average net assets	2.53%
Portfolio turnover	3.58%
Asset coverage ratio	444.00%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024
Adviser
Investment Company, Financial Highlights [Line Items]
Ratio of total expenses to average net assets	7.26%

XML

Subsequent Events - Additioanl Information (Detail) - Class I Shares - USD ($) $ in Thousands		3 Months Ended
	Apr. 24, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Sale of stock, Description of transaction		The purchase price per Class I share will equal the Company’s net asset value per Class I share as of the last calendar day of April 2024 (the “April NAV”), which is generally expected to be available within 20 business days after May 1, 2024. At that time, the number of Class I shares issued to each investor based on the April NAV and such investor’s subscription amount will be determined and Class I shares will be credited to the investor’s account as of May 1, 2024, the effective date of the share purchase.
Subsequent Event
Subsequent Event [Line Items]
Share purchase amount	$ 345