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 June 30, 2024

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01674

LGAM Private Credit LLC

(Exact name of registrant as specified in its charter)

Delaware	93-4683111
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1585 Broadway	10036
New York, NY	(Zip Code)
(Address of principal executive offices)

1 212-761-4000

(Registrant’s telephone number, including area code)

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  x   No  ☐

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

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

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

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

The number of the registrant’s Common Units outstanding at August 12, 2024 was 5,758,014.

LGAM Private Credit LLC

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

TABLE OF CONTENTS

Part I. Financial Information
Item 1.	Consolidated Financial Statements (Unaudited)
	Consolidated Statements of Financial Condition	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Changes in Members’ Capital	5
	Consolidated Statements of Cash Flows	6
	Consolidated Schedules of Investments	7
	Notes to the Consolidated Financial Statements	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	46
Part II. Other Information
Item 1.	Legal Proceedings	47
Item 1A.	Risk Factors	47
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 3.	Defaults Upon Senior Securities	47
Item 4.	Mine Safety Disclosures	47
Item 5.	Other Information	47
Item 6.	Exhibits	47

SIGNATURES

LGAM Private Credit LLC

Consolidated Statements of Financial Condition

(In thousands, except unit and per unit amounts)

	As of
	June 30, 2024		December 31, 2023
	(Unaudited)		(Audited)
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $173,727 and $99,614)	$	174,390	$	99,746
Cash and cash equivalents	6,098		24,832
Deferred financing costs	1,213		1,240
Deferred offering costs	14		31
Interest and dividend receivable from non-controlled/non-affiliated investments	790		350
Receivable for investments sold/repaid	4		—
Prepaid expenses and other assets	7		773
Total assets	182,516		126,972
Liabilities
Debt	66,000		22,000
Payable for investments purchased	3,019		18,503
Payable to affiliates (Note 3)	30		308
Dividends payable	1,265		638
Capital gains based incentive fee payable	83		17
Interest payable	720		101
Accrued expenses and other liabilities	548		194
Total liabilities	71,665		41,761
Commitments and Contingencies (Note 7)
Members' Capital
Common Units, par value $0.001 per share (5,492,025 and 4,251,250 units issued and outstanding)	5		4
Paid-in capital in excess of par value	109,976		85,015
Net distributable earnings (accumulated losses)	870		192
Total members' capital	$	110,851	$	85,211
Total liabilities and members' capital	$	182,516	$	126,972
Net asset value per unit	$	20.18	$	20.04

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

3

LGAM Private Credit LLC

Consolidated Statements of Operations (Unaudited)

(In thousands, except unit and per unit amounts)

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Investment Income:
From non-controlled/non-affiliated investments:
Interest income	$	3,950	$	—	$	7,152	$	—
Payment-in-kind	17		—		80		—
Other income	122		—		210		—
Total investment income	4,089		—		7,442		—
Expenses:
Interest and other financing expenses	1,076		—		1,886		—
Management fees	261		—		488		—
Income based incentive fees	333		—		617		—
Capital gains incentive fees	64		—		67		—
Professional fees	312		—		513		—
Organization and offering costs	9		71		17		166
Directors' fees	24		—		67		—
Administrative service fees	11		—		26		—
General and other expenses	4		—		16		—
Total expenses	2,094		71		3,697		166
Expense support (Note 3)	(75)		—		(297)		—
Management fees waiver (Note 3)	(261)		—		(488)		—
Income based incentive fees waiver (Note 3)	(333)		—		(617)		—
Net expenses	1,425		71		2,295		166
Net investment income (loss)	2,664		(71)		5,147		(166)
Net realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	—		—		3		—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	512		—		532		—
Net realized and unrealized gain (loss)	512		—		535		—
Net increase (decrease) in members' capital resulting from operations	$	3,176	$	(71)	$	5,682	$	(166)
Net investment income (loss) per unit:	$	0.50	$	—	$	1.03	$	—
Earnings (loss) per unit:	$	0.60	$	—	$	1.14	$	—
Weighted average units outstanding (Note 9)	5,293,948		—		4,976,710		—

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

4

LGAM Private Credit LLC

Consolidated Statements of Changes in Members’ Capital (Unaudited)

(In thousands, except unit and per unit amount)

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Members' capital at beginning of period:	$	98,060	$	(95)	$	85,211	$	—
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	2,664		(71)		5,147		(166)
Net realized gain (loss)	—		—		3		—
Net change in unrealized appreciation (depreciation)	512		—		532		—
Net increase (decrease) in members’ capital resulting from operations	3,176		(71)		5,682		(166)
Distributions to unitholders from:
Distributable earnings	(2,878)		—		(5,004)		—
Total distributions to unitholders	(2,878)		—		(5,004)		—
Capital transactions:
Issuance of common Units	12,493		25		24,962		25
Net increase in members' capital resulting from capital transactions	12,493		25		24,962		25
Total increase (decrease) in members' capital	12,791		(46)		25,640		(141)
Members' capital at end of period	$	110,851	$	(141)	$	110,851	$	(141)
Dividends per unit	$	0.54	$	—	$	1.00	$	—

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

5

LGAM Private Credit LLC

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

	For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$	5,682	$	(166)
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	(532)		—
Net realized (gain) loss on investments	(3)		—
Net accretion of discount and amortization of premium on investments	(145)		—
Payment-in-kind interest	(59)		—
Amortization of deferred financing costs	164		—
Amortization of deferred offering costs	17		—
Purchases of investments and change in payable for investments purchased	(100,613)		—
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid	11,220		—
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments	(440)		—
(Increase) decrease in prepaid expenses and other assets	766		—
(Decrease) increase in payable to affiliates	(278)		—
(Decrease) increase in capital gains based incentive fees payable	66		—
(Decrease) increase in interest payable	619		—
(Decrease) increase in accrued expenses and other liabilities	354		166
Net cash provided by (used in) operating activities	(83,182)		—
Cash flows from financing activities:
Borrowings on debt	55,400		—
Repayments on debt	(11,400)		—
Deferred financing costs paid	(137)		—
Dividends paid	(4,377)		—
Proceeds from issuance of Common units	24,962		25
Net Cash provided by (used in) financing activities	64,448		25
Net increase (decrease) in cash and cash equivalents	(18,734)		25
Cash and cash equivalents at beginning of period	24,832		—
Cash and cash equivalents at end of period	$	6,098	$	25

Supplemental information and non-cash activities:
Excise tax paid	$	2	$	—
Interest expense paid	$	1,103	$	—
Accrued but unpaid dividends	$	1,265	$	—

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

6

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Debt Investments
Aerospace & Defense
Mantech International CP	(5) (7) (9)	First Lien Debt	S +	5.00%	10.33%	9/14/2029	2,467	$	2,467	$	2,467	2.23	%
Mantech International CP	(5) (7) (13)	First Lien Debt	S +	5.00%	10.33%	9/14/2029	222	222		222		0.20
Mantech International CP	(5) (7) (13)	First Lien Debt	S +	5.00%	10.33%	9/14/2028	—	—		—		—
								2,689		2,689		2.43
Automobile Components
Les Schwab Tire Centers	(8)	First Lien Debt	S +	3.00%	8.34%	4/23/2031	995	996		994		0.90
Sonny's Enterprises, LLC	(5) (6) (9)	First Lien Debt	S +	5.25%	10.73%	8/5/2028	3,034	2,973		3,034		2.74
Sonny's Enterprises, LLC	(5) (6) (13)	First Lien Debt	S +	5.25%	10.73%	8/5/2028	417	404		417		0.38
Sonny's Enterprises, LLC	(5) (6) (13)	First Lien Debt	S +	5.25%	10.73%	8/5/2027	—	(11)		—		—
								4,362		4,445		4.01
Automobiles
COP Collisionright Parent, LLC	(5) (6) (9)	First Lien Debt	S +	5.50%	10.83%	1/29/2030	1,170	1,147		1,151		1.04
COP Collisionright Parent, LLC	(5) (6) (13)	First Lien Debt	S +	5.50%	10.83%	1/29/2030	54	47		43		0.04
COP Collisionright Parent, LLC	(5) (6) (13)	First Lien Debt	S +	5.50%	10.83%	1/29/2030	28	25		25		0.02
Vehlo Purchaser, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	10.58%	5/24/2028	251	248		248		0.22
Vehlo Purchaser, LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.58%	5/24/2028	61	53		53		0.05
Vehlo Purchaser, LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.58%	5/24/2028	4	4		4		—
								1,524		1,524		1.37
Beverages
Triton Water Holdings, Inc.	(8)	First Lien Debt	S +	3.25%	8.85%	3/31/2028	995	987		995		0.90
								987		995		0.90
Biotechnology
GraphPad Software, LLC	(5) (7)	First Lien Debt	S +	4.75%	10.10%	6/30/2031	5,530	5,503		5,503		4.96
GraphPad Software, LLC	(5) (7) (13)	First Lien Debt	S +	4.75%	10.10%	6/30/2031	—	(1)		(1)		—
GraphPad Software, LLC	(5) (6) (13)	First Lien Debt	S +	4.75%	10.10%	6/30/2031	—	—		—		—
								5,502		5,502		4.96
Building Products
Project Potter Buyer, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	11.32%	4/23/2027	4,812	4,812		4,812		4.34
Project Potter Buyer, LLC	(5) (6) (13)	First Lien Debt	S +	6.00%	11.32%	4/23/2026	56	56		56		0.05
								4,868		4,868		4.39
Chemicals

7

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Tank Holding Corp.	(7)	First Lien Debt	S +	5.75%	11.44%	3/31/2028	3,455	$	3,372	$	3,391	3.06	%
Tank Holding Corp.	(7) (13)	First Lien Debt	S +	5.75%	11.44%	3/31/2028	670	642		643		0.58
								4,014		4,034		3.64
Commercial Services & Supplies
Consor Intermediate II, LLC	(5) (7) (9)	First Lien Debt	S +	4.75%	10.09%	5/12/2031	503	498		498		0.45
Consor Intermediate II, LLC	(5) (7) (13)	First Lien Debt	S +	4.75%	10.09%	5/12/2031	—	(2)		(2)		—
Consor Intermediate II, LLC	(5) (7) (13)	First Lien Debt	S +	4.75%	10.09%	5/12/2031	—	(1)		(1)		—
EnergySolutions, LLC	(8)	First Lien Debt	S +	4.00%	9.31%	9/20/2030	977	978		983		0.89
Hercules Borrower LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.69%	12/15/2026	195	185		185		0.17
HSI Halo Acquisition, Inc	(5) (7) (9)	First Lien Debt	S +	5.00%	10.35%	6/30/2031	4,600	4,554		4,554		4.11
HSI Halo Acquisition, Inc	(5) (7) (13)	First Lien Debt	S +	5.00%	10.35%	6/30/2031	—	—		—		—
HSI Halo Acquisition, Inc	(5) (7) (13)	First Lien Debt	S +	5.00%	10.35%	6/28/2030	—	(1)		(1)		—
Pye-Barker Fire & Safety, LLC	(5) (7) (9)	First Lien Debt	S +	4.50%	9.85%	5/26/2031	1,755	1,755		1,755		1.58
Pye-Barker Fire & Safety, LLC	(5) (7) (13)	First Lien Debt	S +	4.50%	9.85%	5/26/2031	—	(4)		(4)		—
Pye-Barker Fire & Safety, LLC	(5) (7) (13)	First Lien Debt	S +	4.50%	9.85%	5/24/2030	30	28		28		0.03
Vensure Employer Services, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.58%	3/26/2027	236	233		236		0.21
								8,223		8,231		7.43
Construction & Engineering
Arcoro Holdings Corp.	(5) (6) (9)	First Lien Debt	S +	5.50%	10.84%	3/28/2030	1,739	1,706		1,720		1.55
Arcoro Holdings Corp.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.84%	3/28/2030	—	(5)		(3)		—
Superman Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	5.75%	11.09%	8/31/2027	799	784		798		0.72
Superman Holdings, LLC	(5) (6) (13)	First Lien Debt	S +	5.75%	11.09%	8/31/2027	—	(2)		—		—
								2,483		2,515		2.27
Consumer Staples Distribution & Retail
PDI TA Holdings, Inc.	(5) (7) (9)	First Lien Debt	S +	5.25%	10.83%	2/3/2031	2,680	2,654		2,679		2.42
PDI TA Holdings, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.83%	2/3/2031	321	315		320		0.29
PDI TA Holdings, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.83%	2/3/2031	—	(3)		—		—
								2,966		2,999		2.71
Distributors
Avalara, Inc.	(5) (7) (9)	First Lien Debt	S +	7.25%	12.59%	10/19/2028	5,857	5,820		5,857		5.28
Avalara, Inc.	(5) (7) (13)	First Lien Debt	S +	7.25%	12.59%	10/19/2028	—	(4)		—		—

8

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Bradyifs Holdings, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	11.33%	10/31/2029	2,915	$	2,862	$	2,909	2.62	%
Bradyifs Holdings, LLC	(5) (6) (13)	First Lien Debt	S +	6.00%	11.33%	10/31/2029	199	195		199		0.18
Bradyifs Holdings, LLC	(5) (6) (13)	First Lien Debt	S +	6.00%	11.33%	10/31/2029	—	(4)		(1)		—
								8,869		8,964		8.09
Diversified Consumer Services
Any Hour, LLC	(5) (9)	First Lien Debt	S +	5.00%	10.33%	5/23/2030	2,372	2,337		2,337		2.11
Any Hour, LLC	(5) (13)	First Lien Debt	S +	5.00%	10.33%	5/23/2030	—	(5)		(5)		—
Any Hour, LLC	(5) (13)	First Lien Debt	S +	5.00%	10.33%	5/23/2030	45	40		40		0.04
Any Hour, LLC	(5) (9)	Other Debt		13.00% PIK	13.00%	5/23/2031	596	585		585		0.53
Asurion, LLC		First Lien Debt	S +	3.25%	8.71%	12/23/2026	992	981		974		0.88
Essential Services Holding Corporation	(5) (7) (9)	First Lien Debt	S +	5.00%	10.33%	6/17/2031	5,850	5,792		5,792		5.23
Essential Services Holding Corporation	(5) (7) (13)	First Lien Debt	S +	5.00%	10.33%	6/17/2031	—	(1)		(1)		—
Essential Services Holding Corporation	(5) (7) (13)	First Lien Debt	S +	5.00%	10.33%	6/17/2031	—	(1)		(1)		—
EVDR Purchaser, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	10.84%	2/14/2031	2,736	2,684		2,729		2.46
EVDR Purchaser, Inc.	(5) (7) (13)	First Lien Debt	S +	5.50%	10.84%	2/14/2031	—	(7)		(2)		—
EVDR Purchaser, Inc.	(5) (7) (13)	First Lien Debt	S +	5.50%	10.84%	2/14/2030	55	46		54		0.05
								12,451		12,502		11.28
Financial Services
RFS Opco LLC	(5) (8) (9)	First Lien Debt	S +	5.00%	10.34%	4/4/2031	1,500	1,485		1,485		1.34
RFS Opco LLC	(5) (8) (13)	First Lien Debt	S +	4.00%	9.34%	4/4/2029	—	(14)		(14)		(0.01)
								1,471		1,471		1.33
Ground Transportation
SV Newco 2 Inc	(5) (7) (9) (10)	First Lien Debt	S +	4.75%	10.10%	6/2/2031	1,500	1,478		1,478		1.33
SV Newco 2 Inc	(5) (7) (10) (13)	First Lien Debt	S +	4.75%	10.10%	6/2/2031	—	(7)		(7)		(0.01)
SV Newco 2 Inc	(5) (7) (10) (13)	First Lien Debt	S +	4.75%	10.10%	6/2/2031	—	(9)		(9)		(0.01)
								1,462		1,462		1.32
Health Care Equipment & Supplies
Medline Borrower, LP	(8)	First Lien Debt	S +	2.75%	8.09%	10/23/2028	904	906		905		0.82
Tidi Legacy Products, Inc.	(5) (6) (9)	First Lien Debt	S +	5.50%	10.84%	12/19/2029	1,370	1,344		1,364		1.23
Tidi Legacy Products, Inc.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.84%	12/19/2029	—	(3)		(1)		—
Tidi Legacy Products, Inc.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.84%	12/19/2029	—	(5)		(1)		—
								2,242		2,267		2.05
Health Care Providers & Services

9

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
DCA Investment Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	6.50%	11.80%	4/3/2028	7,341	$	7,288	$	7,268	6.56	%
iCIMS, Inc.	(5) (7)	First Lien Debt	S +	7.25% (incl. 3.38% PIK)	12.58%	8/18/2028	5,456	5,423		5,456		4.92
iCIMS, Inc.	(5) (7) (13)	First Lien Debt	S +	7.25%(incl. 3.38% PIK)	12.58%	8/18/2028	—	(6)		—		—
iCIMS, Inc.	(5) (7) (13)	First Lien Debt	S +	7.25% (incl. 3.38% PIK)	12.58%	8/18/2028	49	46		49		0.04
Invictus Buyer, LLC	(5) (7) (9)	First Lien Debt	S +	5.00%	10.34%	6/3/2031	1,620	1,604		1,604		1.45
Invictus Buyer, LLC	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	6/3/2031	—	(3)		(3)		—
Invictus Buyer, LLC	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	6/3/2031	—	(2)		(2)		—
Parexel International Corporation	(8)	First Lien Debt	S +	3.25%	8.71%	11/15/2028	992	994		994		0.90
PPV Intermediate Holdings, LLC	(5) (7) (9)	First Lien Debt	S +	5.75%	11.10%	8/31/2029	2,000	2,000		1,994		1.80
PPV Intermediate Holdings, LLC	(5) (7) (13)	First Lien Debt	S +	5.75%	11.10%	8/31/2029	632	624		632		0.57
								17,968		17,992		16.23
Health Care Technology
Hyland Software, Inc.	(5) (7) (9)	First Lien Debt	S +	6.00%	11.34%	9/19/2030	3,793	3,750		3,793		3.42
Hyland Software, Inc.	(5) (7) (13)	First Lien Debt	S +	6.00%	11.34%	9/19/2029	—	(2)		—		—
Project Ruby Ultimate Parent Corp.	(7)	First Lien Debt	S +	3.25%	8.69%	3/10/2028	992	990		994		0.90
								4,738		4,787		4.32
Industrial Conglomerates
Aptean, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	1/30/2031	17	16		16		0.01
Aptean, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	1/30/2031	—	(2)		(1)		—
Aptean, Inc.	(5) (7) (9)	First Lien Debt	S +	5.25%	10.59%	1/30/2031	1,963	1,944		1,955		1.76
								1,958		1,970		1.78
Insurance Services
Alliant Holdings Intermediate, LLC	(8)	First Lien Debt	S +	3.50%	8.83%	11/6/2030	995	998		997		0.90
Foundation Risk Partners Corp.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	10/29/2030	—	(2)		(2)		—
Foundation Risk Partners Corp.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	10/29/2029	—	(1)		(1)		—
Galway Borrower, LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	10.78%	9/29/2028	1,647	1,621		1,624		1.47
Galway Borrower, LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.78%	9/29/2028	—	(20)		(35)		(0.03)
Higginbotham Insurance Agency, Inc.	(5) (6) (9)	First Lien Debt	S +	5.50%	10.94%	11/24/2028	1,985	1,985		1,985		1.79
Higginbotham Insurance Agency, Inc.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.94%	11/24/2028	871	860		868		0.78
High Street Buyer, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	4/14/2028	—	(7)		(4)		—

10

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Integrity Marketing Acquisition, LLC	(5) (7) (9)	First Lien Debt	S +	6.00%	11.35%	8/27/2026	2,567	$	2,543	$	2,556	2.31	%
Integrity Marketing Acquisition, LLC	(5) (7) (9) (11) (13)	First Lien Debt	S +	6.00%	11.35%	8/27/2026	4,109	4,083		4,093		3.69
Integrity Marketing Acquisition, LLC	(5) (7) (13)	First Lien Debt	S +	6.00%	11.35%	8/27/2026	—	(8)		(1)		—
Keystone Agency Investors	(5) (6) (9)	First Lien Debt	S +	5.50%	10.99%	5/3/2027	2,483	2,483		2,473		2.23
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (9)	First Lien Debt	S +	5.50%	10.99%	11/1/2028	1,489	1,464		1,489		1.34
Peter C. Foy & Associates Insurance Services, LLC	(5) (7) (13)	First Lien Debt	S +	5.50%	10.99%	11/1/2028	165	159		159		0.14
RSC Acquisition, Inc.	(5) (7) (9)	First Lien Debt	S +	5.50%	10.98%	11/1/2029	123	123		123		0.11
RSC Acquisition, Inc.	(5) (7) (13)	First Lien Debt	S +	5.50%	10.98%	11/1/2029	292	289		292		0.26
Summit Acquisition, Inc.	(5) (7) (9)	First Lien Debt	S +	6.75%	12.09%	5/1/2030	1,862	1,862		1,862		1.68
Summit Acquisition, Inc.	(5) (7) (13)	First Lien Debt	S +	6.75%	12.09%	5/1/2030	—	—		—		—
Summit Acquisition, Inc.	(5) (7) (13)	First Lien Debt	S +	6.75%	12.09%	5/1/2029	—	—		—		—
USI, Inc.		First Lien Debt	S +	2.75%	8.08%	11/22/2029	993	997		992		0.89
World Insurance Associates, LLC	(5) (6) (9)	First Lien Debt	S +	6.00%	11.36%	4/3/2028	4,752	4,619		4,665		4.21
								24,048		24,135		21.77
IT Services
GI DI Cornfield Acquisition LLC	(5) (9)	First Lien Debt	S +	4.50%	9.94%	3/9/2028	3,880	3,823		3,823		3.45
GI DI Cornfield Acquisition LLC	(5) (13)	First Lien Debt	S +	4.50%	9.94%	3/9/2028	—	(15)		(15)		(0.01)
								3,808		3,808		3.44
Life Sciences Tools & Services
Model N, Inc.	(5) (7)	First Lien Debt	S +	5.00%	10.34%	6/27/2031	4,849	4,800		4,800		4.33
Model N, Inc.	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	6/27/2031	—	—		—		—
Model N, Inc.	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	6/27/2031	—	(1)		(1)		—
								4,799		4,799		4.33
Machinery
TK Elevator US Newco, Inc.	(8)	First Lien Debt	S +	3.50%	8.79%	4/30/2030	995	999		999		0.90
								999		999		0.90
Multi-Utilities
AWP Group Holdings, Inc.	(5) (6) (9)	First Lien Debt	S +	5.50%	10.94%	12/24/2029	2,561	2,517		2,561		2.31
AWP Group Holdings, Inc.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.94%	12/24/2029	688	675		688		0.62
AWP Group Holdings, Inc.	(5) (6) (13)	First Lien Debt	S +	5.50%	10.94%	12/24/2029	249	240		249		0.22
								3,432		3,498		3.16

11

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Professional Services
Bullhorn, Inc.	(5) (6) (9)	First Lien Debt	S +	5.00%	10.34%	10/1/2029	6,188	$	6,151	$	6,186	5.58	%
Bullhorn, Inc.	(5) (6) (9)	First Lien Debt	S +	5.00%	10.34%	10/1/2029	734	731		734		0.66
Bullhorn, Inc.	(5) (6) (13)	First Lien Debt	S +	5.00%	10.34%	10/1/2029	—	(2)		—		—
Corporation Service Company	(8)	First Lien Debt	S +	3.25%	8.08%	11/2/2029	883	887		884		0.80
Crisis Prevention Institute Inc	(5) (8) (9)	First Lien Debt	S +	4.75%	10.08%	4/9/2031	1,000	995		995		0.90
KWOR Acquisition, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	10.75%	12/22/2028	2,985	2,985		2,931		2.64
Verdantas LLC	(5) (7) (9)	First Lien Debt	S +	5.25%	10.58%	5/6/2031	2,749	2,708		2,708		2.44
Verdantas LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.58%	5/6/2031	—	(14)		(14)		(0.01)
Verdantas LLC	(5) (7) (13)	First Lien Debt	S +	5.25%	10.58%	5/6/2030	—	(4)		(4)		—
								14,437		14,420		13.01
Real Estate Management & Development
Associations, Inc.	(5) (6) (9)	First Lien Debt	S +	6.50%	12.09%	7/3/2028	876	875		875		0.79
Associations, Inc.	(5) (6) (13)	First Lien Debt	S +	6.50%	12.09%	7/3/2028	—	—		—		—
Associations, Inc.	(5) (6) (13)	First Lien Debt	S +	6.50%	12.09%	7/3/2028	—	—		—		—
MRI Software, LLC	(5) (6) (9)	First Lien Debt	S +	5.50%	10.94%	2/10/2027	6,609	6,577		6,609		5.96
MRI Software, LLC	(5) (6) (13)	First Lien Debt	S +	5.50%	10.94%	2/10/2027	—	(2)		—		—
								7,450		7,484		6.75
Software
Artifact Bidco, Inc	(5) (9) (11)	First Lien Debt	S +	4.50%	9.85%	5/22/2031	2,113	2,092		2,092		1.89
Artifact Bidco, Inc	(5) (11) (13)	First Lien Debt	S +	4.50%	9.85%	5/22/2031	—	(3)		(3)		—
Artifact Bidco, Inc	(5) (11) (13)	First Lien Debt	S +	4.50%	9.85%	5/22/2030	—	(4)		(4)		—
Banff Merger Sub, Inc.		First Lien Debt	S +	4.25%	9.34%	12/29/2028	995	994		996		0.90
Central Parent Inc.	(8)	First Lien Debt	S +	3.25%	8.58%	7/6/2029	1,000	1,003		985		0.89
Diligent Corporation	(5) (7) (9)	First Lien Debt	S +	5.00%	10.34%	8/2/2030	5,628	5,587		5,587		5.04
Diligent Corporation	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	8/4/2030	—	(6)		(6)		(0.01)
Diligent Corporation	(5) (7) (13)	First Lien Debt	S +	5.00%	10.34%	8/4/2030	—	(4)		(4)		—
Formstack Acquisition Co	(5) (6) (9)	First Lien Debt	S +	5.25%	10.59%	3/28/2030	1,875	1,848		1,856		1.67
Formstack Acquisition Co	(5) (6) (13)	First Lien Debt	S +	5.25%	10.59%	3/28/2030	189	182		181		0.16
Formstack Acquisition Co	(5) (6) (13)	First Lien Debt	S +	5.25%	10.59%	3/28/2030	—	(5)		(4)		—
Granicus, Inc.	(5) (7) (9)	First Lien Debt	S +	5.25%	11.08%	1/17/2031	2,339	2,317		2,335		2.11

12

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Granicus, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	11.08%	1/17/2031	—	$	(2)	$	(1)	—	%
Granicus, Inc.	(5) (13)	First Lien Debt	P +	4.25%	12.75%	1/17/2031	5	2		5		—
GS AcquisitionCo, Inc.	(5) (6) (9)	First Lien Debt	S +	5.25%	10.59%	5/25/2028	6,528	6,492		6,528		5.89
GS AcquisitionCo, Inc.	(5) (7) (13)	First Lien Debt	S +	5.25%	10.59%	5/25/2028	3	3		3		—
GS AcquisitionCo, Inc.	(5) (6) (13)	First Lien Debt	S +	5.25%	10.59%	5/25/2028	65	63		65		0.06
Hootsuite Inc.	(5) (9) (10)	First Lien Debt	S +	5.50%	10.85%	5/22/2030	2,700	2,660		2,660		2.40
Hootsuite Inc.	(5) (10) (13)	First Lien Debt	S +	5.50%	10.85%	5/22/2030	—	(4)		(4)		—
Icefall Parent, Inc.	(5) (6) (9)	First Lien Debt	S +	6.50%	11.84%	1/25/2030	2,739	2,687		2,688		2.42
Icefall Parent, Inc.	(5) (6) (13)	First Lien Debt	S +	6.50%	11.84%	1/25/2030	—	(5)		(5)		—
								25,897		25,950		23.41
Total Debt Investments								$	173,647	$	174,310	157.25	%

Investments-non-controlled/non-affiliated(1)	Footnotes	Investment	Reference Rate and Spread	Interest Rate(2)	Acquisition Date	Par Amount/ Shares(3)	Cost(4)		Fair Value		Percentage of Net Assets
Equity Investments
Professional Services
Verdantas LLC	(5) (12) (14)	Common Equity			5/3/2024	796	$	1	$	1	—	%
Verdantas LLC	(5) (12)	Preferred Equity		10.00%	5/3/2024	78,804	79		79		0.07
							80		80		0.07
Total Equity Investments							$	80	$	80	0.07	%
Total Portfolio Investments							$	173,727	$	174,390	157.32	%
Cash and Cash Equivalents
J.P. Morgan US Government Money Market Fund							$	3,252	$	3,252	2.93	%
Cash							2,846		2,846		2.57
Total Cash and Cash Equivalents							$	6,098	$	6,098	5.50	%
Total Portfolio Investments, Cash and Cash Equivalents							$	179,825	$	180,488	162.82	%

13

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2024, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2024. As of June 30, 2024, the reference rates for our variable rate loans were the 3-month E at 3.71%, 1-month S at 5.34%, 3-month S at 5.32%, 6-month S at 5.25% and the P at 8.50%.
(3)	Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").
(4)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(5)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(6)	Loan includes interest rate floor of 1.00%.
(7)	Loan includes interest rate floor of 0.75%.
(8)	Loan includes interest rate floor of 0.50%.
(9)	Assets or a portion thereof are pledged as collateral for the Citibank Funding Facility (as defined below). See Note 6 “Debt”.
(10)	The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024 non-qualifying assets represented 2.26% of total assets as calculated in accordance with regulatory requirements.
(11)	Position or portion thereof unsettled as of June 30, 2024.
(12)	Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of June 30, 2024, the aggregate fair value of these securities is $80 or 0.07% of the Company’s net assets. The initial acquisition dates have been included for such securities.

(13)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2024.

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
AWP Group Holdings, Inc.	Delayed Draw Term Loan	8/1/2025	$	701	$	—
AWP Group Holdings, Inc.	Revolver	12/24/2029	281		—
Any Hour, LLC	Delayed Draw Term Loan	5/23/2030	693		(5)
Any Hour, LLC	Revolver	5/23/2030	301		(4)
Aptean, Inc.	Delayed Draw Term Loan	1/30/2026	338		(1)
Aptean, Inc.	Revolver	1/30/2031	182		(1)
Arcoro Holdings Corp.	Revolver	3/28/2030	261		(3)
Artifact Bidco, Inc	Delayed Draw Term Loan	5/22/2027	517		(3)
Artifact Bidco, Inc	Revolver	5/22/2030	369		(4)
Associations, Inc.	Delayed Draw Term Loan	7/3/2028	68		—
Associations, Inc.	Revolver	7/3/2028	54		—

14

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Avalara, Inc.	Revolver	10/19/2028	$	586	$	—
Bradyifs Holdings, LLC	Delayed Draw Term Loan	10/31/2025	123		—
Bradyifs Holdings, LLC	Revolver	10/31/2029	248		—
Bullhorn, Inc.	Delayed Draw Term Loan	9/30/2026	58		—
Bullhorn, Inc.	Revolver	10/1/2029	335		—
COP Collisionright Parent, LLC	Delayed Draw Term Loan	1/29/2026	625		(10)
COP Collisionright Parent, LLC	Revolver	1/29/2030	162		(3)
Consor Intermediate II, LLC	Delayed Draw Term Loan	5/10/2026	458		(2)
Consor Intermediate II, LLC	Revolver	5/12/2031	122		(1)
Diligent Corporation	Delayed Draw Term Loan	4/30/2026	823		(6)
Diligent Corporation	Revolver	8/4/2030	549		(4)
EVDR Purchaser, Inc.	Delayed Draw Term Loan	10/2/2024	784		(2)
EVDR Purchaser, Inc.	Revolver	2/14/2031	415		(1)
Essential Services Holding Corporation	Delayed Draw Term Loan	6/17/2026	92		(1)
Essential Services Holding Corporation	Revolver	6/3/2030	58		(1)
Formstack Acquisition Co	Delayed Draw Term Loan	3/30/2026	561		(6)
Formstack Acquisition Co	Revolver	3/28/2030	375		(4)
Foundation Risk Partners Corp.	Delayed Draw Term Loan	5/21/2026	356		(2)
Foundation Risk Partners Corp.	Revolver	10/29/2029	134		(1)
GI DI Cornfield Acquisition LLC	Delayed Draw Term Loan	5/31/2026	2,000		(15)
GS AcquisitionCo, Inc.	Delayed Draw Term Loan	3/26/2026	47		—
GS AcquisitionCo, Inc.	Revolver	5/25/2028	422		—
Galway Borrower, LLC	Delayed Draw Term Loan	4/28/2024	2,496		(35)
Granicus, Inc.	Delayed Draw Term Loan	1/17/2026	347		(1)
Granicus, Inc.	Revolver	1/17/2031	324		(1)
GraphPad Software, LLC	Delayed Draw Term Loan	6/28/2026	109		(1)
GraphPad Software, LLC	Revolver	6/30/2031	41		—
HSI Halo Acquisition, Inc	Delayed Draw Term Loan	6/28/2026	90		—
HSI Halo Acquisition, Inc	Revolver	6/28/2030	60		(1)
Hercules Borrower LLC	Delayed Draw Term Loan	4/5/2026	1,835		(9)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	3/27/2026	604		(3)
High Street Buyer, Inc.	Delayed Draw Term Loan	3/11/2026	744		(4)
Hootsuite Inc.	Revolver	5/22/2030	300		(4)
Hyland Software, Inc.	Revolver	9/19/2029	181		—
Icefall Parent, Inc.	Revolver	1/25/2030	261		(5)
Integrity Marketing Acquisition, LLC	Delayed Draw Term Loan	2/3/2023	68		—
Integrity Marketing Acquisition, LLC	Revolver	8/27/2026	252		(1)
Invictus Buyer, LLC	Delayed Draw Term Loan	6/3/2026	675		(3)

15

LGAM Private Credit LLC

Consolidated Schedule of Investments (Unaudited)

June 30, 2024

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
Invictus Buyer, LLC	Revolver	6/3/2031	$	250	$	(2)
MRI Software, LLC	Revolver	2/10/2027	456		—
Mantech International CP	Delayed Draw Term Loan	6/14/2025	406		—
Mantech International CP	Revolver	9/14/2028	318		—
Model N, Inc.	Delayed Draw Term Loan	6/27/2026	98		(1)
Model N, Inc.	Revolver	6/27/2031	52		(1)
PDI TA Holdings, Inc.	Delayed Draw Term Loan	2/1/2026	695		—
PDI TA Holdings, Inc.	Revolver	2/3/2031	304		—
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	8/31/2025	633		—
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	4/23/2026	832		(5)
Project Potter Buyer, LLC	Revolver	4/23/2026	94		—
Pye-Barker Fire & Safety, LLC	Delayed Draw Term Loan	5/24/2026	702		(4)
Pye-Barker Fire & Safety, LLC	Revolver	5/24/2030	213		(2)
RFS Opco LLC	Revolver	4/4/2029	1,500		(14)
RSC Acquisition, Inc.	Delayed Draw Term Loan	2/14/2025	5		—
SV Newco 2 Inc	Delayed Draw Term Loan	5/31/2025	937		(7)
SV Newco 2 Inc	Revolver	6/2/2031	562		(8)
Sonny's Enterprises, LLC	Delayed Draw Term Loan	11/5/2024	304		—
Sonny's Enterprises, LLC	Revolver	8/5/2027	579		—
Summit Acquisition, Inc.	Delayed Draw Term Loan	11/1/2024	419		—
Summit Acquisition, Inc.	Revolver	5/1/2029	210		—
Superman Holdings, LLC	Delayed Draw Term Loan	5/1/2025	190		—
Tank Holding Corp.	Delayed Draw Term Loan	9/30/2024	825		(15)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	6/19/2025	362		(2)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	261		(1)
Vehlo Purchaser, LLC	Delayed Draw Term Loan	5/24/2024	1,235		(7)
Vehlo Purchaser, LLC	Revolver	5/24/2028	9		—
Vensure Employer Services, Inc.	Delayed Draw Term Loan	5/15/2025	113		—
Verdantas LLC	Delayed Draw Term Loan	12/31/2025	351		(3)
Verdantas LLC	Delayed Draw Term Loan	9/30/2025	468		(3)
Verdantas LLC	Delayed Draw Term Loan	5/6/2026	1,140		(8)
Verdantas LLC	Revolver	5/06/2030	292		(4)
iCIMS, Inc.	Delayed Draw Term Loan	8/18/2025	989		—
iCIMS, Inc.	Revolver	8/18/2028	441		—
Total First Lien Debt Unfunded Commitments			$	37,730	$	(235)
Total Unfunded Commitments			$	37,730	$	(235)

(14) Non-income producing security.

16

LGAM Private Credit LLC

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
First Lien Debt
Automobile Components
Les Schwab Tire Centers	(6)	S +	3.25%	8.79%	11/2/2027	997	$	999	$	996	1.17	%
Sonny's Enterprises, LLC	(4) (5) (8)	S +	6.75%	12.28%	8/5/2028	3,050	2,983		3,050		3.58
Sonny's Enterprises, LLC	(4) (5) (9)	S +	6.75%	12.28%	8/5/2028	285	270		285		0.33
Sonny's Enterprises, LLC	(4) (5) (9)	S +	6.75%	12.28%	8/5/2027	—	(12)		—		—
							4,240		4,331		5.08
Automobiles
Summit Buyer, LLC	(4) (5) (9)	S +	5.75%	11.26%	1/14/2026	121	110		99		0.12
Summit Buyer, LLC	(4) (9)	P +	4.75%	13.25%	1/14/2026	—	(2)		(2)		—
							108		97		0.12
Beverages
Triton Water Holdings, Inc.	(7)	S +	3.25%	8.86%	3/31/2028	997	989		987		1.16
Biotechnology
GraphPad Software, LLC	(4) (5) (8)	S +	5.50%	11.13%	4/27/2027	3,000	3,000		2,988		3.51
Chemicals
Tank Holding Corp.	(4) (6) (8)	S +	5.75%	11.46%	3/31/2028	3,472	3,381		3,404		3.99
Tank Holding Corp.	(4) (6) (9)	S +	5.75%	11.46%	3/31/2028	504	476		474		0.56
							3,857		3,878		4.55
Commercial Services & Supplies
EnergySolutions, LLC	(7)	S +	4.00%	9.36%	9/20/2030	998	999		995		1.17
Vensure Employer Services, Inc.	(4) (6) (9)	S +	5.25%	10.63%	4/1/2027	43	40		40		0.05
							1,039		1,035		1.22
Construction & Engineering
Superman Holdings, LLC	(4) (5) (8)	S +	6.13%	11.47%	8/31/2027	803	786		793		0.93
Superman Holdings, LLC	(4) (5) (9)	S +	6.13%	11.47%	8/31/2027	—	(2)		(2)		—
							784		791		0.93
Distributors
Avalara, Inc.	(4) (6) (8)	S +	7.25%	12.60%	10/19/2028	6,364	6,320		6,364		7.47
Avalara, Inc.	(4) (6) (9)	S +	7.25%	12.60%	10/19/2028	—	(4)		—		—
Bradyifs Holdings, LLC	(4) (5) (8)	S +	6.00%	11.38%	10/31/2029	2,930	2,873		2,873		3.37
Bradyifs Holdings, LLC	(4) (5) (9)	S +	6.00%	11.38%	10/31/2029	79	75		75		0.09
Bradyifs Holdings, LLC	(4) (5) (9)	S +	6.00%	11.38%	10/31/2029	—	(5)		(5)		(0.01)
							9,259		9,307		10.92
Diversified Consumer Services
Asurion, LLC		S +	3.25%	8.72%	7/31/2027	1,000	988		997		1.17

17

LGAM Private Credit LLC

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Health Care Equipment & Supplies
Medline Borrower, LP	(7)	S +	3.25%	7.09%	10/23/2028	997	$	1,000	$	1,002	1.18	%
Tidi Legacy Products, Inc.	(4) (5) (8)	S +	5.50%	10.86%	12/19/2029	1,377	1,350		1,349		1.58
Tidi Legacy Products, Inc.	(4) (5) (9)	S +	5.50%	10.86%	12/19/2029	—	(4)		(4)		—
Tidi Legacy Products, Inc.	(4) (5) (9)	S +	5.50%	10.86%	12/19/2029	—	(5)		(5)		(0.01)
							2,341		2,342		2.75
Health Care Providers & Services
DCA Investment Holdings, LLC	(4) (6) (8)	S +	6.50%	11.85%	4/3/2028	7,382	7,323		7,210		8.46
iCIMS, Inc.	(4) (6) (8)	S +	7.25% (incl. 3.88% PIK)	12.62%	8/18/2028	5,351	5,315		5,351		6.28
iCIMS, Inc.	(4) (6) (9)	S +	7.25% (incl. 3.88% PIK)	12.62%	8/18/2028	—	(7)		—		—
iCIMS, Inc.	(4) (6) (9)	S +	7.25% (incl. 3.88% PIK)	12.62%	8/18/2028	82	78		82		0.10
Parexel International Corporation	(7)	S +	3.25%	8.72%	11/15/2028	997	1,000		1,003		1.18
PPV Intermediate Holdings, LLC	(4) (6) (8)	S +	5.75%	11.14%	8/31/2029	2,000	2,000		1,962		2.30
PPV Intermediate Holdings, LLC	(4) (6) (9)	S +	5.75%	11.14%	8/31/2029	—	(6)		(10)		(0.01)
							15,703		15,598		18.31
Health Care Technology
Hyland Software, Inc.	(4) (6) (8)	S +	6.00%	11.36%	9/19/2030	1,819	1,792		1,798		2.11
Hyland Software, Inc.	(4) (6) (9)	S +	6.00%	11.36%	9/19/2029	—	(1)		(1)		—
Project Ruby Ultimate Parent Corp.	(6)	S +	3.25%	8.72%	3/10/2028	997	995		996		1.17
							2,786		2,793		3.28
Insurance Services
Alliant Holdings Intermediate, LLC	(7)	S +	3.50%	8.86%	11/6/2030	1,000	1,004		1,003		1.18
AssuredPartners, Inc.	(7)	S +	3.50%	8.97%	2/12/2027	1,000	1,004		1,001		1.17
Galway Borrower, LLC	(4) (6) (8)	S +	5.25%	11.10%	9/29/2028	1,656	1,627		1,639		1.92
Galway Borrower, LLC	(4) (6) (9)	S +	5.25%	11.10%	9/29/2028	—	(22)		(26)		(0.03)
Higginbotham Insurance Agency, Inc.	(4) (5) (8)	S +	5.50%	10.96%	11/24/2028	1,995	1,995		1,994		2.34
Higginbotham Insurance Agency, Inc.	(4) (5) (9)	S +	5.50%	10.96%	11/24/2028	531	525		531		0.62
Integrity Marketing Acquisition, LLC	(4) (6) (8)	S +	6.00%	11.39%	8/27/2026	1,879	1,851		1,842		2.16
Integrity Marketing Acquisition, LLC	(4) (6) (8)	S +	6.00%	11.39%	8/27/2026	1,255	1,234		1,230		1.44
Integrity Marketing Acquisition, LLC	(4) (6) (9)	S +	6.00%	11.39%	8/27/2026	—	(9)		(5)		(0.01)
Keystone Agency Investors	(4) (5) (8) (9)	S +	5.50%	11.00%	5/3/2027	2,426	2,426		2,426		2.85
Peter C. Foy & Associates Insurance Services, LLC	(4) (6) (8)	S +	6.00%	11.86%	11/1/2028	1,496	1,469		1,489		1.75
Peter C. Foy & Associates Insurance Services, LLC	(4) (6) (9)	S +	6.00%	11.86%	11/1/2028	—	(14)		(7)		(0.01)
RSC Acquisition, Inc.	(4) (6) (9)	S +	5.50%	11.39%	11/1/2029	7	6		7		0.01
Summit Acquisition, Inc.	(4) (6) (8)	S +	6.75%	12.10%	5/1/2030	1,866	1,866		1,838		2.16
Summit Acquisition, Inc.	(4) (6) (8)	S +	6.75%	12.10%	5/1/2030	419	419		413		0.48

18

LGAM Private Credit LLC

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments-non-controlled/non-affiliated(1)	Footnotes	Reference Rate and Spread		Interest Rate(2)	Maturity Date	Par Amount/ Shares	Cost(3)		Fair Value		Percentage of Net Assets
Summit Acquisition, Inc.	(4) (6) (8)	S +	6.75%	12.10%	5/1/2029	210	$	210	$	207	0.24	%
USI, Inc.		S +	3.00%	8.33%	11/22/2029	1,000	1,005		991		1.16
World Insurance Associates, LLC	(4) (5) (8)	S +	6.00%	12.10%	4/3/2028	4,776	4,629		4,702		5.52
							21,225		21,275		24.95
Machinery
Vertical US Newco, Inc.	(7)	S +	3.50%	9.38%	7/30/2027	1,000	1,002		1,001		1.17
Multi-Utilities
AWP Group Holdings, Inc.	(4) (5) (8)	S +	5.50%	10.95%	12/24/2029	2,574	2,526		2,535		2.97
AWP Group Holdings, Inc.	(4) (5) (9)	S +	5.50%	10.95%	12/24/2029	66	52		45		0.05
AWP Group Holdings, Inc.	(4) (5) (9)	S +	5.50%	10.95%	12/24/2029	114	104		106		0.12
							2,682		2,686		3.14
Professional Services
Bullhorn, Inc.	(4) (5) (8)	S +	5.50%	10.96%	9/30/2026	6,204	6,165		6,185		7.26
Bullhorn, Inc.	(4) (5) (8)	S +	5.50%	10.96%	9/30/2026	519	515		516		0.61
Bullhorn, Inc.	(4) (5) (9)	S +	5.50%	10.96%	9/30/2026	—	(2)		(1)		—
Corporation Service Company	(7)	S +	3.25%	8.71%	11/2/2029	1,000	1,005		1,002		1.18
KWOR Acquisition, Inc.	(4) (5) (8)	S +	5.25%	10.71%	12/22/2028	3,000	3,000		2,957		3.47
							10,683		10,659		12.52
Real Estate Management & Development
Associations, Inc.	(4) (5) (8)	S +	6.50% (incl. 2.50% PIK)	12.17%	7/2/2027	3,000	3,000		3,000		3.52
MRI Software, LLC	(4) (5) (8)	S +	5.50%	10.95%	2/10/2027	6,494	6,455		6,458		7.58
MRI Software, LLC	(4) (5) (9)	S +	5.50%	10.95%	2/10/2027	—	(3)		(3)		—
							9,452		9,455		11.10
Software
Banff Merger Sub, Inc.		S +	4.25%	9.61%	12/29/2028	1,000	999		1,006		1.18
Central Parent, Inc.	(7)	S +	4.00%	9.35%	7/6/2029	1,000	1,004		1,005		1.18
Greeneden U.S. Holdings II, LLC	(7)	S +	4.00%	9.47%	12/1/2027	1,000	1,004		1,003		1.18
GS AcquisitionCo, Inc.	(4) (5) (8)	S +	5.50%	11.00%	5/22/2026	6,512	6,472		6,512		7.64
GS AcquisitionCo, Inc.	(4) (5) (9)	S +	5.50%	11.00%	5/22/2026	—	(3)		—		—
							9,476		9,526		11.18
Total First Lien Debt							$	99,614	$	99,746	117.06	%
Total Portfolio Investments							$	99,614	$	99,746	117.06	%

19

LGAM Private Credit LLC

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

(1)	Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.
(2)	Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ("L" or “LIBOR”) or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 3-month E at 3.91%, 1-month S at 5.35%, 3-month S at 5.33%, 6-month S at 5.16% and the P at 8.50%.
(3)	The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
(4)	These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.
(5)	Loan includes interest rate floor of 1.00%.
(6)	Loan includes interest rate floor of 0.75%.
(7)	Loan includes interest rate floor of 0.50%.
(8)	Assets or a portion thereof are pledged as collateral for the Citibank Funding Facility (as defined below). See Note 6 “Debt”.

(9)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023.

20

LGAM Private Credit LLC

Consolidated Schedule of Investments

December 31, 2023

(In thousands)

Investments — non-controlled/non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded Commitment		Fair Value
First Lien Debt
AWP Group Holdings, Inc.	Delayed Draw Term Loan	08/01/2025	$	1,324	$	(20)
AWP Group Holdings, Inc.	Revolver	12/24/2029	416		(6)
Avalara, Inc.	Revolver	10/19/2028	636		—
Bradyifs Holdings, LLC	Delayed Draw Term Loan	10/31/2025	244		(3)
Bradyifs Holdings, LLC	Revolver	10/31/2029	248		(5)
Bullhorn, Inc.	Revolver	09/30/2026	320		(1)
GS AcquisitionCo, Inc.	Revolver	05/22/2026	437		—
Galway Borrower, LLC	Delayed Draw Term Loan	04/28/2024	2,496		(26)
Higginbotham Insurance Agency, Inc.	Delayed Draw Term Loan	08/23/2025	267		—
Hyland Software, Inc.	Revolver	09/19/2029	86		(1)
Integrity Marketing Acquisition, LLC	Revolver	08/27/2026	252		(5)
Keystone Agency Investors	Delayed Draw Term Loan	06/03/2024	69		—
MRI Software, LLC	Revolver	02/10/2027	456		(3)
PPV Intermediate Holdings, LLC	Delayed Draw Term Loan	08/31/2025	1,265		(10)
Peter C. Foy & Associates Insurance Services, LLC	Delayed Draw Term Loan	10/19/2024	1,500		(7)
RSC Acquisition, Inc.	Delayed Draw Term Loan	02/14/2025	30		—
Sonny's Enterprises, LLC	Delayed Draw Term Loan	11/05/2024	383		—
Sonny's Enterprises, LLC	Revolver	08/05/2027	579		—
Summit Buyer, LLC	Delayed Draw Term Loan	08/25/2025	788		(19)
Summit Buyer, LLC	Revolver	01/14/2026	91		(2)
Superman Holdings, LLC	Delayed Draw Term Loan	05/01/2025	190		(2)
Tank Holding Corp.	Delayed Draw Term Loan	05/22/2024	995		(20)
Tidi Legacy Products, Inc.	Delayed Draw Term Loan	06/19/2025	362		(4)
Tidi Legacy Products, Inc.	Revolver	12/19/2029	261		(5)
Vensure Employer Services, Inc.	Delayed Draw Term Loan	06/15/2025	307		(3)
iCIMS, Inc.	Delayed Draw Term Loan	08/18/2025	1,094		—
iCIMS, Inc.	Revolver	08/18/2028	408		—
Total First Lien Debt Unfunded Commitments			$	15,504	$	(142)
Total Unfunded Commitments			$	15,504	$	(142)

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

21

LGAM Private Credit LLC

Notes to the Consolidated Financial Statements

June 30, 2024

(In thousands, except unit and per unit amounts)

(1)        ORGANIZATION

LGAM Private Credit LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to elect to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on February 7, 2023 with the name “LTMS Fund LLC”. The Company changed its name to “LGAM Private Credit LLC” on March 20, 2023. The Company commenced operations on December 1, 2023. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

The Company intends to conduct a continuous private offering (the “Private Offering”) of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), including the exemption provided by Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. The Company is offering one class of its units (the “Units”) in its continuous private offering.

(2)SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

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

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

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

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, 2024, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: 1585 Koala Holdings LLC (“1585 Koala Holdings”), LGAM Equity Holdings LLC (“Equity Holdings”), LGAM CA

22

SPV LLC (“CA SPV”) and LGAM Financing SPV LLC (“LGAM SPV LLC” and together with 1585 Koala Holdings, Equity Holdings and CA SPV, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original

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

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company’s Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

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

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Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are 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 June 30, 2024, the Company had no investments on non-accrual status.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Units are capitalized as “deferred offering costs” on the Consolidated Statements of Financial Condition and amortized over a twelve-month period from incurrence of such offering of Units. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Units.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.

Income Taxes

The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, the Company did not accrue U.S. federal excise tax.

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. All penalties and interest associated with income taxes, if any, are included in income tax expense.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual

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periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

(3)RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On December 1, 2023, the Company entered into the investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s unitholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”).

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately be borne by the unitholders.

Base Management Fee

The base management fee is calculated at an annual rate of 1.00% of the Company’s average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement, and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Investment Adviser. The Investment Adviser has agreed to irrevocably waive the base management fee through June 30, 2024, and such waiver is not subject to recapture.

For the three and six months ended June 30, 2024 base management fees were $261 and $488, and the Investment Adviser irrevocably agreed to waive $261 and $488, respectively. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, base management fees were $0 and $0, respectively. As of June 30, 2024 and December 31, 2023, $0 and $0, respectively, was payable to the Investment Adviser relating to base management fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

i.Incentive Fees based on Income

Pre-incentive fee net investment income is defined as interest income, distribution income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);

•100% of 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 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

•12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.

For the three and six months ended June 30, 2024 there were $333 and $617, respectively, income based incentive fees accrued, and the Investment Adviser irrevocably agreed to waive $333 and $617, respectively. For the three months ended June 30, 2023 and for

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the period from February 7, 2023 (inception) through June 30, 2023, there were $0 and $0, respectively, income based incentive fees accrued. The Investment Adviser has agreed to irrevocably waive its incentive fee based on net investment income through June 30, 2024 and such waiver is not subject to recapture.

ii. Incentive Fees based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, 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 (the “Cumulative Capital Gains”).

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three and six months ended June 30, 2024, capital gains incentive fees accrued to the Investment Adviser were $64 and $67, respectively. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, capital gains incentive fees accrued to the Investment Adviser were $0 and $0, respectively. The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of June 30, 2024 and December 31, 2023, $83 and $17, respectively, was payable to the Investment Adviser relating to capital gains incentive fees.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated December 1, 2023 (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors.

For the three and six months ended June 30, 2024, the Company incurred $11 and $26, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, the Company incurred $0 and $0, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, $31 and $5, respectively, was payable for administrative service fees.

Expense Support and Conditional Reimbursement Agreement

On December 1, 2023, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser (the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver; provided, that no reimbursement will be made if the reimbursement payment causes the distribution rate in effect at the time of reimbursement to be lower than the distribution rate at the time the Expense Payment was initially paid by the Adviser on behalf of the Company. Any reimbursement to the Adviser pursuant to the terms of the Expense Support Agreement would be an expense of the Company and would ultimately be borne by its unitholders.

For the three and six months ended June 30, 2024 there were $75 and $297, respectively, of Expense Payments under the Expense Support Agreement, which were recorded under expense support on the Consolidated Statements of Operations. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, there were $0 and $0, respectively,

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of Expense Payments under the Expense Support Agreement, which were recorded under expense support on the Consolidated Statements of Operations.

(4) INVESTMENTS

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2024							December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	173,062	$	173,725	99.7	%		$	99,614	$	99,746	100.0	%
Other Debt Investments	585		585		0.3			—		—		—
Equity	80		80		—		(1)	—		—		—
Total	$	173,727	$	174,390	100.0	%		$	99,614	$	99,746	100.0	%

(1) Amount rounds to less then 0.0%.

The industry composition of investments at fair value was as follows:

	June 30, 2024		December 31, 2023
Aerospace & Defense	1.5	%	—	%
Automobile Components	2.5		4.3
Automobiles	0.9		0.1
Beverages	0.6		1.0
Biotechnology	3.2		3.0
Building Products	2.8		—
Chemicals	2.3		3.9
Commercial Services & Supplies	4.7		1.1
Construction & Engineering	1.4		0.8
Consumer Staples Distribution & Retail	1.7		—
Distributors	5.1		9.3
Diversified Consumer Services	7.2		1.0
Financial Services	0.8		—
Ground Transportation	0.8		—
Health Care Equipment & Supplies	1.3		2.3
Health Care Providers & Services	10.3		15.6
Health Care Technology	2.7		2.8
Industrial Conglomerates	1.1		—
Insurance Services	13.8		21.3
IT Services	2.2		—
Life Sciences Tools & Services	2.8		—
Machinery	0.8		1.0
Multi-Utilities	2.0		2.7
Professional Services	8.3		10.7
Real Estate Management & Development	4.3		9.5
Software	14.9		9.6
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:

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	June 30, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
United States	$	169,609	$	170,272	97.6	%	$	99,614	$	99,746	100.0	%
Canada	4,118		4,118		2.4		—		—		—
Total	$	173,727	$	174,390	100.0	%	$	99,614	$	99,746	100.0	%

(5) FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors, undertakes a multi-step valuation process each quarter, as described below:

1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

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2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment is reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or “private letter” credit ratings;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates for like securities and expected volatility in future interest rates;

•the markets in which the issuer does business and recent economic and/or market events; and

•comparisons to publicly traded securities.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of the investments as of:

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	16,726	$	156,999	$	173,725	$	—	$	14,988	$	84,758	$	99,746
Other Debt Investments	—		—		585		585		—		—		—		—
Equity	—		—		80		80		—		—		—		—
Total Investments	$	—	$	16,726	$	157,664	$	174,390	$	—	$	14,988	$	84,758	$	99,746
Cash equivalents	$	3,252	$	—	$	—	$	3,252	$	—	$	—	$	—	$	—

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2024:

	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	104,983	$	—	$	—	$	104,983
Purchases of investments	58,376		577		80		59,033
Proceeds from principal repayments and sales of investments	(6,989)		—		—		(6,989)
Accretion of discount/amortization of premium	87		—		—		87
Payment-in-kind	32		8		—		40
Net change in unrealized appreciation (depreciation)	510		—		—		510
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	483	$	—	$	—	$	483

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2024:

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	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	84,758	$	—	$	—	$	84,758
Purchases of investments	83,392		577		80		84,049
Proceeds from principal repayments and sales of investments	(8,015)				—		(8,015)
Accretion of discount/amortization of premium	142		—		—		142
Payment-in-kind	52		8		—		60
Net change in unrealized appreciation (depreciation)	545		—		—		545
Net realized gains (losses)	3		—		—		3
Transfers into/out of Level 3(1)	(3,878)		—		—		(3,878)
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	534	$	—	$	—	$	534

(1)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2024 and December 31, 2023, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2024
Asset Category	Fair Value		Valuation Technique (3)	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	156,999	Yield Analysis	Discount Rate	9.10	%	11.67	%	10.44	%
Unsecured Debt	585		Yield Analysis	Discount Rate					9.90	%
Preferred Equity	79		Yield Analysis	Discount Rate					9.88	%
Common Equity	1		Market Approach	EBITDA Multiple					15.00x
Total Investments	$	157,664

	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	84,758	Yield Analysis	Discount Rate	9.72	%	12.01	%	10.83	%
Total Investments	$	84,758

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

(2) For an asset category that contains a single investment, the range is not included.

(3) During the six months ended June 30, 2024, no positions transitioned techniques or valuation approaches.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt, including its credit facility, is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facility is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

	June 30, 2024					December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Citibank Funding Facility	3	$	66,000	$	66,000	$	22,000	$	22,000
Total		$	66,000	$	66,000	$	22,000	$	22,000

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

(6)DEBT

The Company’s outstanding debt obligations were as follows:

	June 30, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
Citibank Funding Facility	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000
Total	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000

The Company’s summary information of its debt obligations were as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2024			June 30, 2023	June 30, 2024			June 30, 2023
Combined weighted average interest rate(1)	8.16		%	—%	8.17		%	—	%
Combined weighted average effective interest rate (2)	9.11		%	—%	9.20		%	—%
Combined weighted average debt outstanding	$	37,841		$—	$	31,374		$—

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

There was no debt outstanding for the period from February 7, 2023 (inception) through June 30, 2023.

Citibank Funding Facility

On December 4, 2023, LGAM SPV LLC entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with LGAM SPV LLC, as the borrower, the lenders party thereto (the “Lenders”), Citibank, N.A. (“Citibank”), as the administrative agent for the Lenders, the Company, as the collateral manager and equityholder, U.S. Bank Trust Company, National Association, as collateral administrator and collateral agent, and U.S. Bank National Association, as document custodian, pursuant to which the Lenders have agreed to extend credit to LGAM SPV LLC in an aggregate principal amount up to $200 million at any one time outstanding, with up to an additional $550 million available pursuant to an accordion feature (the “Citibank Funding Facility”).

The Citibank Funding Facility is a revolving funding facility with a reinvestment period ending December 4, 2026 and a final maturity date of December 4, 2028. Advances under the Citibank Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus a benchmark rate based on Term SOFR, SONIA, the EURIBOR Rate or Daily Compounded CORRA, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Security Agreement) or (b) a “base rate” (which is a rate per annum equal to the highest of a prime rate, the federal funds rate plus 0.50%, and the applicable benchmark for a three-month period plus 1.00%). The applicable margin with respect to advances under the Citibank Funding Facility is 2.85% (or 3.35% after the reinvestment period).

The obligations of LGAM SPV LLC under the Citibank Funding Facility are secured by all of the assets held by LGAM SPV LLC (the “Collateral”), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the “Portfolio Investments”), to be sold, contributed or otherwise transferred by the Company to LGAM SPV LLC pursuant to the terms of the Sale and Contribution Agreement dated as of December 4, 2023 (the “Sale and Contribution Agreement” and, together with the Credit and Security Agreement, the “Agreements”) between the Company and LGAM SPV LLC, entered into in connection with the Citibank Funding Facility. Under the Agreements, the Company and LGAM SPV LLC, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit and Security Agreement includes usual and customary affirmative and negative covenants and events of default for revolving funding facilities of this nature. As of June 30, 2024, the Company was in compliance with all covenants and other requirements of the Citibank Funding Facility.

The summary information of the Citibank Funding Facility is as follows:

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	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Borrowing interest expense	$	781	$	—	$	1,295	$	—
Facility unused commitment fees	204		—		427		—
Amortization of deferred financing costs	91		—		164		—
Total	$	1,076	$	—	$	1,886	$	—

(7)COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2024 and December 31, 2023, the Company had $37,730 and $15,504, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

(8)MEMBERS’ CAPITAL

Equity

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

	As of
	June 30, 2024		December 31, 2023
Net distributable earnings (losses), beginning of period	$	192	$	—
Net investment income (loss)	5,147		692
Net realized gain (loss)	3		—
Net unrealized appreciation (depreciation)	532		132
Dividends declared	(5,004)		(638)
Tax reclassification of unitholders' equity	—		6
Net distributable earnings (losses), end of period	$	870	$	192

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the six months ended June 30, 2024:

Unit Issuance Date	Units Issued	Proceeds Received
January 01, 2024	166,242	$	3,331
February 01, 2024	273,008	5,477
March 01, 2024	181,929	3,661
April 01, 2024	221,212	4,453
May 01, 2024	202,466	4,078
June 01, 2024	195,918	3,962
Total	1,240,775	$	24,962

The Company did not hold a closing of the continuous private offering for the period from February 7, 2023 (inception) through June 30, 2023.

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The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1503
February 27, 2024	February 29, 2024	March 05, 2024	0.1505
March 25, 2024	March 31, 2024	April 04, 2024	0.1551
April 25, 2024	April 30, 2024	May 03, 2024	0.1552
May 28, 2024	May 31, 2024	June 05, 2024	0.1553
June 25, 2024	June 28, 2024	July 03, 2024	0.2304		(1)
Total Distributions			$	0.9968

(1) Includes a special distribution of $0.0745 per unit

The Company did not declare a distribution for the period from February 7, 2023 (inception) through June 30, 2023.

Distribution Reinvestment Plan

The Company has adopted an “opt in” distribution reinvestment plan (“DRIP”). As a result, if the Company declares a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any application taxes.

The Company did not issue any Units pursuant to the DRIP plan for the six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023.

Unit Repurchase Program

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

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

For the six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, no Units were repurchased.

(9)EARNINGS (LOSS) PER UNIT

The following table sets forth the computation of basic and diluted earnings per Unit:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Net increase (decrease) in Members' Capital from operations	$	3,176	$	(71)	$	5,682	$	(166)
Weighted average Units outstanding	5,293,948		—		4,976,710		—
Basic and diluted earnings (loss) per Unit	$	0.60	$	—	$	1.14	$	—

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(10)CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights:

	For the Six Months Ended June 30, 2024			For the period from February 7, 2023 (inception) through June 30, 2023
Per Unit Data:(1)
Members' capital, beginning of period	$	20.04		$	—
Net investment income (loss)	1.03			—
Net unrealized and realized gain (loss)(2)	0.11			—
Net increase (decrease) in members; capital resulting from operations	1.14			—
Dividends declared	(1.00)			—
Total increase (decrease) in members' capital	0.14			—
Members' capital, end of period	$	20.18		$	—
Units outstanding, end of period	5,492,025			—
Weighted average Units outstanding	4,976,710			—
Total return based on members' capital(3)	5.78		%	—		%
Ratio/Supplemental Data:
Members' capital, end of period	$	110,851		$	141
Ratio of expenses before waivers to average members' capital(4)	6.70		%	—		%
Ratio of net expenses to average members' capital(4)	4.69		%	—		%
Ratio of net investment income to average members' capital(4)	10.24		%	—		%
Asset coverage ratio(5)	267.96		%	—		%
Portfolio turnover rate	8.68		%	—		%

(1)    The per unit data was derived by using the weighted average units outstanding during the applicable period, except otherwise noted.

(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 (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)    Amounts are annualized except for incentive fees, organization and offering costs and expense support.

(5)    Effective November 30, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to November 30, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

(11)        WAREHOUSE TRANSACTION

On March 8, 2023 (which was further amended on July 6, 2023 and October 6, 2023), the Company entered into a facility agreement with an unaffiliated third party to acquire its initial portfolio investments by purchasing certain investments owned and held by such third party concurrently with the initial closing of the Private Offering on December 1, 2023. The Company’s obligation to purchase such investments was conditional upon satisfying certain conditions, and the company made customary representations and warranties.

On December 1, 2023, the Company satisfied the conditions set forth in the facility agreement and purchased an initial portfolio of $81.03 million of gross commitments that consisted primarily of directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

(12)SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

July Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 265,989 Units for an aggregate offering price of $5.4 million effective July 1, 2024.

On July 25, 2024, the Board of Directors of the Company declared a distribution to unitholders of record in the amount of $0.1556 per unit and payable on August 5, 2024 as of July 31, 2024.

August Issuances

Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of the Company’s Units for an aggregate offering price of $5.4 million effective August 1, 2024.

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Credit Facility Amendment

On July 2, 2024, LGAM SPV LLC entered into a first amendment (the “First Amendment”) to the Citibank Funding Facility. The First Amendment amended the Citibank Funding Facility to, among other things, extend the ramp-up period and adjust certain terms related to advance rates and restricted payments.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (dollar amounts in thousands, except per unit amounts, unless otherwise indicated)

In this Quarterly Report on Form 10-Q, or this “Report”, except where context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to LGAM Private Credit LLC and its consolidated subsidiaries. This Report, including the documents we incorporate by reference into this Report, contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and you should not place undue reliance on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about us, our current and prospective portfolio investments, our industry, our beliefs and opinions and our assumptions. For the avoidance of doubt, we are not a subsidiary of, or consolidated with, Morgan Stanley. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “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:

•our future operating results;

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

•risk associated with possible disruptions in our operations or the economy generally, including disruptions from the impact of global health events;

•uncertainty and changes in the general interest rate environment;

•general economic, political and industry trends and other external factors, including uncertainty surrounding the financial and political stability of the United States and other countries;

•the effect of an inflationary economic environment on our portfolio companies, our financial condition and our results of operations;

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

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with MS Capital Partners Adviser Inc., our investment adviser (the “Adviser” or “Investment Adviser”), and its affiliates;

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

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

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

•the adequacy of our financing sources and working capital;

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

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

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

•our ability to qualify and maintain our qualification as a business development company (“BDC”), and as a regulated investment company (a “RIC”), under the Internal Revenue Code of 1986, as amended (the “Code”);

•the impact on our business of U.S. and international financial reform legislation, rules and regulations;

•currency fluctuations, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars, could adversely affect the results of our investments in foreign companies;

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

•the risks, uncertainties and other factors we identify under “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K and elsewhere in this Report.

The information contained in this section should be read in conjunction with “Item 1. Consolidated Financial Statements.” Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved. This discussion contains forward-looking statements, which relate to future events or our future performance or financial condition and involves numerous risks and uncertainties, including, but not limited to, those set forth in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, or the Form 10-K, and Part II, Item 1A of and elsewhere in this Report. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Report. Moreover, we assume no duty and do not undertake to update the forward-looking statements. You are advised to consult any additional disclosures that we make directly to you or through reports that we have filed or in the future file with the Securities and Exchange Commission (the “SEC”), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private

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Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

OVERVIEW

We are a Delaware limited liability company formed on February 7, 2023 with the name “LTMS Fund LLC.” We changed our name to “LGAM Private Credit LLC” on March 20, 2023. We are structured as a non-diversified, externally managed specialty finance company focused on lending to middle market companies. We have elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we intend to elect to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We are not a subsidiary of or consolidated with Morgan Stanley. We commenced operations on December 1, 2023.

We are a private, perpetual-life BDC, which is a BDC whose Units are not listed for trading on a stock exchange or other securities market. We use the term “perpetual-life BDC” to describe an investment vehicle of indefinite duration whose units are intended to be sold by us monthly on a continuous basis at a price generally equal to our monthly net asset value per Unit.

Our investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle market companies in which private equity sponsors have a controlling equity stake in the portfolio company. For purposes of this report, “middle market” companies refers to companies that, in general, generate annual earnings, before interest, tax, depreciation and amortization (“EBITDA”) in the range of approximately $15 million to $200 million, although not all of our portfolio companies will meet this criterion.

We invest primarily in directly originated senior secured term loans including first lien senior secured term loans (including unitranche loans) and, second lien senior secured term loans, with the balance of our investments expected to be in higher-yielding assets such as mezzanine debt, unsecured debt, equity investments and other opportunistic asset purchases. Typical middle market senior loans may be issued by middle market companies in the context of leveraged buyouts (“LBOs”), acquisitions, debt refinancings, recapitalizations, and other similar transactions. We generally expect our debt investments to have a stated term of five to eight years and typically to bear interest at a floating rate usually determined on the basis of a benchmark (such as SOFR). We may make investments in traded bank loans and other liquid debt securities of U.S. corporate issuers, including broadly syndicated loans, which may provide more liquidity than our private credit investments, for cash management purposes, including to manage payment obligations under our unit repurchase program. Depending on various factors, including our cash flows and the market for middle market company debt investments, we expect that our liquid loan portfolio could represent a material portion of our investments from time to time.

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

Pursuant to the exemptive relief granted by the SEC to us and our Adviser (as amended, the “Order”), we are able to enter into certain negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the Order) in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. Pursuant to the Order, we are permitted to co-invest with our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to us and our unitholders and do not involve overreaching in respect of us or our unitholders on the part of any person concerned, and (2) the transaction is consistent with the interests of our unitholders and is consistent with our investment objective and strategies.

We have applied for a new exemptive relief order which, if granted, would supersede the Order and would permit us greater flexibility with respect to negotiated co-investment transactions alongside certain Regulated Funds and Affiliated Funds (each as defined in the application). There can be no assurance that we will obtain such new exemptive relief from the SEC.

KEY COMPONENTS OF OUR RESULTS OF OPERATIONS

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt available to middle market companies, the general economic environment and the competitive environment for the type of investments we make.

Revenue

We generate revenue primarily in the form of interest and fee income on debt investments we hold. In addition, we generate income from dividends or distributions of income on direct equity investments, capital gains on the sales of loans and equity securities and various loan origination and other fees. Our debt investments generally have a stated term of five to eight years and typically to bear interest at a floating rate usually determined on the basis of a benchmark such as SOFR. Interest on these debt investments will

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generally be payable quarterly. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we may receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We may also generate revenue in the form of commitment, origination, amendment, structuring, syndication or due diligence fees, fees for providing managerial assistance and consulting fees.

Expenses

Our primary operating expenses include the payment of: (i) investment advisory fees, including base management fees and incentive fees, to our Investment Adviser pursuant to the investment advisory agreement between us and our Investment Adviser (the “Investment Advisory Agreement”); (ii) costs and other expenses and our allocable portion of overhead incurred by our Administrator in performing its administrative obligations under the administration agreement between us and MS Private Credit Administrative Services LLC (the “Administrator”); and (iii) other operating expenses as detailed below:

• our initial organizational costs and operating costs incurred prior to the filing of our election to be regulated as a BDC;

•the costs associated with any offerings of our securities;

•calculating individual asset values and our net asset value (including the cost and expenses of any third-party valuation services);

•out-of-pocket expenses, including travel expenses incurred by the Adviser, or members of its investment team, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including any investments that are not ultimately made (including, without limitation, any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments) and monitoring actual portfolio companies and, if necessary, enforcing our rights;

•the base management fee and any incentive fees payable under the Investment Advisory Agreement;

• certain costs and expenses relating to distributions paid by us;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses;

•arrangement, debt service and other costs of borrowings, senior securities or other financing arrangements;

•the allocated costs incurred by the Adviser or Administrator in providing managerial assistance to those portfolio companies that request it;

•amounts payable to third parties relating to, or associated with, sourcing, evaluating, making, holding, settling, clearing, monitoring, holding or disposing of prospective or actual investments;

•the costs associated with subscriptions to data service, research-related subscriptions and expenses and quotation equipment and services used in making or holding investments and dues and expenses incurred in connection with membership in industry or trade organizations;

•distribution payment agent, transfer agent and custodial fees and expenses;

•costs of derivatives and hedging;

•federal, state and local registration fees;

•any fees payable to rating agencies;

•U.S. federal, state and local taxes;

•costs incurred in connection with the formation or maintenance of entities or vehicles to hold our assets for tax or other purposes;

•independent director fees and expenses;

•costs of preparing financial statements and maintaining books and records, costs of preparing tax returns, costs of compliance with the 1940 Act, the Sarbanes-Oxley Act and applicable federal and state securities laws, and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including the compensation of professionals responsible for the preparation or review of the foregoing;

•the costs of any reports, proxy statements or other notices to our unitholders (including printing and mailing costs), the costs of any unitholders’ meetings and the cost and expenses of preparation of the foregoing and related matters;

•the costs of specialty and custom software expense for monitoring risk, compliance and overall investments;

•our fidelity bond;

•any necessary insurance premiums;

•extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

•costs of winding up;

•any extraordinary expenses (such as litigation or indemnification payments or amounts payable pursuant to any agreement to provide indemnification entered into by the Company);

•direct fees and expenses associated with independent audits, agency, consulting and legal costs;

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•cost of winding up; and

•and all other expenses incurred by either the Administrator or us in connection with administering our business and reimbursing third-party expenses incurred by the Administrator under the Administration Agreement in carrying out its administrative services including, but not limited to, the fees and expenses associated with performing compliance functions.

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

PORTFOLIO, INVESTMENT ACTIVITY

The composition of our investment portfolio is presented below:

	June 30, 2024							December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	173,062	$	173,725	99.7	%		$	99,614	$	99,746	100.0	%
Other Debt Investments	585		585		0.3			—		—		—
Equity	80		80		—		(1)	—		—		—
Total	$	173,727	$	174,390	100.0	%		$	99,614	$	99,746	100.0	%

(1) Amount rounds to less then 0.0%.

Our debt portfolio (excluding our liquid loan portfolio) displayed the following characteristics of each of our investments, unless otherwise noted:

	As of
	June 30, 2024			December 31, 2023
Number of portfolio companies	68			42
Percentage of performing debt bearing a floating rate, at fair value	99.7		%	100.0		%
Percentage of performing debt bearing a fixed rate, at fair value	0.3		%	—		%
Weighted average yield on debt and income producing investments, at cost(1)	11.1		%	11.5		%
Weighted average yield on debt and income producing investments, at fair value(1)	11.1		%	11.5		%
Weighted average 12-month EBITDA	$	205.0		$	252.7
Weighted average loan to value of our portfolio companies(2)	40.8		%	44.6		%
Percentage of our debt portfolio subject to business cycle volatility	6.1		%	4.2		%
Percentage of our total portfolio on non-accrual, at cost	—		%	—		%

(1)     Computed as (a) the annual stated spread, plus reference rate, as applicable, plus the annual accretion of discounts, as applicable on debt securities divided by (b) total debt investments (at fair value or cost, as applicable) included in such securities. Actual yields earned over the life of each investment could differ materially from the yields presented herein.

(2)     Calculated using total outstanding debt through the tranche that the Company is a lender divided by total enterprise value from the private equity sponsor or market comparables.

39

Our investment activity is presented below (information presented herein is at amortized cost unless otherwise indicated):

	As of and For the Three Months Ended
	June 30, 2024		June 30, 2023
New Investments Committed
Gross Principal Balance(1)	$	76,620	$	—
Net New Investments Committed	$	76,620	$	—
Investments, at Cost
Investments, beginning of period	$	122,640	$	—
New investments purchased	59,028		—
Net accretion of discount on investments	90		—
Payment-in-kind	40		—
Investments sold or repaid	(8,071)		—
Investments, end of period	$	173,727	$	—
Principal amount of investments funded
First lien debt investments	$	59,021	$	—
Other securities	668		—
Total	$	59,689	$	—
Amount of investments sold/fully repaid, at principal
First lien debt investments	$	7,356	$	—
Total	$	7,356	$	—

(1)    Includes new investment commitments, excluding sale/repayments and including unfunded investment commitments.

Investment Performance Rating

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

Risk Rating 1 — In the opinion of our Investment Adviser, investments in Risk Rating 1 involve the least amount of risk relative to our initial cost basis at the time of origination or acquisition. Risk Rating 1 investments performance is above our initial underwriting expectations and the business trends and risk factors are generally favorable, which may include the performance of the portfolio company, or the likelihood of a potential exit.

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

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

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

The distribution of our portfolio on the Investment Adviser’s Internal Risk Rating System is as follows:

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	June 30, 2024				December 31, 2023
	Fair Value		% of Total		Fair Value		% of Total
Risk rating 1	$	—	—	%	$	—	—	%
Risk rating 2	174,390		100.0		99,746		100.0
Risk rating 3	—		—		—		—
Risk rating 4	—		—		—		—
	$	174,390	100.0	%	$	99,746	100.0	%

CONSOLIDATED RESULTS OF OPERATIONS

The following table represents our operating results:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Total investment income	$	4,089	$	—	$	7,442	$	—
Less: Net expenses	1,425		71		2,295		166
Net investment income	2,664		(71)		5,147		(166)
Net change in unrealized appreciation (depreciation)	512		—		532		—
Net realized gain (loss)	—		—		3		—
Net increase (decrease) in net assets resulting from operations	$	3,176	$	(71)	$	5,682	$	(166)

Investment Income

Investment income was as follows:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Investment income:
Interest income	$	3,950	$	—	$	7,152	$	—
Payment-in-kind	17		—		80		—
Other income	122		—		210		—
Total Investment Income	$	4,089	$	—	$	7,442	$	—

In the above table, total investment income is $4,089 and $7,442 for the three and six months ended June 30, 2024, respectively, primarily driven by our deployment of capital and invested balance of investments. Weighted average asset yield of debt investments at cost is 11.1% as of June 30, 2024. As of such date, all our debt investments were income-producing. No investments were on non-accrual status as of June 30, 2024.

Expenses

Expenses were as follows:

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	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Expenses:
Interest and other financing expenses	$	1,076	$	—	$	1,886	$	—
Management fees	261		—		488		—
Income based incentive fees	333		—		617		—
Capital gains incentive fees	64		—		67		—
Professional fees	312		—		513		—
Organization and offering costs	9		71		17		166
Directors' fees	24		—		67		—
Administrative service fees	11		—		26		—
General and other expenses	4		—		16		—
Total expenses	$	2,094	$	71	$	3,697	$	166
Expense support (Note 3)	(75)		—		(297)		—
Management fees waiver (Note 3)	(261)		—		(488)		—
Income based incentive fees waiver (Note 3)	(333)		—		(617)		—
Net expenses	$	1,425	$	71	$	2,295	$	166

In the table above:

•For the three and six months ended June 30, 2024, interest and other financing expenses, including unused commitment fees, amortization of debt issuance costs and deferred financing costs, was $1,076 and $1,886, respectively. Average borrowings outstanding for the three and six months ended June 30, 2024 were $37,841 and $31,374, respectively, and the combined weighted average interest rate (excluding unused fees and financing costs) of the aggregate borrowings outstanding was 8.16% and 8.17%, respectively.

•For both the three and six months ended June 30, 2024, management fees net of waiver was $0. The Adviser has agreed to irrevocably waive the base management fee through June 30, 2024 and such waiver is not subject to recapture.

•For both the three and six months ended June 30, 2024, there were no income-based incentive fees accrued. The Adviser has agreed to irrevocably waive the income-based incentive fee through June 30, 2024 and such waiver is not subject to recapture.

•Professional fees include legal, audit, tax, valuation, and other professional fees incurred related to the management of the Company which include costs of a financial printer utilized for certain preparation, printing and distribution services related to the offering materials.

Net Realized Gain (Loss) and Unrealized Gain (Loss) on Investments

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Realized and unrealized gain (loss):
Net realized gain (loss):
Non-controlled/non-affiliated investments	$	—	$	—	$	3	$	—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	512		—		532		—
Net realized and unrealized gain (loss)	$	512	$	—	$	535	$	—

We determine the fair value of our portfolio investments quarterly and any changes in fair value are recorded as unrealized appreciation or depreciation.

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For further details, see Note 5 “Fair Value Measurements” to our consolidated financial statements included in this report.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

We generate cash from the net proceeds of offerings of our Units, net borrowings from our credit facility, and from cash flows from interest and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also fund a portion of our investments through borrowings from banks and issuances of senior securities, including before we have fully invested the proceeds of any closing of our continuous private offering of our Units. Our primary use of cash is investments in portfolio companies, payments of our expenses, funding repurchases under our unit repurchase program and payment of cash distributions to our unitholders. Details of our credit facility is described in “Debt” below. We may also from time to time enter into new credit facilities, increase the size of existing credit facility or issue debt securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of June 30, 2024, we had approximately $6.1 million of cash and cash equivalents, which taken together with our approximately $134.0 million of availability under the Citibank Funding Facility (subject to borrowing base availability) (as defined in Note 6. “Debt” in the notes to the accompanying unaudited consolidated financial statements), respectively, we expect to be sufficient for our investing activities and sufficient to conduct our operations in the near term. As of June 30, 2024, we believed we had adequate financial resources to satisfy unfunded portfolio company commitments of $37.7 million.

Unregistered Sales of Equity Securities

The following table summarizes the total Units issued and proceeds received from the closings of our continuous private offering that occurred for the six months ended June 30, 2024:

Unit Issuance Date	Units Issued	Proceeds Received
January 01, 2024	166,242	$	3,331
February 01, 2024	273,008	5,477
March 01, 2024	181,929	3,661
April 01, 2024	221,212	4,453
May 01, 2024	202,466	4,078
June 01, 2024	195,918	3,962
Total	1,240,775	$	24,962

The Company did not hold a closing of the continuous private offering for the period from February 7, 2023 (inception) through June 30, 2023.

Distributions

The following table summarizes the Company’s distributions declared and payable for the period from February 7, 2023 (inception) through June 30, 2023:

Date Declared	Record Date	Payment Date	Per Unit Amount
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1503
February 27, 2024	February 29, 2024	March 05, 2024	0.1505
March 25, 2024	March 31, 2024	April 04, 2024	0.1551
April 25, 2024	April 30, 2024	May 03, 2024	0.1552
May 28, 2024	May 31, 2024	June 05, 2024	0.1553
June 25, 2024	June 28, 2024	July 03, 2024	0.2304		(1)
Total Distributions			$	0.9968

(1) Includes a special distribution of $0.0745 per unit

The Company did not declare a distribution for the period from February 7, 2023 (inception) through June 30, 2023.

Distribution Reinvestment

We have adopted an “opt in” dividend reinvestment plan (“DRIP”). As a result, if we declare a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. For the three months ended June 30, 2024 and for the period from February 7, 2023 (inception) through December 31, 2023, we did not issue any Units pursuant to our DRIP. For further details, see Note 8 “Members’ Capital” to our consolidated financial statements included in this report.

Unit Repurchase Program

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At the discretion of the Board of Directors, we may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. The limitations and restrictions described in the applicable offer to repurchase units may prevent us from accommodating all repurchase requests made in any quarter. The unit repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market. We will offer to repurchase Units on such terms as may be determined by our Board of Directors in its complete and absolute discretion.

For the six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, no units were repurchased.

For further details, see Note 8 “Members’ Capital” to our consolidated financial statements included in this report.

Debt

Our outstanding debt obligations were as follows:

	June 30, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
Citibank Funding Facility	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000
Total	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000

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

RECENT DEVELOPMENTS

July Issuances and Distribution Declarations

Pursuant to our continuous private offering, we issued approximately 265,989 Units for an aggregate offering price of $5.4 million effective July 1, 2024.

On July 25, 2024, our Board of Directors declared a distribution to unitholders of record in the amount of $0.1556 per unit and payable on August 5, 2024 as of July 31, 2024.

August Issuances

Pursuant to our continuous private offering, we held a close relating to the sale of our Units for an aggregate offering price of $5.4 million effective August 1, 2024.

Credit Facility Amendment

On July 2, 2024, LGAM Financing SPV LLC (“LGAM SPV LLC”), our wholly owned subsidiary, entered into a first amendment (the “First Amendment”) to that certain Credit and Security Agreement, dated as of December 4, 2023 (as amended, restated or otherwise modified from time to time, the “Citibank Funding Facility”), by and among LGAM SPV LLC, as Borrower; us, as Collateral Manager and Equityholder; the Lenders party thereto; Citibank, N.A., as Administrative Agent; U.S. Bank Trust Company, National Association, as Collateral Administrator and Collateral Agent; and U.S. Bank National Association, as Document Custodian. The First Amendment amended the Citibank Funding Facility to, among other things, extend the ramp-up period and adjust certain terms related to advance rates and restricted payments.

CRITICAL ACCOUNTING ESTIMATES

The preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Our critical accounting estimates including those relating to the valuation of our investment portfolio, should be read in connection with our consolidated financial statements in Part I, Item 1 of this Report, including Note 2 “Significant Accounting Policies.”

We consider the most significant accounting policies to be those related to our Investments, Revenue Recognition, Deferred Financing Costs and Debt Issuance Costs and Income Taxes. The valuation of investments is our most significant critical estimate. The most significant input is the discount rate used in yield analysis that is based on comparable market yields. Significant increases in the discount rates in isolation would result in a significantly lower fair value measurement. For a further discussion and disclosure of key inputs and considerations related to this estimate, refer to "Note 5—Fair Value Measurements" included in the notes to the consolidated financial statements.

RELATED PARTY TRANSACTIONS

44

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

•the Investment Advisory Agreement;

•the Administration Agreement; and

•the Expense Support Agreement.

For further details see Note 3. “Related Party Transactions” to our consolidated financial statements included in this report.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

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

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of portfolio companies. During periods of market dislocation, we will seek to invest prudently in the secondary loan market to provide our investors better risk adjusted returns while adhering to our core investment tenants. Most of our investments will not have a readily available market price. To ensure accurate valuations, our investments are valued at fair value in good faith by our Board of Directors, based on, among other things, the input of the Investment Adviser, including the Valuation Designee, our Audit Committee and independent third-party valuation firms engaged at the direction of our Board of Directors, or our Valuation Designee, and in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each investment while employing a consistently applied valuation process for the investments we hold. 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.

Market Risk

The market value of a security may move up or down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer, industry, sector of the economy or the market as a whole. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level, may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, have and may in the future have an adverse effect on a company’s investments and net asset value and can lead to increased market volatility. See “Part I, Item 1A. Risk Factors—General Risk Factors—We are operating in a period of capital markets disruption and economic uncertainty. The conditions have materially and adversely affected debt and equity capital markets in the United States, and any future volatility or instability in capital markets may have a negative impact on our business and operations.” of our Form 10-K and “Part I, Item 1A. Risk Factors—General Risk Factors—Terrorist attacks, acts of war, natural disasters, outbreaks or pandemics, such as the Coronavirus pandemic, may impact our portfolio companies and our Adviser and harm our business, operating results and financial condition” of our Form 10-K.

Interest Rate Risk

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

As of June 30, 2024, approximately 99.7% of our debt investments were at floating rates. Based on our Consolidated Statements of Financial Condition as of June 30, 2024, the following table shows the annualized impact on net income of hypothetical reference rate changes in interest rates (considering interest rate floors and ceilings for floating rate debt instruments assuming no changes in our investments and borrowing structure as of June 30, 2024) (dollar amounts in thousands):

45

	Interest		Interest		Net
Basis Point Change - Interest Rates	Income		Expense		Income
Up 300 basis points	$	5,267	$	1,980	$	7,247
Up 200 basis points	$	3,511	$	1,320	$	4,831
Up 100 basis points	$	1,756	$	660	$	2,416
Up 25 basis points	$	439	$	165	$	604
Down 25 basis points	$	(439)	$	(165)	$	(604)
Down 100 basis points	$	(1,756)	$	(660)	$	(2,416)
Down 200 basis points	$	(3,511)	$	(1,320)	$	(4,831)
Down 300 basis points	$	(5,267)	$	(1,980)	$	(7,247)

We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts or our credit facilities, subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

As of June 30, 2024 (the end of the period covered by this report), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 of the Exchange Act). Based on that evaluation, our Chief Executive Officer (Principal Executive Officer) and our Chief Financial Officer (Principal Financial Officer) have concluded that our current disclosure controls and procedures are effective in timely alerting them of material information relating to the Company that is required to be disclosed by us in the reports we file or submit under the Exchange Act.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred for the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

46

PART II

Item 1. LEGAL PROCEEDINGS

The Company, the Investment Adviser and the Administrator may become party to certain lawsuits in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Each of the Company, the Investment Adviser, and the Administrator is not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against the Company.

See also “Note 1 to Consolidated Financial Statements in Part I, Item 1. Consolidated Financial Statements and Supplementary Data” of this Form 10-Q.

Item 1A. RISK FACTORS

In addition to the other information set forth in this Report, you should carefully consider the risk factors previously disclosed under Item 1A of the Form 10-K, which could materially affect our business, financial condition and/or operating results. The risks disclosed in the Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, financial condition and/or operating results.

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

Sales of Unregistered Securities

Refer to “Item 1. Consolidated Financial Statements—Notes to Consolidated Financial Statements—Note 8. Members’ Capital” in this Report, the Form 10-K and our Current Reports on Form 8-K filed on April 30, 2024, May 29 2024 and June 28 2024 for the issuance of our Units for the three months ended June 30, 2024. Such issuances were part of our continuous private offering and were exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2) of the Securities Act and Regulation D thereunder.

Issuer Purchases of Equity Securities

None

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 June 30, 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.”

Item 6. Exhibits and Financial Statement Schedules

(a) Exhibits

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

47

Exhibit	Description
10.1	Amendment No. 1 to Credit and Security Agreement dated as of December 4, 2023, among LGAM Financing SPV LLC, as Borrower, LGAM Private Credit LLC, as Collateral Manager and Equityholder, the Lenders party thereto, Citibank, N.A., as Administrative Agent, U.S. Bank Trust Company, National Association, as Collateral Agent and Collateral Administrator, and U.S. Bank National Association, as Document Custodian. (1)
31.1*	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1**	Certification of Chief Executive Officer (Principal Executive Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Chief Financial Officer (Principal Financial Officer) Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document - 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 Documents
104*	Cover Page Interactive Data File (embedded within the Inline XBRL document)
*	Filed herewith
**	Furnished herewith
(1)	Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed by the Company on July 8, 2024 (File No. 814-01674).

48

SIGNATURES

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

	LGAM Private Credit LLC
Dated: August 12, 2024	By:	/s/ Jeffrey S. Levin
		Jeffrey S. Levin Director and Chief Executive Officer (Principal Executive Officer)
Dated: August 12, 2024	By:	/s/ David Pessah
		David Pessah Chief Financial Officer (Principal Financial Officer)

49

EX-31.1

EXHIBIT 31.1

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey S. Levin, certify that:

1. I have reviewed this quarterly report on Form 10-Q of LGAM PRIVATE CREDIT LLC;

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

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

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. 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

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

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

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

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

Dated: August 12, 2024

/s/ Jeffrey S. Levin

Jeffrey S. Levin

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

1. I have reviewed this quarterly report on Form 10-Q of LGAM PRIVATE CREDIT LLC;

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

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

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) 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, if any, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. 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

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

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

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

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

Dated: August 12, 2024

/s/ David Pessah

David Pessah

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Jeffrey S. Levin, the Chief Executive Officer (Principal Executive Officer) of LGAM Private Credit LLC (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Form 10-Q of the Company for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 12, 2024

/s/ Jeffrey S. Levin

Jeffrey S. Levin

Chief Executive Officer

(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David Pessah, the Chief Financial Officer (Principal Financial Officer) of LGAM Private Credit LLC (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

•the Form 10-Q of the Company for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

•the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 12, 2024

/s/ David Pessah

David Pessah

Chief Financial Officer

(Principal Financial Officer)

XML

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	814-01674
Entity Registrant Name	LGAM Private Credit LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	93-4683111
Entity Address, Address Line One	1585 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	761-4000
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,758,014
Entity Central Index Key	0001983514
Amendment Flag	false
No Trading Symbol Flag	true
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

XML

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Non-controlled/non-affiliated investments, at fair value (amortized cost of $173,727 and $99,614)	$ 174,390	$ 99,746	[1]
Cash and cash equivalents	6,098	24,832
Deferred financing costs	1,213	1,240
Deferred offering costs	14	31
Interest and dividend receivable from non-controlled/non-affiliated investments	790	350
Receivable for investments sold/repaid	4	0
Prepaid expenses and other assets	7	773
Total assets	182,516	126,972
Liabilities
Debt	66,000	22,000
Payable for investments purchased	3,019	18,503
Payable to affiliates (Note 3)	30	308
Dividends payable	1,265	638
Capital gains based incentive fee payable	83	17
Interest payable	720	101
Accrued expenses and other liabilities	548	194
Total liabilities	71,665	41,761
Commitments and Contingencies (Note 7)
Members' Capital
Common Units, par value $0.001 per share (5,492,025 and 4,251,250 units issued and outstanding)	5	4
Paid-in capital in excess of par value	109,976	85,015
Net distributable earnings (accumulated losses)	870	192
Total members' capital	110,851	85,211
Total liabilities and members' capital	$ 182,516	$ 126,972
Net asset value per unit (in dollars per unit)	$ 20.18	$ 20.04

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

XML

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Investments at amortized cost	$ 173,727	$ 99,614	[1],[2]
Common units, par value (in dollars per unit)	$ 0.001	$ 0.001
Common units, units issued (in units)	5,492,025	4,251,250
Common units, units outstanding (in units)	5,492,025	4,251,250

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

XML

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Investment Income:
Interest income	$ 3,950	$ 0	$ 0	$ 7,152
Payment-in-kind	17	0	0	80
Other income	122	0	0	210
Total investment income	4,089	0	0	7,442
Expenses:
Interest and other financing expenses	1,076	0	0	1,886
Management fees	261	0	0	488
Income based incentive fees	333	0	0	617
Capital gains incentive fees	64	0	0	67
Professional fees	312	0	0	513
Organization and offering costs	9	71	166	17
Directors' fees	24	0	0	67
Administrative service fees	11	0	0	26
General and other expenses	4	0	0	16
Total expenses	2,094	71	166	3,697
Expense support (Note 3)	(75)	0	0	(297)
Management fees waiver (Note 3)	(261)	0	0	(488)
Income based incentive fees waiver (Note 3)	(333)	0	0	(617)
Net expenses	1,425	71	166	2,295
Net investment income (loss)	2,664	(71)	(166)	5,147
Net realized gain (loss):
Net realized gain (loss)	0	0	0	3
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments	512	0	0	532
Net realized and unrealized gain (loss)	512	0	0	535
Net increase (decrease) in members' capital resulting from operations	$ 3,176	$ (71)	$ (166)	$ 5,682
Net investment income (loss) per unit - basic an diluted (in dollars per unit)	$ 0.50	$ 0	$ 0	$ 1.03
Earnings (loss) per unit - basic (in dollars per unit)	0.60	0	0	1.14
Earnings (loss) per unit - diluted (in dollars per unit)	$ 0.60	$ 0	$ 0	$ 1.14
Weighted average Units outstanding - basic (in units)	5,293,948	0	0	4,976,710
Weighted average units outstanding - diluted (in units)	5,293,948	0	0	4,976,710

XML

Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Investment Company, Net Assets [Roll Forward]
Members' capital at beginning of period:	$ 98,060	$ (95)	$ 0	$ 85,211
Increase (decrease) in members’ capital resulting from operations:
Net investment income (loss)	2,664	(71)	(166)	5,147
Net realized gain (loss)	0	0	0	3
Net change in unrealized appreciation (depreciation)	512	0	0	532
Net increase (decrease) in members' capital resulting from operations	3,176	(71)	(166)	5,682
Distributions to unitholders from:
Distributable earnings	(2,878)	0	0	(5,004)
Total distributions to unitholders	(2,878)	0	0	(5,004)
Capital transactions:
Issuance of common Units	12,493	25	25	24,962
Net increase in members' capital resulting from capital transactions	12,493	25	25	24,962
Total increase (decrease) in members' capital	12,791	(46)	(141)	25,640
Members' capital at end of period	$ 110,851	$ (141)	$ (141)	$ 110,851
Dividends per share (in dollars per unit)	$ 0.54	$ 0	$ 0	$ 1.00

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended	11 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net increase (decrease) in members' capital resulting from operations	$ 3,176	$ (71)	$ (166)	$ 5,682
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash provided by (used in) operating activities:
Net unrealized (appreciation) depreciation on investments	(512)	0	0	(532)
Net realized (gain) loss on investments	0	0	0	(3)
Net accretion of discount and amortization of premium on investments			0	(145)
Payment-in-kind interest			0	(59)
Amortization of deferred financing costs			0	164
Amortization of deferred offering costs			0	17
Purchases of investments and change in payable for investments purchased			0	(100,613)
Proceeds from sale of investments and principal repayments and change in receivable for investments sold/repaid			0	11,220
Changes in operating assets and liabilities:
(Increase) decrease in interest and dividend receivable from non-controlled/non-affiliated investments			0	(440)
(Increase) decrease in prepaid expenses and other assets			0	766
(Decrease) increase in payable to affiliates			0	(278)
(Decrease) increase in capital gains based incentive fees payable			0	66
(Decrease) increase in interest payable			0	619
(Decrease) increase in accrued expenses and other liabilities			166	354
Net cash provided by (used in) operating activities			0	(83,182)
Cash flows from financing activities:
Borrowings on debt			0	55,400
Repayments on debt			0	(11,400)
Deferred financing costs paid			0	(137)
Dividends paid			0	(4,377)
Proceeds from issuance of Common units			25	24,962
Net Cash provided by (used in) financing activities			25	64,448
Net increase (decrease) in cash and cash equivalents			25	(18,734)
Cash and cash equivalents at beginning of period			0	24,832	$ 0
Cash and cash equivalents at end of period	$ 6,098	$ 25	25	6,098	$ 24,832
Supplemental information and non-cash activities:
Excise tax paid			0	2
Interest expense paid			0	1,103
Accrued but unpaid dividends			$ 0	$ 1,265

XML

Consolidated Schedule of Investments - USD ($)		Jun. 30, 2024	Dec. 31, 2023
Investments at amortized cost		$ 173,727,000	$ 99,614,000	[1],[2]
Investment Owned, Fair Value		174,390,000	$ 99,746,000	[1]
Investment Owned, Net Assets, Percentage	[1]		117.06%
Debt Securities
Investments at amortized cost		173,647,000
Investment Owned, Fair Value		$ 174,310,000
Investment Owned, Net Assets, Percentage		157.25%
Equity Securities
Investments at amortized cost		$ 80,000
Investment Owned, Fair Value		$ 80,000
Investment Owned, Net Assets, Percentage		0.07%
Portfolio Securities
Investments at amortized cost		$ 173,727,000
Investment Owned, Fair Value		$ 174,390,000
Investment Owned, Net Assets, Percentage		157.32%
Cash and Cash Equivalents
Investments at amortized cost		$ 6,098,000
Investment Owned, Fair Value		$ 6,098,000
Investment Owned, Net Assets, Percentage		5.50%
Total Portfolio Investments, Cash and Cash Equivalents
Investments at amortized cost	[3],[4]	$ 179,825,000
Investment Owned, Fair Value	[3]	$ 180,488,000
Investment Owned, Net Assets, Percentage	[3]	162.82%
Euro Interbank Offred Rate (EURIBOR) | 90-day Period
Variable interest rate (in percent)		3.71%	3.91%
Secured Overnight Financing Rate (SOFR) | 30-day Period
Variable interest rate (in percent)		5.34%	5.35%
Secured Overnight Financing Rate (SOFR) | 90-day Period
Variable interest rate (in percent)		5.32%	5.33%
Secured Overnight Financing Rate (SOFR) | 180-day Period
Variable interest rate (in percent)		5.25%	5.16%
Prime Rate
Variable interest rate (in percent)		8.50%	8.50%
Aerospace & Defense | Debt Securities
Investments at amortized cost		$ 2,689,000
Investment Owned, Fair Value		$ 2,689,000
Investment Owned, Net Assets, Percentage		2.43%
Automobile Components
Investments at amortized cost			$ 4,240,000
Investment Owned, Fair Value			$ 4,331,000
Investment Owned, Net Assets, Percentage			5.08%
Automobile Components | Debt Securities
Investments at amortized cost		$ 4,362,000
Investment Owned, Fair Value		$ 4,445,000
Investment Owned, Net Assets, Percentage		4.01%
Automobiles
Investments at amortized cost			$ 108,000
Investment Owned, Fair Value			$ 97,000
Investment Owned, Net Assets, Percentage			0.12%
Automobiles | Debt Securities
Investments at amortized cost		$ 1,524,000
Investment Owned, Fair Value		$ 1,524,000
Investment Owned, Net Assets, Percentage		1.37%
Beverages | Debt Securities
Investments at amortized cost	[5],[6],[7]	$ 987,000
Investment Owned, Fair Value	[5],[6],[7]	$ 995,000
Investment Owned, Net Assets, Percentage		0.90%
Biotechnology | Debt Securities
Investments at amortized cost		$ 5,502,000
Investment Owned, Fair Value		$ 5,502,000
Investment Owned, Net Assets, Percentage		4.96%
Building Products | Debt Securities
Investments at amortized cost		$ 4,868,000
Investment Owned, Fair Value		$ 4,868,000
Investment Owned, Net Assets, Percentage		4.39%
Chemicals
Investments at amortized cost			$ 3,857,000
Investment Owned, Fair Value			$ 3,878,000
Investment Owned, Net Assets, Percentage			4.55%
Chemicals | Debt Securities
Investments at amortized cost	[5],[6],[7],[8]	$ 4,014,000
Investment Owned, Fair Value	[5],[6],[7],[8]	$ 4,034,000
Investment Owned, Net Assets, Percentage	[8]	3.64%
Commercial Services & Supplies
Investments at amortized cost			$ 1,039,000
Investment Owned, Fair Value			$ 1,035,000
Investment Owned, Net Assets, Percentage			1.22%
Commercial Services & Supplies | Debt Securities
Investments at amortized cost		$ 8,223,000
Investment Owned, Fair Value		$ 8,231,000
Investment Owned, Net Assets, Percentage		7.43%
Construction & Engineering
Investments at amortized cost			$ 784,000
Investment Owned, Fair Value			$ 791,000
Investment Owned, Net Assets, Percentage			0.93%
Construction & Engineering | Debt Securities
Investments at amortized cost		$ 2,483,000
Investment Owned, Fair Value		$ 2,515,000
Investment Owned, Net Assets, Percentage		2.27%
Consor Intermediate II, LLC | Debt Securities
Investments at amortized cost	[5],[7]	$ 2,966,000
Investment Owned, Fair Value	[5],[7]	$ 2,999,000
Investment Owned, Net Assets, Percentage		2.71%
Distributors
Investments at amortized cost			$ 9,259,000
Investment Owned, Fair Value			$ 9,307,000
Investment Owned, Net Assets, Percentage			10.92%
Distributors | Debt Securities
Investments at amortized cost	[9]	$ 8,869,000
Investment Owned, Fair Value	[9]	$ 8,964,000
Investment Owned, Net Assets, Percentage		8.09%
Diversified Consumer Services | Debt Securities
Investments at amortized cost		$ 12,451,000
Investment Owned, Fair Value		$ 12,502,000
Investment Owned, Net Assets, Percentage		11.28%
Financial Services | Debt Securities
Investments at amortized cost		$ 1,471,000
Investment Owned, Fair Value		$ 1,471,000
Investment Owned, Net Assets, Percentage		1.33%
Ground Transportation | Debt Securities
Investments at amortized cost	[6],[7],[8]	$ 1,462,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,462,000
Investment Owned, Net Assets, Percentage		1.32%
Health Care Equipment & Supplies
Investments at amortized cost			$ 2,341,000
Investment Owned, Fair Value			$ 2,342,000
Investment Owned, Net Assets, Percentage			2.75%
Health Care Equipment & Supplies | Debt Securities
Investments at amortized cost	[6],[7],[8]	$ 2,242,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,267,000
Investment Owned, Net Assets, Percentage		2.05%
Health Care Providers & Services
Investments at amortized cost			$ 15,703,000
Investment Owned, Fair Value			$ 15,598,000
Investment Owned, Net Assets, Percentage			18.31%
Health Care Providers & Services | Debt Securities
Investments at amortized cost		$ 17,968,000
Investment Owned, Fair Value		$ 17,992,000
Investment Owned, Net Assets, Percentage		16.23%
Health Care Technology
Investments at amortized cost			$ 2,786,000
Investment Owned, Fair Value			$ 2,793,000
Investment Owned, Net Assets, Percentage			3.28%
Health Care Technology | Debt Securities
Investments at amortized cost		$ 4,738,000
Investment Owned, Fair Value		$ 4,787,000
Investment Owned, Net Assets, Percentage		4.32%
Industrial Conglomerates | Debt Securities
Investments at amortized cost		$ 1,958,000
Investment Owned, Fair Value		$ 1,970,000
Investment Owned, Net Assets, Percentage		1.78%
Insurance Services
Investments at amortized cost			$ 21,225,000
Investment Owned, Fair Value			$ 21,275,000
Investment Owned, Net Assets, Percentage			24.95%
Insurance Services | Debt Securities
Investments at amortized cost		$ 24,048,000
Investment Owned, Fair Value		$ 24,135,000
Investment Owned, Net Assets, Percentage		21.77%
IT Services | Debt Securities
Investments at amortized cost		$ 3,808,000
Investment Owned, Fair Value		$ 3,808,000
Investment Owned, Net Assets, Percentage		3.44%
Life Sciences Tools & Services | Debt Securities
Investments at amortized cost		$ 4,799,000
Investment Owned, Fair Value		$ 4,799,000
Investment Owned, Net Assets, Percentage		4.33%
Machinery | Debt Securities
Investments at amortized cost		$ 999,000
Investment Owned, Fair Value		$ 999,000
Investment Owned, Net Assets, Percentage		0.90%
Multi-Utilities
Investments at amortized cost			$ 2,682,000
Investment Owned, Fair Value			$ 2,686,000
Investment Owned, Net Assets, Percentage			3.14%
Multi-Utilities | Debt Securities
Investments at amortized cost		$ 3,432,000
Investment Owned, Fair Value		$ 3,498,000
Investment Owned, Net Assets, Percentage		3.16%
Professional Services
Investments at amortized cost			$ 10,683,000
Investment Owned, Fair Value			$ 10,659,000
Investment Owned, Net Assets, Percentage			12.52%
Professional Services | Debt Securities
Investments at amortized cost		$ 14,437,000
Investment Owned, Fair Value		$ 14,420,000
Investment Owned, Net Assets, Percentage		13.01%
Professional Services | Equity Securities
Investments at amortized cost		$ 80,000
Investment Owned, Fair Value		$ 80,000
Investment Owned, Net Assets, Percentage		0.07%
Real Estate Management & Development
Investments at amortized cost			$ 9,452,000
Investment Owned, Fair Value			$ 9,455,000
Investment Owned, Net Assets, Percentage			11.10%
Real Estate Management & Development | Debt Securities
Investments at amortized cost		$ 7,450,000
Investment Owned, Fair Value		$ 7,484,000
Investment Owned, Net Assets, Percentage		6.75%
Software
Investments at amortized cost			$ 9,476,000
Investment Owned, Fair Value			$ 9,526,000
Investment Owned, Net Assets, Percentage			11.18%
Software | Debt Securities
Investments at amortized cost		$ 25,897,000
Investment Owned, Fair Value		$ 25,950,000
Investment Owned, Net Assets, Percentage		23.41%
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.95%
Par Amount	[10],[11],[12]		$ 2,574,000
Investments at amortized cost	[10],[11],[12]		2,526,000
Investment Owned, Fair Value	[10],[11],[12]		$ 2,535,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		2.97%
Unfunded Commitment		$ 701,000	$ 1,324,000
Fair Value		0	$ (20,000)
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 2
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.95%
Par Amount	[10],[12],[14]		$ 66,000
Investments at amortized cost	[10],[12],[14]		52,000
Investment Owned, Fair Value	[10],[12],[14]		$ 45,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.05%
Unfunded Commitment		281,000	$ 416,000
Fair Value		$ 0	$ (6,000)
Investment, Identifier [Axis]: AWP Group Holdings, Inc. 3
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.95%
Par Amount	[10],[12],[14]		$ 114,000
Investments at amortized cost	[10],[12],[14]		104,000
Investment Owned, Fair Value	[10],[12],[14]		$ 106,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.12%
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.94%
Par Amount	[5],[6],[7],[16]	$ 2,561,000
Investments at amortized cost	[5],[6],[7]	2,517,000
Investment Owned, Fair Value	[5],[6],[7]	$ 2,561,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.31%
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.94%
Par Amount	[5],[7],[16],[17]	$ 688,000
Investments at amortized cost	[5],[7],[17]	675,000
Investment Owned, Fair Value	[5],[7],[17]	$ 688,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.62%
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.94%
Par Amount	[5],[7],[16],[17]	$ 249,000
Investments at amortized cost	[5],[7],[17]	240,000
Investment Owned, Fair Value	[5],[7],[17]	$ 249,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.22%
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC
Variable interest rate (in percent)	[18]		3.50%
Interest Rate ( in percent)	[13],[18]		8.86%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,004,000
Investment Owned, Fair Value	[18]		$ 1,003,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: Alliant Holdings Intermediate, LLC, First Lien Debt
Variable interest rate (in percent)	[9]	3.50%
Interest Rate ( in percent)	[9],[15]	8.83%
Par Amount	[9],[16]	$ 995,000
Investments at amortized cost	[9]	998,000
Investment Owned, Fair Value	[9]	$ 997,000
Investment Owned, Net Assets, Percentage	[9]	0.90%
Investment, Identifier [Axis]: Any Hour, LLC 1
Unfunded Commitment		$ 693,000
Fair Value		(5,000)
Investment, Identifier [Axis]: Any Hour, LLC 2
Unfunded Commitment		301,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: Any Hour, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7]	5.00%
Interest Rate ( in percent)	[6],[7],[15]	10.33%
Par Amount	[6],[7],[16]	$ 2,372,000
Investments at amortized cost	[6],[7]	2,337,000
Investment Owned, Fair Value	[6],[7]	$ 2,337,000
Investment Owned, Net Assets, Percentage	[6],[7]	2.11%
Investment, Identifier [Axis]: Any Hour, LLC, First Lien Debt 2
Variable interest rate (in percent)	[17]	5.00%
Interest Rate ( in percent)	[15],[17]	10.33%
Par Amount	[16],[17]	$ 0
Investments at amortized cost	[17]	(5,000)
Investment Owned, Fair Value	[17]	$ (5,000)
Investment Owned, Net Assets, Percentage	[17]	0.00%
Investment, Identifier [Axis]: Any Hour, LLC, First Lien Debt 3
Variable interest rate (in percent)	[17]	5.00%
Interest Rate ( in percent)	[15],[17]	10.33%
Par Amount	[16],[17]	$ 45,000
Investments at amortized cost	[17]	40,000
Investment Owned, Fair Value	[17]	$ 40,000
Investment Owned, Net Assets, Percentage	[17]	0.04%
Investment, Identifier [Axis]: Any Hour, LLC, Other Debt
Interest rate, PIK (in percent)	[6],[7]	13.00%
Interest Rate ( in percent)	[6],[7],[15]	13.00%
Par Amount	[6],[7],[16]	$ 596,000
Investments at amortized cost	[6],[7]	585,000
Investment Owned, Fair Value	[6],[7]	$ 585,000
Investment Owned, Net Assets, Percentage	[6],[7]	0.53%
Investment, Identifier [Axis]: Aptean, Inc. 1
Unfunded Commitment		$ 338,000
Fair Value		(1,000)
Investment, Identifier [Axis]: Aptean, Inc. 2
Unfunded Commitment		182,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Aptean, Inc., First Lien Debt 1
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 17,000
Investments at amortized cost	[7],[8],[17]	16,000
Investment Owned, Fair Value	[7],[8],[17]	$ 16,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.01%
Investment, Identifier [Axis]: Aptean, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Aptean, Inc., First Lien Debt 3
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.59%
Par Amount	[6],[7],[8],[16]	$ 1,963,000
Investments at amortized cost	[6],[7],[8]	1,944,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,955,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.76%
Investment, Identifier [Axis]: Arcoro Holdings Corp.
Unfunded Commitment		$ 261,000
Fair Value		$ (3,000)
Investment, Identifier [Axis]: Arcoro Holdings Corp., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.84%
Par Amount	[5],[6],[7],[16]	$ 1,739,000
Investments at amortized cost	[5],[6],[7]	1,706,000
Investment Owned, Fair Value	[5],[6],[7]	$ 1,720,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	1.55%
Investment, Identifier [Axis]: Arcoro Holdings Corp., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.84%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(5,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (3,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Artifact Bidco, Inc 1
Unfunded Commitment		$ 517,000
Fair Value		(3,000)
Investment, Identifier [Axis]: Artifact Bidco, Inc 2
Unfunded Commitment		369,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: Artifact Bidco, Inc, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[19]	4.50%
Interest Rate ( in percent)	[6],[7],[15],[19]	9.85%
Par Amount	[6],[7],[16],[19]	$ 2,113,000
Investments at amortized cost	[6],[7],[19]	2,092,000
Investment Owned, Fair Value	[6],[7],[19]	$ 2,092,000
Investment Owned, Net Assets, Percentage	[6],[7],[19]	1.89%
Investment, Identifier [Axis]: Artifact Bidco, Inc, First Lien Debt 2
Variable interest rate (in percent)	[7],[17],[19]	4.50%
Interest Rate ( in percent)	[7],[15],[17],[19]	9.85%
Par Amount	[7],[16],[17],[19]	$ 0
Investments at amortized cost	[7],[17],[19]	(3,000)
Investment Owned, Fair Value	[7],[17],[19]	$ (3,000)
Investment Owned, Net Assets, Percentage	[7],[17],[19]	0.00%
Investment, Identifier [Axis]: Artifact Bidco, Inc, First Lien Debt 3
Variable interest rate (in percent)	[7],[17],[19]	4.50%
Interest Rate ( in percent)	[7],[15],[17],[19]	9.85%
Par Amount	[7],[16],[17],[19]	$ 0
Investments at amortized cost	[7],[17],[19]	(4,000)
Investment Owned, Fair Value	[7],[17],[19]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[17],[19]	0.00%
Investment, Identifier [Axis]: Associations, Inc.
Variable interest rate (in percent)	[10],[11],[12]		6.50%
Interest rate, PIK (in percent)	[10],[11],[12]		2.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		12.17%
Par Amount	[10],[11],[12]		$ 3,000,000
Investments at amortized cost	[10],[11],[12]		3,000,000
Investment Owned, Fair Value	[10],[11],[12]		$ 3,000,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		3.52%
Investment, Identifier [Axis]: Associations, Inc. 1
Unfunded Commitment		$ 68,000
Fair Value		0
Investment, Identifier [Axis]: Associations, Inc. 2
Unfunded Commitment		54,000
Fair Value		$ 0
Investment, Identifier [Axis]: Associations, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	6.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	12.09%
Par Amount	[5],[6],[7],[16]	$ 876,000
Investments at amortized cost	[5],[6],[7]	875,000
Investment Owned, Fair Value	[5],[6],[7]	$ 875,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	0.79%
Investment, Identifier [Axis]: Associations, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	6.50%
Interest Rate ( in percent)	[15],[17]	12.09%
Par Amount	[16],[17]	$ 0
Investments at amortized cost	[17]	0
Investment Owned, Fair Value	[17]	$ 0
Investment Owned, Net Assets, Percentage	[17]	0.00%
Investment, Identifier [Axis]: Associations, Inc., First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	6.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	12.09%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	0
Investment Owned, Fair Value	[5],[7],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: AssuredPartners, Inc.
Variable interest rate (in percent)	[18]		3.50%
Interest Rate ( in percent)	[13],[18]		8.97%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,004,000
Investment Owned, Fair Value	[18]		$ 1,001,000
Investment Owned, Net Assets, Percentage	[18]		1.17%
Investment, Identifier [Axis]: Asurion, LLC
Variable interest rate (in percent)			3.25%
Interest Rate ( in percent)			8.72%
Par Amount			$ 1,000,000
Investments at amortized cost			988,000
Investment Owned, Fair Value			$ 997,000
Investment Owned, Net Assets, Percentage			1.17%
Investment, Identifier [Axis]: Asurion, LLC, First Lien Debt
Variable interest rate (in percent)	[7],[8],[15]	3.25%
Interest Rate ( in percent)	[15]	8.71%
Par Amount	[7],[8],[16]	$ 992,000
Investments at amortized cost	[7],[8]	981,000
Investment Owned, Fair Value	[7],[8]	$ 974,000
Investment Owned, Net Assets, Percentage		0.88%
Investment, Identifier [Axis]: Avalara, Inc.
Unfunded Commitment		$ 586,000	$ 636,000
Fair Value		$ 0	$ 0
Investment, Identifier [Axis]: Avalara, Inc. 1
Variable interest rate (in percent)	[11],[12],[20]		7.25%
Interest Rate ( in percent)	[11],[12],[20]		12.60%
Par Amount	[11],[12],[20]		$ 6,364,000
Investments at amortized cost	[11],[12],[20]		6,320,000
Investment Owned, Fair Value	[11],[12],[20]		$ 6,364,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		7.47%
Investment, Identifier [Axis]: Avalara, Inc. 2
Variable interest rate (in percent)	[12],[14],[20]		7.25%
Interest Rate ( in percent)	[12],[14],[20]		12.60%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(4,000)
Investment Owned, Fair Value	[12],[14],[20]		$ 0
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.00%
Investment, Identifier [Axis]: Avalara, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	7.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	12.59%
Par Amount	[6],[7],[8],[16]	$ 5,857,000
Investments at amortized cost	[6],[7],[8]	5,820,000
Investment Owned, Fair Value	[6],[7],[8]	$ 5,857,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	5.28%
Investment, Identifier [Axis]: Avalara, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	7.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	12.59%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(4,000)
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Banff Meger Sub, Inc., First Lien Debt
Variable interest rate (in percent)		4.25%
Interest Rate ( in percent)	[15]	9.34%
Par Amount	[16]	$ 995,000
Investments at amortized cost		994,000
Investment Owned, Fair Value		$ 996,000
Investment Owned, Net Assets, Percentage		0.90%
Investment, Identifier [Axis]: Banff Merger Sub, Inc.
Variable interest rate (in percent)			4.25%
Interest Rate ( in percent)	[13]		9.61%
Par Amount			$ 1,000,000
Investments at amortized cost			999,000
Investment Owned, Fair Value			$ 1,006,000
Investment Owned, Net Assets, Percentage			1.18%
Investment, Identifier [Axis]: Bradyifs Holdings, LLC 1
Variable interest rate (in percent)	[10],[11],[12]		6.00%
Interest Rate ( in percent)	[10],[11],[12]		11.38%
Par Amount	[10],[11],[12]		$ 2,930,000
Investments at amortized cost	[10],[11],[12]		2,873,000
Investment Owned, Fair Value	[10],[11],[12]		$ 2,873,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		3.37%
Unfunded Commitment		$ 123,000	$ 244,000
Fair Value		0	$ (3,000)
Investment, Identifier [Axis]: Bradyifs Holdings, LLC 2
Variable interest rate (in percent)	[10],[12],[14]		6.00%
Interest Rate ( in percent)	[10],[12],[14]		11.38%
Par Amount	[10],[12],[14]		$ 79,000
Investments at amortized cost	[10],[12],[14]		75,000
Investment Owned, Fair Value	[10],[12],[14]		$ 75,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.09%
Unfunded Commitment		248,000	$ 248,000
Fair Value		$ 0	$ (5,000)
Investment, Identifier [Axis]: Bradyifs Holdings, LLC 3
Variable interest rate (in percent)	[10],[12],[14]		6.00%
Interest Rate ( in percent)	[10],[12],[14]		11.38%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(5,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (5,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		(0.01%)
Investment, Identifier [Axis]: Bradyifs Holdings, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	6.00%
Interest Rate ( in percent)	[5],[6],[7],[15]	11.33%
Par Amount	[5],[6],[7],[16]	$ 2,915,000
Investments at amortized cost	[5],[6],[7]	2,862,000
Investment Owned, Fair Value	[5],[6],[7]	$ 2,909,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.62%
Investment, Identifier [Axis]: Bradyifs Holdings, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	6.00%
Interest Rate ( in percent)	[5],[7],[15],[17]	11.33%
Par Amount	[5],[7],[16],[17]	$ 199,000
Investments at amortized cost	[5],[7],[17]	195,000
Investment Owned, Fair Value	[5],[7],[17]	$ 199,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.18%
Investment, Identifier [Axis]: Bradyifs Holdings, LLC, First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	6.00%
Interest Rate ( in percent)	[5],[7],[15],[17]	11.33%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(4,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Bullhorn, Inc.
Unfunded Commitment			$ 320,000
Fair Value			$ (1,000)
Investment, Identifier [Axis]: Bullhorn, Inc. 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.96%
Par Amount	[10],[11],[12]		$ 6,204,000
Investments at amortized cost	[10],[11],[12]		6,165,000
Investment Owned, Fair Value	[10],[11],[12]		$ 6,185,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		7.26%
Unfunded Commitment		$ 58,000
Fair Value		0
Investment, Identifier [Axis]: Bullhorn, Inc. 2
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.96%
Par Amount	[10],[11],[12]		$ 519,000
Investments at amortized cost	[10],[11],[12]		515,000
Investment Owned, Fair Value	[10],[11],[12]		$ 516,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		0.61%
Unfunded Commitment		335,000
Fair Value		$ 0
Investment, Identifier [Axis]: Bullhorn, Inc. 3
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.96%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(2,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (1,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.00%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.34%
Par Amount	[5],[6],[7],[16]	$ 6,188,000
Investments at amortized cost	[5],[6],[7]	6,151,000
Investment Owned, Fair Value	[5],[6],[7]	$ 6,186,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	5.58%
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[6],[7]	5.00%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.34%
Par Amount	[5],[6],[7],[16]	$ 734,000
Investments at amortized cost	[5],[6],[7]	731,000
Investment Owned, Fair Value	[5],[6],[7]	$ 734,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	0.66%
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.00%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.34%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(2,000)
Investment Owned, Fair Value	[5],[7],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: COP Collisionright Parent, LLC 1
Unfunded Commitment		$ 625,000
Fair Value		(10,000)
Investment, Identifier [Axis]: COP Collisionright Parent, LLC 2
Unfunded Commitment		162,000
Fair Value		$ (3,000)
Investment, Identifier [Axis]: COP Collisionright Parent, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.83%
Par Amount	[5],[6],[7],[16]	$ 1,170,000
Investments at amortized cost	[5],[6],[7]	1,147,000
Investment Owned, Fair Value	[5],[6],[7]	$ 1,151,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	1.04%
Investment, Identifier [Axis]: COP Collisionright Parent, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.83%
Par Amount	[5],[7],[16],[17]	$ 54,000
Investments at amortized cost	[5],[7],[17]	47,000
Investment Owned, Fair Value	[5],[7],[17]	$ 43,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.04%
Investment, Identifier [Axis]: COP Collisionright Parent, LLC, First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.83%
Par Amount	[5],[7],[16],[17]	$ 28,000
Investments at amortized cost	[5],[7],[17]	25,000
Investment Owned, Fair Value	[5],[7],[17]	$ 25,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.02%
Investment, Identifier [Axis]: Cash
Investments at amortized cost		$ 2,846,000
Investment Owned, Fair Value		$ 2,846,000
Investment Owned, Net Assets, Percentage		2.57%
Investment, Identifier [Axis]: Central Parent Inc., First Lien Debt
Variable interest rate (in percent)	[9]	3.25%
Interest Rate ( in percent)	[9],[15]	8.58%
Par Amount	[9],[16]	$ 1,000,000
Investments at amortized cost	[9]	1,003,000
Investment Owned, Fair Value	[9]	$ 985,000
Investment Owned, Net Assets, Percentage	[9]	0.89%
Investment, Identifier [Axis]: Central Parent, Inc.
Variable interest rate (in percent)	[18]		4.00%
Interest Rate ( in percent)	[13],[18]		9.35%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,004,000
Investment Owned, Fair Value	[18]		$ 1,005,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: Consor Intermediate II, LLC 1
Unfunded Commitment		$ 458,000
Fair Value		(2,000)
Investment, Identifier [Axis]: Consor Intermediate II, LLC 2
Unfunded Commitment		122,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Consor Intermediate II, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	4.75%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.09%
Par Amount	[6],[7],[8],[16]	$ 503,000
Investments at amortized cost	[6],[7],[8]	498,000
Investment Owned, Fair Value	[6],[7],[8]	$ 498,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	0.45%
Investment, Identifier [Axis]: Consor Intermediate II, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	4.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.09%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (2,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Consor Intermediate II, LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	4.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.09%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Corporation Service Company
Variable interest rate (in percent)	[18]		3.25%
Interest Rate ( in percent)	[13],[18]		8.71%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,005,000
Investment Owned, Fair Value	[18]		$ 1,002,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: Corporation Service Company, First Lien Debt
Variable interest rate (in percent)	[9]	3.25%
Interest Rate ( in percent)	[9],[15]	8.08%
Par Amount	[9],[16]	$ 883,000
Investments at amortized cost	[9]	887,000
Investment Owned, Fair Value	[9]	$ 884,000
Investment Owned, Net Assets, Percentage	[9]	0.80%
Investment, Identifier [Axis]: Crisis Prevention Institute Inc, First Lien Debt
Variable interest rate (in percent)	[6],[7],[9]	4.75%
Interest Rate ( in percent)	[6],[7],[9],[15]	10.08%
Par Amount	[6],[7],[9],[16]	$ 1,000,000
Investments at amortized cost	[6],[7],[9]	995,000
Investment Owned, Fair Value	[6],[7],[9]	$ 995,000
Investment Owned, Net Assets, Percentage	[6],[7],[9]	0.90%
Investment, Identifier [Axis]: DCA Investment Holdings, LLC
Variable interest rate (in percent)	[11],[12],[20]		6.50%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.85%
Par Amount	[11],[12],[20]		$ 7,382,000
Investments at amortized cost	[11],[12],[20]		7,323,000
Investment Owned, Fair Value	[11],[12],[20]		$ 7,210,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		8.46%
Investment, Identifier [Axis]: DCA Investment Holdings, LLC, First Lien Debt
Variable interest rate (in percent)	[6],[7],[8]	6.50%
Interest Rate ( in percent)	[6],[7],[8],[15]	11.80%
Par Amount	[6],[7],[8],[16]	$ 7,341,000
Investments at amortized cost	[6],[7],[8]	7,288,000
Investment Owned, Fair Value	[6],[7],[8]	$ 7,268,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	6.56%
Investment, Identifier [Axis]: Diligent Corporation 1
Unfunded Commitment		$ 823,000
Fair Value		(6,000)
Investment, Identifier [Axis]: Diligent Corporation 2
Unfunded Commitment		549,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: Diligent Corporation, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.34%
Par Amount	[6],[7],[8],[16]	$ 5,628,000
Investments at amortized cost	[6],[7],[8]	5,587,000
Investment Owned, Fair Value	[6],[7],[8]	$ 5,587,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	5.04%
Investment, Identifier [Axis]: Diligent Corporation, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(6,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (6,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	(0.01%)
Investment, Identifier [Axis]: Diligent Corporation, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(4,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: EVDR Purchaser, Inc. 1
Unfunded Commitment		$ 784,000
Fair Value		(2,000)
Investment, Identifier [Axis]: EVDR Purchaser, Inc. 2
Unfunded Commitment		415,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: EVDR Purchaser, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.50%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.84%
Par Amount	[6],[7],[8],[16]	$ 2,736,000
Investments at amortized cost	[6],[7],[8]	2,684,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,729,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.46%
Investment, Identifier [Axis]: EVDR Purchaser, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.84%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(7,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (2,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: EVDR Purchaser, Inc., First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.84%
Par Amount	[7],[8],[16],[17]	$ 55,000
Investments at amortized cost	[7],[8],[17]	46,000
Investment Owned, Fair Value	[7],[8],[17]	$ 54,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.05%
Investment, Identifier [Axis]: EnergySolutions, LLC
Variable interest rate (in percent)	[18]		4.00%
Interest Rate ( in percent)	[18]		9.36%
Par Amount	[18]		$ 998,000
Investments at amortized cost	[18]		999,000
Investment Owned, Fair Value	[18]		$ 995,000
Investment Owned, Net Assets, Percentage	[18]		1.17%
Investment, Identifier [Axis]: EnergySolutions, LLC, First Lien Debt
Variable interest rate (in percent)	[9]	4.00%
Interest Rate ( in percent)	[9],[15]	9.31%
Par Amount	[9],[16]	$ 977,000
Investments at amortized cost	[9]	978,000
Investment Owned, Fair Value	[9]	$ 983,000
Investment Owned, Net Assets, Percentage	[9]	0.89%
Investment, Identifier [Axis]: Essential Services Holding Corporation 1
Unfunded Commitment		$ 92,000
Fair Value		(1,000)
Investment, Identifier [Axis]: Essential Services Holding Corporation 2
Unfunded Commitment		58,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Essential Services Holding Corporation, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.33%
Par Amount	[6],[7],[8],[16]	$ 5,850,000
Investments at amortized cost	[6],[7],[8]	5,792,000
Investment Owned, Fair Value	[6],[7],[8]	$ 5,792,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	5.23%
Investment, Identifier [Axis]: Essential Services Holding Corporation, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.33%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Essential Services Holding Corporation, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.33%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Formstack Acquisition Co 1
Unfunded Commitment		$ 561,000
Fair Value		(6,000)
Investment, Identifier [Axis]: Formstack Acquisition Co 2
Unfunded Commitment		375,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: Formstack Acquisition Co, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.25%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.59%
Par Amount	[5],[6],[7],[16]	$ 1,875,000
Investments at amortized cost	[5],[6],[7]	1,848,000
Investment Owned, Fair Value	[5],[6],[7]	$ 1,856,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	1.67%
Investment, Identifier [Axis]: Formstack Acquisition Co, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.25%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.59%
Par Amount	[5],[7],[16],[17]	$ 189,000
Investments at amortized cost	[5],[7],[17]	182,000
Investment Owned, Fair Value	[5],[7],[17]	$ 181,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.16%
Investment, Identifier [Axis]: Formstack Acquisition Co, First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.25%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.59%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(5,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (4,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 1
Unfunded Commitment		$ 356,000
Fair Value		(2,000)
Investment, Identifier [Axis]: Foundation Risk Partners Corp. 2
Unfunded Commitment		134,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Foundation Risk Partners Corp., First Lien Debt 1
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (2,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Foundation Risk Partners Corp., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: GI DI Cornfield Acquisition LLC
Unfunded Commitment		$ 2,000,000
Fair Value		$ (15,000)
Investment, Identifier [Axis]: GI DI Cornfield Acquisition LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7]	4.50%
Interest Rate ( in percent)	[6],[7],[15]	9.94%
Par Amount	[6],[7],[16]	$ 3,880,000
Investments at amortized cost	[6],[7]	3,823,000
Investment Owned, Fair Value	[6],[7]	$ 3,823,000
Investment Owned, Net Assets, Percentage	[6],[7]	3.45%
Investment, Identifier [Axis]: GI DI Cornfield Acquisition LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[17]	4.50%
Interest Rate ( in percent)	[7],[15],[17]	9.94%
Par Amount	[7],[16],[17]	$ 0
Investments at amortized cost	[7],[17]	(15,000)
Investment Owned, Fair Value	[7],[17]	$ (15,000)
Investment Owned, Net Assets, Percentage	[7],[17]	(0.01%)
Investment, Identifier [Axis]: GS AcquisitionCo, Inc.
Unfunded Commitment			$ 437,000
Fair Value			$ 0
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		11.00%
Par Amount	[10],[11],[12]		$ 6,512,000
Investments at amortized cost	[10],[11],[12]		6,472,000
Investment Owned, Fair Value	[10],[11],[12]		$ 6,512,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		7.64%
Unfunded Commitment		$ 47,000
Fair Value		0
Investment, Identifier [Axis]: GS AcquisitionCo, Inc. 2
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		11.00%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(3,000)
Investment Owned, Fair Value	[10],[12],[14]		$ 0
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Unfunded Commitment		422,000
Fair Value		$ 0
Investment, Identifier [Axis]: GS AcquisitionCo, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.25%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.59%
Par Amount	[5],[6],[7],[16]	$ 6,528,000
Investments at amortized cost	[5],[6],[7]	6,492,000
Investment Owned, Fair Value	[5],[6],[7]	$ 6,528,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	5.89%
Investment, Identifier [Axis]: GS AcquisitionCo, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 3,000
Investments at amortized cost	[7],[8],[17]	3,000
Investment Owned, Fair Value	[7],[8],[17]	$ 3,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: GS AcquisitionCo, Inc., First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.25%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.59%
Par Amount	[5],[7],[16],[17]	$ 65,000
Investments at amortized cost	[5],[7],[17]	63,000
Investment Owned, Fair Value	[5],[7],[17]	$ 65,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.06%
Investment, Identifier [Axis]: Galway Borrower, LLC
Unfunded Commitment		$ 2,496,000	$ 2,496,000
Fair Value		$ (35,000)	$ (26,000)
Investment, Identifier [Axis]: Galway Borrower, LLC 1
Variable interest rate (in percent)	[11],[12],[20]		5.25%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.10%
Par Amount	[11],[12],[20]		$ 1,656,000
Investments at amortized cost	[11],[12],[20]		1,627,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,639,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		1.92%
Investment, Identifier [Axis]: Galway Borrower, LLC 2
Variable interest rate (in percent)	[12],[14],[20]		5.25%
Interest Rate ( in percent)	[12],[13],[14],[20]		11.10%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(22,000)
Investment Owned, Fair Value	[12],[14],[20]		$ (26,000)
Investment Owned, Net Assets, Percentage	[12],[14],[20]		(0.03%)
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.78%
Par Amount	[6],[7],[8],[16]	$ 1,647,000
Investments at amortized cost	[6],[7],[8]	1,621,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,624,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.47%
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.78%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(20,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (35,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	(0.03%)
Investment, Identifier [Axis]: Granicus, Inc. 1
Unfunded Commitment		$ 347,000
Fair Value		(1,000)
Investment, Identifier [Axis]: Granicus, Inc. 2
Unfunded Commitment		324,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Granicus, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	11.08%
Par Amount	[6],[7],[8],[16]	$ 2,339,000
Investments at amortized cost	[6],[7],[8]	2,317,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,335,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.11%
Investment, Identifier [Axis]: Granicus, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	11.08%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Granicus, Inc., First Lien Debt 3
Variable interest rate (in percent)	[7],[17]	4.25%
Interest Rate ( in percent)	[7],[15],[17]	12.75%
Par Amount	[7],[16],[17]	$ 5,000
Investments at amortized cost	[7],[17]	2,000
Investment Owned, Fair Value	[7],[17]	$ 5,000
Investment Owned, Net Assets, Percentage	[7],[17]	0.00%
Investment, Identifier [Axis]: GraphPad Software, LLC
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12]		11.13%
Par Amount	[10],[11],[12]		$ 3,000,000
Investments at amortized cost	[10],[11],[12]		3,000,000
Investment Owned, Fair Value	[10],[11],[12]		$ 2,988,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		3.51%
Investment, Identifier [Axis]: GraphPad Software, LLC 1
Unfunded Commitment		$ 109,000
Fair Value		(1,000)
Investment, Identifier [Axis]: GraphPad Software, LLC 2
Unfunded Commitment		41,000
Fair Value		$ 0
Investment, Identifier [Axis]: GraphPad Software, LLC, First Lien Debt 1
Variable interest rate (in percent)	[7],[8]	4.75%
Interest Rate ( in percent)	[7],[8],[15]	10.10%
Par Amount	[7],[8],[16]	$ 5,530,000
Investments at amortized cost	[7],[8]	5,503,000
Investment Owned, Fair Value	[7],[8]	$ 5,503,000
Investment Owned, Net Assets, Percentage	[7],[8]	4.96%
Investment, Identifier [Axis]: GraphPad Software, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	4.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.10%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: GraphPad Software, LLC, First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	4.75%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.10%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	0
Investment Owned, Fair Value	[5],[7],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Greeneden U.S. Holdings II, LLC
Variable interest rate (in percent)	[18]		4.00%
Interest Rate ( in percent)	[13],[18]		9.47%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,004,000
Investment Owned, Fair Value	[18]		$ 1,003,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: HSI Halo Acquisition, Inc 1
Unfunded Commitment		$ 90,000
Fair Value		0
Investment, Identifier [Axis]: HSI Halo Acquisition, Inc 2
Unfunded Commitment		60,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: HSI Halo Acquisition, Inc, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.35%
Par Amount	[6],[7],[8],[16]	$ 4,600,000
Investments at amortized cost	[6],[7],[8]	4,554,000
Investment Owned, Fair Value	[6],[7],[8]	$ 4,554,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	4.11%
Investment, Identifier [Axis]: HSI Halo Acquisition, Inc, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.35%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	0
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: HSI Halo Acquisition, Inc, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.35%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Hercules Borrower LLC
Unfunded Commitment		$ 1,835,000
Fair Value		$ (9,000)
Investment, Identifier [Axis]: Hercules Borrower LLC, First Lien Debt
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.69%
Par Amount	[7],[8],[16],[17]	$ 195,000
Investments at amortized cost	[7],[8],[17]	185,000
Investment Owned, Fair Value	[7],[8],[17]	$ 185,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.17%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc.
Unfunded Commitment		$ 604,000	$ 267,000
Fair Value		$ (3,000)	$ 0
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.96%
Par Amount	[10],[11],[12]		$ 1,995,000
Investments at amortized cost	[10],[11],[12]		1,995,000
Investment Owned, Fair Value	[10],[11],[12]		$ 1,994,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		2.34%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc. 2
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.96%
Par Amount	[10],[12],[14]		$ 531,000
Investments at amortized cost	[10],[12],[14]		525,000
Investment Owned, Fair Value	[10],[12],[14]		$ 531,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.62%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.94%
Par Amount	[5],[6],[7],[16]	$ 1,985,000
Investments at amortized cost	[5],[6],[7]	1,985,000
Investment Owned, Fair Value	[5],[6],[7]	$ 1,985,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	1.79%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.94%
Par Amount	[5],[7],[16],[17]	$ 871,000
Investments at amortized cost	[5],[7],[17]	860,000
Investment Owned, Fair Value	[5],[7],[17]	$ 868,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.78%
Investment, Identifier [Axis]: High Street Buyer, Inc.
Unfunded Commitment		$ 744,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: High Street Buyer, Inc., First Lien Debt
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.59%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(7,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Hootsuite Inc.
Unfunded Commitment		$ 300,000
Fair Value		$ (4,000)
Investment, Identifier [Axis]: Hootsuite Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[21]	5.50%
Interest Rate ( in percent)	[6],[7],[15],[21]	10.85%
Par Amount	[6],[7],[16],[21]	$ 2,700,000
Investments at amortized cost	[6],[7],[21]	2,660,000
Investment Owned, Fair Value	[6],[7],[21]	$ 2,660,000
Investment Owned, Net Assets, Percentage	[6],[7],[21]	2.40%
Investment, Identifier [Axis]: Hootsuite Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[17],[21]	5.50%
Interest Rate ( in percent)	[7],[15],[17],[21]	10.85%
Par Amount	[7],[16],[17],[21]	$ 0
Investments at amortized cost	[7],[17],[21]	(4,000)
Investment Owned, Fair Value	[7],[17],[21]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[17],[21]	0.00%
Investment, Identifier [Axis]: Hyland Software, Inc.
Unfunded Commitment		$ 181,000	$ 86,000
Fair Value		$ 0	$ (1,000)
Investment, Identifier [Axis]: Hyland Software, Inc. 1
Variable interest rate (in percent)	[11],[12],[20]		6.00%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.36%
Par Amount	[11],[12],[20]		$ 1,819,000
Investments at amortized cost	[11],[12],[20]		1,792,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,798,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		2.11%
Investment, Identifier [Axis]: Hyland Software, Inc. 2
Variable interest rate (in percent)	[12],[14],[20]		6.00%
Interest Rate ( in percent)	[12],[13],[14],[20]		11.36%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(1,000)
Investment Owned, Fair Value	[12],[14],[20]		$ (1,000)
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.00%
Investment, Identifier [Axis]: Hyland Software, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	6.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	11.34%
Par Amount	[6],[7],[8],[16]	$ 3,793,000
Investments at amortized cost	[6],[7],[8]	3,750,000
Investment Owned, Fair Value	[6],[7],[8]	$ 3,793,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	3.42%
Investment, Identifier [Axis]: Hyland Software, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	6.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	11.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Icefall Parent, Inc.
Unfunded Commitment		$ 261,000
Fair Value		$ (5,000)
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	6.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	11.84%
Par Amount	[5],[6],[7],[16]	$ 2,739,000
Investments at amortized cost	[5],[6],[7]	2,687,000
Investment Owned, Fair Value	[5],[6],[7]	$ 2,688,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.42%
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	6.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	11.84%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(5,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (5,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC
Unfunded Commitment			$ 252,000
Fair Value			$ (5,000)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 1
Variable interest rate (in percent)	[11],[12],[20]		6.00%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.39%
Par Amount	[11],[12],[20]		$ 1,879,000
Investments at amortized cost	[11],[12],[20]		1,851,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,842,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		2.16%
Unfunded Commitment		$ 68,000
Fair Value		0
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 2
Variable interest rate (in percent)	[11],[12],[20]		6.00%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.39%
Par Amount	[11],[12],[20]		$ 1,255,000
Investments at amortized cost	[11],[12],[20]		1,234,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,230,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		1.44%
Unfunded Commitment		252,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC 3
Variable interest rate (in percent)	[12],[14],[20]		6.00%
Interest Rate ( in percent)	[12],[13],[14],[20]		11.39%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(9,000)
Investment Owned, Fair Value	[12],[14],[20]		$ (5,000)
Investment Owned, Net Assets, Percentage	[12],[14],[20]		(0.01%)
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	6.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	11.35%
Par Amount	[6],[7],[8],[16]	$ 2,567,000
Investments at amortized cost	[6],[7],[8]	2,543,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,556,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.31%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Debt 2
Variable interest rate (in percent)	[6],[7],[8],[17],[19]	6.00%
Interest Rate ( in percent)	[6],[7],[8],[15],[17],[19]	11.35%
Par Amount	[6],[7],[8],[16],[17],[19]	$ 4,109,000
Investments at amortized cost	[6],[7],[8],[17],[19]	4,083,000
Investment Owned, Fair Value	[6],[7],[8],[17],[19]	$ 4,093,000
Investment Owned, Net Assets, Percentage	[6],[7],[8],[17],[19]	3.69%
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	6.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	11.35%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(8,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Investment One
Interest rate floor		1.00%	1.00%
Investment, Identifier [Axis]: Investment Three
Interest rate floor		0.50%	0.50%
Investment, Identifier [Axis]: Investment Two
Interest rate floor		0.75%	0.75%
Investment, Identifier [Axis]: Invictus Buyer, LLC 1
Unfunded Commitment		$ 675,000
Fair Value		(3,000)
Investment, Identifier [Axis]: Invictus Buyer, LLC 2
Unfunded Commitment		250,000
Fair Value		$ (2,000)
Investment, Identifier [Axis]: Invictus Buyer, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.34%
Par Amount	[6],[7],[8],[16]	$ 1,620,000
Investments at amortized cost	[6],[7],[8]	1,604,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,604,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.45%
Investment, Identifier [Axis]: Invictus Buyer, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(3,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (3,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Invictus Buyer, LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (2,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: J.P. Morgan US Government Money Market Fund
Investments at amortized cost		$ 3,252,000
Investment Owned, Fair Value		$ 3,252,000
Investment Owned, Net Assets, Percentage		2.93%
Investment, Identifier [Axis]: KWOR Acquisition, Inc.
Variable interest rate (in percent)	[10],[11],[12]		5.25%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.71%
Par Amount	[10],[11],[12]		$ 3,000,000
Investments at amortized cost	[10],[11],[12]		3,000,000
Investment Owned, Fair Value	[10],[11],[12]		$ 2,957,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		3.47%
Investment, Identifier [Axis]: KWOR Acquisition, Inc., First Lien Debt
Variable interest rate (in percent)	[5],[6],[7]	5.25%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.75%
Par Amount	[5],[6],[7],[16]	$ 2,985,000
Investments at amortized cost	[5],[6],[7]	2,985,000
Investment Owned, Fair Value	[5],[6],[7]	$ 2,931,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.64%
Investment, Identifier [Axis]: Keystone Agency Investors
Variable interest rate (in percent)	[10],[11],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13],[14]		11.00%
Par Amount	[10],[11],[12],[14]		$ 2,426,000
Investments at amortized cost	[10],[11],[12],[14]		2,426,000
Investment Owned, Fair Value	[10],[11],[12],[14]		$ 2,426,000
Investment Owned, Net Assets, Percentage	[10],[11],[12],[14]		2.85%
Unfunded Commitment			$ 69,000
Fair Value			$ 0
Investment, Identifier [Axis]: Keystone Agency Investors, First Lien Debt
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.99%
Par Amount	[5],[6],[7],[16]	$ 2,483,000
Investments at amortized cost	[5],[6],[7]	2,483,000
Investment Owned, Fair Value	[5],[6],[7]	$ 2,473,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.23%
Investment, Identifier [Axis]: Les Schwab Tire Centers
Variable interest rate (in percent)	[20]		3.25%
Interest Rate ( in percent)	[20]		8.79%
Par Amount	[20]		$ 997,000
Investments at amortized cost	[20]		999,000
Investment Owned, Fair Value	[20]		$ 996,000
Investment Owned, Net Assets, Percentage	[20]		1.17%
Investment, Identifier [Axis]: Les Schwab Tire Centers, First Lien Debt
Variable interest rate (in percent)	[9]	3.00%
Interest Rate ( in percent)	[9],[15]	8.34%
Par Amount	[9],[16]	$ 995,000
Investments at amortized cost	[9]	996,000
Investment Owned, Fair Value	[9]	$ 994,000
Investment Owned, Net Assets, Percentage	[9]	0.90%
Investment, Identifier [Axis]: MRI Software, LLC
Unfunded Commitment		$ 456,000	$ 456,000
Fair Value		$ 0	$ (3,000)
Investment, Identifier [Axis]: MRI Software, LLC 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.95%
Par Amount	[10],[11],[12]		$ 6,494,000
Investments at amortized cost	[10],[11],[12]		6,455,000
Investment Owned, Fair Value	[10],[11],[12]		$ 6,458,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		7.58%
Investment, Identifier [Axis]: MRI Software, LLC 2
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.95%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(3,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (3,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Investment, Identifier [Axis]: MRI Software, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.94%
Par Amount	[5],[6],[7],[16]	$ 6,609,000
Investments at amortized cost	[5],[6],[7]	6,577,000
Investment Owned, Fair Value	[5],[6],[7]	$ 6,609,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	5.96%
Investment, Identifier [Axis]: MRI Software, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.94%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(2,000)
Investment Owned, Fair Value	[5],[7],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Mantech International CP 1
Unfunded Commitment		$ 406,000
Fair Value		0
Investment, Identifier [Axis]: Mantech International CP 2
Unfunded Commitment		318,000
Fair Value		$ 0
Investment, Identifier [Axis]: Mantech International CP, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.00%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.33%
Par Amount	[6],[7],[8],[16]	$ 2,467,000
Investments at amortized cost	[6],[7],[8]	2,467,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,467,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.23%
Investment, Identifier [Axis]: Mantech International CP, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.33%
Par Amount	[7],[8],[16],[17]	$ 222,000
Investments at amortized cost	[7],[8],[17]	222,000
Investment Owned, Fair Value	[7],[8],[17]	$ 222,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.20%
Investment, Identifier [Axis]: Mantech International CP, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.33%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	0
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Medline Borrower, LP
Variable interest rate (in percent)	[18]		3.25%
Interest Rate ( in percent)	[13],[18]		7.09%
Par Amount	[18]		$ 997,000
Investments at amortized cost	[18]		1,000,000
Investment Owned, Fair Value	[18]		$ 1,002,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: Medline Borrower, LP, First Lien Debt
Variable interest rate (in percent)	[9]	2.75%
Interest Rate ( in percent)	[9],[15]	8.09%
Par Amount	[9],[16]	$ 904,000
Investments at amortized cost	[9]	906,000
Investment Owned, Fair Value	[9]	$ 905,000
Investment Owned, Net Assets, Percentage	[9]	0.82%
Investment, Identifier [Axis]: Model N, Inc. 1
Unfunded Commitment		$ 98,000
Fair Value		(1,000)
Investment, Identifier [Axis]: Model N, Inc. 2
Unfunded Commitment		52,000
Fair Value		$ (1,000)
Investment, Identifier [Axis]: Model N, Inc., First Lien Debt 1
Variable interest rate (in percent)	[7],[8]	5.00%
Interest Rate ( in percent)	[7],[8],[15]	10.34%
Par Amount	[7],[8],[16]	$ 4,849,000
Investments at amortized cost	[7],[8]	4,800,000
Investment Owned, Fair Value	[7],[8]	$ 4,800,000
Investment Owned, Net Assets, Percentage	[7],[8]	4.33%
Investment, Identifier [Axis]: Model N, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	0
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Model N, Inc., First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.00%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.34%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(1,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: PDI TA Holdings, Inc. 1
Unfunded Commitment		$ 695,000
Fair Value		0
Investment, Identifier [Axis]: PDI TA Holdings, Inc. 2
Unfunded Commitment		304,000
Fair Value		$ 0
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.83%
Par Amount	[6],[7],[8],[16]	$ 2,680,000
Investments at amortized cost	[6],[7],[8]	2,654,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,679,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.42%
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.83%
Par Amount	[7],[8],[16],[17]	$ 321,000
Investments at amortized cost	[7],[8],[17]	315,000
Investment Owned, Fair Value	[7],[8],[17]	$ 320,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.29%
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.83%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(3,000)
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC
Unfunded Commitment		$ 633,000	$ 1,265,000
Fair Value		$ 0	$ (10,000)
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC 1
Variable interest rate (in percent)	[11],[12],[20]		5.75%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.14%
Par Amount	[11],[12],[20]		$ 2,000,000
Investments at amortized cost	[11],[12],[20]		2,000,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,962,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		2.30%
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC 2
Variable interest rate (in percent)	[12],[14],[20]		5.75%
Interest Rate ( in percent)	[12],[13],[14],[20]		11.14%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(6,000)
Investment Owned, Fair Value	[12],[14],[20]		$ (10,000)
Investment Owned, Net Assets, Percentage	[12],[14],[20]		(0.01%)
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.75%
Interest Rate ( in percent)	[6],[7],[8],[15]	11.10%
Par Amount	[6],[7],[8],[16]	$ 2,000,000
Investments at amortized cost	[6],[7],[8]	2,000,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,994,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.80%
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	11.10%
Par Amount	[7],[8],[16],[17]	$ 632,000
Investments at amortized cost	[7],[8],[17]	624,000
Investment Owned, Fair Value	[7],[8],[17]	$ 632,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.57%
Investment, Identifier [Axis]: Parexel International Corporation
Variable interest rate (in percent)	[18]		3.25%
Interest Rate ( in percent)	[13],[18]		8.72%
Par Amount	[18]		$ 997,000
Investments at amortized cost	[18]		1,000,000
Investment Owned, Fair Value	[18]		$ 1,003,000
Investment Owned, Net Assets, Percentage	[18]		1.18%
Investment, Identifier [Axis]: Parexel International Corporation, First Lien Debt
Variable interest rate (in percent)	[9]	3.25%
Interest Rate ( in percent)	[9],[15]	8.71%
Par Amount	[9],[16]	$ 992,000
Investments at amortized cost	[9]	994,000
Investment Owned, Fair Value	[9]	$ 994,000
Investment Owned, Net Assets, Percentage	[9]	0.90%
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC
Unfunded Commitment		$ 832,000	$ 1,500,000
Fair Value		$ (5,000)	$ (7,000)
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 1
Variable interest rate (in percent)	[11],[12],[20]		6.00%
Interest Rate ( in percent)	[11],[12],[13],[20]		11.86%
Par Amount	[11],[12],[20]		$ 1,496,000
Investments at amortized cost	[11],[12],[20]		1,469,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,489,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		1.75%
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC 2
Variable interest rate (in percent)	[12],[14],[20]		6.00%
Interest Rate ( in percent)	[12],[13],[14],[20]		11.86%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(14,000)
Investment Owned, Fair Value	[12],[14],[20]		$ (7,000)
Investment Owned, Net Assets, Percentage	[12],[14],[20]		(0.01%)
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.50%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.99%
Par Amount	[6],[7],[8],[16]	$ 1,489,000
Investments at amortized cost	[6],[7],[8]	1,464,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,489,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.34%
Investment, Identifier [Axis]: Peter C. Foy & Associates Insurance Services, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.99%
Par Amount	[7],[8],[16],[17]	$ 165,000
Investments at amortized cost	[7],[8],[17]	159,000
Investment Owned, Fair Value	[7],[8],[17]	$ 159,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.14%
Investment, Identifier [Axis]: Project Potter Buyer, LLC
Unfunded Commitment		$ 94,000
Fair Value		$ 0
Investment, Identifier [Axis]: Project Potter Buyer, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	6.00%
Interest Rate ( in percent)	[5],[6],[7],[15]	11.32%
Par Amount	[5],[6],[7],[16]	$ 4,812,000
Investments at amortized cost	[5],[6],[7]	4,812,000
Investment Owned, Fair Value	[5],[6],[7]	$ 4,812,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	4.34%
Investment, Identifier [Axis]: Project Potter Buyer, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	6.00%
Interest Rate ( in percent)	[5],[7],[15],[17]	11.32%
Par Amount	[5],[7],[16],[17]	$ 56,000
Investments at amortized cost	[5],[7],[17]	56,000
Investment Owned, Fair Value	[5],[7],[17]	$ 56,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.05%
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp.
Variable interest rate (in percent)	[20]		3.25%
Interest Rate ( in percent)	[13],[20]		8.72%
Par Amount	[20]		$ 997,000
Investments at amortized cost	[20]		995,000
Investment Owned, Fair Value	[20]		$ 996,000
Investment Owned, Net Assets, Percentage	[20]		1.17%
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp., First Lien Debt
Variable interest rate (in percent)	[8]	3.25%
Interest Rate ( in percent)	[8],[15]	8.69%
Par Amount	[8],[16]	$ 992,000
Investments at amortized cost	[8]	990,000
Investment Owned, Fair Value	[8]	$ 994,000
Investment Owned, Net Assets, Percentage	[8]	0.90%
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC 1
Unfunded Commitment		$ 702,000
Fair Value		(4,000)
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC 2
Unfunded Commitment		213,000
Fair Value		$ (2,000)
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	4.50%
Interest Rate ( in percent)	[6],[7],[8],[15]	9.85%
Par Amount	[6],[7],[8],[16]	$ 1,755,000
Investments at amortized cost	[6],[7],[8]	1,755,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,755,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.58%
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	4.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	9.85%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(4,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	4.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	9.85%
Par Amount	[7],[8],[16],[17]	$ 30,000
Investments at amortized cost	[7],[8],[17]	28,000
Investment Owned, Fair Value	[7],[8],[17]	$ 28,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.03%
Investment, Identifier [Axis]: RFS Opco LLC
Unfunded Commitment		$ 1,500,000
Fair Value		$ (14,000)
Investment, Identifier [Axis]: RFS Opco LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[9]	5.00%
Interest Rate ( in percent)	[6],[7],[9],[15]	10.34%
Par Amount	[6],[7],[9],[16]	$ 1,500,000
Investments at amortized cost	[6],[7],[9]	1,485,000
Investment Owned, Fair Value	[6],[7],[9]	$ 1,485,000
Investment Owned, Net Assets, Percentage	[6],[7],[9]	1.34%
Investment, Identifier [Axis]: RFS Opco LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[9],[17]	4.00%
Interest Rate ( in percent)	[7],[9],[15],[17]	9.34%
Par Amount	[7],[9],[16],[17]	$ 0
Investments at amortized cost	[7],[9],[17]	(14,000)
Investment Owned, Fair Value	[7],[9],[17]	$ (14,000)
Investment Owned, Net Assets, Percentage	[7],[9],[17]	(0.01%)
Investment, Identifier [Axis]: RSC Acquisition, Inc.
Variable interest rate (in percent)	[12],[20]		5.50%
Interest Rate ( in percent)	[12],[13],[20]		11.39%
Par Amount	[12],[20]		$ 7,000
Investments at amortized cost	[12],[20]		6,000
Investment Owned, Fair Value	[12],[20]		$ 7,000
Investment Owned, Net Assets, Percentage	[12],[20]		0.01%
Unfunded Commitment		$ 5,000	$ 30,000
Fair Value		$ 0	$ 0
Investment, Identifier [Axis]: RSC Acquisition, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.50%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.98%
Par Amount	[6],[7],[8],[16]	$ 123,000
Investments at amortized cost	[6],[7],[8]	123,000
Investment Owned, Fair Value	[6],[7],[8]	$ 123,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	0.11%
Investment, Identifier [Axis]: RSC Acquisition, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.50%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.98%
Par Amount	[7],[8],[16],[17]	$ 292,000
Investments at amortized cost	[7],[8],[17]	289,000
Investment Owned, Fair Value	[7],[8],[17]	$ 292,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.26%
Investment, Identifier [Axis]: SV Newco 2 Inc 1
Unfunded Commitment		$ 937,000
Fair Value		(7,000)
Investment, Identifier [Axis]: SV Newco 2 Inc 2
Unfunded Commitment		562,000
Fair Value		$ (8,000)
Investment, Identifier [Axis]: SV Newco 2 Inc, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8],[21]	4.75%
Interest Rate ( in percent)	[6],[7],[8],[15],[21]	10.10%
Par Amount	[6],[7],[8],[16],[21]	$ 1,500,000
Investments at amortized cost	[6],[7],[8],[21]	1,478,000
Investment Owned, Fair Value	[6],[7],[8],[21]	$ 1,478,000
Investment Owned, Net Assets, Percentage	[6],[7],[8],[21]	1.33%
Investment, Identifier [Axis]: SV Newco 2 Inc, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17],[21]	4.75%
Interest Rate ( in percent)	[7],[8],[15],[17],[21]	10.10%
Par Amount	[7],[8],[16],[17],[21]	$ 0
Investments at amortized cost	[7],[8],[17],[21]	(7,000)
Investment Owned, Fair Value	[7],[8],[17],[21]	$ (7,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17],[21]	(0.01%)
Investment, Identifier [Axis]: SV Newco 2 Inc, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17],[21]	4.75%
Interest Rate ( in percent)	[7],[8],[15],[17],[21]	10.10%
Par Amount	[7],[8],[16],[17],[21]	$ 0
Investments at amortized cost	[7],[8],[17],[21]	(9,000)
Investment Owned, Fair Value	[7],[8],[17],[21]	$ (9,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17],[21]	(0.01%)
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 1
Variable interest rate (in percent)	[10],[11],[12]		6.75%
Interest Rate ( in percent)	[10],[11],[12]		12.28%
Par Amount	[10],[11],[12]		$ 3,050,000
Investments at amortized cost	[10],[11],[12]		2,983,000
Investment Owned, Fair Value	[10],[11],[12]		$ 3,050,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		3.58%
Unfunded Commitment		$ 304,000	$ 383,000
Fair Value		0	$ 0
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 2
Variable interest rate (in percent)	[10],[12],[14]		6.75%
Interest Rate ( in percent)	[10],[12],[14]		12.28%
Par Amount	[10],[12],[14]		$ 285,000
Investments at amortized cost	[10],[12],[14]		270,000
Investment Owned, Fair Value	[10],[12],[14]		$ 285,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.33%
Unfunded Commitment		579,000	$ 579,000
Fair Value		$ 0	$ 0
Investment, Identifier [Axis]: Sonny's Enterprises, LLC 3
Variable interest rate (in percent)	[10],[12],[14]		6.75%
Interest Rate ( in percent)	[10],[12],[14]		12.28%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(12,000)
Investment Owned, Fair Value	[10],[12],[14]		$ 0
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Investment, Identifier [Axis]: Sonny's Enterprises, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.25%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.73%
Par Amount	[5],[6],[7],[16]	$ 3,034,000
Investments at amortized cost	[5],[6],[7]	2,973,000
Investment Owned, Fair Value	[5],[6],[7]	$ 3,034,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	2.74%
Investment, Identifier [Axis]: Sonny's Enterprises, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.25%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.73%
Par Amount	[5],[7],[16],[17]	$ 417,000
Investments at amortized cost	[5],[7],[17]	404,000
Investment Owned, Fair Value	[5],[7],[17]	$ 417,000
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.38%
Investment, Identifier [Axis]: Sonny's Enterprises, LLC, First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.25%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.73%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(11,000)
Investment Owned, Fair Value	[5],[7],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Summit Acquisition, Inc. 1
Variable interest rate (in percent)	[11],[12],[20]		6.75%
Interest Rate ( in percent)	[11],[12],[13],[20]		12.10%
Par Amount	[11],[12],[20]		$ 1,866,000
Investments at amortized cost	[11],[12],[20]		1,866,000
Investment Owned, Fair Value	[11],[12],[20]		$ 1,838,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		2.16%
Unfunded Commitment		$ 419,000
Fair Value		0
Investment, Identifier [Axis]: Summit Acquisition, Inc. 2
Variable interest rate (in percent)	[11],[12],[20]		6.75%
Interest Rate ( in percent)	[11],[12],[13],[20]		12.10%
Par Amount	[11],[12],[20]		$ 419,000
Investments at amortized cost	[11],[12],[20]		419,000
Investment Owned, Fair Value	[11],[12],[20]		$ 413,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		0.48%
Unfunded Commitment		210,000
Fair Value		$ 0
Investment, Identifier [Axis]: Summit Acquisition, Inc. 3
Variable interest rate (in percent)	[11],[12],[20]		6.75%
Interest Rate ( in percent)	[11],[12],[13],[20]		12.10%
Par Amount	[11],[12],[20]		$ 210,000
Investments at amortized cost	[11],[12],[20]		210,000
Investment Owned, Fair Value	[11],[12],[20]		$ 207,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		0.24%
Investment, Identifier [Axis]: Summit Acquisition, Inc., First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	6.75%
Interest Rate ( in percent)	[6],[7],[8],[15]	12.09%
Par Amount	[6],[7],[8],[16]	$ 1,862,000
Investments at amortized cost	[6],[7],[8]	1,862,000
Investment Owned, Fair Value	[6],[7],[8]	$ 1,862,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	1.68%
Investment, Identifier [Axis]: Summit Acquisition, Inc., First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	6.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	12.09%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	0
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Summit Acquisition, Inc., First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	6.75%
Interest Rate ( in percent)	[7],[8],[15],[17]	12.09%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	0
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Summit Buyer, LLC 1
Variable interest rate (in percent)	[10],[12],[14]		5.75%
Interest Rate ( in percent)	[10],[12],[14]		11.26%
Par Amount	[10],[12],[14]		$ 121,000
Investments at amortized cost	[10],[12],[14]		110,000
Investment Owned, Fair Value	[10],[12],[14]		$ 99,000
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.12%
Unfunded Commitment			$ 788,000
Fair Value			$ (19,000)
Investment, Identifier [Axis]: Summit Buyer, LLC 2
Variable interest rate (in percent)	[12],[14]		4.75%
Interest Rate ( in percent)	[12],[14]		13.25%
Par Amount	[12],[14]		$ 0
Investments at amortized cost	[12],[14]		(2,000)
Investment Owned, Fair Value	[12],[14]		$ (2,000)
Investment Owned, Net Assets, Percentage	[12],[14]		0.00%
Unfunded Commitment			$ 91,000
Fair Value			(2,000)
Investment, Identifier [Axis]: Superman Holdings, LLC
Unfunded Commitment		$ 190,000	190,000
Fair Value		$ 0	$ (2,000)
Investment, Identifier [Axis]: Superman Holdings, LLC 1
Variable interest rate (in percent)	[10],[11],[12]		6.13%
Interest Rate ( in percent)	[10],[11],[12]		11.47%
Par Amount	[10],[11],[12]		$ 803,000
Investments at amortized cost	[10],[11],[12]		786,000
Investment Owned, Fair Value	[10],[11],[12]		$ 793,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		0.93%
Investment, Identifier [Axis]: Superman Holdings, LLC 2
Variable interest rate (in percent)	[10],[12],[14]		6.13%
Interest Rate ( in percent)	[10],[12],[14]		11.47%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(2,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (2,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Investment, Identifier [Axis]: Superman Holdings, LLC, First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.75%
Interest Rate ( in percent)	[5],[6],[7],[15]	11.09%
Par Amount	[5],[6],[7],[16]	$ 799,000
Investments at amortized cost	[5],[6],[7]	784,000
Investment Owned, Fair Value	[5],[6],[7]	$ 798,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	0.72%
Investment, Identifier [Axis]: Superman Holdings, LLC, First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[8],[17]	5.75%
Interest Rate ( in percent)	[5],[7],[15],[17]	11.09%
Par Amount	[5],[7],[8],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[8],[17]	(2,000)
Investment Owned, Fair Value	[5],[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: TK Elevator US Newco, Inc., First Lien Debt
Variable interest rate (in percent)	[9]	3.50%
Interest Rate ( in percent)	[9],[15]	8.79%
Par Amount	[9],[16]	$ 995,000
Investments at amortized cost	[9]	999,000
Investment Owned, Fair Value	[9]	$ 999,000
Investment Owned, Net Assets, Percentage	[9]	0.90%
Investment, Identifier [Axis]: Tank Holding Corp.
Unfunded Commitment		$ 825,000	$ 995,000
Fair Value		$ (15,000)	$ (20,000)
Investment, Identifier [Axis]: Tank Holding Corp. 1
Variable interest rate (in percent)	[11],[12],[20]		5.75%
Interest Rate ( in percent)	[11],[12],[20]		11.46%
Par Amount	[11],[12],[20]		$ 3,472,000
Investments at amortized cost	[11],[12],[20]		3,381,000
Investment Owned, Fair Value	[11],[12],[20]		$ 3,404,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		3.99%
Investment, Identifier [Axis]: Tank Holding Corp. 2
Variable interest rate (in percent)	[12],[14],[20]		5.75%
Interest Rate ( in percent)	[12],[14],[20]		11.46%
Par Amount	[12],[14],[20]		$ 504,000
Investments at amortized cost	[12],[14],[20]		476,000
Investment Owned, Fair Value	[12],[14],[20]		$ 474,000
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.56%
Investment, Identifier [Axis]: Tank Holding Corp., First Lien Debt 1
Variable interest rate (in percent)	[8]	5.75%
Interest Rate ( in percent)	[8],[15]	11.44%
Par Amount	[8],[16]	$ 3,455,000
Investments at amortized cost	[8]	3,372,000
Investment Owned, Fair Value	[8]	$ 3,391,000
Investment Owned, Net Assets, Percentage	[8]	3.06%
Investment, Identifier [Axis]: Tank Holding Corp., First Lien Debt 2
Variable interest rate (in percent)	[8],[17]	5.75%
Interest Rate ( in percent)	[8],[15],[17]	11.44%
Par Amount	[8],[16],[17]	$ 670,000
Investments at amortized cost	[8],[17]	642,000
Investment Owned, Fair Value	[8],[17]	$ 643,000
Investment Owned, Net Assets, Percentage	[8],[17]	0.58%
Investment, Identifier [Axis]: Tidi Legacy Products, Inc. 1
Variable interest rate (in percent)	[10],[11],[12]		5.50%
Interest Rate ( in percent)	[10],[11],[12],[13]		10.86%
Par Amount	[10],[11],[12]		$ 1,377,000
Investments at amortized cost	[10],[11],[12]		1,350,000
Investment Owned, Fair Value	[10],[11],[12]		$ 1,349,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		1.58%
Unfunded Commitment		$ 362,000	$ 362,000
Fair Value		(2,000)	$ (4,000)
Investment, Identifier [Axis]: Tidi Legacy Products, Inc. 2
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.86%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(4,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (4,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		0.00%
Unfunded Commitment		261,000	$ 261,000
Fair Value		$ (1,000)	$ (5,000)
Investment, Identifier [Axis]: Tidi Legacy Products, Inc. 3
Variable interest rate (in percent)	[10],[12],[14]		5.50%
Interest Rate ( in percent)	[10],[12],[13],[14]		10.86%
Par Amount	[10],[12],[14]		$ 0
Investments at amortized cost	[10],[12],[14]		(5,000)
Investment Owned, Fair Value	[10],[12],[14]		$ (5,000)
Investment Owned, Net Assets, Percentage	[10],[12],[14]		(0.01%)
Investment, Identifier [Axis]: Tidi Legacy Products, Inc., First Lien Debt 1
Variable interest rate (in percent)	[5],[6],[7]	5.50%
Interest Rate ( in percent)	[5],[6],[7],[15]	10.84%
Par Amount	[5],[6],[7],[16]	$ 1,370,000
Investments at amortized cost	[5],[6],[7]	1,344,000
Investment Owned, Fair Value	[5],[6],[7]	$ 1,364,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	1.23%
Investment, Identifier [Axis]: Tidi Legacy Products, Inc., First Lien Debt 2
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.84%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(3,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Tidi Legacy Products, Inc., First Lien Debt 3
Variable interest rate (in percent)	[5],[7],[17]	5.50%
Interest Rate ( in percent)	[5],[7],[15],[17]	10.84%
Par Amount	[5],[7],[16],[17]	$ 0
Investments at amortized cost	[5],[7],[17]	(5,000)
Investment Owned, Fair Value	[5],[7],[17]	$ (1,000)
Investment Owned, Net Assets, Percentage	[5],[7],[17]	0.00%
Investment, Identifier [Axis]: Total First Lien Debt Unfunded Commitments
Unfunded Commitment		$ 37,730,000	$ 15,504,000
Fair Value		(235,000)	(142,000)
Investment, Identifier [Axis]: Total Unfunded Commitments
Unfunded Commitment		37,730,000	15,504,000
Fair Value		$ (235,000)	$ (142,000)
Investment, Identifier [Axis]: Triton Water Holdings, Inc.
Variable interest rate (in percent)	[18]		3.25%
Interest Rate ( in percent)	[18]		8.86%
Par Amount	[18]		$ 997,000
Investments at amortized cost	[18]		989,000
Investment Owned, Fair Value	[18]		$ 987,000
Investment Owned, Net Assets, Percentage	[18]		1.16%
Investment, Identifier [Axis]: Triton Water Holdings, Inc., First Lien Debt
Variable interest rate (in percent)	[9]	3.25%
Interest Rate ( in percent)	[9],[15]	8.85%
Par Amount	[9],[16]	$ 995,000
Investments at amortized cost	[9]	987,000
Investment Owned, Fair Value	[9]	$ 995,000
Investment Owned, Net Assets, Percentage	[9]	0.90%
Investment, Identifier [Axis]: USI, Inc.
Variable interest rate (in percent)			3.00%
Interest Rate ( in percent)	[13]		8.33%
Par Amount			$ 1,000,000
Investments at amortized cost			1,005,000
Investment Owned, Fair Value			$ 991,000
Investment Owned, Net Assets, Percentage			1.16%
Investment, Identifier [Axis]: USI, Inc., First Lien Debt
Variable interest rate (in percent)		2.75%
Interest Rate ( in percent)	[15]	8.08%
Par Amount	[16]	$ 993,000
Investments at amortized cost		997,000
Investment Owned, Fair Value		$ 992,000
Investment Owned, Net Assets, Percentage		0.89%
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 1
Unfunded Commitment		$ 1,235,000
Fair Value		(7,000)
Investment, Identifier [Axis]: Vehlo Purchaser, LLC 2
Unfunded Commitment		9,000
Fair Value		$ 0
Investment, Identifier [Axis]: Vehlo Purchaser, LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.58%
Par Amount	[6],[7],[8],[16]	$ 251,000
Investments at amortized cost	[6],[7],[8]	248,000
Investment Owned, Fair Value	[6],[7],[8]	$ 248,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	0.22%
Investment, Identifier [Axis]: Vehlo Purchaser, LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.58%
Par Amount	[7],[8],[16],[17]	$ 61,000
Investments at amortized cost	[7],[8],[17]	53,000
Investment Owned, Fair Value	[7],[8],[17]	$ 53,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.05%
Investment, Identifier [Axis]: Vehlo Purchaser, LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.58%
Par Amount	[7],[8],[16],[17]	$ 4,000
Investments at amortized cost	[7],[8],[17]	4,000
Investment Owned, Fair Value	[7],[8],[17]	$ 4,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Vensure Employer Services, Inc.
Variable interest rate (in percent)	[12],[14],[20]		5.25%
Interest Rate ( in percent)	[12],[14],[20]		10.63%
Par Amount	[12],[14],[20]		$ 43,000
Investments at amortized cost	[12],[14],[20]		40,000
Investment Owned, Fair Value	[12],[14],[20]		$ 40,000
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.05%
Unfunded Commitment		$ 113,000	$ 307,000
Fair Value		$ 0	$ (3,000)
Investment, Identifier [Axis]: Vensure Employer Services, Inc., First Lien Debt
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.58%
Par Amount	[7],[8],[16],[17]	$ 236,000
Investments at amortized cost	[7],[8],[17]	233,000
Investment Owned, Fair Value	[7],[8],[17]	$ 236,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.21%
Investment, Identifier [Axis]: Verdantas LLC 1
Unfunded Commitment		$ 351,000
Fair Value		(3,000)
Investment, Identifier [Axis]: Verdantas LLC 2
Unfunded Commitment		468,000
Fair Value		(3,000)
Investment, Identifier [Axis]: Verdantas LLC 3
Unfunded Commitment		1,140,000
Fair Value		(8,000)
Investment, Identifier [Axis]: Verdantas LLC 4
Unfunded Commitment		292,000
Fair Value		(4,000)
Investment, Identifier [Axis]: Verdantas LLC, Common Equity
Par Amount	[7],[22],[23]	796
Investments at amortized cost	[7],[22],[23]	1,000
Investment Owned, Fair Value	[7],[22],[23]	$ 1,000
Investment Owned, Net Assets, Percentage	[7],[22],[23]	0.00%
Investment, Identifier [Axis]: Verdantas LLC, First Lien Debt 1
Variable interest rate (in percent)	[6],[7],[8]	5.25%
Interest Rate ( in percent)	[6],[7],[8],[15]	10.58%
Par Amount	[6],[7],[8],[16]	$ 2,749,000
Investments at amortized cost	[6],[7],[8]	2,708,000
Investment Owned, Fair Value	[6],[7],[8]	$ 2,708,000
Investment Owned, Net Assets, Percentage	[6],[7],[8]	2.44%
Investment, Identifier [Axis]: Verdantas LLC, First Lien Debt 2
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.58%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(14,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (14,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	(0.01%)
Investment, Identifier [Axis]: Verdantas LLC, First Lien Debt 3
Variable interest rate (in percent)	[7],[8],[17]	5.25%
Interest Rate ( in percent)	[7],[8],[15],[17]	10.58%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(4,000)
Investment Owned, Fair Value	[7],[8],[17]	$ (4,000)
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: Verdantas LLC, Preferred Equity
Interest Rate ( in percent)	[7],[22],[23]	10.00%
Par Amount	[7],[22],[23]	$ 78,804,000
Investments at amortized cost	[7],[22],[23]	79,000
Investment Owned, Fair Value	[7],[22],[23]	$ 79,000
Investment Owned, Net Assets, Percentage	[7],[22],[23]	0.07%
Investment, Identifier [Axis]: Vertical US Newco, Inc.
Variable interest rate (in percent)	[18]		3.50%
Interest Rate ( in percent)	[13],[18]		9.38%
Par Amount	[18]		$ 1,000,000
Investments at amortized cost	[18]		1,002,000
Investment Owned, Fair Value	[18]		$ 1,001,000
Investment Owned, Net Assets, Percentage	[18]		1.17%
Investment, Identifier [Axis]: World Insurance Associates, LLC
Variable interest rate (in percent)	[10],[11],[12]		6.00%
Interest Rate ( in percent)	[10],[11],[12],[13]		12.10%
Par Amount	[10],[11],[12]		$ 4,776,000
Investments at amortized cost	[10],[11],[12]		4,629,000
Investment Owned, Fair Value	[10],[11],[12]		$ 4,702,000
Investment Owned, Net Assets, Percentage	[10],[11],[12]		5.52%
Investment, Identifier [Axis]: World Insurance Associates, LLC, First Lien Debt
Variable interest rate (in percent)	[5],[6],[7]	6.00%
Interest Rate ( in percent)	[5],[6],[7],[15]	11.36%
Par Amount	[5],[6],[7],[16]	$ 4,752,000
Investments at amortized cost	[5],[6],[7]	4,619,000
Investment Owned, Fair Value	[5],[6],[7]	$ 4,665,000
Investment Owned, Net Assets, Percentage	[5],[6],[7]	4.21%
Investment, Identifier [Axis]: iCIMS, Inc. 1
Variable interest rate (in percent)	[11],[12],[20]		7.25%
Interest rate, PIK (in percent)	[11],[12],[20]		3.88%
Interest Rate ( in percent)	[11],[12],[13],[20]		12.62%
Par Amount	[11],[12],[20]		$ 5,351,000
Investments at amortized cost	[11],[12],[20]		5,315,000
Investment Owned, Fair Value	[11],[12],[20]		$ 5,351,000
Investment Owned, Net Assets, Percentage	[11],[12],[20]		6.28%
Unfunded Commitment		$ 989,000	$ 1,094,000
Fair Value		0	$ 0
Investment, Identifier [Axis]: iCIMS, Inc. 2
Variable interest rate (in percent)	[12],[14],[20]		7.25%
Interest rate, PIK (in percent)	[12],[14],[20]		3.88%
Interest Rate ( in percent)	[12],[13],[14],[20]		12.62%
Par Amount	[12],[14],[20]		$ 0
Investments at amortized cost	[12],[14],[20]		(7,000)
Investment Owned, Fair Value	[12],[14],[20]		$ 0
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.00%
Unfunded Commitment		441,000	$ 408,000
Fair Value		$ 0	$ 0
Investment, Identifier [Axis]: iCIMS, Inc. 3
Variable interest rate (in percent)	[12],[14],[20]		7.25%
Interest rate, PIK (in percent)	[12],[14],[20]		3.88%
Interest Rate ( in percent)	[12],[13],[14],[20]		12.62%
Par Amount	[12],[14],[20]		$ 82,000
Investments at amortized cost	[12],[14],[20]		78,000
Investment Owned, Fair Value	[12],[14],[20]		$ 82,000
Investment Owned, Net Assets, Percentage	[12],[14],[20]		0.10%
Investment, Identifier [Axis]: iCIMS, Inc., First Lien Debt 1
Variable interest rate (in percent)	[7],[8]	7.25%
Interest rate, PIK (in percent)	[7],[8]	3.38%
Interest Rate ( in percent)	[7],[8],[15]	12.58%
Par Amount	[7],[8],[16]	$ 5,456,000
Investments at amortized cost	[7],[8]	5,423,000
Investment Owned, Fair Value	[7],[8]	$ 5,456,000
Investment Owned, Net Assets, Percentage	[7],[8]	4.92%
Investment, Identifier [Axis]: iCIMS, Inc., First Lien Debt 2
Variable interest rate (in percent)	[17]	7.25%
Interest rate, PIK (in percent)	[17]	3.38%
Interest Rate ( in percent)	[7],[8],[15],[17]	12.58%
Par Amount	[7],[8],[16],[17]	$ 0
Investments at amortized cost	[7],[8],[17]	(6,000)
Investment Owned, Fair Value	[7],[8],[17]	$ 0
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.00%
Investment, Identifier [Axis]: iCIMS, Inc., First Lien Debt 3
Variable interest rate (in percent)	[17]	7.25%
Interest rate, PIK (in percent)	[17]	3.38%
Interest Rate ( in percent)	[7],[8],[15],[17]	12.58%
Par Amount	[7],[8],[16],[17]	$ 49,000
Investments at amortized cost	[7],[8],[17]	46,000
Investment Owned, Fair Value	[7],[8],[17]	$ 49,000
Investment Owned, Net Assets, Percentage	[7],[8],[17]	0.04%

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of June 30, 2024, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of June 30, 2024, the Company is not an “affiliated person” of any of its portfolio companies.

[4] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

[5] Loan includes interest rate floor of 1.00%.

[6] Assets or a portion thereof are pledged as collateral for the Citibank Funding Facility (as defined below). See Note 6 “Debt”.

[7] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

[8] Loan includes interest rate floor of 0.75%.

[9] Loan includes interest rate floor of 0.50%.

[10] Loan includes interest rate floor of 1.00%.

[11] Assets or a portion thereof are pledged as collateral for the Citibank Funding Facility (as defined below). See Note 6 “Debt”.

[12] These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by or under the direction of the Company’s Valuation Designee (the “Valuation Designee”), under the supervision of the Company’s Board of Directors (the “Board of Directors” or “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

[13] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E"), LIBOR ("L" or “LIBOR”) or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 3-month E at 3.91%, 1-month S at 5.35%, 3-month S at 5.33%, 6-month S at 5.16% and the P at 8.50%.

[14] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2023. Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueFirst Lien DebtAWP Group Holdings, Inc.Delayed Draw Term Loan08/01/2025$1,324 $(20)AWP Group Holdings, Inc.Revolver12/24/2029416 (6)Avalara, Inc.Revolver10/19/2028636 — Bradyifs Holdings, LLCDelayed Draw Term Loan10/31/2025244 (3)Bradyifs Holdings, LLCRevolver10/31/2029248 (5)Bullhorn, Inc.Revolver09/30/2026320 (1)GS AcquisitionCo, Inc.Revolver05/22/2026437 — Galway Borrower, LLCDelayed Draw Term Loan04/28/20242,496 (26)Higginbotham Insurance Agency, Inc.Delayed Draw Term Loan08/23/2025267 — Hyland Software, Inc.Revolver09/19/202986 (1)Integrity Marketing Acquisition, LLCRevolver08/27/2026252 (5)Keystone Agency InvestorsDelayed Draw Term Loan06/03/202469 — MRI Software, LLCRevolver02/10/2027456 (3)PPV Intermediate Holdings, LLCDelayed Draw Term Loan08/31/20251,265 (10)Peter C. Foy & Associates Insurance Services, LLCDelayed Draw Term Loan10/19/20241,500 (7)RSC Acquisition, Inc.Delayed Draw Term Loan02/14/202530 — Sonny's Enterprises, LLCDelayed Draw Term Loan11/05/2024383 — Sonny's Enterprises, LLCRevolver08/05/2027579 — Summit Buyer, LLCDelayed Draw Term Loan08/25/2025788 (19)Summit Buyer, LLCRevolver01/14/202691 (2)Superman Holdings, LLCDelayed Draw Term Loan05/01/2025190 (2)Tank Holding Corp.Delayed Draw Term Loan05/22/2024995 (20)Tidi Legacy Products, Inc.Delayed Draw Term Loan06/19/2025362 (4)Tidi Legacy Products, Inc.Revolver12/19/2029261 (5)Vensure Employer Services, Inc.Delayed Draw Term Loan06/15/2025307 (3)iCIMS, Inc.Delayed Draw Term Loan08/18/20251,094 — iCIMS, Inc.Revolver08/18/2028408 — Total First Lien Debt Unfunded Commitments$15,504 $(142)Total Unfunded Commitments$15,504 $(142)

[15] Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either EURIBOR ("E") or SOFR ("S") or an alternate base rate (commonly based on the Federal Funds Rate ("F") or the U.S. Prime Rate ("P")), each of which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of June 30, 2024. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2024. As of June 30, 2024, the reference rates for our variable rate loans were the 3-month E at 3.71%, 1-month S at 5.34%, 3-month S at 5.32%, 6-month S at 5.25% and the P at 8.50%.

[16] 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 ("$" or "USD") unless otherwise noted, Euro ("€"), Great British Pound ("GBP"), or Canadian dollar ("CAD").

[17] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of June 30, 2024. Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueFirst Lien DebtAWP Group Holdings, Inc. Delayed Draw Term Loan8/1/2025$701 $— AWP Group Holdings, Inc. Revolver12/24/2029281 — Any Hour, LLC Delayed Draw Term Loan5/23/2030693 (5)Any Hour, LLC Revolver5/23/2030301 (4)Aptean, Inc. Delayed Draw Term Loan1/30/2026338 (1)Aptean, Inc. Revolver1/30/2031182 (1)Arcoro Holdings Corp. Revolver3/28/2030261 (3)Artifact Bidco, Inc Delayed Draw Term Loan5/22/2027517 (3)Artifact Bidco, Inc Revolver5/22/2030369 (4)Associations, Inc. Delayed Draw Term Loan7/3/202868 — Associations, Inc. Revolver7/3/202854 —  Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueAvalara, Inc. Revolver10/19/2028$586 $— Bradyifs Holdings, LLC Delayed Draw Term Loan10/31/2025123 — Bradyifs Holdings, LLC Revolver10/31/2029248 — Bullhorn, Inc. Delayed Draw Term Loan9/30/202658 — Bullhorn, Inc. Revolver10/1/2029335 — COP Collisionright Parent, LLC Delayed Draw Term Loan1/29/2026625 (10)COP Collisionright Parent, LLC Revolver1/29/2030162 (3)Consor Intermediate II, LLC Delayed Draw Term Loan5/10/2026458 (2)Consor Intermediate II, LLC Revolver5/12/2031122 (1)Diligent Corporation Delayed Draw Term Loan4/30/2026823 (6)Diligent Corporation Revolver8/4/2030549 (4)EVDR Purchaser, Inc. Delayed Draw Term Loan10/2/2024784 (2)EVDR Purchaser, Inc. Revolver2/14/2031415 (1)Essential Services Holding Corporation Delayed Draw Term Loan6/17/202692 (1)Essential Services Holding Corporation Revolver6/3/203058 (1)Formstack Acquisition Co Delayed Draw Term Loan3/30/2026561 (6)Formstack Acquisition Co Revolver3/28/2030375 (4)Foundation Risk Partners Corp. Delayed Draw Term Loan5/21/2026356 (2)Foundation Risk Partners Corp. Revolver10/29/2029134 (1)GI DI Cornfield Acquisition LLC Delayed Draw Term Loan5/31/20262,000 (15)GS AcquisitionCo, Inc. Delayed Draw Term Loan3/26/202647 — GS AcquisitionCo, Inc. Revolver5/25/2028422 — Galway Borrower, LLC Delayed Draw Term Loan4/28/20242,496 (35)Granicus, Inc. Delayed Draw Term Loan1/17/2026347 (1)Granicus, Inc. Revolver1/17/2031324 (1)GraphPad Software, LLC Delayed Draw Term Loan6/28/2026109 (1)GraphPad Software, LLC Revolver6/30/203141 — HSI Halo Acquisition, Inc Delayed Draw Term Loan6/28/202690 — HSI Halo Acquisition, Inc Revolver6/28/203060 (1)Hercules Borrower LLC Delayed Draw Term Loan4/5/20261,835 (9)Higginbotham Insurance Agency, Inc. Delayed Draw Term Loan3/27/2026604 (3)High Street Buyer, Inc. Delayed Draw Term Loan3/11/2026744 (4)Hootsuite Inc. Revolver5/22/2030300 (4)Hyland Software, Inc. Revolver9/19/2029181 — Icefall Parent, Inc. Revolver1/25/2030261 (5)Integrity Marketing Acquisition, LLC Delayed Draw Term Loan2/3/202368 — Integrity Marketing Acquisition, LLC Revolver8/27/2026252 (1)Invictus Buyer, LLC Delayed Draw Term Loan6/3/2026675 (3) Investments — non-controlled/non-affiliatedCommitment TypeCommitment Expiration DateUnfunded CommitmentFair ValueInvictus Buyer, LLC Revolver6/3/2031$250 $(2)MRI Software, LLC Revolver2/10/2027456 — Mantech International CP Delayed Draw Term Loan6/14/2025406 — Mantech International CP Revolver9/14/2028318 — Model N, Inc. Delayed Draw Term Loan6/27/202698 (1)Model N, Inc. Revolver6/27/203152 (1)PDI TA Holdings, Inc. Delayed Draw Term Loan2/1/2026695 — PDI TA Holdings, Inc. Revolver2/3/2031304 — PPV Intermediate Holdings, LLC Delayed Draw Term Loan8/31/2025633 — Peter C. Foy & Associates Insurance Services, LLC Delayed Draw Term Loan4/23/2026832 (5)Project Potter Buyer, LLC Revolver4/23/202694 — Pye-Barker Fire & Safety, LLC Delayed Draw Term Loan5/24/2026702 (4)Pye-Barker Fire & Safety, LLC Revolver5/24/2030213 (2)RFS Opco LLC Revolver4/4/20291,500 (14)RSC Acquisition, Inc. Delayed Draw Term Loan2/14/20255 — SV Newco 2 Inc Delayed Draw Term Loan5/31/2025937 (7)SV Newco 2 Inc Revolver6/2/2031562 (8)Sonny's Enterprises, LLC Delayed Draw Term Loan11/5/2024304 — Sonny's Enterprises, LLC Revolver8/5/2027579 — Summit Acquisition, Inc. Delayed Draw Term Loan11/1/2024419 — Summit Acquisition, Inc. Revolver5/1/2029210 — Superman Holdings, LLC Delayed Draw Term Loan5/1/2025190 — Tank Holding Corp. Delayed Draw Term Loan9/30/2024825 (15)Tidi Legacy Products, Inc. Delayed Draw Term Loan6/19/2025362 (2)Tidi Legacy Products, Inc. Revolver12/19/2029261 (1)Vehlo Purchaser, LLC Delayed Draw Term Loan5/24/20241,235 (7)Vehlo Purchaser, LLC Revolver5/24/20289 — Vensure Employer Services, Inc. Delayed Draw Term Loan5/15/2025113 — Verdantas LLC Delayed Draw Term Loan12/31/2025351 (3)Verdantas LLC Delayed Draw Term Loan9/30/2025468 (3)Verdantas LLC Delayed Draw Term Loan5/6/20261,140 (8)Verdantas LLC Revolver5/06/2030292 (4)iCIMS, Inc. Delayed Draw Term Loan8/18/2025989 — iCIMS, Inc. Revolver8/18/2028441 — Total First Lien Debt Unfunded Commitments$37,730 $(235)Total Unfunded Commitments$37,730 $(235)

[18] Loan includes interest rate floor of 0.50%.

[19] Position or portion thereof unsettled as of June 30, 2024.

[20] Loan includes interest rate floor of 0.75%.

[21] The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2024 non-qualifying assets represented 2.26% of total assets as calculated in accordance with regulatory requirements.

[22] Non-income producing security.

[23] Securities exempt from registration under the Securities Act of 1933, as amended, and may be deemed to be “restricted securities”. As of June 30, 2024, the aggregate fair value of these securities is $80 or 0.07% of the Company’s net assets. The initial acquisition dates have been included for such securities.

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ORGANIZATION

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

ORGANIZATION

LGAM Private Credit LLC (the “Company”) is a non-diversified, externally managed specialty finance company focused on lending to middle market companies. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company intends to elect to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is not a subsidiary of or consolidated with Morgan Stanley.

The Company was formed as a Delaware limited liability company on February 7, 2023 with the name “LTMS Fund LLC”. The Company changed its name to “LGAM Private Credit LLC” on March 20, 2023. The Company commenced operations on December 1, 2023. The Company has delegated the right to manage the assets of the Company to MS Capital Partners Adviser Inc., as the investment adviser to the Company (the “Adviser” or “Investment Adviser”). The Investment Adviser is an indirect, wholly owned subsidiary of Morgan Stanley.

The Company’s investment objective is to achieve attractive risk-adjusted returns via current income and, to a lesser extent, capital appreciation by investing primarily in directly originated senior secured term loans issued by U.S. middle market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

The Company intends to conduct a continuous private offering (the “Private Offering”) of its units in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), including the exemption provided by Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. The Company is offering one class of its units (the “Units”) in its continuous private offering.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

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

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

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

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, 2024, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: 1585 Koala Holdings LLC (“1585 Koala Holdings”), LGAM Equity Holdings LLC (“Equity Holdings”), LGAM CA

SPV LLC (“CA SPV”) and LGAM Financing SPV LLC (“LGAM SPV LLC” and together with 1585 Koala Holdings, Equity Holdings and CA SPV, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original

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

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company’s Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant). Refer to Note 5 “Fair Value Measurements” for the Company's framework for determining fair value, fair value hierarchies, and the composition of the Company's portfolio.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

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

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are 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 June 30, 2024, the Company had no investments on non-accrual status.

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Units are capitalized as “deferred offering costs” on the Consolidated Statements of Financial Condition and amortized over a twelve-month period from incurrence of such offering of Units. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Units.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.

Income Taxes

The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, the Company did not accrue U.S. federal excise tax.

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. All penalties and interest associated with income taxes, if any, are included in income tax expense.

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual

periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

On December 1, 2023, the Company entered into the investment advisory agreement with the Investment Adviser (the “Investment Advisory Agreement”). The Investment Advisory Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors or the Company’s unitholders, including, in each case, a majority of the directors who are not “interested persons” as defined in Section 2(a)(19) of the 1940 Act (the “Independent Directors”).

The Company pays the Investment Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee are ultimately be borne by the unitholders.

Base Management Fee

The base management fee is calculated at an annual rate of 1.00% of the Company’s average net asset value at the end of the two most recently completed calendar months. All or part of the base management fee not taken as to any month will be deferred without interest and may be taken in any subsequent month prior to the termination of the Investment Advisory Agreement, and any such recoupment would be subject to any applicable expense waiver. Base management fees for any partial month are prorated based on the number of days in the month. The base management fee is payable quarterly in arrears, any base management fees waived are not subject to recoupment by the Investment Adviser. The Investment Adviser has agreed to irrevocably waive the base management fee through June 30, 2024, and such waiver is not subject to recapture.

For the three and six months ended June 30, 2024 base management fees were $261 and $488, and the Investment Adviser irrevocably agreed to waive $261 and $488, respectively. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, base management fees were $0 and $0, respectively. As of June 30, 2024 and December 31, 2023, $0 and $0, respectively, was payable to the Investment Adviser relating to base management fees.

Incentive Fee

The incentive fee consists of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component is based on income and the other component is based on capital gains.

i.Incentive Fees based on Income

Pre-incentive fee net investment income is defined as interest income, distribution income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the base management fee, expenses payable under the Administration Agreement (as defined below) and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee and any servicing fees and/or distribution fees paid to broker dealers. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Adviser is not obligated to return any incentive fee it receives on PIK interest that is later determined to be uncollectible in cash.

Pursuant to the Investment Advisory Agreement, the Company pays the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:

•No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);

•100% of 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 1.4286% in any quarter (5.7143% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.4286%) as the “catch-up.” The “catch-up” is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter; and

•12.5% of the pre-incentive fee net investment income, if any, that exceeds 1.4286% in any calendar quarter (5.7143% annualized), which reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all pre-incentive fee net investment income is paid to the Investment Adviser.

For the three and six months ended June 30, 2024 there were $333 and $617, respectively, income based incentive fees accrued, and the Investment Adviser irrevocably agreed to waive $333 and $617, respectively. For the three months ended June 30, 2023 and for

the period from February 7, 2023 (inception) through June 30, 2023, there were $0 and $0, respectively, income based incentive fees accrued. The Investment Adviser has agreed to irrevocably waive its incentive fee based on net investment income through June 30, 2024 and such waiver is not subject to recapture.

ii. Incentive Fees based on Capital Gains

The second part of the incentive fee is determined on realized capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of the realized capital gains, if any, on a cumulative basis from the date of the Company’s election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Investment Advisory Agreement, 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 (the “Cumulative Capital Gains”).

Under U.S. GAAP, the Company is required to accrue an incentive fee on capital gains, including unrealized capital appreciation even though such unrealized capital appreciation is not included in calculating the incentive fee payable under the Investment Advisory Agreement. If such amount is positive at the end of a period, then the Company records an incentive fee on capital gain incentive fee equal to 12.5% of such amount, less the aggregate amount of any previously paid capital gain incentive fees. If such amount is negative, no accrual is recorded for such period.

For the three and six months ended June 30, 2024, capital gains incentive fees accrued to the Investment Adviser were $64 and $67, respectively. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, capital gains incentive fees accrued to the Investment Adviser were $0 and $0, respectively. The Investment Advisory Agreement does not include unrealized capital appreciation for purposes of calculating the amount payable to the Investment Adviser. Amounts due related to unrealized capital appreciation, if any, will not be paid to the Investment Adviser until realized under the terms of the Investment Advisory Agreement and determined based on the calculation. Incentive fees on Cumulative Capital Gains crystallize at calendar year-end. As of June 30, 2024 and December 31, 2023, $83 and $17, respectively, was payable to the Investment Adviser relating to capital gains incentive fees.

Administration Agreement

MS Private Credit Administrative Services LLC (the “Administrator”) is the administrator of the Company pursuant to the administration agreement between the Company and the Administrator dated December 1, 2023 (the “Administration Agreement”). The Administrator is an indirect, wholly owned subsidiary of Morgan Stanley. Pursuant to the Administration Agreement, the Administrator provides services and receives reimbursements from the Company for its costs and expenses and the Company’s allocable portion of overhead costs incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer. Reimbursement under the Administration Agreement occurs quarterly in arrears. The Administration Agreement has an initial term of two years and continues thereafter from year to year if approved annually by the Board of Directors.

For the three and six months ended June 30, 2024, the Company incurred $11 and $26, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, the Company incurred $0 and $0, respectively, of expenses under the Administration Agreement, which were recorded in administrative service fees on the Consolidated Statements of Operations. As of June 30, 2024 and December 31, 2023, $31 and $5, respectively, was payable for administrative service fees.

Expense Support and Conditional Reimbursement Agreement

On December 1, 2023, the Company entered into an Expense Support and Conditional Reimbursement Agreement with the Investment Adviser (the “Expense Support Agreement”). The Investment Adviser may elect to pay the Company’s expenses on its behalf (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any of the Company’s interest expense. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. The Expense Support Agreement may require the Company to repay the Investment Adviser for previously waived reimbursement of expense payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver; provided, that no reimbursement will be made if the reimbursement payment causes the distribution rate in effect at the time of reimbursement to be lower than the distribution rate at the time the Expense Payment was initially paid by the Adviser on behalf of the Company. Any reimbursement to the Adviser pursuant to the terms of the Expense Support Agreement would be an expense of the Company and would ultimately be borne by its unitholders.

For the three and six months ended June 30, 2024 there were $75 and $297, respectively, of Expense Payments under the Expense Support Agreement, which were recorded under expense support on the Consolidated Statements of Operations. For the three months ended June 30, 2023 and for the period from February 7, 2023 (inception) through June 30, 2023, there were $0 and $0, respectively,

of Expense Payments under the Expense Support Agreement, which were recorded under expense support on the Consolidated Statements of Operations.

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INVESTMENTS

6 Months Ended

Jun. 30, 2024

Schedule of Investments [Abstract]

INVESTMENTS

INVESTMENTS

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2024							December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	173,062	$	173,725	99.7	%		$	99,614	$	99,746	100.0	%
Other Debt Investments	585		585		0.3			—		—		—
Equity	80		80		—		(1)	—		—		—
Total	$	173,727	$	174,390	100.0	%		$	99,614	$	99,746	100.0	%

(1) Amount rounds to less then 0.0%.

The industry composition of investments at fair value was as follows:

	June 30, 2024		December 31, 2023
Aerospace & Defense	1.5	%	—	%
Automobile Components	2.5		4.3
Automobiles	0.9		0.1
Beverages	0.6		1.0
Biotechnology	3.2		3.0
Building Products	2.8		—
Chemicals	2.3		3.9
Commercial Services & Supplies	4.7		1.1
Construction & Engineering	1.4		0.8
Consumer Staples Distribution & Retail	1.7		—
Distributors	5.1		9.3
Diversified Consumer Services	7.2		1.0
Financial Services	0.8		—
Ground Transportation	0.8		—
Health Care Equipment & Supplies	1.3		2.3
Health Care Providers & Services	10.3		15.6
Health Care Technology	2.7		2.8
Industrial Conglomerates	1.1		—
Insurance Services	13.8		21.3
IT Services	2.2		—
Life Sciences Tools & Services	2.8		—
Machinery	0.8		1.0
Multi-Utilities	2.0		2.7
Professional Services	8.3		10.7
Real Estate Management & Development	4.3		9.5
Software	14.9		9.6
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:

	June 30, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
United States	$	169,609	$	170,272	97.6	%	$	99,614	$	99,746	100.0	%
Canada	4,118		4,118		2.4		—		—		—
Total	$	173,727	$	174,390	100.0	%	$	99,614	$	99,746	100.0	%

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

ASC 820 establishes a hierarchical disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instruments and their specific characteristics. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, generally will have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

Level 1—inputs to the valuation methodology are quoted prices available in active markets for identical financial instruments as of the measurement date. The types of financial instruments in this category include unrestricted securities, including equities and derivatives, listed in active markets. The Company will not adjust the quoted price for these instruments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price.

Level 2—inputs to the valuation methodology are quoted prices in markets that are not active or for which all significant inputs are either directly or indirectly observable as of the measurement date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in markets that are not active, and certain over-the-counter derivatives where the fair value is based on observable inputs.

Level 3—inputs to the valuation methodology are unobservable and significant to the overall fair value measurement, and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. The types of financial instruments in this category include investments in privately held entities, non-investment grade residual interests in securitizations and certain over-the-counter derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category within the fair value hierarchy is appropriate for any given financial instrument is based on the lowest level of input that is significant to the fair value measurement. Assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.

Pursuant to the framework set forth above, the Company values securities traded in active markets on the measurement date by multiplying the exchange closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Company may also obtain quotes with respect to certain of the investments from pricing services, brokers or dealers' quotes, or counterparty marks in order to value liquid assets that are not traded in active markets. Pricing services aggregate, evaluate and report pricing from a variety of sources including observed trades of identical or similar securities, broker or dealer quotes, model-based valuations and internal fundamental analysis and research. When doing so, the Company determines whether the quote obtained is sufficient according to U.S. GAAP to determine the fair value of the security. If determined adequate, the Company uses the quote obtained.

Securities that are illiquid or for which the pricing source does not provide a valuation or methodology or provides a valuation or methodology that, in the judgment of the Valuation Designee or the Board of Directors, does not represent fair value, each is valued as of the measurement date using all techniques appropriate under the circumstances and for which sufficient data is available. These valuation techniques may vary by investment but include comparable public market valuations, comparable precedent transaction valuations and discounted cash flow analyses. Non-controlled debt investments are generally fair valued using discounted cash flow technique. Expected cash flows are projected based on contractual terms and discounted back to the measurement date based on a discount rate. Discount rate is determined based upon an assessment of current and expected yields for similar investments and risk profiles. Non-controlled equity investments are generally fair valued using a market approach and/or an income approach. The market approach typically utilizes market value multiples of comparable publicly traded companies. The income approach typically utilizes a discounted cash flow analysis of the portfolio company. The Valuation Designee, under the supervision of the Board of Directors, undertakes a multi-step valuation process each quarter, as described below:

1)each portfolio company or investment is initially valued by using a standardized template designed to approximate fair market value based on observable market inputs and updated credit statistics and unobservable inputs;

2)preliminary valuation conclusions are documented and reviewed by a valuation committee comprised of members of the Investment Adviser’s senior management;

3)the Board of Directors or Valuation Designee engages independent third-party valuation firms to provide positive assurance on a portion of the Company’s illiquid investments each quarter (such that each illiquid investment is reviewed by an independent valuation firm at least once on a rolling twelve month basis) including review of management’s preliminary valuation and conclusion of fair value;

4)the Audit Committee reviews the assessments of the Valuation Designee and the independent third-party valuation firms and provides the Board of Directors with recommendations with respect to the fair value of each investment in the Company’s portfolio; and

5)the Board of Directors discusses the valuation recommendations of the Audit Committee and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Valuation Designee and, where applicable, the third-party valuation firms.

The fair value is generally determined based on the assessment of the following factors, as relevant:

•the nature and realizable value of any collateral;

•call features, put features and other relevant terms of debt;

•the portfolio company’s leverage and ability to make payments;

•the portfolio company’s public or “private letter” credit ratings;

•the portfolio company’s actual and expected earnings and discounted cash flow;

•prevailing interest rates for like securities and expected volatility in future interest rates;

•the markets in which the issuer does business and recent economic and/or market events; and

•comparisons to publicly traded securities.

Investment performance data utilized will be the most recently available as of the measurement date which in many cases may reflect up to a one quarter lag in information.

The Board of Directors is ultimately responsible for the determination, in good faith, of the fair value of the Company’s portfolio investments.

The following tables present the fair value hierarchy of the investments as of:

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	16,726	$	156,999	$	173,725	$	—	$	14,988	$	84,758	$	99,746
Other Debt Investments	—		—		585		585		—		—		—		—
Equity	—		—		80		80		—		—		—		—
Total Investments	$	—	$	16,726	$	157,664	$	174,390	$	—	$	14,988	$	84,758	$	99,746
Cash equivalents	$	3,252	$	—	$	—	$	3,252	$	—	$	—	$	—	$	—

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2024:

	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	104,983	$	—	$	—	$	104,983
Purchases of investments	58,376		577		80		59,033
Proceeds from principal repayments and sales of investments	(6,989)		—		—		(6,989)
Accretion of discount/amortization of premium	87		—		—		87
Payment-in-kind	32		8		—		40
Net change in unrealized appreciation (depreciation)	510		—		—		510
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	483	$	—	$	—	$	483

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2024:

	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	84,758	$	—	$	—	$	84,758
Purchases of investments	83,392		577		80		84,049
Proceeds from principal repayments and sales of investments	(8,015)				—		(8,015)
Accretion of discount/amortization of premium	142		—		—		142
Payment-in-kind	52		8		—		60
Net change in unrealized appreciation (depreciation)	545		—		—		545
Net realized gains (losses)	3		—		—		3
Transfers into/out of Level 3(1)	(3,878)		—		—		(3,878)
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	534	$	—	$	—	$	534

(1)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2024 and December 31, 2023, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2024
Asset Category	Fair Value		Valuation Technique (3)	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	156,999	Yield Analysis	Discount Rate	9.10	%	11.67	%	10.44	%
Unsecured Debt	585		Yield Analysis	Discount Rate					9.90	%
Preferred Equity	79		Yield Analysis	Discount Rate					9.88	%
Common Equity	1		Market Approach	EBITDA Multiple					15.00x
Total Investments	$	157,664

	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	84,758	Yield Analysis	Discount Rate	9.72	%	12.01	%	10.83	%
Total Investments	$	84,758

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

(2) For an asset category that contains a single investment, the range is not included.

(3) During the six months ended June 30, 2024, no positions transitioned techniques or valuation approaches.

The significant unobservable input used in yield analysis is discount rate based on comparable market yields. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. The significant unobservable input used in the market approach is the comparable company multiple. The multiple is used to estimate the enterprise value of the underlying investment. An increase/decrease in the multiple would result in an increase/decrease, respectively, in the fair value.

Financial instruments disclosed but not carried at fair value

The Company’s debt, including its credit facility, is presented at carrying value on the Consolidated Statements of Financial Condition. The fair value of the Company’s credit facility is estimated in accordance with the Company’s valuation policy. The carrying value and fair value of the Company’s debt were as follows:

	June 30, 2024					December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Citibank Funding Facility	3	$	66,000	$	66,000	$	22,000	$	22,000
Total		$	66,000	$	66,000	$	22,000	$	22,000

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

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DEBT

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

The Company’s outstanding debt obligations were as follows:

	June 30, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
Citibank Funding Facility	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000
Total	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000

The Company’s summary information of its debt obligations were as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2024			June 30, 2023	June 30, 2024			June 30, 2023
Combined weighted average interest rate(1)	8.16		%	—%	8.17		%	—	%
Combined weighted average effective interest rate (2)	9.11		%	—%	9.20		%	—%
Combined weighted average debt outstanding	$	37,841		$—	$	31,374		$—

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

There was no debt outstanding for the period from February 7, 2023 (inception) through June 30, 2023.

Citibank Funding Facility

On December 4, 2023, LGAM SPV LLC entered into a Credit and Security Agreement (the “Credit and Security Agreement”) with LGAM SPV LLC, as the borrower, the lenders party thereto (the “Lenders”), Citibank, N.A. (“Citibank”), as the administrative agent for the Lenders, the Company, as the collateral manager and equityholder, U.S. Bank Trust Company, National Association, as collateral administrator and collateral agent, and U.S. Bank National Association, as document custodian, pursuant to which the Lenders have agreed to extend credit to LGAM SPV LLC in an aggregate principal amount up to $200 million at any one time outstanding, with up to an additional $550 million available pursuant to an accordion feature (the “Citibank Funding Facility”).

The Citibank Funding Facility is a revolving funding facility with a reinvestment period ending December 4, 2026 and a final maturity date of December 4, 2028. Advances under the Citibank Funding Facility are available in US dollars, British Pounds, Euros or Canadian dollars and such advances bear interest at a rate equal to an applicable margin plus a benchmark rate based on Term SOFR, SONIA, the EURIBOR Rate or Daily Compounded CORRA, as applicable (or, if such rate is not available, a benchmark replacement) (each as defined in the Credit and Security Agreement) or (b) a “base rate” (which is a rate per annum equal to the highest of a prime rate, the federal funds rate plus 0.50%, and the applicable benchmark for a three-month period plus 1.00%). The applicable margin with respect to advances under the Citibank Funding Facility is 2.85% (or 3.35% after the reinvestment period).

The obligations of LGAM SPV LLC under the Citibank Funding Facility are secured by all of the assets held by LGAM SPV LLC (the “Collateral”), including certain corporate loans and corporate debt securities that the Company has originated or acquired, or will originate or acquire, from time to time (the “Portfolio Investments”), to be sold, contributed or otherwise transferred by the Company to LGAM SPV LLC pursuant to the terms of the Sale and Contribution Agreement dated as of December 4, 2023 (the “Sale and Contribution Agreement” and, together with the Credit and Security Agreement, the “Agreements”) between the Company and LGAM SPV LLC, entered into in connection with the Citibank Funding Facility. Under the Agreements, the Company and LGAM SPV LLC, as applicable, have made customary representations and warranties regarding the Portfolio Investments, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on disposition of Portfolio Investments, reporting requirements and other customary requirements for similar revolving funding facilities. The Credit and Security Agreement includes usual and customary affirmative and negative covenants and events of default for revolving funding facilities of this nature. As of June 30, 2024, the Company was in compliance with all covenants and other requirements of the Citibank Funding Facility.

The summary information of the Citibank Funding Facility is as follows:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Borrowing interest expense	$	781	$	—	$	1,295	$	—
Facility unused commitment fees	204		—		427		—
Amortization of deferred financing costs	91		—		164		—
Total	$	1,076	$	—	$	1,886	$	—

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2024 and December 31, 2023, the Company had $37,730 and $15,504, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

WAREHOUSE TRANSACTION

On March 8, 2023 (which was further amended on July 6, 2023 and October 6, 2023), the Company entered into a facility agreement with an unaffiliated third party to acquire its initial portfolio investments by purchasing certain investments owned and held by such third party concurrently with the initial closing of the Private Offering on December 1, 2023. The Company’s obligation to purchase such investments was conditional upon satisfying certain conditions, and the company made customary representations and warranties.

On December 1, 2023, the Company satisfied the conditions set forth in the facility agreement and purchased an initial portfolio of $81.03 million of gross commitments that consisted primarily of directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

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MEMBERS' CAPITAL

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

MEMBERS' CAPITAL

MEMBERS’ CAPITAL

Equity

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

	As of
	June 30, 2024		December 31, 2023
Net distributable earnings (losses), beginning of period	$	192	$	—
Net investment income (loss)	5,147		692
Net realized gain (loss)	3		—
Net unrealized appreciation (depreciation)	532		132
Dividends declared	(5,004)		(638)
Tax reclassification of unitholders' equity	—		6
Net distributable earnings (losses), end of period	$	870	$	192

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the six months ended June 30, 2024:

Unit Issuance Date	Units Issued	Proceeds Received
January 01, 2024	166,242	$	3,331
February 01, 2024	273,008	5,477
March 01, 2024	181,929	3,661
April 01, 2024	221,212	4,453
May 01, 2024	202,466	4,078
June 01, 2024	195,918	3,962
Total	1,240,775	$	24,962

The Company did not hold a closing of the continuous private offering for the period from February 7, 2023 (inception) through June 30, 2023.

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1503
February 27, 2024	February 29, 2024	March 05, 2024	0.1505
March 25, 2024	March 31, 2024	April 04, 2024	0.1551
April 25, 2024	April 30, 2024	May 03, 2024	0.1552
May 28, 2024	May 31, 2024	June 05, 2024	0.1553
June 25, 2024	June 28, 2024	July 03, 2024	0.2304		(1)
Total Distributions			$	0.9968

(1) Includes a special distribution of $0.0745 per unit

The Company did not declare a distribution for the period from February 7, 2023 (inception) through June 30, 2023.

Distribution Reinvestment Plan

The Company has adopted an “opt in” distribution reinvestment plan (“DRIP”). As a result, if the Company declares a cash distribution, unitholders that specifically opt in to the DRIP will have their cash distributions automatically reinvested in additional Units. Unitholders who receive distributions in the form of Units will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those unitholders will not receive cash with which to pay any application taxes.

The Company did not issue any Units pursuant to the DRIP plan for the six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023.

Unit Repurchase Program

At the discretion of the Board of Directors, the Company may repurchase, in each quarter, up to 5% of the outstanding Units (either by number of Units or aggregate net asset value) as of such quarter end pursuant to a quarterly unit repurchase program. Units purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be unissued Units.

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

For the six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, no Units were repurchased.

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EARNINGS (LOSS) PER UNIT

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER UNIT

EARNINGS (LOSS) PER UNIT

The following table sets forth the computation of basic and diluted earnings per Unit:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Net increase (decrease) in Members' Capital from operations	$	3,176	$	(71)	$	5,682	$	(166)
Weighted average Units outstanding	5,293,948		—		4,976,710		—
Basic and diluted earnings (loss) per Unit	$	0.60	$	—	$	1.14	$	—

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CONSOLIDATED FINANCIAL HIGHLIGHTS

6 Months Ended

Jun. 30, 2024

Investment Company [Abstract]

CONSOLIDATED FINANCIAL HIGHLIGHTS

CONSOLIDATED FINANCIAL HIGHLIGHTS

The following are the financial highlights:

	For the Six Months Ended June 30, 2024			For the period from February 7, 2023 (inception) through June 30, 2023
Per Unit Data:(1)
Members' capital, beginning of period	$	20.04		$	—
Net investment income (loss)	1.03			—
Net unrealized and realized gain (loss)(2)	0.11			—
Net increase (decrease) in members; capital resulting from operations	1.14			—
Dividends declared	(1.00)			—
Total increase (decrease) in members' capital	0.14			—
Members' capital, end of period	$	20.18		$	—
Units outstanding, end of period	5,492,025			—
Weighted average Units outstanding	4,976,710			—
Total return based on members' capital(3)	5.78		%	—		%
Ratio/Supplemental Data:
Members' capital, end of period	$	110,851		$	141
Ratio of expenses before waivers to average members' capital(4)	6.70		%	—		%
Ratio of net expenses to average members' capital(4)	4.69		%	—		%
Ratio of net investment income to average members' capital(4)	10.24		%	—		%
Asset coverage ratio(5)	267.96		%	—		%
Portfolio turnover rate	8.68		%	—		%

(1)    The per unit data was derived by using the weighted average units outstanding during the applicable period, except otherwise noted.

(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 (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)    Amounts are annualized except for incentive fees, organization and offering costs and expense support.

(5)    Effective November 30, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to November 30, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

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WAREHOUSE TRANSACTION

6 Months Ended

Jun. 30, 2024

Loss Contingency [Abstract]

WAREHOUSE TRANSACTION

COMMITMENTS AND CONTINGENCIES

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

The Company’s investment portfolio contains debt investments which are in the form of lines of credit or delayed draw commitments, which require us to provide funding when requested by portfolio companies in accordance with underlying loan agreements. As of June 30, 2024 and December 31, 2023, the Company had $37,730 and $15,504, respectively, of unfunded commitments to fund delayed draw and revolving senior secured loans, respectively.

WAREHOUSE TRANSACTION

On March 8, 2023 (which was further amended on July 6, 2023 and October 6, 2023), the Company entered into a facility agreement with an unaffiliated third party to acquire its initial portfolio investments by purchasing certain investments owned and held by such third party concurrently with the initial closing of the Private Offering on December 1, 2023. The Company’s obligation to purchase such investments was conditional upon satisfying certain conditions, and the company made customary representations and warranties.

On December 1, 2023, the Company satisfied the conditions set forth in the facility agreement and purchased an initial portfolio of $81.03 million of gross commitments that consisted primarily of directly originated senior secured term loans issued by U.S. middle-market companies in which private equity sponsors have a controlling equity stake in the portfolio company.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the consolidated financial statements were issued. There have been no subsequent events that require recognition or disclosure through the date the consolidated financial statements were issued, except as disclosed below.

July Issuances and Distribution Declarations

Pursuant to the Company’s continuous private offering, the Company issued approximately 265,989 Units for an aggregate offering price of $5.4 million effective July 1, 2024.

On July 25, 2024, the Board of Directors of the Company declared a distribution to unitholders of record in the amount of $0.1556 per unit and payable on August 5, 2024 as of July 31, 2024.

August Issuances

Pursuant to the Company’s continuous private offering, the Company held a close relating to the sale of the Company’s Units for an aggregate offering price of $5.4 million effective August 1, 2024.

Credit Facility Amendment

On July 2, 2024, LGAM SPV LLC entered into a first amendment (the “First Amendment”) to the Citibank Funding Facility. The First Amendment amended the Citibank Funding Facility to, among other things, extend the ramp-up period and adjust certain terms related to advance rates and restricted payments.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Pay vs Performance Disclosure
Net increase (decrease) in members' capital resulting from operations	$ 3,176	$ (71)	$ (166)	$ 5,682

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Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”).

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

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Such amounts could differ from those estimates and such differences could be material. Management’s estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. Assumptions and estimates regarding the valuation of investments involve a higher degree of judgment and complexity and these assumptions and estimates may be significant to the consolidated financial statements.

Consolidation

Consolidation

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

The Company has formed wholly-owned subsidiaries for the purpose of holding certain investments in portfolio companies made by the Company. As of June 30, 2024, the Company’s wholly owned subsidiaries were formed as Delaware limited liability companies and included: 1585 Koala Holdings LLC (“1585 Koala Holdings”), LGAM Equity Holdings LLC (“Equity Holdings”), LGAM CA

SPV LLC (“CA SPV”) and LGAM Financing SPV LLC (“LGAM SPV LLC” and together with 1585 Koala Holdings, Equity Holdings and CA SPV, the “subsidiaries”). The Company consolidates its wholly-owned subsidiaries in these consolidated financial statements from the date of the respective subsidiary’s formation.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original

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

Investments

Investments

Investment transactions are recorded on the trade date. Receivables/payables from investments sold/purchased on the Consolidated Statements of Financial Condition consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

The Company’s Board of Directors (the “Board of Directors” or the “Board”), with the assistance of the Company’s audit committee (the “Audit Committee”), determines the fair value of the Company’s investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”) issued by the FASB. The Board of Directors has delegated to the Investment Adviser as the valuation designee (the “Valuation Designee”) the responsibility of determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors, pursuant to Rule 2a-5 under the 1940 Act. As such, the Valuation Designee is charged with determining the fair value of the Company’s investment portfolio, subject to oversight of the Board of Directors. ASC 820 defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value is a market-based measurement, not an entity-specific measurement. For some investments, observable market transactions or market information might be available. For other investments, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same—to estimate the price when an orderly transaction to sell the investment would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant).

Interest Income and PIK Income

Interest Income

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective investment using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt investment, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

PIK Income

The Company has debt investments in its portfolio that contain payment-in-kind (“PIK”) provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in PIK income on the Consolidated Statements of Operations. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to unitholders in the form of distributions in order for the Company to qualify as a RIC, even though the Company has not yet collected cash.

Dividend Income

Dividend Income

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

Other Income

Other Income

The Company may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment and syndication fees as well as fees for managerial assistance rendered by the Company to the portfolio companies. Such fees are recognized in income when earned or when the services are rendered and there is no uncertainty or contingency related to the amount to be received.

Non-Accrual Investments

Non-Accrual Investments

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are 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.

Organization and Offering Costs

Organization and Offering Costs

Costs associated with the organization of the Company are expensed as incurred. These costs consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Units are capitalized as “deferred offering costs” on the Consolidated Statements of Financial Condition and amortized over a twelve-month period from incurrence of such offering of Units. These costs consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offerings of its Units.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the Company’s borrowings. The aforementioned costs are amortized using the straight-line method over each instrument’s term. Deferred financing costs related to a revolving credit facility is presented separately as an asset on the Company’s Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes

The Company intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its unitholders as distributions.

In order to qualify as a RIC, the Company must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Company is generally required to pay income taxes only on the portion of its taxable income and gains it does not distribute.

The minimum distribution requirements applicable to RICs require the Company to distribute to its unitholders at least 90% of its investment company taxable income (the “ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a distribution declared prior to filing the final tax return related to the year which generated such ICTI.

In addition, based on the excise distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. For the three and six months ended June 30, 2024 and for the period from February 7, 2023 (inception) through June 30, 2023, the Company did not accrue U.S. federal excise tax.

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. All penalties and interest associated with income taxes, if any, are included in income tax expense.

New Accounting Pronouncements

New Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU 2023-09”). ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual

periods beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on its consolidated financial statements.

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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Investments [Abstract]

Schedule of Investments

The composition of the Company’s investment portfolio at cost and fair value was as follows:

	June 30, 2024							December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value			Cost		Fair Value		% of Total Investments at Fair Value
First Lien Debt	$	173,062	$	173,725	99.7	%		$	99,614	$	99,746	100.0	%
Other Debt Investments	585		585		0.3			—		—		—
Equity	80		80		—		(1)	—		—		—
Total	$	173,727	$	174,390	100.0	%		$	99,614	$	99,746	100.0	%

(1) Amount rounds to less then 0.0%.

The industry composition of investments at fair value was as follows:

	June 30, 2024		December 31, 2023
Aerospace & Defense	1.5	%	—	%
Automobile Components	2.5		4.3
Automobiles	0.9		0.1
Beverages	0.6		1.0
Biotechnology	3.2		3.0
Building Products	2.8		—
Chemicals	2.3		3.9
Commercial Services & Supplies	4.7		1.1
Construction & Engineering	1.4		0.8
Consumer Staples Distribution & Retail	1.7		—
Distributors	5.1		9.3
Diversified Consumer Services	7.2		1.0
Financial Services	0.8		—
Ground Transportation	0.8		—
Health Care Equipment & Supplies	1.3		2.3
Health Care Providers & Services	10.3		15.6
Health Care Technology	2.7		2.8
Industrial Conglomerates	1.1		—
Insurance Services	13.8		21.3
IT Services	2.2		—
Life Sciences Tools & Services	2.8		—
Machinery	0.8		1.0
Multi-Utilities	2.0		2.7
Professional Services	8.3		10.7
Real Estate Management & Development	4.3		9.5
Software	14.9		9.6
Total	100.0	%	100.0	%

The geographic composition of investments at cost and fair value was as follows:

	June 30, 2024						December 31, 2023
	Cost		Fair Value		% of Total Investments at Fair Value		Cost		Fair Value		% of Total Investments at Fair Value
United States	$	169,609	$	170,272	97.6	%	$	99,614	$	99,746	100.0	%
Canada	4,118		4,118		2.4		—		—		—
Total	$	173,727	$	174,390	100.0	%	$	99,614	$	99,746	100.0	%

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Portfolio Investments by Level in the Fair Value Hierarchy

The following tables present the fair value hierarchy of the investments as of:

	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	16,726	$	156,999	$	173,725	$	—	$	14,988	$	84,758	$	99,746
Other Debt Investments	—		—		585		585		—		—		—		—
Equity	—		—		80		80		—		—		—		—
Total Investments	$	—	$	16,726	$	157,664	$	174,390	$	—	$	14,988	$	84,758	$	99,746
Cash equivalents	$	3,252	$	—	$	—	$	3,252	$	—	$	—	$	—	$	—

Changes in Level III Portfolio Investments

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the three months ended June 30, 2024:

	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	104,983	$	—	$	—	$	104,983
Purchases of investments	58,376		577		80		59,033
Proceeds from principal repayments and sales of investments	(6,989)		—		—		(6,989)
Accretion of discount/amortization of premium	87		—		—		87
Payment-in-kind	32		8		—		40
Net change in unrealized appreciation (depreciation)	510		—		—		510
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	483	$	—	$	—	$	483

The following table presents changes in the fair value of the investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2024:

	First Lien Debt		Other Debt Investments		Equity		Total Investments
Fair value, beginning of period	$	84,758	$	—	$	—	$	84,758
Purchases of investments	83,392		577		80		84,049
Proceeds from principal repayments and sales of investments	(8,015)				—		(8,015)
Accretion of discount/amortization of premium	142		—		—		142
Payment-in-kind	52		8		—		60
Net change in unrealized appreciation (depreciation)	545		—		—		545
Net realized gains (losses)	3		—		—		3
Transfers into/out of Level 3(1)	(3,878)		—		—		(3,878)
Fair value, end of period	$	156,999	$	585	$	80	$	157,664
Net change in unrealized appreciation (depreciation) from investments still held as of June 30, 2024	$	534	$	—	$	—	$	534

(1)Transfer of portfolio investments within the three-level hierarchy is recorded during the period of such reclassification occurrence at the fair value as of the beginning of the respective period. Generally, reclassifications are primarily due to increase/decrease of price transparency

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of June 30, 2024 and December 31, 2023, respectively. The tables are not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

	June 30, 2024
Asset Category	Fair Value		Valuation Technique (3)	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	156,999	Yield Analysis	Discount Rate	9.10	%	11.67	%	10.44	%
Unsecured Debt	585		Yield Analysis	Discount Rate					9.90	%
Preferred Equity	79		Yield Analysis	Discount Rate					9.88	%
Common Equity	1		Market Approach	EBITDA Multiple					15.00x
Total Investments	$	157,664

	December 31, 2023
	Fair Value		Valuation Technique	Unobservable Input	Range (2)				Weighted Average(1)
					Low		High
First Lien Debt	$	84,758	Yield Analysis	Discount Rate	9.72	%	12.01	%	10.83	%
Total Investments	$	84,758

(1) Weighted average is calculated by weighting the significant unobservable input by the relative fair value of the investment.

(2) For an asset category that contains a single investment, the range is not included.

(3) During the six months ended June 30, 2024, no positions transitioned techniques or valuation approaches.

Schedule of Carrying Values and Fair Values of Debt

The carrying value and fair value of the Company’s debt were as follows:

	June 30, 2024					December 31, 2023
	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Citibank Funding Facility	3	$	66,000	$	66,000	$	22,000	$	22,000
Total		$	66,000	$	66,000	$	22,000	$	22,000

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DEBT (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The Company’s outstanding debt obligations were as follows:

	June 30, 2024						December 31, 2023
	Aggregate Principal Committed		Outstanding Principal		Unused Portion		Aggregate Principal Committed		Outstanding Principal		Unused Portion
Citibank Funding Facility	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000
Total	$	200,000	$	66,000	$	134,000	$	200,000	$	22,000	$	178,000

The Company’s summary information of its debt obligations were as follows:

	For the Three Months Ended				For the Six Months Ended
	June 30, 2024			June 30, 2023	June 30, 2024			June 30, 2023
Combined weighted average interest rate(1)	8.16		%	—%	8.17		%	—	%
Combined weighted average effective interest rate (2)	9.11		%	—%	9.20		%	—%
Combined weighted average debt outstanding	$	37,841		$—	$	31,374		$—

(1) Excludes unused fees and financing costs.

(2) Excludes unused fees.

The summary information of the Citibank Funding Facility is as follows:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Borrowing interest expense	$	781	$	—	$	1,295	$	—
Facility unused commitment fees	204		—		427		—
Amortization of deferred financing costs	91		—		164		—
Total	$	1,076	$	—	$	1,886	$	—

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MEMBERS' CAPITAL (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Schedule of Distributable Earnings

The following table shows the components of net distributable earnings (accumulated losses) as shown on the Consolidated Statements of Financial Condition:

	As of
	June 30, 2024		December 31, 2023
Net distributable earnings (losses), beginning of period	$	192	$	—
Net investment income (loss)	5,147		692
Net realized gain (loss)	3		—
Net unrealized appreciation (depreciation)	532		132
Dividends declared	(5,004)		(638)
Tax reclassification of unitholders' equity	—		6
Net distributable earnings (losses), end of period	$	870	$	192

Schedule of Units Issued

The following table summarizes the total Units issued and proceeds received from the closings of the Company’s continuous private offering that occurred for the six months ended June 30, 2024:

Unit Issuance Date	Units Issued	Proceeds Received
January 01, 2024	166,242	$	3,331
February 01, 2024	273,008	5,477
March 01, 2024	181,929	3,661
April 01, 2024	221,212	4,453
May 01, 2024	202,466	4,078
June 01, 2024	195,918	3,962
Total	1,240,775	$	24,962

Schedule of Dividends Declared and Payable

The following table summarizes the Company’s distributions declared and payable for the six months ended June 30, 2024:

Date Declared	Record Date	Payment Date	Per Unit Amount
January 29, 2024	January 31, 2024	February 05, 2024	$	0.1503
February 27, 2024	February 29, 2024	March 05, 2024	0.1505
March 25, 2024	March 31, 2024	April 04, 2024	0.1551
April 25, 2024	April 30, 2024	May 03, 2024	0.1552
May 28, 2024	May 31, 2024	June 05, 2024	0.1553
June 25, 2024	June 28, 2024	July 03, 2024	0.2304		(1)
Total Distributions			$	0.9968

(1) Includes a special distribution of $0.0745 per unit

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EARNINGS (LOSS) PER UNIT (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings per Unit

The following table sets forth the computation of basic and diluted earnings per Unit:

	For the Three Months Ended June 30, 2024		For the Three Months Ended June 30, 2023		For the Six Months Ended June 30, 2024		For the period from February 7, 2023 (inception) through June 30, 2023
Net increase (decrease) in Members' Capital from operations	$	3,176	$	(71)	$	5,682	$	(166)
Weighted average Units outstanding	5,293,948		—		4,976,710		—
Basic and diluted earnings (loss) per Unit	$	0.60	$	—	$	1.14	$	—

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CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2024

Investment Company [Abstract]

Schedule of Financial Highlights

The following are the financial highlights:

	For the Six Months Ended June 30, 2024			For the period from February 7, 2023 (inception) through June 30, 2023
Per Unit Data:(1)
Members' capital, beginning of period	$	20.04		$	—
Net investment income (loss)	1.03			—
Net unrealized and realized gain (loss)(2)	0.11			—
Net increase (decrease) in members; capital resulting from operations	1.14			—
Dividends declared	(1.00)			—
Total increase (decrease) in members' capital	0.14			—
Members' capital, end of period	$	20.18		$	—
Units outstanding, end of period	5,492,025			—
Weighted average Units outstanding	4,976,710			—
Total return based on members' capital(3)	5.78		%	—		%
Ratio/Supplemental Data:
Members' capital, end of period	$	110,851		$	141
Ratio of expenses before waivers to average members' capital(4)	6.70		%	—		%
Ratio of net expenses to average members' capital(4)	4.69		%	—		%
Ratio of net investment income to average members' capital(4)	10.24		%	—		%
Asset coverage ratio(5)	267.96		%	—		%
Portfolio turnover rate	8.68		%	—		%

(1)    The per unit data was derived by using the weighted average units outstanding during the applicable period, except otherwise noted.

(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 (not annualized) is calculated assuming a purchase of units at the opening of the first day of the period and a sale on the closing of the last business day of the period. Distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s DRIP.

(4)    Amounts are annualized except for incentive fees, organization and offering costs and expense support.

(5)    Effective November 30, 2023, in accordance with Section 61(a)(2) of the 1940 Act, with certain limited exceptions, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Prior to November 30, 2023, in accordance with the 1940 Act, with certain limited exceptions, the Company was allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, was at least 200% after such borrowing.

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		3 Months Ended		5 Months Ended	6 Months Ended
	Dec. 01, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Management fees		$ 261	$ 0	$ 0	$ 488
Management fees waived		261	0	0	488
Management fees payable		0			0	$ 0
Income based incentive fees		333	0	0	617
Capital gains incentive fees		64	0	0	67
Capital gains based incentive fee payable		83			83	17
Administrative service fees		11	0	0	26
Payable to affiliates		30			30	308
Expense support		75	$ 0	$ 0	$ 297
Related Party
Related Party Transaction [Line Items]
Base management fee rate					1.00%
Related Party | Investment Advisory Agreement
Related Party Transaction [Line Items]
Initial term (in years)	2 years
Related Party | Quarterly hurdle rate
Related Party Transaction [Line Items]
Incentive rate					1.25%
Related Party | Annualized hurdle rate
Related Party Transaction [Line Items]
Incentive rate					5.00%
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Below Catch Up Threshold
Related Party Transaction [Line Items]
Incentive rate					100.00%
Related Party | Incentive Fee Rate Quarterly Catch Up Threshold
Related Party Transaction [Line Items]
Incentive rate					1.4286%
Related Party | Incentive Fee Rate Annualized Catch Up Threshold
Related Party Transaction [Line Items]
Incentive rate					5.7143%
Related Party | Incentive Fee Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold
Related Party Transaction [Line Items]
Incentive rate					12.50%
Related Party | Incentive Fee Rate Realized Capital Gains
Related Party Transaction [Line Items]
Incentive rate					12.50%
Related Party | Administration Agreement
Related Party Transaction [Line Items]
Initial term (in years)					2 years
Payable to affiliates		$ 31			$ 31	$ 5
Related Party | Expense Support Agreement
Related Party Transaction [Line Items]
Initial term (in years)	3 years
Payment period	45 days

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INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended	11 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Cost	$ 173,727	$ 99,614	[1],[2]
Fair Value	$ 174,390	99,746	[1]
Automobile Components
Schedule of Investments [Line Items]
Cost		4,240
Fair Value		4,331
Automobiles
Schedule of Investments [Line Items]
Cost		108
Fair Value		97
Chemicals
Schedule of Investments [Line Items]
Cost		3,857
Fair Value		3,878
Commercial Services & Supplies
Schedule of Investments [Line Items]
Cost		1,039
Fair Value		1,035
Construction & Engineering
Schedule of Investments [Line Items]
Cost		784
Fair Value		791
Distributors
Schedule of Investments [Line Items]
Cost		9,259
Fair Value		9,307
Health Care Equipment & Supplies
Schedule of Investments [Line Items]
Cost		2,341
Fair Value		2,342
Health Care Providers & Services
Schedule of Investments [Line Items]
Cost		15,703
Fair Value		15,598
Health Care Technology
Schedule of Investments [Line Items]
Cost		2,786
Fair Value		2,793
Insurance Services
Schedule of Investments [Line Items]
Cost		21,225
Fair Value		21,275
Multi-Utilities
Schedule of Investments [Line Items]
Cost		2,682
Fair Value		2,686
Professional Services
Schedule of Investments [Line Items]
Cost		10,683
Fair Value		10,659
Real Estate Management & Development
Schedule of Investments [Line Items]
Cost		9,452
Fair Value		9,455
Software
Schedule of Investments [Line Items]
Cost		9,476
Fair Value		$ 9,526
Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	100.00%	100.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Aerospace & Defense
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	1.50%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Automobile Components
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.50%	4.30%
Investment Owned at Fair Value | Investment Type Concentration Risk | Automobiles
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.90%	0.10%
Investment Owned at Fair Value | Investment Type Concentration Risk | Beverages
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.60%	1.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Biotechnology
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	3.20%	3.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Building Products
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.80%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Chemicals
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.30%	3.90%
Investment Owned at Fair Value | Investment Type Concentration Risk | Commercial Services & Supplies
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	4.70%	1.10%
Investment Owned at Fair Value | Investment Type Concentration Risk | Construction & Engineering
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	1.40%	0.80%
Investment Owned at Fair Value | Investment Type Concentration Risk | Consumer Staples Distribution & Retail
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	1.70%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Distributors
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	5.10%	9.30%
Investment Owned at Fair Value | Investment Type Concentration Risk | Diversified Consumer Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	7.20%	1.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Financial Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.80%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Ground Transportation
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.80%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Health Care Equipment & Supplies
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	1.30%	2.30%
Investment Owned at Fair Value | Investment Type Concentration Risk | Health Care Providers & Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	10.30%	15.60%
Investment Owned at Fair Value | Investment Type Concentration Risk | Health Care Technology
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.70%	2.80%
Investment Owned at Fair Value | Investment Type Concentration Risk | Industrial Conglomerates
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	1.10%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Insurance Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	13.80%	21.30%
Investment Owned at Fair Value | Investment Type Concentration Risk | IT Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.20%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Life Sciences Tools & Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.80%	0.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Machinery
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.80%	1.00%
Investment Owned at Fair Value | Investment Type Concentration Risk | Multi-Utilities
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.00%	2.70%
Investment Owned at Fair Value | Investment Type Concentration Risk | Professional Services
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	8.30%	10.70%
Investment Owned at Fair Value | Investment Type Concentration Risk | Real Estate Management & Development
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	4.30%	9.50%
Investment Owned at Fair Value | Investment Type Concentration Risk | Software
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	14.90%	9.60%
United States
Schedule of Investments [Line Items]
Cost	$ 169,609	$ 99,614
Fair Value	$ 170,272	$ 99,746
United States | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	97.60%	100.00%
Canada
Schedule of Investments [Line Items]
Cost	$ 4,118	$ 0
Fair Value	$ 4,118	$ 0
Canada | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	2.40%	0.00%
First Lien Debt
Schedule of Investments [Line Items]
Cost	$ 173,062	$ 99,614
Fair Value	$ 173,725	$ 99,746
First Lien Debt | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	99.70%	100.00%
Other Debt Investments
Schedule of Investments [Line Items]
Cost	$ 585	$ 0
Fair Value	$ 585	$ 0
Other Debt Investments | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.30%	0.00%
Equity
Schedule of Investments [Line Items]
Cost	$ 80	$ 0
Fair Value	$ 80	$ 0
Equity | Investment Owned at Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
% of Total Investments at Fair Value	0.00%	0.00%

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

[2] The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.

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FAIR VALUE MEASUREMENTS - Fair Value Levels (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 174,390	$ 99,746	[1]
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Cash equivalents	3,252	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	16,726	14,988
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	157,664	84,758
Cash equivalents	0	0
Level 1, Level 2, and Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	174,390	99,746
Cash equivalents	3,252	0
First Lien Debt | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
First Lien Debt | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	16,726	14,988
First Lien Debt | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	156,999	84,758
First Lien Debt | Level 1, Level 2, and Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	173,725	99,746
Other Debt Investments | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other Debt Investments | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Other Debt Investments | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	585	0
Other Debt Investments | Level 1, Level 2, and Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	585	0
Equity | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Equity | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	80	0
Equity | Level 1, Level 2, and Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 80	$ 0

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

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FAIR VALUE MEASUREMENTS - Level III Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 104,983	$ 84,758
Purchases of investments	59,033	84,049
Proceeds from principal repayments and sales of investments	(6,989)	(8,015)
Accretion of discount/amortization of premium	87	142
Payment-in-kind	40	60
Total gains (losses) included in earnings	510
Transfers into/out of Level 3		(3,878)
Fair value, end of period	157,664	157,664
Net change in unrealized appreciation (depreciation) from investments still held	483	534
Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		$ 545
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Non-controlled/non-affiliated investments
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Non-controlled/non-affiliated investments
Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		$ 3
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Net realized gain (loss)
First Lien Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	104,983	$ 84,758
Purchases of investments	58,376	83,392
Proceeds from principal repayments and sales of investments	(6,989)	(8,015)
Accretion of discount/amortization of premium	87	142
Payment-in-kind	32	52
Total gains (losses) included in earnings	510
Transfers into/out of Level 3		(3,878)
Fair value, end of period	156,999	156,999
Net change in unrealized appreciation (depreciation) from investments still held	483	534
First Lien Debt | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		545
First Lien Debt | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		3
Other Debt Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	0	0
Purchases of investments	577	577
Proceeds from principal repayments and sales of investments	0
Accretion of discount/amortization of premium	0	0
Payment-in-kind	8	8
Total gains (losses) included in earnings	0
Transfers into/out of Level 3		0
Fair value, end of period	585	585
Net change in unrealized appreciation (depreciation) from investments still held	0	0
Other Debt Investments | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		0
Other Debt Investments | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		0
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	0	0
Purchases of investments	80	80
Proceeds from principal repayments and sales of investments	0	0
Accretion of discount/amortization of premium	0	0
Payment-in-kind	0	0
Total gains (losses) included in earnings	0
Transfers into/out of Level 3		0
Fair value, end of period	80	80
Net change in unrealized appreciation (depreciation) from investments still held	$ 0	0
Equity | Net change in unrealized appreciation (depreciation)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		0
Equity | Net realized gains (losses)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) included in earnings		$ 0

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FAIR VALUE MEASUREMENTS - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 174,390	$ 99,746	[1]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	157,664	84,758
Level 3 | First Lien Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	156,999	84,758
Level 3 | First Lien Debt | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 84,758
Level 3 | First Lien Debt | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 156,999
Level 3 | First Lien Debt | Low | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.0972
Level 3 | First Lien Debt | Low | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0910
Level 3 | First Lien Debt | High | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.1201
Level 3 | First Lien Debt | High | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1167
Level 3 | First Lien Debt | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input		0.1083
Level 3 | First Lien Debt | Weighted Average | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1044
Level 3 | Other Security Investments, Unsecured Debt | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 585
Level 3 | Other Security Investments, Unsecured Debt | Weighted Average | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0990
Level 3 | Preferred Equity | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 79
Level 3 | Preferred Equity | Weighted Average | Discount Rate | Yield Analysis
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0988
Level 3 | Common Equity | EBITDA Multiple | Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1
Level 3 | Common Equity | Weighted Average | EBITDA Multiple | Market Approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	15

[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain portfolio company investments are subject to contractual restrictions on sales. Under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “1940 Act”), the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of December 31, 2023, the Company does not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owns 5% or more of the portfolio company’s outstanding voting securities. As of December 31, 2023, the Company is not an “affiliated person” of any of its portfolio companies.

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FAIR VALUE MEASUREMENTS - Carrying Value and Fair Value of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 66,000	$ 22,000
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	66,000	22,000
Citibank Funding Facility | Line of Credit | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	66,000	22,000
Citibank Funding Facility | Line of Credit | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 66,000	$ 22,000

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DEBT - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 04, 2023
Debt Instrument [Line Items]
Aggregate Principal Committed	$ 200,000	$ 200,000
Outstanding Principal	66,000	22,000
Unused Portion	134,000	178,000
Citibank Funding Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate Principal Committed	200,000	200,000	$ 200,000
Outstanding Principal	66,000	22,000
Unused Portion	$ 134,000	$ 178,000

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DEBT - Summary Information of Debt Obligations (Details) - USD ($) $ in Thousands	3 Months Ended			5 Months Ended	6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Debt Disclosure [Abstract]
Combined weight average interest rate	8.16%		0.00%	0.00%	8.17%
Combined weighted average effective interest rate	9.11%		0.00%	0.00%	9.20%
Combined weighted average debt outstanding	$ 37,841	$ 0	$ 0	$ 0	$ 31,374

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DEBT - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended			5 Months Ended	6 Months Ended
	Dec. 04, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Combined weighted average debt outstanding		$ 37,841	$ 0	$ 0	$ 0	$ 31,374
Aggregate principal amount		200,000				200,000	$ 200,000
Citibank Funding Facility | Base Rate
Debt Instrument [Line Items]
Interest rate	0.50%
Citibank Funding Facility | Base Rate | Variable Rate Component One
Debt Instrument [Line Items]
Interest rate	1.00%
Citibank Funding Facility | SOFR, SONIA, EURIBOR, Or CDOR | Variable Rate Component One
Debt Instrument [Line Items]
Interest rate	2.85%
Citibank Funding Facility | SOFR, SONIA, EURIBOR, Or CDOR | Variable Rate Component Two
Debt Instrument [Line Items]
Interest rate	3.35%
Citibank Funding Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount	$ 200,000	$ 200,000				$ 200,000	$ 200,000
Maximum borrowing capacity	$ 550,000

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DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Debt Instrument [Line Items]
Amortization of deferred financing costs			$ 0	$ 164
Total	$ 1,076	$ 0	0	1,886
Citibank Funding Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing interest expense	781	0	0	1,295
Facility unused commitment fees	204	0	0	427
Amortization of deferred financing costs	91	0	0	164
Total	$ 1,076	$ 0	$ 0	$ 1,886

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Delayed Draw and Revolving Senior Secured Loans
Financial Support for Nonconsolidated Legal Entity [Line Items]
Unfunded commitments	$ 37,730	$ 15,504

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MEMBERS' CAPITAL - Schedule of Distributable Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended	11 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Investment Company, Net Assets [Roll Forward]
Net distributable earnings (losses), beginning of period				$ 192
Net investment income (loss)	$ 2,664	$ (71)	$ (166)	5,147
Net realized gain (loss)	0	0	0	3
Net unrealized appreciation (depreciation)	512	0	0	532
Dividends declared	(2,878)	$ 0	0	(5,004)
Net distributable earnings (losses), end of period	870			870	$ 192
Retained Earnings
Investment Company, Net Assets [Roll Forward]
Net distributable earnings (losses), beginning of period			$ 0	192	0
Net investment income (loss)				5,147	692
Net realized gain (loss)				3	0
Net unrealized appreciation (depreciation)				532	132
Dividends declared				(5,004)	(638)
Tax reclassification of unitholders' equity				0	6
Net distributable earnings (losses), end of period	$ 870			$ 870	$ 192

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MEMBERS' CAPITAL - Units Issued (Details) - USD ($) $ in Thousands							3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 01, 2024	May 01, 2024	Apr. 01, 2024	Mar. 01, 2024	Feb. 01, 2024	Jan. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Equity [Abstract]
Units issued (in units)	195,918	202,466	221,212	181,929	273,008	166,242				1,240,775
Proceeds Received	$ 3,962	$ 4,078	$ 4,453	$ 3,661	$ 5,477	$ 3,331	$ 12,493	$ 25	$ 25	$ 24,962

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MEMBERS' CAPITAL - Distributions Declared and Payable (Details) - $ / shares							6 Months Ended
	Jun. 28, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Jun. 30, 2024
Equity [Abstract]
Per Unit Amount (in dollars per unit)	$ 0.2304	$ 0.1553	$ 0.1552	$ 0.1551	$ 0.1505	$ 0.1503	$ 0.9968
Special distribution (in dollars per share)	$ 0.0745

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MEMBERS' CAPITAL - Narrative (Details)	Jun. 30, 2024
Equity [Abstract]
Percent of unit authorized to be purchased each quarter	5.00%

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EARNINGS (LOSS) PER UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024
Earnings Per Share [Abstract]
Net increase (decrease) in Members' Capital from operations	$ 3,176	$ (71)	$ (166)	$ 5,682
Weighted average Units outstanding - basic (in units)	5,293,948	0	0	4,976,710
Weighted average Units outstanding - diluted (in units)	5,293,948	0	0	4,976,710
Basic earnings (loss) per Unit (in dollars per unit)	$ 0.60	$ 0	$ 0	$ 1.14
Diluted earnings (loss) per Unit (in dollars per unit)	$ 0.60	$ 0	$ 0	$ 1.14

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CONSOLIDATED FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Members' capital, beginning of period (in dollars per unit)			$ 0	$ 20.04
Net income (loss) (in dollars per unit)	$ 0.50	$ 0	0	1.03
Net unrealized and realized gain (loss) (in dollars per unit)			0	0.11
Net increase (decrease) in net assets resulting from operations (in dollars per unit)			0	1.14
Dividends declared (in dollars per unit)	(0.54)	0	0	(1.00)
Total increase (decrease) in net assets (in dollars per unit)			0	0.14
Members' capital, end of period (in dollars per unit)	$ 20.18	$ 0	$ 0	$ 20.18
Class I Units outstanding, end of period (in units)	5,492,025	0	0	5,492,025	4,251,250
Weighted average units outstanding - basic (in units)	5,293,948	0	0	4,976,710
Weighted average units outstanding - diluted (in units)	5,293,948	0	0	4,976,710
Total return based on net asset value			0.00%	5.78%
Ratio/Supplemental Data:
Members' capital, end of period	$ 110,851	$ 141	$ 141	$ 110,851
Ratio of expenses before waivers to average Members' Capital			0.00%	6.70%
Ratio of net expenses to average Members' Capital			0.00%	4.69%
Ratio of net investment income to average Members' Capital			0.00%	10.24%
Asset coverage ratio	267.96%	0.00%	0.00%	267.96%
Portfolio turnover rate			0.00%	8.68%

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WAREHOUSE TRANSACTION (Details) $ in Thousands	Dec. 01, 2023 USD ($)
Loss Contingency [Abstract]
Gross commitments	$ 81,030

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SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions										6 Months Ended
	Aug. 01, 2024	Jul. 25, 2024	Jul. 01, 2024	Jun. 28, 2024	May 31, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024	Jan. 31, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Per Unit Amount (in dollars per unit)				$ 0.2304	$ 0.1553	$ 0.1552	$ 0.1551	$ 0.1505	$ 0.1503	$ 0.9968
Subsequent Event
Subsequent Event [Line Items]
Per Unit Amount (in dollars per unit)		$ 0.1556
Subsequent Event | Private Placement
Subsequent Event [Line Items]
Number of shares issued (in units)			265,989
Offering price	$ 5.4		$ 5.4