New Mountain Guardian IV BDC L.L.C. 10-Q13 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-56437
Entity Registrant Name	New Mountain Guardian IV BDC, L.L.C.
Entity Address, Address Line One	1633 Broadway, 48th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	720-0300
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-1377220
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,525,081
Entity Central Index Key	0001925531
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Consolidated Statements of Asse

Consolidated Statements of Assets, Liabilities and Members' Capital - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Assets
Non-controlled/non-affiliated investments at fair value (cost of $341,278 and $123,436, respectively)	$ 348,965	[1]	$ 123,211	[2]
Cash and cash equivalents	34,982		5,793
Interest and dividend receivable	3,365		826
Receivable from unsettled securities sold	719		0
Other assets	123		130
Total assets	388,154		129,960
Borrowings
Deferred financing costs (net of accumulated amortization of $270 and $11, respectively)	(1,542)		(24)
Net borrowings	123,458		53,676
Payable for unsettled securities purchased	15,674		0
Distribution payable	4,142		1,336
Interest payable	1,337		363
Incentive fee payable	674		208
Management fee payable	661		111
Total liabilities	147,541		56,443
Commitments and contingencies (See Note 8)
Members' Capital
Common units, 23,525,081 and 7,525,831 units issued and outstanding, respectively	234,676		74,684
Accumulated underdistributed (overdistributed) earnings	5,937		(1,167)
Total members' capital	240,613		73,517
Total liabilities and members' capital	$ 388,154		$ 129,960
Common units, units issued (in shares)	23,525,081		7,525,831
Common units, units outstanding (in shares)	23,525,081		7,525,831
Members' capital per unit (in dollars per share)	$ 10.23		$ 9.77
Affiliates
Borrowings
Payable to affiliates/ Other liabilities	$ 150		$ 167
Nonrelated Party
Borrowings
Payable to affiliates/ Other liabilities	1,445		582
UBS Credit Facility
Borrowings
Credit Facility/ Subscription Line	125,000		0
BMO Subscription Line
Borrowings
Credit Facility/ Subscription Line	$ 0		$ 53,700

[1]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Consolidated Statements of As_2

Consolidated Statements of Assets, Liabilities and Members' Capital (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Statement of Financial Position [Abstract]
Investments, cost	$ 341,278	[1]	$ 123,436	[2]
Deferred financing costs, accumulated amortization	$ 270		$ 11
Common units, units issued (in shares)	23,525,081		7,525,831
Common units, units outstanding (in shares)	23,525,081		7,525,831

[1]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment income
Interest income	$ 8,182	$ 1,150	$ 18,685	$ 1,286	[1]
PIK interest income	668	0	967	0	[1]
Dividend income	26	23	75	25	[1]
Fee income	1,162	831	2,216	1,402	[1]
Total investment income	10,038	2,004	21,943	2,713	[1]
Expenses
Interest and other financing expenses	3,797	392	8,522	424	[1]
Management fee	675	280	1,489	376	[1]
Incentive fee	674	137	1,454	137	[1]
Organizational and offering expenses	569	179	987	884	[1]
Administrative expenses	299	225	862	370	[1]
Professional fees	200	168	617	259	[1]
Other general and administrative expenses	116	33	270	60	[1]
Total expenses	6,330	1,414	14,201	2,510	[1]
Less: management fees waived (See Note 5)	(14)	(185)	(295)	(249)	[1]
Less: expenses waived (See Note 5)	(95)	0	(201)	0	[1]
Net expenses	6,221	1,229	13,705	2,261	[1]
Net investment income (loss)	3,817	775	8,238	452	[2]
Net realized gains (losses) on investments	1	0	1	0	[1]
Net change in unrealized appreciation (depreciation) of investments	4,469	(650)	7,912	(884)	[3]
Net realized and unrealized gains (losses)	4,470	(650)	7,913	(884)	[1]
Net increase (decrease) in members' capital resulting from operations	$ 8,287	$ 125	$ 16,151	$ (432)	[3]
Earnings (loss) per unit - basic (in dollars per share)	$ 0.62	$ 0.04	$ 1.63	$ (0.19)	[1]
Earnings (loss) per unit - diluted (in dollars per share)	$ 0.62	$ 0.04	$ 1.63	$ (0.19)	[1]
Weighted average common units outstanding - basic (in shares)	13,436,959	2,871,043	9,928,134	2,263,817	[1]
Weighted average common units outstanding - diluted (in shares)	13,436,959	2,871,043	9,928,134	2,263,817	[1]

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[2]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[3]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Consolidated Statements of Chan

Consolidated Statements of Changes in Members' Capital - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in members' capital resulting from operations:
Net investment income (loss)	$ 3,817	$ 775		$ 8,238	$ 452	[1]
Net realized gains (losses) on investments	1	0		1	0	[2]
Net change in unrealized appreciation (depreciation) of investments	4,469	(650)		7,912	(884)	[3]
Net increase (decrease) in members' capital resulting from operations	8,287	125		16,151	(432)	[3]
Capital transactions
Contributions	150,167	15,200		159,992	39,779	[1]
Placement fees	(14)	(25)		(14)	(25)	[1]
Distributions declared to unitholders from net investment income	(4,142)	(1,092)		(9,033)	(1,268)	[1]
Total net (decrease) increase in members' capital resulting from capital transactions	146,011	14,083		150,945	38,486	[1]
Net increase in members' capital	154,298	14,208		167,096	38,054	[1]
Members' capital at the beginning of the period	86,315	23,847		73,517	1	[1]
Members' capital at the end of the period	$ 240,613	$ 38,055	[1]	$ 240,613	$ 38,055	[1]
Capital unit activity
Units issued (in shares)	15,016,750	1,520,000		15,999,250	3,977,900	[1]

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[2]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[3]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase (decrease) in members' capital resulting from operations	$ 16,151	$ (432)	[1]
Adjustments to reconcile net increase (decrease) in members' capital resulting from operations to net cash used in operating activities:
Net realized (gains) losses on investments	(1)	0	[2]
Net change in unrealized (appreciation) depreciation of investments	(7,912)	884	[1]
Amortization of purchase discount	(1,048)	(41)	[1]
Amortization of deferred financing costs	259	7	[1]
Amortization of deferred offering costs	66	60	[1]
Non-cash investment income	(625)	0	[1]
(Increase) decrease in operating assets:
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities	42	49	[1]
Receivable from unsettled securities sold	(719)	0	[1]
Interest and dividend receivable	(2,539)	(596)	[1]
Other assets	(60)	(55)	[1]
Increase (decrease) in operating liabilities:
Payable for unsettled securities purchased	15,674	0	[1]
Interest payable	974	173	[1]
Management fee payable	550	95	[1]
Incentive fee payable	466	137	[1]
Payable to affiliates	(17)	121	[1]
Other liabilities	864	1,039	[1]
Net cash flows used in operating activities	(194,084)	(82,417)	[1]
Cash flows from financing activities
Distributions	(6,227)	(176)	[1]
Net proceeds from issuance of common units	159,992	39,779	[1]
Placement fees paid	(42)	0	[1]
Deferred offering costs paid	0	(1)	[1]
Deferred financing costs paid	(1,750)	(32)	[1]
Net cash flows provided by financing activities	223,273	97,170	[1]
Net (decrease) increase in cash and cash equivalents	29,189	14,753	[1]
Cash and cash equivalents at the beginning of the period	5,793	1	[1]
Cash and cash equivalents at the end of the period	34,982	14,754	[1]
Supplemental disclosure of cash flow information
Cash interest paid	6,854	244	[1]
Non-cash financing activities:
Distributions declared and payable	4,143	1,092	[1]
Accrual for deferred credit facility costs	27	3	[1]
Accrual for placement fees	0	25	[1]
Accrual for deferred offering costs	0	151	[1]
Investments including delayed draw facilities
(Increase) decrease in operating assets:
Cash paid for purchase of investments	(217,131)	(83,830)	[1]
Investments excluding drawn revolvers
(Increase) decrease in operating assets:
Proceeds from sales and paydowns/ repayments of investments	1,766	38	[1]
Drawn revolving credit facilities
(Increase) decrease in operating assets:
Cash paid for purchase of investments	(309)	(55)	[1]
Drawn revolvers
(Increase) decrease in operating assets:
Cash paid for purchase of investments	(1,732)	(51)	[1]
Proceeds from sales and paydowns/ repayments of investments	1,197	40	[1]
BMO Subscription Line
Cash flows from financing activities
Proceeds from lines of credit	192,100	95,600	[1]
Repayment of lines of credit	(245,800)	(38,000)	[1]
UBS Credit Facility
Cash flows from financing activities
Proceeds from lines of credit	132,700	0	[1]
Repayment of lines of credit	$ (7,700)	$ 0	[1]

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[2]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands		8 Months Ended		9 Months Ended
		Dec. 31, 2022		Sep. 30, 2023
Spread	[1],[2],[3]			6.75%
Interest Rate	[1],[2],[3]			12.14%
Cost		$ 123,436	[4]	$ 341,278	[5]
Fair Value		$ 123,211	[4]	$ 348,965	[5]
Percent of Net Assets		94.81%		145.04%
Percent of Total Investments at Fair Value		100%		100%
Software
Cost		$ 60,274		$ 142,499
Fair Value		$ 60,506		$ 144,943
Software \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		49.11%		41.54%
Business Services
Cost		$ 29,285		$ 105,292
Fair Value		$ 29,035		$ 106,767
Business Services \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		23.57%		30.60%
Healthcare
Cost		$ 14,727		$ 33,279
Fair Value		$ 14,506		$ 33,546
Healthcare \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		11.77%		9.61%
Education
Cost		$ 5,442		$ 19,719
Fair Value		$ 5,858		$ 20,708
Education \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		4.75%		5.93%
Food & Beverage
Cost				$ 16,469
Fair Value				$ 19,015
Food & Beverage \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value				5.45%
Consumer Services
Cost		$ 6,343		$ 12,950
Fair Value		$ 6,138		$ 12,879
Consumer Services \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		4.98%		3.69%
Distribution & Logistics
Cost		$ 5,459		$ 5,510
Fair Value		$ 5,321		$ 5,589
Distribution & Logistics \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		4.32%		1.60%
Financial Services
Cost		$ 1,906		$ 5,180
Fair Value		$ 1,847		$ 5,202
Financial Services \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value		1.50%		1.49%
Packaging \| Investments at fair value \| Industry Type
Percent of Total Investments at Fair Value				0.09%
Funded Debt Investments
Principal Amount, Par Value		$ 128,592		$ 356,617
Cost		122,720		340,052
Fair Value		$ 122,989		$ 347,897
Percent of Net Assets		94.64%		144.59%
Funded Debt Investments \| United States
Principal Amount, Par Value		$ 120,763		$ 348,789
Cost		114,984		332,306
Fair Value		$ 115,307		$ 340,069
Percent of Net Assets		88.73%		141.33%
Funded Debt Investments \| United Kingdom
Principal Amount, Par Value		$ 4,375		$ 4,374
Cost		4,334		4,339
Fair Value		$ 4,280		$ 4,374
Percent of Net Assets		3.29%		1.82%
Funded Debt Investments \| Australia
Principal Amount, Par Value		$ 3,454		$ 3,454
Cost		3,402		3,407
Fair Value		$ 3,402		$ 3,454
Percent of Net Assets		2.62%		1.44%
Equity
Cost		$ 779		$ 1,356
Fair Value		$ 763		$ 1,366
Percent of Net Assets		0.59%		0.57%
Equity \| United States
Cost		$ 779		$ 1,356
Fair Value		$ 763		$ 1,366
Percent of Net Assets		0.59%		0.57%
Funded Investments
Cost		$ 123,499		$ 341,408
Fair Value		$ 123,752		$ 349,263
Percent of Net Assets		95.23%		145.16%
Unfunded Debt Investments
Principal Amount, Par Value		$ 36,202		$ 92,279
Cost		(63)		(130)
Fair Value		$ (541)		$ (298)
Percent of Net Assets		(0.42%)		(0.12%)
Unfunded Debt Investments \| United States
Principal Amount, Par Value		$ 35,882
Cost		(58)
Fair Value		$ (536)
Percent of Net Assets		(0.42%)
Unfunded Debt Investments \| Australia
Principal Amount, Par Value		$ 320		$ 320
Cost		(5)		(4)
Fair Value		$ (5)		$ 0
Percent of Net Assets		(0.00%)		0%
First lien
Cost		$ 100,860		$ 306,305
Fair Value		$ 99,866		$ 311,775
First lien \| Investments at fair value \| Investment Type
Percent of Total Investments at Fair Value		81.05%		89.34%
Second lien
Cost		$ 10,991		$ 14,041
Fair Value		$ 11,852		$ 16,111
Second lien \| Investments at fair value \| Investment Type
Percent of Total Investments at Fair Value		9.62%		4.62%
Subordinated
Cost		$ 10,806		$ 19,576
Fair Value		$ 10,730		$ 19,713
Subordinated \| Investments at fair value \| Investment Type
Percent of Total Investments at Fair Value		8.71%		5.65%
Equity and other
Cost		$ 779		$ 1,356
Fair Value		$ 763		$ 1,366
Equity and other \| Investments at fair value \| Investment Type
Percent of Total Investments at Fair Value		0.62%		0.39%
Floating rates \| Investments at fair value \| Interest Rate Type
Percent of Total Investments at Fair Value		93.17%		93.45%
Fixed rates \| Investments at fair value \| Interest Rate Type
Percent of Total Investments at Fair Value		6.83%		6.55%
Sierra Enterprises, LLC \| Funded Debt Investments
Principal Amount, Par Value				$ 20,515
Cost				16,469
Fair Value				$ 19,015
Percent of Net Assets				7.90%
Syndigo LLC \| Funded Debt Investments
Principal Amount, Par Value				$ 18,696
Cost				17,276
Fair Value				$ 17,565
Percent of Net Assets				7.30%
More cowbell II LLC \| Funded Debt Investments
Principal Amount, Par Value				$ 12,553
Cost				12,459
Fair Value				$ 12,457
Percent of Net Assets				5.18%
More cowbell II LLC \| Unfunded Debt Investments
Principal Amount, Par Value				$ 2,719
Cost				(10)
Fair Value				$ (10)
Percent of Net Assets				(0.00%)
iCIMS, Inc. \| Funded Debt Investments
Principal Amount, Par Value				$ 12,536
Cost				12,444
Fair Value				$ 12,411
Percent of Net Assets				5.16%
iCIMS, Inc. \| Unfunded Debt Investments
Principal Amount, Par Value		$ 3,460		$ 3,592
Cost		(8)		(7)
Fair Value		$ (8)		$ (8)
Percent of Net Assets		(0.01%)		(0.00%)
Kaseya Inc \| Funded Debt Investments
Principal Amount, Par Value				$ 7,964
Cost				7,914
Fair Value				$ 7,964
Percent of Net Assets				3.31%
Kaseya Inc \| Unfunded Debt Investments
Principal Amount, Par Value		$ 952	[6]	$ 804
Cost		(3)	[6]	(3)
Fair Value		$ (14)	[6]	$ 0
Percent of Net Assets		(0.01%)		0%
Infogain Corporation \| Funded Debt Investments
Principal Amount, Par Value		$ 5,900		$ 5,879
Cost		5,836		5,821
Fair Value		$ 5,775		$ 5,879
Percent of Net Assets		4.44%		2.44%
Radwell Parent, LLC \| Funded Debt Investments
Principal Amount, Par Value				$ 5,589
Cost				5,515
Fair Value				$ 5,589
Percent of Net Assets				2.32%
IMO Investor Holdings, Inc.
Principal Amount, Par Value	[2]			$ 4,941
Cost	[2]			4,901
Fair Value	[2]			$ 4,831
Percent of Net Assets				2.01%
IMO Investor Holdings, Inc. \| Funded Debt Investments
Principal Amount, Par Value		$ 4,697
Cost		4,655
Fair Value		$ 4,650
Percent of Net Assets		3.58%
IMO Investor Holdings, Inc. \| Unfunded Debt Investments
Principal Amount, Par Value		$ 1,540		$ 1,260
Cost		(5)		(5)
Fair Value		$ (16)		$ (28)
Percent of Net Assets		(0.01%)		(0.01%)
Smile Doctors LLC \| Funded Debt Investments
Principal Amount, Par Value	[2]			$ 4,536
Cost	[2]			4,499
Fair Value	[2]			$ 4,501
Percent of Net Assets				1.87%
Smile Doctors LLC \| Unfunded Debt Investments
Principal Amount, Par Value				$ 1,008
Cost				0
Fair Value				$ (8)
Percent of Net Assets				(0.00%)
Foreside Financial Group \| Funded Debt Investments
Principal Amount, Par Value				$ 3,674
Cost				3,647
Fair Value				$ 3,674
Percent of Net Assets				1.53%
Foreside Financial Group \| Unfunded Debt Investments
Principal Amount, Par Value		$ 743		$ 656
Cost		(2)		(2)
Fair Value		$ (7)		$ 0
Percent of Net Assets		(0.01%)		0%
KWOR Acquisition, Inc. \| Funded Debt Investments
Principal Amount, Par Value				$ 2,487
Cost				2,466
Fair Value				$ 2,487
Percent of Net Assets				1.03%
AWP group Holdings, Inc \| Funded Debt Investments
Principal Amount, Par Value				$ 2,218
Cost				2,197
Fair Value				$ 2,197
Percent of Net Assets				0.91%
AWP group Holdings, Inc \| Unfunded Debt Investments
Principal Amount, Par Value				$ 1,270
Cost				(2)
Fair Value				$ (12)
Percent of Net Assets				(0.00%)
KENG Acquisition, Inc. \| Funded Debt Investments
Principal Amount, Par Value				$ 2,144
Cost				2,118
Fair Value				$ 2,118
Percent of Net Assets				0.88%
KENG Acquisition, Inc. \| Unfunded Debt Investments
Principal Amount, Par Value				$ 1,626
Cost				(6)
Fair Value				$ (21)
Percent of Net Assets				(0.01%)
Trident Bidco Limited \| Funded Debt Investments
Principal Amount, Par Value		$ 4,375	[7]	$ 4,374
Cost		4,334	[7]	4,339
Fair Value		$ 4,280	[7]	$ 4,374
Percent of Net Assets		3.29%		1.82%
Affinipay Midco, LLC \| Unfunded Debt Investments
Principal Amount, Par Value		$ 866		$ 867
Cost		(2)		(2)
Fair Value		$ (9)		$ 0
Percent of Net Assets		(0.01%)		0%
CoreTrust Purchasing Group LLC \| Unfunded Debt Investments
Principal Amount, Par Value		$ 2,960		$ 2,960
Cost		(20)		(19)
Fair Value		$ (44)		$ 0
Percent of Net Assets		(0.03%)		0%
Coupa Holdings, LLC \| Unfunded Debt Investments
Principal Amount, Par Value				$ 3,103
Cost				(15)
Fair Value				$ 0
Percent of Net Assets				0%
PPV Intermediate Holdings LLC \| Funded Debt Investments
Principal Amount, Par Value		$ 5,915
Cost		5,859
Fair Value		$ 5,800
Percent of Net Assets		4.46%
PPV Intermediate Holdings LLC \| Unfunded Debt Investments
Principal Amount, Par Value		$ 1,086		$ 17,510
Cost		(2)		(4)
Fair Value		$ (21)		$ 0
Percent of Net Assets		(0.02%)		0%
Groundworks, LLC \| Unfunded Debt Investments
Principal Amount, Par Value				$ 556
Cost				(2)
Fair Value				$ (9)
Percent of Net Assets				(0.00%)
DOCS, MSO, LLC \| Unfunded Debt Investments
Principal Amount, Par Value		$ 1,340		$ 776
Cost		0		0
Fair Value		$ (37)		$ (12)
Percent of Net Assets		(0.03%)		(0.00%)
Sun Acquirer Corp \| Unfunded Debt Investments
Principal Amount, Par Value				$ 91,959
Cost				(126)
Fair Value				$ (298)
Percent of Net Assets				(0.12%)
Investment, Identifier [Axis]: AWP Group Holdings, Inc. First lien
Spread	[1],[2],[3]			5.50%
Interest Rate	[1],[2],[3]			10.99%
Principal Amount, Par Value	[1],[2]			$ 2,001
Cost	[1],[2]			1,981
Fair Value	[1],[2]			$ 1,981
Investment, Identifier [Axis]: AWP Group Holdings, Inc. First lien - Drawn 1
Spread	[2],[3],[8]			5.50%
Interest Rate	[2],[3],[8]			10.99%
Principal Amount, Par Value	[2],[8]			$ 166
Cost	[2],[8]			165
Fair Value	[2],[8]			$ 165
Investment, Identifier [Axis]: AWP Group Holdings, Inc. First lien - Drawn 2
Spread	[2],[3],[8]			5.50%
Interest Rate	[2],[3],[8]			10.99%
Principal Amount, Par Value	[2],[8]			$ 51
Cost	[2],[8]			51
Fair Value	[2],[8]			51
Investment, Identifier [Axis]: AWP Group Holdings, Inc. First lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			244
Cost	[2],[8]			(2)
Fair Value	[2],[8]			(2)
Investment, Identifier [Axis]: AWP Group Holdings, Inc. First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			1,026
Cost	[2],[8]			0
Fair Value	[2],[8]			(10)
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. First lien - Undrawn
Principal Amount, Par Value	[2],[8]			4,500
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien
Spread		5.75%	[9],[10]	5.50%	[1],[2],[3]
Interest Rate		10.64%	[9],[10]	10.39%	[1],[2],[3]
Principal Amount, Par Value		$ 4,180	[9]	$ 4,148	[1],[2]
Cost		4,141	[9]	4,114	[1],[2]
Fair Value		$ 4,138	[9]	$ 4,148	[1],[2]
Percent of Net Assets		3.19%		1.72%
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien - Undrawn 1
Principal Amount, Par Value		$ 279	[9],[11]	$ 588	[2],[8]
Cost		(2)	[9],[11]	0	[2],[8]
Fair Value		(3)	[9],[11]	0	[2],[8]
Investment, Identifier [Axis]: Affinipay Midco, LLC, First lien - Undrawn 2
Principal Amount, Par Value		587	[9],[11]	279	[2],[8]
Cost		0	[9],[11]	(2)	[2],[8]
Fair Value		$ (6)	[9],[11]	$ 0	[2],[8]
Investment, Identifier [Axis]: Al Altius US Bidco, Inc, First lien
Spread	[1],[2],[3]			5.08%
Interest Rate	[1],[2],[3]			10.57%
Principal Amount, Par Value	[1],[2]			$ 1,744
Cost	[1],[2]			1,727
Fair Value	[1],[2]			$ 1,732
Percent of Net Assets				0.72%
Investment, Identifier [Axis]: Anaplan, Inc, First lien
Spread	[1],[2],[3]			6.50%
Interest Rate	[1],[2],[3]			11.82%
Principal Amount, Par Value	[1],[2]			$ 3,000
Cost	[1],[2]			2,975
Fair Value	[1],[2]			$ 3,000
Percent of Net Assets				1.25%
Investment, Identifier [Axis]: Anaplan, Inc., First lien
Spread	[9],[10]	6.50%
Interest Rate	[9],[10]	10.82%
Principal Amount, Par Value	[9]	$ 3,000
Cost	[9]	2,972
Fair Value	[9]	$ 2,970
Percent of Net Assets		2.29%
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, First lien
Spread		7.25%	[7],[10]	7.25%	[1],[2],[3],[12]
Interest Rate		11.48%	[7],[10]	12.58%	[1],[2],[3],[12]
Principal Amount, Par Value		$ 3,454	[7]	$ 3,454	[1],[2],[12]
Cost		3,402	[7]	3,407	[1],[2],[12]
Fair Value		$ 3,402	[7]	$ 3,454	[1],[2],[12]
Percent of Net Assets		2.62%		1.44%
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, First lien - Undrawn
Principal Amount, Par Value		$ 320	[7],[11]	$ 320	[2],[8],[12]
Cost		(5)	[7],[11]	(4)	[2],[8],[12]
Fair Value		$ (5)	[7],[11]	$ 0	[2],[8],[12]
Percent of Net Assets		(0.00%)		0%
Investment, Identifier [Axis]: Avalara, Inc. First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 795
Cost	[2],[8]			(8)
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Avalara, Inc., First lien
Spread	[9],[10]	7.25%
Interest Rate	[9],[10]	11.83%
Principal Amount, Par Value	[9]	$ 7,954
Cost	[9]	7,857
Fair Value	[9]	$ 7,886
Percent of Net Assets		6.07%
Investment, Identifier [Axis]: Avalara, Inc., First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 795
Cost	[9],[11]	(10)
Fair Value	[9],[11]	$ (7)
Percent of Net Assets		(0.01%)
Investment, Identifier [Axis]: Avalara,Inc, First lien
Spread	[1],[2],[3]			7.25%
Interest Rate	[1],[2],[3]			12.64%
Principal Amount, Par Value	[1],[2]			$ 7,955
Cost	[1],[2]			7,867
Fair Value	[1],[2]			$ 7,955
Percent of Net Assets				3.31%
Investment, Identifier [Axis]: Barracuda Parent, LLC, First lien
Spread		4.50%	[10]	4.50%	[1],[3]
Interest Rate		8.59%	[10]	9.87%	[1],[3]
Principal Amount, Par Value		$ 3,000		$ 2,978	[1]
Cost		2,957		2,939	[1]
Fair Value		$ 2,893		$ 2,948	[1]
Percent of Net Assets		2.23%		1.23%
Investment, Identifier [Axis]: Bluefin Holding, LLC First lien Undrawn
Principal Amount, Par Value	[8]			$ 626
Cost	[8]			(8)
Fair Value	[8]			$ (8)
Percent of Net Assets				(0.00%)
Investment, Identifier [Axis]: Bluefin Holding, LLC, First lien
Spread	[3]			7.25%
Interest Rate	[3]			12.72%
Principal Amount, Par Value				$ 6,351
Cost				6,271
Fair Value				$ 6,271
Percent of Net Assets				2.61%
Investment, Identifier [Axis]: Bracket Intermediate Holding Corp, First lien
Spread	[1],[3]			5%
Interest Rate	[1],[3]			10.49%
Principal Amount, Par Value	[1]			$ 4,960
Cost	[1]			4,821
Fair Value	[1]			$ 4,965
Percent of Net Assets				2.06%
Investment, Identifier [Axis]: Cloudera, Inc., Second lien
Spread		6%	[10]	6%	[1],[3]
Interest Rate		10.38%	[10]	11.42%	[1],[3]
Principal Amount, Par Value		$ 5,500		$ 7,900	[1]
Cost		4,498		6,632	[1]
Fair Value		$ 4,613		$ 7,531	[1]
Percent of Net Assets		3.55%		3.13%
Investment, Identifier [Axis]: CommerceHub, Inc., First lien
Spread	[1],[2],[3]			6.25%
Interest Rate	[1],[2],[3]			11.77%
Principal Amount, Par Value	[1],[2]			$ 9,861
Cost	[1],[2]			9,216
Fair Value	[1],[2]			$ 9,861
Percent of Net Assets				4.10%
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien
Spread		6.75%	[9],[10]	6.75%	[1],[2],[3]
Interest Rate		10.84%	[9],[10]	12.07%	[1],[2],[3]
Principal Amount, Par Value		$ 10,164	[9]	$ 10,088	[1],[2]
Cost		10,017	[9]	9,954	[1],[2]
Fair Value		$ 10,012	[9]	$ 10,088	[1],[2]
Percent of Net Assets		7.70%		4.19%
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien - Undrawn 1
Principal Amount, Par Value		$ 1,480	[9],[11]	$ 1,480	[2],[8]
Cost		0	[9],[11]	0	[2],[8]
Fair Value		(22)	[9],[11]	0	[2],[8]
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien - Undrawn 2
Principal Amount, Par Value		1,480	[9],[11]	1,480	[2],[8]
Cost		(20)	[9],[11]	(19)	[2],[8]
Fair Value		$ (22)	[9],[11]	$ 0	[2],[8]
Investment, Identifier [Axis]: Coupa Holdings, LLC., First lien
Spread	[1],[2],[3]			7.50%
Interest Rate	[1],[2],[3]			12.82%
Principal Amount, Par Value	[1],[2]			$ 19,683
Cost	[1],[2]			19,453
Fair Value	[1],[2]			$ 19,683
Percent of Net Assets				8.18%
Investment, Identifier [Axis]: Coupa Holdings, LLC., First lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			$ 1,757
Cost	[2],[8]			0
Fair Value	[2],[8]			0
Investment, Identifier [Axis]: Coupa Holdings, LLC., First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			1,346
Cost	[2],[8]			(15)
Fair Value	[2],[8]			$ 0
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien
Spread		5.75%	[9],[10]	5.75%	[1],[2],[3]
Interest Rate		10.54%	[9],[10]	11.18%	[1],[2],[3]
Principal Amount, Par Value		$ 3,027	[9]	$ 3,004	[1],[2]
Cost		3,027	[9]	3,004	[1],[2]
Fair Value		$ 2,944	[9]	$ 2,956	[1],[2]
Percent of Net Assets		2.27%		1.23%
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien - Undrawn 1
Principal Amount, Par Value	[9],[11]	$ 282
Cost	[9],[11]	0
Fair Value	[9],[11]	(8)
Investment, Identifier [Axis]: DOCS, MSO, LLC, First lien - Undrawn 2
Principal Amount, Par Value	[9],[11]	1,058
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (29)
Investment, Identifier [Axis]: DOCS, MSO, LLC, Frst lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			$ 282
Cost	[2],[8]			0
Fair Value	[2],[8]			(4)
Investment, Identifier [Axis]: DOCS, MSO, LLC, Frst lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			494
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (8)
Investment, Identifier [Axis]: DS Admiral Bidco, LLC, First lien
Spread		7%	[6],[10]	7%	[1],[2],[3]
Interest Rate		11.51%	[6],[10]	12.39%	[1],[2],[3]
Principal Amount, Par Value		$ 7,547	[6]	$ 7,491	[1],[2]
Cost		7,435	[6]	7,389	[1],[2]
Fair Value		$ 7,434	[6]	$ 7,491	[1],[2]
Percent of Net Assets		5.72%		3.11%
Investment, Identifier [Axis]: Disco Parent, Inc. Frst lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 890
Cost	[2],[8]			(10)
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Disco Parent, Inc., First lien
Spread	[1],[2],[3]			7.50%
Interest Rate	[1],[2],[3]			12.92%
Principal Amount, Par Value	[1],[2]			$ 8,900
Cost	[1],[2]			8,796
Fair Value	[1],[2]			$ 8,900
Percent of Net Assets				3.70%
Investment, Identifier [Axis]: Eisner Advisory Group LLC, First ien
Spread	[1],[3]			5.25%
Interest Rate	[1],[3]			10.68%
Principal Amount, Par Value	[1]			$ 1,918
Cost	[1]			1,895
Fair Value	[1]			$ 1,919
Percent of Net Assets				0.80%
Investment, Identifier [Axis]: Eisner Advisory Group LLC, First lien
Spread	[9],[10]	5.25%
Interest Rate	[9],[10]	9.69%
Principal Amount, Par Value	[9]	$ 1,933
Cost	[9]	1,906
Fair Value	[9]	$ 1,847
Percent of Net Assets		1.42%
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Drawn
Spread		6%	[9],[10],[11]	6%	[1],[2],[3],[8]
Interest Rate		10.54%	[9],[10],[11]	11.54%	[1],[2],[3],[8]
Principal Amount, Par Value		$ 491	[9],[11]	$ 3,452	[1],[2],[8]
Cost		486	[9],[11]	3,424	[1],[2],[8]
Fair Value		$ 486	[9],[11]	3,424	[1],[2],[8]
Percent of Net Assets		0.38%
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien - Undrawn
Principal Amount, Par Value		$ 4,302	[9],[11]	1,330	[1],[2],[8]
Cost		0	[9],[11]	0	[1],[2],[8]
Fair Value		$ (43)	[9],[11]	$ (11)	[1],[2],[8]
Percent of Net Assets		(0.03%)		(0.00%)
Investment, Identifier [Axis]: FS WhiteWater Borrower, LLC, First lien-Drawn
Percent of Net Assets				1.42%
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien
Spread	[9],[10]	5.50%
Interest Rate	[9],[10]	9.88%
Principal Amount, Par Value	[9]	$ 3,614
Cost	[9]	3,582
Fair Value	[9]	$ 3,578
Percent of Net Assets		2.75%
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Drawn
Spread	[2],[3],[8]			5.25%
Interest Rate	[2],[3],[8]			10.79%
Principal Amount, Par Value	[2],[8]			$ 58
Cost	[2],[8]			58
Fair Value	[2],[8]			58
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Undrawn 1
Principal Amount, Par Value		$ 222	[9],[11]	491	[2],[8]
Cost		(2)	[9],[11]	0	[2],[8]
Fair Value		(2)	[9],[11]	0	[2],[8]
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien - Undrawn 2
Principal Amount, Par Value		521	[9],[11]	165	[2],[8]
Cost		0	[9],[11]	(2)	[2],[8]
Fair Value		(5)	[9],[11]	$ 0	[2],[8]
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien 1
Spread	[1],[2],[3]			5.25%
Interest Rate	[1],[2],[3]			10.82%
Principal Amount, Par Value	[1],[2]			$ 3,587
Cost	[1],[2]			3,561
Fair Value	[1],[2]			$ 3,587
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First lien 2
Spread	[2],[3]			5.25%
Interest Rate	[2],[3]			10.82%
Principal Amount, Par Value	[2]			$ 29
Cost	[2]			28
Fair Value	[2]			$ 29
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Drawn
Spread	[2],[3],[8]			5.50%
Interest Rate	[2],[3],[8]			11%
Principal Amount, Par Value	[2],[8]			$ 382
Cost	[2],[8]			380
Fair Value	[2],[8]			$ 377
Percent of Net Assets				0.16%
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Undrawn
Principal Amount, Par Value	[9],[11]	5,971
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (140)
Percent of Net Assets		(0.11%)
Investment, Identifier [Axis]: Fortis Solutions Group, LLC, First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 5,589
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (61)
Percent of Net Assets				(0.04%)
Investment, Identifier [Axis]: Foundational Education Group, Inc., Second lien
Spread		6.50%	[9],[10]	6.50%	[1],[2],[3]
Interest Rate		11.34%	[9],[10]	12.13%	[1],[2],[3]
Principal Amount, Par Value		$ 6,332	[9]	$ 7,333	[1],[2]
Cost		5,442	[9]	6,321	[1],[2]
Fair Value		$ 5,858	[9]	$ 7,161	[1],[2]
Percent of Net Assets		4.51%		2.98%
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 5,000
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Geo Parent Corporation., First lien
Spread	[1],[2],[3]			5.25%
Interest Rate	[1],[2],[3]			10.80%
Principal Amount, Par Value	[1],[2]			$ 4,974
Cost	[1],[2]			4,845
Fair Value	[1],[2]			$ 4,974
Percent of Net Assets				2.07%
Investment, Identifier [Axis]: Groundworks, LLC, First lien
Spread	[1],[2],[3]			6.50%
Interest Rate	[1],[2],[3]			11.81%
Principal Amount, Par Value	[1],[2]			$ 3,056
Cost	[1],[2]			3,014
Fair Value	[1],[2]			$ 3,011
Percent of Net Assets				1.25%
Investment, Identifier [Axis]: Groundworks, LLC, First lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			$ 181
Cost	[2],[8]			(2)
Fair Value	[2],[8]			(3)
Investment, Identifier [Axis]: Groundworks, LLC, First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			375
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (6)
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien - Undrawn
Percent of Net Assets				0%
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 20,500
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Company, First lien
Spread	[1],[3]			5.25%
Interest Rate	[1],[3]			10.67%
Principal Amount, Par Value	[1]			$ 1,995
Cost	[1]			1,880
Fair Value	[1]			$ 1,880
Percent of Net Assets				0.78%
Investment, Identifier [Axis]: IMO Investor Holdings, Inc. First lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			$ 460
Cost	[2],[8]			(5)
Fair Value	[2],[8]			(10)
Investment, Identifier [Axis]: IMO Investor Holdings, Inc. First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			800
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (18)
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien
Spread		6%	[9],[10]	6%	[1],[2],[3]
Interest Rate		10.62%	[9],[10]	11.36%	[1],[2],[3]
Principal Amount, Par Value		$ 4,593	[9]	$ 4,558	[1],[2]
Cost		4,551	[9]	4,521	[1],[2]
Fair Value		$ 4,547	[9]	$ 4,457	[1],[2]
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn
Spread	[9],[10],[11]	6%
Interest Rate	[9],[10],[11]	10.61%
Principal Amount, Par Value	[9],[11]	$ 104
Cost	[9],[11]	104
Fair Value	[9],[11]	103
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn 1
Spread	[2],[3],[8]			6%
Interest Rate	[2],[3],[8]			11.04%
Principal Amount, Par Value	[2],[8]			$ 295
Cost	[2],[8]			292
Fair Value	[2],[8]			$ 288
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Drawn 2
Spread	[2],[3],[8]			6%
Interest Rate	[2],[3],[8]			11.42%
Principal Amount, Par Value	[2],[8]			$ 88
Cost	[2],[8]			88
Fair Value	[2],[8]			$ 86
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Undrawn 1
Principal Amount, Par Value	[9],[11]	444
Cost	[9],[11]	(5)
Fair Value	[9],[11]	(4)
Investment, Identifier [Axis]: IMO Investor Holdings, Inc., First lien - Undrawn 2
Principal Amount, Par Value	[9],[11]	1,096
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (12)
Investment, Identifier [Axis]: Infogain Corporation, First lien
Spread		5.75%	[9],[10]	5.75%	[1],[2],[3]
Interest Rate		10.17%	[9],[10]	11.17%	[1],[2],[3]
Principal Amount, Par Value		$ 2,750	[9]	$ 2,729	[1],[2]
Cost		2,724	[9]	2,707	[1],[2]
Fair Value		$ 2,698	[9]	$ 2,729	[1],[2]
Investment, Identifier [Axis]: Infogain Corporation, Subordinated
Spread	[9],[10]	8.25%
Interest Rate	[9],[10]	12.93%
Principal Amount, Par Value	[9]	$ 3,150
Cost	[9]	3,112
Fair Value	[9]	$ 3,077
Investment, Identifier [Axis]: Infogain Corporation., Subordinated
Spread	[2],[3]			8.25%
Interest Rate	[2],[3]			13.74%
Principal Amount, Par Value	[2]			$ 3,150
Cost	[2]			3,114
Fair Value	[2]			$ 3,150
Investment, Identifier [Axis]: KENG Acquisition, Inc. First lien
Spread	[1],[2],[3]			6.25%
Interest Rate	[1],[2],[3]			11.64%
Principal Amount, Par Value	[1],[2]			$ 1,857
Cost	[1],[2]			1,834
Fair Value	[1],[2]			$ 1,834
Investment, Identifier [Axis]: KENG Acquisition, Inc. First lien - Drawn 1
Spread	[2],[3],[8]			6.25%
Interest Rate	[2],[3],[8]			11.64%
Principal Amount, Par Value	[2],[8]			$ 231
Cost	[2],[8]			228
Fair Value	[2],[8]			$ 228
Investment, Identifier [Axis]: KENG Acquisition, Inc. First lien - Drawn 2
Spread	[2],[3],[8]			6.25%
Interest Rate	[2],[3],[8]			11.64%
Principal Amount, Par Value	[2],[8]			$ 56
Cost	[2],[8]			56
Fair Value	[2],[8]			56
Investment, Identifier [Axis]: KENG Acquisition, Inc. First lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			450
Cost	[2],[8]			(6)
Fair Value	[2],[8]			(6)
Investment, Identifier [Axis]: KENG Acquisition, Inc. First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			1,176
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (15)
Investment, Identifier [Axis]: KPSKY Acquisition Inc. First lien - Drawn
Spread	[2],[3],[8]			5.25%
Interest Rate	[2],[3],[8]			10.71%
Principal Amount, Par Value	[2],[8]			$ 1,254
Cost	[2],[8]			1,244
Fair Value	[2],[8]			$ 1,254
Percent of Net Assets				0.52%
Investment, Identifier [Axis]: KPSKY Acquisition Inc. First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 512
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien - Drawn
Spread	[9],[10],[11]	4.50%
Interest Rate	[9],[10],[11]	12%
Principal Amount, Par Value	[9],[11]	$ 221
Cost	[9],[11]	219
Fair Value	[9],[11]	$ 211
Percent of Net Assets		0.16%
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 1,553
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (69)
Percent of Net Assets		(0.05%)
Investment, Identifier [Axis]: KWOR Acquisition, Inc. First lien
Spread	[1],[2],[3]			5.25%
Interest Rate	[1],[2],[3]			10.67%
Principal Amount, Par Value	[1],[2]			$ 1,926
Cost	[1],[2]			1,910
Fair Value	[1],[2]			$ 1,926
Investment, Identifier [Axis]: KWOR Acquisition, Inc. First lien - Drawn
Spread	[2],[3],[8]			5.25%
Interest Rate	[2],[3],[8]			10.67%
Principal Amount, Par Value	[2],[8]			$ 561
Cost	[2],[8]			556
Fair Value	[2],[8]			561
Investment, Identifier [Axis]: KWOR Acquisition, Inc. First lien - Undrawn
Principal Amount, Par Value	[2],[8]			1,494
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: KWOR Acquisition, Inc., First lien
Spread	[9],[10]	5.25%
Interest Rate	[9],[10]	9.64%
Principal Amount, Par Value	[9]	$ 1,940
Cost	[9]	1,922
Fair Value	[9]	$ 1,922
Percent of Net Assets		1.48%
Investment, Identifier [Axis]: KWOR Acquisition, Inc., First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 2,055
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (20)
Percent of Net Assets		(0.02%)
Investment, Identifier [Axis]: Kaseya Inc. First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			$ 357
Cost	[2],[8]			(3)
Fair Value	[2],[8]			$ 0
Investment, Identifier [Axis]: Kaseya Inc., First lien
Spread		5.75%	[6],[9],[10]	3.75%	[1],[2],[3],[13]
PIK	[1],[2],[3],[13]			2.50%
Interest Rate		10.33%	[6],[9],[10]	11.62%	[1],[2],[3],[13]
Principal Amount, Par Value		$ 7,798	[6],[9]	$ 7,815	[1],[2]
Cost		7,744	[6],[9]	7,766	[1],[2]
Fair Value		$ 7,684	[6],[9]	$ 7,815	[1],[2]
Percent of Net Assets		5.91%
Investment, Identifier [Axis]: Kaseya Inc., First lien - Drawn 1
Spread	[2],[3],[8],[13]			3.75%
PIK	[2],[3],[8],[13]			2.50%
Interest Rate	[2],[3],[8],[13]			11.57%
Principal Amount, Par Value	[2],[8]			$ 120
Cost	[2],[8]			119
Fair Value	[2],[8]			$ 120
Investment, Identifier [Axis]: Kaseya Inc., First lien - Drawn 2
Spread	[2],[3],[8],[13]			3.75%
PIK	[2],[3],[8],[13]			2.50%
Interest Rate	[2],[3],[8],[13]			11.62%
Principal Amount, Par Value	[2],[8]			$ 29
Cost	[2],[8]			29
Fair Value	[2],[8]			29
Investment, Identifier [Axis]: Kaseya Inc., First lien - Undrawn 1
Principal Amount, Par Value		$ 476	[6],[9],[11]	447	[2],[8]
Cost		0	[6],[9],[11]	0	[2],[8]
Fair Value		(7)	[6],[9],[11]	$ 0	[2],[8]
Investment, Identifier [Axis]: Kaseya Inc., First lien - Undrawn 2
Principal Amount, Par Value	[6],[9],[11]	476
Cost	[6],[9],[11]	(3)
Fair Value	[6],[9],[11]	$ (7)
Investment, Identifier [Axis]: Knockout Intermediate Holdings I Inc., Preferred shares
Principal Amount, Shares (in shares)		789	[6],[9]	789,000	[2],[14]
Cost		$ 779	[6],[9]	$ 876	[2],[14]
Fair Value		$ 763	[6],[9]	$ 886	[2],[14]
Percent of Net Assets		0.59%		0.37%
Investment, Identifier [Axis]: More Cowbell II LLC, First lien
Spread	[1],[2],[3]			6.25%
Interest Rate	[1],[2],[3]			11.73%
Principal Amount, Par Value	[1],[2]			$ 12,212
Cost	[1],[2]			12,121
Fair Value	[1],[2]			$ 12,119
Investment, Identifier [Axis]: More Cowbell II LLC, First lien - Drawn
Spread	[2],[3],[8]			6.25%
Interest Rate	[2],[3],[8]			11.68%
Principal Amount, Par Value	[2],[8]			$ 341
Cost	[2],[8]			338
Fair Value	[2],[8]			338
Investment, Identifier [Axis]: More cowbell II LLC Fist lien - Undrawn 1
Principal Amount, Par Value	[2],[8]			1,330
Cost	[2],[8]			0
Fair Value	[2],[8]			0
Investment, Identifier [Axis]: More cowbell II LLC Fist lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			1,389
Cost	[2],[8]			(10)
Fair Value	[2],[8]			$ (10)
Investment, Identifier [Axis]: Nielsen Consumer Inc., First lien
Spread	[1],[3],[12]			6.25%
Interest Rate	[1],[3],[12]			11.57%
Principal Amount, Par Value	[1],[12]			$ 21,455
Cost	[1],[12]			20,236
Fair Value	[1],[12]			$ 21,139
Percent of Net Assets				8.79%
Investment, Identifier [Axis]: Optiv Parent Inc., First lien
Spread	[1],[3]			5.25%
Interest Rate	[1],[3]			10.34%
Principal Amount, Par Value	[1]			$ 9,111
Cost	[1]			8,827
Fair Value	[1]			$ 8,815
Percent of Net Assets				3.66%
Investment, Identifier [Axis]: Oranje Holdco, Inc. Fist lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 1,458
Cost	[2],[8]			(16)
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Oranje Holdco, Inc., First lien
Spread	[1],[2],[3]			7.75%
Interest Rate	[1],[2],[3]			13.12%
Principal Amount, Par Value	[1],[2]			$ 11,667
Cost	[1],[2]			11,534
Fair Value	[1],[2]			$ 11,667
Percent of Net Assets				4.85%
Investment, Identifier [Axis]: PPV Intermediate Holdings LLC, First lien
Spread	[9],[10]	5.75%
Interest Rate	[9],[10]	9.11%
Principal Amount, Par Value	[9]	$ 5,800
Cost	[9]	5,745
Fair Value	[9]	$ 5,687
Investment, Identifier [Axis]: PPV Intermediate Holdings LLC, First lien - Drawn
Spread	[9],[10],[11]	5.75%
Interest Rate	[9],[10],[11]	10.31%
Principal Amount, Par Value	[9],[11]	$ 115
Cost	[9],[11]	114
Fair Value	[9],[11]	113
Investment, Identifier [Axis]: PPV Intermediate Holdings LLC, First lien - Undrawn 1
Principal Amount, Par Value	[9],[11]	311
Cost	[9],[11]	(2)
Fair Value	[9],[11]	(6)
Investment, Identifier [Axis]: PPV Intermediate Holdings LLC, First lien - Undrawn 2
Principal Amount, Par Value	[9],[11]	775
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (15)
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First lien
Spread	[1],[2],[3]			5.75%
Interest Rate	[1],[2],[3]			11.17%
Principal Amount, Par Value	[1],[2]			$ 6,574
Cost	[1],[2]			6,518
Fair Value	[1],[2]			$ 6,574
Percent of Net Assets				2.73%
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First lien - Undawn 1
Principal Amount, Par Value	[2],[8]			$ 426
Cost	[2],[8]			(4)
Fair Value	[2],[8]			0
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First lien - Undawn 2
Principal Amount, Par Value	[8]			17,084
Cost	[8]			0
Fair Value	[8]			$ 0
Investment, Identifier [Axis]: Panzura Holdings, LLC Ordinary shares
Principal Amount, Shares (in shares)	[15],[16]			88,767,000
Cost	[15],[16]			$ 480
Fair Value	[15],[16]			$ 480
Percent of Net Assets				0.20%
Investment, Identifier [Axis]: Panzura, LLC, First lien
Spread	[2],[3],[13]			2%
PIK	[2],[3],[13]			13%
Interest Rate	[2],[3],[13]			15%
Principal Amount, Par Value	[2]			$ 6,000
Cost	[2]			5,411
Fair Value	[2]			$ 5,400
Percent of Net Assets				2.24%
Investment, Identifier [Axis]: Project Power Buyer, LLC First lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 184
Cost	[2],[8]			(2)
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: Project Power Buyer, LLC, First lien
Spread	[1],[2],[3]			7%
Interest Rate	[1],[2],[3]			12.39%
Principal Amount, Par Value	[1],[2]			$ 3,562
Cost	[1],[2]			3,519
Fair Value	[1],[2]			$ 3,562
Percent of Net Assets				1.48%
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp, First lien
Spread	[1],[2],[3]			5.75%
Interest Rate	[1],[2],[3]			11.18%
Principal Amount, Par Value	[1],[2]			$ 4,950
Cost	[1],[2]			4,889
Fair Value	[1],[2]			$ 4,985
Percent of Net Assets				2.07%
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp., First lien
Spread	[9],[10]	5.75%
Interest Rate	[9],[10]	10.07%
Principal Amount, Par Value	[9]	$ 4,988
Cost	[9]	4,918
Fair Value	[9]	$ 4,838
Percent of Net Assets		3.72%
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First lien
Spread	[1],[3]			5.50%
Interest Rate	[1],[3]			11.04%
Principal Amount, Par Value	[1]			$ 17,455
Cost	[1]			17,368
Fair Value	[1]			$ 17,367
Percent of Net Assets				7.22%
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien
Spread	[9],[10]	6.75%
Interest Rate	[9],[10]	11.33%
Principal Amount, Par Value		$ 5,547	[9]	$ 5,506	[1],[2]
Cost		5,465	[9]	5,432	[1],[2]
Fair Value		$ 5,464	[9]	$ 5,506	[1],[2]
Percent of Net Assets		4.20%
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien - Drawn
Spread	[2],[3],[8]			6.75%
Interest Rate	[2],[3],[8]			12.14%
Principal Amount, Par Value	[2],[8]			$ 83
Cost	[2],[8]			83
Fair Value	[2],[8]			83
Investment, Identifier [Axis]: Radwell Parent, LLC, First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 416
Cost	[9],[11]	(6)
Fair Value	[9],[11]	$ (3)
Percent of Net Assets		(0.00%)
Investment, Identifier [Axis]: Radwell Parent, LLC, First line - Undrawn
Principal Amount, Par Value	[2],[8]			333
Cost	[2],[8]			(5)
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: RxB Holdings, Inc., First lien
Spread	[1],[2],[3]			5.25%
Interest Rate	[1],[2],[3]			10.57%
Principal Amount, Par Value	[1],[2]			$ 5,255
Cost	[1],[2]			5,130
Fair Value	[1],[2]			$ 5,255
Percent of Net Assets				2.18%
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First lien 1
Spread	[1],[2],[3],[13]			2.50%
PIK	[1],[2],[3],[13]			4.25%
Interest Rate	[1],[2],[3],[13]			12.12%
Principal Amount, Par Value	[1],[2]			$ 11,987
Cost	[1],[2]			9,386
Fair Value	[1],[2]			$ 11,111
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First lien 2
Spread	[2],[3],[13]			2.50%
PIK	[2],[3],[13]			4.25%
Interest Rate	[2],[3],[13]			12.12%
Principal Amount, Par Value	[2]			$ 8,528
Cost	[2]			7,083
Fair Value	[2]			7,904
Investment, Identifier [Axis]: Smile Doctors LLC First lien - Undrawn 1
Principal Amount, Par Value	[1],[2],[8]			438
Cost	[1],[2],[8]			0
Fair Value	[1],[2],[8]			(3)
Investment, Identifier [Axis]: Smile Doctors LLC First lien - Undrawn 2
Principal Amount, Par Value	[2],[8]			570
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (5)
Investment, Identifier [Axis]: Smile Doctors LLC, First lien
Spread	[1],[2],[3]			5.90%
Interest Rate	[1],[2],[3]			11.15%
Principal Amount, Par Value	[1],[2]			$ 3,843
Cost	[1],[2]			3,819
Fair Value	[1],[2]			$ 3,813
Investment, Identifier [Axis]: Smile Doctors LLC, First lien - Drawn
Spread		5.75%	[9],[10],[11]	5.90%	[1],[2],[3],[8]
Interest Rate		10.24%	[9],[10],[11]	11.25%	[1],[2],[3],[8]
Principal Amount, Par Value		$ 2,152	[9],[11]	$ 693	[1],[2],[8]
Cost		2,132	[9],[11]	680	[1],[2],[8]
Fair Value		$ 2,141	[9],[11]	688	[1],[2],[8]
Percent of Net Assets		1.65%
Investment, Identifier [Axis]: Smile Doctors LLC, First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 2,843
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (14)
Percent of Net Assets		(0.01%)
Investment, Identifier [Axis]: Sun Acquirer Corp. First lien - Undrawn
Principal Amount, Par Value	[2],[8]			5,000
Cost	[2],[8]			0
Fair Value	[2],[8]			$ (110)
Percent of Net Assets				(0.06%)
Investment, Identifier [Axis]: Sun Acquirer Corp., First lien - Undrawn
Principal Amount, Par Value	[9],[11]	$ 5,000
Cost	[9],[11]	0
Fair Value	[9],[11]	$ (84)
Percent of Net Assets		(0.06%)
Investment, Identifier [Axis]: Syndigo LLC, First lien
Spread	[1],[3]			4.50%
Interest Rate	[1],[3]			9.93%
Principal Amount, Par Value	[1]			$ 17,221
Cost	[1]			16,188
Fair Value	[1]			$ 16,146
Investment, Identifier [Axis]: Syndigo LLC, Second lien
Spread		8%	[9],[10]	8%	[1],[2],[3]
Interest Rate		13.21%	[9],[10]	13.67%	[1],[2],[3]
Principal Amount, Par Value		$ 1,475	[9]	$ 1,475	[1],[2]
Cost		1,051	[9]	1,088	[1],[2]
Fair Value		$ 1,381	[9]	$ 1,419	[1],[2]
Percent of Net Assets		1.06%
Investment, Identifier [Axis]: Trident Bidco Limited, First lien 2
Spread	[1],[2],[3],[12]			5%
Interest Rate	[1],[2],[3],[12]			10.31%
Principal Amount, Par Value	[1],[2],[12]			$ 663
Cost	[1],[2],[12]			658
Fair Value	[1],[2],[12]			$ 663
Investment, Identifier [Axis]: Trident Bidco Limited, First lien 1
Spread		5.25%	[7],[9],[10]	5%	[1],[2],[3],[12]
Interest Rate		9.07%	[7],[9],[10]	10.31%	[1],[2],[3],[12]
Principal Amount, Par Value		$ 3,711	[7],[9]	$ 3,711	[1],[2],[12]
Cost		3,677	[7],[9]	3,681	[1],[2],[12]
Fair Value		$ 3,631	[7],[9]	3,711	[1],[2],[12]
Investment, Identifier [Axis]: Trident Bidco Limited, First lien 2
Spread	[7],[9],[10]	5.25%
Interest Rate	[7],[9],[10]	9.07%
Principal Amount, Par Value	[7],[9]	$ 664
Cost	[7],[9]	657
Fair Value	[7],[9]	$ 649
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First lien - Undrawn
Principal Amount, Par Value	[2],[8]			3,051
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: USRP Holdings, Inc. Frst lien - Undrawn
Principal Amount, Par Value	[2],[8]			$ 1,990
Cost	[2],[8]			0
Fair Value	[2],[8]			$ 0
Percent of Net Assets				0%
Investment, Identifier [Axis]: USRP Holdings, Inc., First lien - Drawn
Spread	[2],[3],[8]			5.75%
Interest Rate	[2],[3],[8]			11.29%
Principal Amount, Par Value	[2],[8]			$ 336
Cost	[2],[8]			330
Fair Value	[2],[8]			$ 336
Percent of Net Assets				0.14%
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated
Spread	[6],[10]	7.13%
Interest Rate	[6],[10]	7.13%
Principal Amount, Par Value	[6]	$ 10,023
Cost	[6]	7,694
Fair Value	[6]	$ 7,653
Percent of Net Assets		5.89%
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated
Spread	[3]			7.13%
Interest Rate	[3]			7.13%
Principal Amount, Par Value				$ 16,420
Cost				13,177
Fair Value				$ 13,280
Percent of Net Assets				5.52%
Investment, Identifier [Axis]: WEG Sub Intermediate Holdings, LLC, Subordinated
PIK	[2],[3],[13]			15%
Interest Rate	[2],[3],[13]			15%
Principal Amount, Par Value	[2]			$ 3,333
Cost	[2]			3,285
Fair Value	[2]			$ 3,283
Percent of Net Assets				1.36%
Investment, Identifier [Axis]: WatchGuard Technologies, Inc., First lien
Spread		5.25%	[10]	5.25%	[1],[3]
Interest Rate		9.57%	[10]	10.57%	[1],[3]
Principal Amount, Par Value		$ 3,778		$ 3,750	[1]
Cost		3,661		3,645	[1]
Fair Value		$ 3,625		$ 3,541	[1]
Percent of Net Assets		2.79%		1.47%
Investment, Identifier [Axis]: Xactly Corporation, First lien
Spread	[2],[3]			7.25%
Interest Rate	[2],[3]			12.77%
Principal Amount, Par Value	[2]			$ 6,547
Cost	[2]			6,510
Fair Value	[2]			$ 6,547
Percent of Net Assets				2.72%
Investment, Identifier [Axis]: Zest Acquisition Corp. First lien
Spread	[1],[3]			5.50%
Interest Rate	[1],[3]			10.82%
Principal Amount, Par Value	[1]			$ 6,215
Cost	[1]			6,040
Fair Value	[1]			$ 6,101
Percent of Net Assets				2.54%
Investment, Identifier [Axis]: iCIMS, Inc. First lien - Undrawn 1
Principal Amount, Par Value	[8]			$ 2,831
Cost	[8]			0
Fair Value	[8]			0
Investment, Identifier [Axis]: iCIMS, Inc. First lien - Undrawn 2
Principal Amount, Par Value	[8]			761
Cost	[8]			(7)
Fair Value	[8]			$ (8)
Investment, Identifier [Axis]: iCIMS, Inc., First lien
Spread	[9],[10],[17]	3.38%
PIK	[9],[10],[17]	3.88%
Interest Rate	[9],[10],[17]	11.52%
Principal Amount, Par Value	[9],[17]	$ 9,587
Cost	[9],[17]	9,508
Fair Value	[9],[17]	$ 9,504
Percent of Net Assets		7.31%
Investment, Identifier [Axis]: iCIMS, Inc., First lien - Drawn
Spread	[3],[8]			6.75%
Interest Rate	[3],[8]			12.14%
Principal Amount, Par Value	[8]			$ 152
Cost	[8]			153
Fair Value	[8]			$ 151
Investment, Identifier [Axis]: iCIMS, Inc., First lien - Undrawn 1
Principal Amount, Par Value	[9],[11]	$ 2,546
Cost	[9],[11]	0
Fair Value	[9],[11]	0
Investment, Identifier [Axis]: iCIMS, Inc., First lien - Undrawn 2
Principal Amount, Par Value	[9],[11]	914
Cost	[9],[11]	(8)
Fair Value	[9],[11]	$ (8)
Investment, Identifier [Axis]: iCIMS, Inc., First lien 1
Spread	[1],[3],[13]			3.38%
PIK	[1],[3],[13]			3.88%
Interest Rate	[1],[3],[13]			12.63%
Principal Amount, Par Value	[1]			$ 9,587
Cost	[1]			9,519
Fair Value	[1]			$ 9,491
Investment, Identifier [Axis]: iCIMS, Inc., First lien 2
Spread	[3],[13]			3.38%
PIK	[3],[13]			3.88%
Interest Rate	[3],[13]			12.63%
Principal Amount, Par Value				$ 2,797
Cost				2,772
Fair Value				$ 2,769

[1] Investment is pledged as collateral for the UBS Credit Facility (as defined below), a revolving credit facility among the Company as collateral manager, equity holder and seller, New Mountain Guardian IV SPV, L.L.C. ("GIV SPV") as the borrower, UBS AG London Branch as the administrative agent, U.S. Bank Trust Company, National Association, as the collateral agent, and U.S. Bank National Association as the document custodian. See Note 6. Borrowings , for details. The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value , for details. The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value , for details.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical)	8 Months Ended	9 Months Ended	12 Months Ended
Consolidated Schedule of Investments (Parenthetical)	Dec. 31, 2022	Sep. 30, 2023	Dec. 31, 2022
Investments at fair value that are non-qualifying assets as a percentage of total assets	5.91%	7.46%	5.91%
Percent of Total Investments at Fair Value	100%	100%
Investment, Identifier [Axis]: Knockout Intermediate Holdings I Inc., Preferred shares
Preferred equity dividend rate		11.75%	11.75%

Formation and Business Purpose

Formation and Business Purpose	9 Months Ended
Formation and Business Purpose	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Business Purpose	Formation and Business Purpose New Mountain Guardian IV BDC, L.L.C. (the "Company") is a Delaware limited liability company formed on March 18, 2022. The Company is a closed-end, non-diversified management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company has elected to be treated for U.S. federal income tax purposes, and intends to continue to comply with the requirements to continue to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital") whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $45 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (a "Subscription Agreement"). The Company expects closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 24-month period following the initial closing of Capital Commitments, which occurred on May 4, 2022 (the "Closing Period"). The Company may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. The Company commenced loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offering, which occurred on May 9, 2022 (the "Initial Drawdown"). The "Investment Period" began on May 4, 2022 and will continue until May 4, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until May 4, 2030, six years from the end of the Closing Period, subject to (i) a one year extension as determined by the Investment Adviser in its sole discretion and (ii) an additional one year extension as determined by the Company's board of directors. The Company established New Mountain Guardian IV SPV, L.L.C. (“GIV SPV”) on July 26, 2022 as a wholly-owned direct subsidiary, whose assets are used to secure GIV SPV's credit facility. The Company established New Mountain Guardian IV Issuer SPV, L.L.C. ("GIV Issuer SPV") on October 28, 2022 as a wholly-owned direct subsidiary. As of September 30, 2023, there were no assets held by GIV Issuer SPV. The Company established New Mountain Guardian IV Panzura, Inc. ("GIV Panzura") as a wholly-owned direct subsidiary, which is treated as a corporation for U.S. federal income tax purposes and is intended to facilitate the Company's compliance with the requirements to be treated as a RIC under the Code by holding equity or equity-like investments in one of the Company's portfolio companies organized as a limited liability company (or other form of pass-through entities). The Company consolidates GIV Panzura for accounting purposes but the corporation is not consolidated for U.S. federal income tax purposes, and may incur U.S. federal income tax expense as a result of its ownership of the portfolio company. The Company is focused on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital. The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies, defined by annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams. Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include "last-out" positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests. As of September 30, 2023, the Company's top five industry concentrations were software, business services, healthcare, education and food & beverage.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of accounting —The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiaries GIV SPV, GIV Issuer SPV and GIV Panzura. The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023. Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount 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. Investments are reflected on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material. See Note 3. Investments , for further discussion relating to investments. Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of September 30, 2023 and December 31, 2022. Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK dividends from investments of $26 and $75, respectively, and PIK interest from investments of $668 and $967, respectively. For the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, the Company recognized PIK dividends from investments of $23 and $25, respectively and no PIK interest from investments. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023 and December 31, 2022, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, amendment fees, assignment fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned. Interest and other financing expenses —Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings , for details. Organizational expenses —Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,500 or 0.50% of the aggregate Capital Commitments will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser. Deferred offering costs —The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Consolidated Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Consolidated Statements of Assets, Liabilities and Members' Capital until amortized. Deferred financing costs —The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings , for details. Income taxes —The Company was treated as a disregarded entity wholly owned by New Mountain Finance Advisers, L.L.C. for the period beginning with the date of its inception on March 18, 2022 through May 5, 2022. The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ending December 31, 2022, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes. Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740 ("ASC740") through December 31, 2022. The 2022 tax year remains subject to examination by the U.S. Federal, state, and local tax authorities. Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. Foreign securities —The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Consolidated Statements of Operations. Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted. Use of estimates —The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2023
Schedule of Investments [Abstract]
Investments	Investments At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 306,305 $ 311,775 Second lien 14,041 16,111 Subordinated 19,576 19,713 Equity and other 1,356 1,366 Total investments $ 341,278 $ 348,965 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 142,499 $ 144,943 Business Services 105,292 106,767 Healthcare 33,279 33,546 Education 19,719 20,708 Food & Beverage 16,469 19,015 Consumer Services 12,950 12,879 Distribution & Logistics 5,510 5,589 Financial Services 5,180 5,202 Packaging 380 316 Total investments $ 341,278 $ 348,965 At December 31, 2022, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 100,860 $ 99,866 Second lien 10,991 11,852 Subordinated 10,806 10,730 Equity and other 779 763 Total investments $ 123,436 $ 123,211 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 60,274 $ 60,506 Business Services 29,285 29,035 Healthcare 14,727 14,506 Consumer Services 6,343 6,138 Education 5,442 5,858 Distribution & Logistics 5,459 5,321 Financial Services 1,906 1,847 Total investments $ 123,436 $ 123,211 As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $12,426 and no unfunded commitments on bridge facilities. As of September 30, 2023, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $79,853. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of September 30, 2023. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of $5,939 and no unfunded commitments on bridge facilities. As of December 31, 2022, the Company had unfunded commitments in the form of delayed draws or other future funding commitments of $30,263. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedule of Investments as of December 31, 2022. Investment Risk Factors —First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition.

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value is the amount 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. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 311,775 $ — $ 28,289 $ 283,486 Second lien 16,111 — 7,531 8,580 Subordinated 19,713 — 13,280 6,433 Equity and other 1,366 — — 1,366 Total investments $ 348,965 $ — $ 49,100 $ 299,865 The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2022: Total Level I Level II Level III First lien $ 99,866 $ — $ 6,518 $ 93,348 Second lien 11,852 — 4,613 7,239 Subordinated 10,730 — 7,653 3,077 Equity and other 763 — — 763 Total investments $ 123,211 $ — $ 18,784 $ 104,427 The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair Value, June 30, 2023 $ 196,233 $ 173,615 $ 15,350 $ 6,382 $ 886 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 4,501 4,031 419 51 — Purchases, including capitalized PIK and revolver fundings 99,335 98,855 — — 480 Proceeds from paydowns of investments (567) (567) — — — Transfers into Level III(1) 9,475 9,475 — — — Transfers out of Level III(1) (9,112) (1,923) (7,189) — — Fair Value, September 30, 2023 $ 299,865 $ 283,486 $ 8,580 $ 6,433 $ 1,366 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 4,501 $ 4,031 $ 419 $ 51 $ — (1) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair Value, December 31, 2022 $ 104,427 $ 93,348 $ 7,239 $ 3,077 $ 763 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 7,337 6,697 541 73 26 Purchases, including capitalized PIK and revolver fundings 192,083 187,423 800 3,283 577 Proceeds from paydowns of investments (2,135) (2,135) — — — Transfers out of Level III(1) (1,847) (1,847) — — — Fair Value, September 30, 2023 $ 299,865 $ 283,486 $ 8,580 $ 6,433 $ 1,366 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 7,337 $ 6,697 $ 541 $ 73 $ 26 (1) As of September 30, 2023, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred.

Agreements and Related Parties

Agreements and Related Parties	9 Months Ended
Agreements and Related Parties	Sep. 30, 2023
Related Party Transactions [Abstract]
Agreements and Related Parties	Agreements and Related PartiesThe Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on May 3, 2022. The Investment Management Agreement initially had a term of two years which began on May 3, 2022, and thereafter would continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Although the initial two year term of the Investment Management Agreement would not have expired until May 3, 2024, the Company's board of directors most recently re-approved the Investment Management Agreement on January 24, 2023, at an in-person meeting, for a period of 12 months commencing on March 1, 2023. Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 1.15% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee was reduced by 50% (for the avoidance of doubt, this resulted in a management fee rate of 0.575% through May 9, 2023, the one year anniversary of the Initial Drawdown Date). Because the one year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could also be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,500 or 0.50% of the aggregate Capital Commitments and any fund expenses in excess of the Specified Expenses Cap (as defined below). The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees. The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below. Incentive Fee on Pre-Incentive Fee Net Investment Income The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. 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, expressed as a rate of return on the value of the Company's members' capital at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.75% per quarter (7.0% annualized). The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (7.0% annualized); • 100% of the dollar amount of our 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 or equal to a rate of return of 2.059% (8.235% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 2.059%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 15.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.059% in any calendar quarter; and • 15.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 2.059% (8.235% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser. For the three and nine months ended September 30, 2023, for the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, there were no incentive fees waived. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated. Incentive Fee on Capital Gains The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below: a. First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions; b. Second, no incentive is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 7.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid; c. Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 15.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and d. Thereafter, an incentive fee on capital gains equal to 15.0% of additional undistributed Cumulative Net Realized Gains. Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 15.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 7.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser. In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. Expense Limitation Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $750,000 and (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate Capital Commitments of the Company at the end of the Closing Period are less than $750,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the limited liability company agreement, as amended and restated on June 10, 2022, the "Second A&R LLC Agreement") incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the Second A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap), (iv) Placement Fees (as defined in the Second A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes. If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the three and nine months ended September 30, 2023, the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, there have been no reimbursements from the Investment Adviser pursuant to this provision. The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding Units. The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2023, three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Management fee $ 675 $ 280 $ 1,489 $ 376 Less: management fee waiver (14) (185) (295) (249) Net management fee 661 95 1,194 127 Incentive fee, excluding accrued incentive fees on capital gains $ 674 $ 137 $ 1,454 $ 137 (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022. For the three and nine months ended September 30, 2023, for the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, no incentive fee on capital gains was accrued or owed under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions. The Company has entered into an administration agreement with the Administrator (the "Administration Agreement"), under which the Administrator provides administrative services. The Administrator maintains, or oversees the maintenance of, the Company's consolidated financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and nine months ended September 30, 2023, approximately $190 and $548, respectively, of indirect administrative expenses were included in administrative expenses, of which $95 and $201, respectively, were waived by the Administrator. For the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, approximately $175 and $291, respectively, of indirect administrative expenses were included in administrative expenses, none of which were waived by the Administrator. As of September 30, 2023 and December 31, 2022, approximately $95 and $204, respectively, of indirect administrative expenses were included in payable to affiliates. The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, as amended (the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name. The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandates. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its unitholders and do not involve overreaching in respect of the Company or its unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's unitholders and is consistent with its then-current investment objective and strategies. In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), the Company was permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such follow-on investments with the Company unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the applicants, including Future Regulated Funds (as defined in the Exemptive Order) such as the Company, to continue to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions.

Borrowings

Borrowings	9 Months Ended
Borrowings	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings BMO Subscription Line —On May 9, 2022, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, and most recently amended on October 25, 2023, the "Loan Authorization Agreement"), which allows the Company to borrow on a revolving credit basis an aggregate principal amount which cannot exceed $200,000 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line are due on BMO's demand within 15 business days or the earliest to occur on the date (x) 6 months after each advance date and (y) on the date 30 days prior to the termination of the Investment Period, which varies throughout the period. The BMO Subscription Line is collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Consolidated Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. The BMO Subscription Line bears interest at the greater of the prime commercial rate minus 0.25% per annum or the Secured Overnight Financing Rate ("SOFR") Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The following table summarizes the interest expense and amortization of financing costs incurred on the BMO Subscription Line for three and nine months ended September 30, 2023, three months ended September 30, 2022, and the period from May 9, 2022 (commencement of operations) to September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Interest expense $ 1,160 $ 388 $ 3,440 $ 417 Amortization of financing costs 11 4 20 7 Weighted average interest rate 8.2 % 5.5 % 7.8 % 5.4 % Effective interest rate 8.2 % 5.6 % 7.9 % 5.5 % Average debt outstanding $ 56,390 $ 27,878 $ 58,655 $ 19,368 (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022. As of September 30, 2023 and December 31, 2022, the outstanding balance on the BMO Subscription Line was $0 and $53,700, respectively, and the Company was in compliance with the applicable covenants under the Loan Authorization Agreement on such dates. UBS Credit Facility —On January 25, 2023, the Company's wholly-owned subsidiary, GIV SPV, entered into the Loan and Security Agreement (as amended, from time to time, and most recently amended on June 28 2023, the "Loan and Security Agreement") as the borrower, the Company as collateral manager and equityholder, the lenders from time to time party thereto, UBS AG London Branch ("UBS"), as the administrative agent, U.S. Bank Trust Company, National Association as the collateral agent, and U.S. Bank National Association as the document custodian, which is structured as a secured revolving credit facility (the "UBS Credit Facility"). The UBS Credit Facility will mature on January 25, 2028 and has a maximum facility amount of $250,000. Under the UBS Credit Facility, GIV SPV is permitted to borrow up to 30.0%, 40.0%, 50.0%, 65.0%, 70.0% or 75.0% of the purchase price of pledged assets, subject to approval by UBS. The UBS Credit Facility is collateralized by all of the investments of GIV SPV on an investment by investment basis. All fees associated with the origination, amending or upsizing of the UBS Credit Facility are capitalized on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital and charged against income as other financing expenses over the life of the UBS Credit Facility. The UBS Credit Facility contains certain customary affirmative and negative covenants and events of default. The covenants are generally not tied to mark to market fluctuations in the prices of GIV SPV investments, but rather to the performance of the underlying portfolio companies. The UBS Credit Facility bears interest at a rate of Term SOFR plus 2.85% per annum. The UBS Credit Facility also charges a non-usage fee, based on the unused facility amount multiplied by the Non-Usage Fee Rate (as defined in the Loan and Security Agreement). For the three months ended September 30, 2023, interest expense, non-usage fee and amortization of financing costs incurred on the UBS Credit Facility were $2,358, $172 and $89, respectively. The weighted average interest rate and effective interest rate on the UBS Credit Facility for the three months ended September 30, 2023 were 8.1% and 9.1%, respectively. For the nine months ended September 30, 2023, interest expense, non-usage fee and amortization of financing costs incurred on the UBS Credit Facility were $4,204, $592 and $239, respectively. The weighted average interest rate and effective interest rate on the UBS Credit Facility for the nine months ended September 30, 2023 were 8.0% and 10.2%, respectively. As of September 30, 2023, the outstanding balance on the UBS Credit Facility was $125,000, and the Company was in compliance with the applicable covenants under the Loan and Security Agreement on such date. Leverage risk factors —The Company utilizes and may utilize leverage to the maximum extent permitted by the law for investment and other general business purposes. The Company's lenders will have fixed dollar claims on certain assets that are superior to the claims of the Company's common unitholders, and the Company would expect such lenders to seek recovery against these assets in the event of a default. The use of leverage also magnifies the potential for gain or loss on amounts invested. Leverage may magnify interest rate risk (particularly on the Company's fixed-rate investments), which is the risk that the prices of portfolio investments will fall or rise if market interest rates for those types of securities rise or fall. As a result, leverage may cause greater changes in the Company's members' capital. Similarly, leverage may cause a sharper decline in the Company's income than if the Company had not borrowed. Such a decline could negatively affect the Company's ability to make distributions to its unitholders. Leverage is generally considered a speculative investment technique. The Company's

Regulation

Regulation	9 Months Ended
Regulation	Sep. 30, 2023
Investment Company [Abstract]
Regulation	RegulationThe Company has elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code with the filing of its tax return for the year ending December 31, 2022, and thereafter intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code). Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with certain limited exceptions). In addition, the Company must offer to make available to all "eligible portfolio companies" (as defined in the 1940 Act) significant managerial assistance.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of September 30, 2023, the Company had unfunded commitments on revolving credit facilities of $12,426, no outstanding bridge financing commitments, and other future funding commitments of $79,853. As of December 31, 2022, the Company had unfunded commitments on revolving credit facilities of $5,939, no outstanding bridge financing commitments, and other future funding commitments of $30,263. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Consolidated Schedules of Investments. The Company also had revolving borrowings available under the BMO Subscription Line and the UBS Credit Facility as of September 30, 2023 and had revolving borrowings available under the BMO Subscription Line as of December 31, 2022. See Note 6. Borrowings , for details. The Company may from time to time enter into financing commitment letters. As of September 30, 2023 and December 31, 2022, the Company had commitment letters to purchase investments in the aggregate par amount of $7,988 and $33,881, respectively, which could require funding in the future.

Members' Capital

Members' Capital	9 Months Ended
Members' Capital	Sep. 30, 2023
Equity [Abstract]
Members' Capital	Members' Capital The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price February 23, 2023 March 9, 2023 982,500 $ 9,825 June 30, 2023 July 17, 2023 862,500 8,625 July 24, 2023 August 7, 2023 1,554,250 15,542 August 23, 2023 September 7, 2023 12,600,000 126,000 15,999,250 $ 159,992 The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from March 18, 2022 (inception) to September 30, 2022. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price April 25, 2022 April 25, 2022 100 $ 1 May 9, 2022 May 23, 2022 1,599,900 15,999 June 14, 2022 June 29, 2022 358,000 3,580 June 24, 2022 June 29, 2022 500,000 5,000 August 22, 2022 September 6, 2022 1,520,000 15,200 3,978,000 $ 39,780 The following table reflects the distributions declared on the Company's common units for the nine months ended September 30, 2023. Date Declared Record Date Payment Date Per Unit Amount March 2, 2023 March 8, 2023 April 20, 2023 $ 0.175 March 30, 2023 March 31, 2023 April 20, 2023 0.150 June 26, 2023 June 29, 2023 July 20, 2023 0.270 August 30, 2023 September 6, 2023 October 20, 2023 0.250 September 27, 2023 September 28, 2023 October 20, 2023 0.060 $ 0.905 The following table reflects the distributions declared on the Company's common units for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Date Declared Record Date Payment Date Per Unit Amount June 27, 2022 June 28, 2022 July 20, 2022 $ 0.110 September 1, 2022 September 5, 2022 October 20, 2022 0.250 September 28, 2022 September 29, 2022 October 20, 2022 0.120 $ 0.480

Earnings (Loss) Per Unit

Earnings (Loss) Per Unit	9 Months Ended
Earnings (Loss) Per Unit	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Unit	Earnings (Loss) Per Unit The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three and nine months ended September 30, 2023, for the three months ended September 30, 2022, and for the period from May 9, 2022 (commencement of operations) to September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 8,287 $ 125 $ 16,151 $ (432) Denominator for basic & diluted weighted average unit: 13,436,959 2,871,043 9,928,134 2,263,817 Basic & diluted earnings (loss) per unit: $ 0.62 $ 0.04 $ 1.63 $ (0.19) (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Financial Highlights

Financial Highlights	9 Months Ended
Financial Highlights	Sep. 30, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Nine Months Ended September 30, 2023 September 30, 2022(1) Per unit data(2): Members' capital, December 31, 2022 and May 9, 2022 (commencement of operations), respectively $ 9.77 $ 10.00 Net investment income (loss) 0.83 0.20 Net realized and unrealized gains (losses)(3) 0.54 (0.15) Total net increase (decrease) 1.37 0.05 Distributions declared to unitholders from net investment income (0.91) (0.48) Members' capital, September 30, 2023 and September 30, 2022, respectively $ 10.23 $ 9.57 Total return based on members' capital(4) 14.43 % 0.52 % Units outstanding at end of period 23,525,081 3,978,000 Average weighted units outstanding for the period 9,928,134 2,263,817 Average members' capital for the period $ 98,831 $ 22,161 Ratio to average members' capital: Net investment income(5) 11.48 % 11.19 % Total expenses, before waivers(5) 18.87 % 22.46 % Total expenses, net of waivers(5) 18.20 % 19.63 % Average debt outstanding—BMO Subscription Line $ 58,655 $ 19,368 Average debt outstanding—UBS Credit Facility 71,530 N/A Asset coverage ratio 292.49 % 166.07 % Portfolio turnover 0.95 % 0.17 % Capital Commitments $ 670,850 $ 198,900 Funded Capital Commitments $ 234,798 $ 39,780 % of Capital Commitments funded 35.00 % 20.00 % (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022. (2) Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit). (3) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the nine months ended September 30, 2023 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, was $(0.26) and $0.24, respectively. (4) Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (5) Annualized, except organizational and offering costs. N/A Not applicable

Recent Accounting Standards Upd

Recent Accounting Standards Updates	9 Months Ended
Recent Accounting Standards Updates	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Standards Updates	Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three and nine months ended September 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2020, the U.S. Securities and Exchange Commission (the "SEC") adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act ("Rule 2a-5") establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act ("Rule 31a-4"), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 25, 2023, the Company entered into an amendment to the Loan Authorization Agreement by and between the Company and BMO, which increased the maximum amount of borrowings available under the BMO Subscription Line from $111,129 to $200,000.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net increase (decrease) in members' capital resulting from operations	$ 8,287	$ 125	$ 16,151	$ (432)	[1]

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting —The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company consolidates its wholly-owned direct subsidiaries GIV SPV, GIV Issuer SPV and GIV Panzura. The Company's consolidated financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. All intercompany transactions have been eliminated. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim consolidated financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2023.
Investments	Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount 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. Investments are reflected on the Company's Consolidated Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Consolidated Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Consolidated Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded.
Cash and cash equivalents	Cash and cash equivalents—Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less.
Revenue recognition	Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest and dividend income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans and certain preferred equity investments in its portfolio that contain a payment-in-kind ("PIK") interest or dividend provision. PIK interest and dividends are accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest and dividends are added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and nine months ended September 30, 2023, the Company recognized PIK dividends from investments of $26 and $75, respectively, and PIK interest from investments of $668 and $967, respectively. For the three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, the Company recognized PIK dividends from investments of $23 and $25, respectively and no PIK interest from investments. Dividend income on preferred securities is recorded as dividend income on an accrual basis to the extent that such amounts are deemed collectible. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest or dividends are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest or dividends are not reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of September 30, 2023 and December 31, 2022, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, amendment fees, assignment fees, upfront fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Income received in exchange for the provision of services such as recurring administration services are also recognized as fee income in the period in which it was earned.
Interest and other financing expenses	Interest and other financing expenses—Interest and other financing fees are recorded on an accrual basis by the Company.
Organizational expenses	Organizational expenses—Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Consolidated Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,500 or 0.50% of the aggregate Capital Commitments will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser.
Deferred offering costs	Deferred offering costs—The Company's deferred offering costs consists of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Consolidated Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Consolidated Statements of Assets, Liabilities and Members' Capital until amortized.
Deferred financing costs	Deferred financing costs—The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing.
Incomes taxes	Income taxes —The Company was treated as a disregarded entity wholly owned by New Mountain Finance Advisers, L.L.C. for the period beginning with the date of its inception on March 18, 2022 through May 5, 2022. The Company has elected to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ending December 31, 2022, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company is not subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To continue to qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Certain consolidated subsidiaries of the Company are subject to U.S. federal and state income taxes. These taxable entities are not consolidated for U.S. federal income tax purposes and may generate income tax liabilities or assets from permanent and temporary differences in the recognition of items for financial reporting and U.S. federal income tax purposes. Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740 ("ASC740") through December 31, 2022. The 2022 tax year remains subject to examination by the U.S. Federal, state, and local tax authorities.
Distributions	Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment.
Earnings per unit	Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised.
Foreign securities	Foreign securities—The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Consolidated Statements of Operations.
Use of estimates	Use of estimates —The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material.
Fair value	Fair Value Fair value is the amount 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. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period.
Recent accounting standards updates	Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's consolidated financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three and nine months ended September 30, 2023. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In December 2020, the U.S. Securities and Exchange Commission (the "SEC") adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act ("Rule 2a-5") establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted Rule 31a-4 under the 1940 Act ("Rule 31a-4"), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of Investments	At September 30, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 306,305 $ 311,775 Second lien 14,041 16,111 Subordinated 19,576 19,713 Equity and other 1,356 1,366 Total investments $ 341,278 $ 348,965 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 142,499 $ 144,943 Business Services 105,292 106,767 Healthcare 33,279 33,546 Education 19,719 20,708 Food & Beverage 16,469 19,015 Consumer Services 12,950 12,879 Distribution & Logistics 5,510 5,589 Financial Services 5,180 5,202 Packaging 380 316 Total investments $ 341,278 $ 348,965 At December 31, 2022, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 100,860 $ 99,866 Second lien 10,991 11,852 Subordinated 10,806 10,730 Equity and other 779 763 Total investments $ 123,436 $ 123,211 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 60,274 $ 60,506 Business Services 29,285 29,035 Healthcare 14,727 14,506 Consumer Services 6,343 6,138 Education 5,442 5,858 Distribution & Logistics 5,459 5,321 Financial Services 1,906 1,847 Total investments $ 123,436 $ 123,211

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Portfolio Investments by Level in the Fair Value Hierarchy	The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of September 30, 2023: Total Level I Level II Level III First lien $ 311,775 $ — $ 28,289 $ 283,486 Second lien 16,111 — 7,531 8,580 Subordinated 19,713 — 13,280 6,433 Equity and other 1,366 — — 1,366 Total investments $ 348,965 $ — $ 49,100 $ 299,865 The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fall into as of December 31, 2022: Total Level I Level II Level III First lien $ 99,866 $ — $ 6,518 $ 93,348 Second lien 11,852 — 4,613 7,239 Subordinated 10,730 — 7,653 3,077 Equity and other 763 — — 763 Total investments $ 123,211 $ — $ 18,784 $ 104,427
Schedule of Changes in Level III Portfolio Investments	The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair Value, June 30, 2023 $ 196,233 $ 173,615 $ 15,350 $ 6,382 $ 886 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 4,501 4,031 419 51 — Purchases, including capitalized PIK and revolver fundings 99,335 98,855 — — 480 Proceeds from paydowns of investments (567) (567) — — — Transfers into Level III(1) 9,475 9,475 — — — Transfers out of Level III(1) (9,112) (1,923) (7,189) — — Fair Value, September 30, 2023 $ 299,865 $ 283,486 $ 8,580 $ 6,433 $ 1,366 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 4,501 $ 4,031 $ 419 $ 51 $ — (1) As of September 30, 2023, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the nine months ended September 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2023: Total First Lien Second Lien Subordinated Equity and other Fair Value, December 31, 2022 $ 104,427 $ 93,348 $ 7,239 $ 3,077 $ 763 Total gains or losses included in earnings: Net change in unrealized appreciation of investments 7,337 6,697 541 73 26 Purchases, including capitalized PIK and revolver fundings 192,083 187,423 800 3,283 577 Proceeds from paydowns of investments (2,135) (2,135) — — — Transfers out of Level III(1) (1,847) (1,847) — — — Fair Value, September 30, 2023 $ 299,865 $ 283,486 $ 8,580 $ 6,433 $ 1,366 Unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 7,337 $ 6,697 $ 541 $ 73 $ 26 (1) As of September 30, 2023, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair Value, June 30, 2022 $ 31,496 $ 29,454 $ 1,263 $ — $ 779 Total gains or losses included in earnings: Net change in unrealized (depreciation) appreciation of investments (172) (185) 13 — — Purchases, including revolver fundings 41,716 38,606 — 3,110 — Proceeds from paydowns of investments (69) (69) — — — Transfers out of Level III(1) (1,914) (1,914) — — — Fair Value, September 30, 2022 $ 71,057 $ 65,892 $ 1,276 $ 3,110 $ 779 Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (172) $ (185) $ 13 $ — $ — (1) As of September 30, 2022, portfolio investments were transferred out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the period from May 9, 2022 (commencement of operations) to September 30, 2022, as well as the portion of appreciation (depreciation) included in income attributable to unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at September 30, 2022: Total First Lien Second Lien Subordinated Equity and other Fair Value, May 9, 2022 (commencement of operations) $ — $ — $ — $ — $ — Total gains or losses included in earnings: Net change in unrealized (depreciation) appreciation of investments (297) (366) 69 — — Purchases, including revolver fundings 71,423 66,327 1,207 3,110 779 Proceeds from paydowns of investments (69) (69) — — — Fair Value, September 30, 2022 $ 71,057 $ 65,892 $ 1,276 $ 3,110 $ 779 Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ (297) $ (366) $ 69 $ — $ —
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The unobservable inputs used in the fair value measurement of the Company's Level III investments as of September 30, 2023 were as follows: Range Type Fair Value as of September 30, 2023 Approach Unobservable Input Low High Weighted First lien $ 208,288 Market & income approach EBITDA multiple 5.0x 27.0x 16.5x Revenue multiple 4.0x 17.0x 9.4x Discount rate 7.2 % 19.2 % 11.3 % 16,146 Market quote Broker quote N/A N/A N/A 59,052 Other N/A (2) N/A N/A N/A Second lien 8,580 Market & income approach EBITDA multiple 20.0x 20.0x 20.0x Discount rate 10.3 % 12.3 % 11.7 % Subordinated 6,433 Market & income approach EBITDA multiple 14.0x 32.5x 21.6x Discount rate 13.3 % 16.3 % 14.8 % Equity and other 886 Market & income approach Revenue multiple 4.0x 5.5x 4.8x Discount rate 16.2 % 16.2 % 16.2 % 480 Other N/A (2) N/A N/A N/A $ 299,865 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2022 were as follows: Range Type Fair Value as of December 31, 2022 Approach Unobservable Input Low High Weighted First lien $ 82,517 Market & income approach EBITDA multiple 10.0x 38.0x 19.8x Revenue multiple 8.0x 17.0x 10.4x Discount rate 8.8 % 12.5 % 10.5 % 10,831 Other N/A (2) N/A N/A N/A Second lien 7,239 Market & income approach EBITDA multiple 14.0x 18.0x 16.0x Discount rate 11.2 % 12.6 % 12.3 % Subordinated 3,077 Market & income approach EBITDA multiple 23.5x 23.5x 23.5x Discount rate 14.8 % 14.8 % 14.8 % Equity and other 763 Market & income approach EBITDA multiple 25.0x 25.0x 25.0x Discount rate 14.9 % 14.9 % 14.9 % $ 104,427 (1) Unobservable inputs were weighted by the relative fair value of the investments.
Schedule of Principal Amounts and Fair Values of Borrowings	The following are the principal amount and fair value of the Company’s borrowings as of September 30, 2023 and December 31, 2022. Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. As of September 30, 2023 December 31, 2022 Principal Amount Fair Value Principal Amount Fair Value BMO Subscription Line $ — $ — $ 53,700 $ 53,674 UBS Credit Facility 125,000 126,466 N/A N/A Total $ 125,000 $ 126,466 $ 53,700 $ 53,674 N/A Not applicable.

Agreements and Related Parties

Agreements and Related Parties (Tables)	9 Months Ended
Agreements and Related Parties (Tables)	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Management Fees and Incentive Fees	The following table summarizes the management fees and incentive fees incurred by the Company for the three and nine months ended September 30, 2023, three months ended September 30, 2022 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Management fee $ 675 $ 280 $ 1,489 $ 376 Less: management fee waiver (14) (185) (295) (249) Net management fee 661 95 1,194 127 Incentive fee, excluding accrued incentive fees on capital gains $ 674 $ 137 $ 1,454 $ 137 (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
Borrowings (Tables)	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Information Related to Borrowings	The following table summarizes the interest expense and amortization of financing costs incurred on the BMO Subscription Line for three and nine months ended September 30, 2023, three months ended September 30, 2022, and the period from May 9, 2022 (commencement of operations) to September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Interest expense $ 1,160 $ 388 $ 3,440 $ 417 Amortization of financing costs 11 4 20 7 Weighted average interest rate 8.2 % 5.5 % 7.8 % 5.4 % Effective interest rate 8.2 % 5.6 % 7.9 % 5.5 % Average debt outstanding $ 56,390 $ 27,878 $ 58,655 $ 19,368 (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Members' Capital (Tables)

Members' Capital (Tables)	9 Months Ended
Members' Capital (Tables)	Sep. 30, 2023
Equity [Abstract]
Schedule of Capital Drawdowns Delivered Pursuant to Subscription Agreements	The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the nine months ended September 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price February 23, 2023 March 9, 2023 982,500 $ 9,825 June 30, 2023 July 17, 2023 862,500 8,625 July 24, 2023 August 7, 2023 1,554,250 15,542 August 23, 2023 September 7, 2023 12,600,000 126,000 15,999,250 $ 159,992 The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from March 18, 2022 (inception) to September 30, 2022. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price April 25, 2022 April 25, 2022 100 $ 1 May 9, 2022 May 23, 2022 1,599,900 15,999 June 14, 2022 June 29, 2022 358,000 3,580 June 24, 2022 June 29, 2022 500,000 5,000 August 22, 2022 September 6, 2022 1,520,000 15,200 3,978,000 $ 39,780
Schedule of Distributions Declared on Common Units	The following table reflects the distributions declared on the Company's common units for the nine months ended September 30, 2023. Date Declared Record Date Payment Date Per Unit Amount March 2, 2023 March 8, 2023 April 20, 2023 $ 0.175 March 30, 2023 March 31, 2023 April 20, 2023 0.150 June 26, 2023 June 29, 2023 July 20, 2023 0.270 August 30, 2023 September 6, 2023 October 20, 2023 0.250 September 27, 2023 September 28, 2023 October 20, 2023 0.060 $ 0.905 The following table reflects the distributions declared on the Company's common units for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Date Declared Record Date Payment Date Per Unit Amount June 27, 2022 June 28, 2022 July 20, 2022 $ 0.110 September 1, 2022 September 5, 2022 October 20, 2022 0.250 September 28, 2022 September 29, 2022 October 20, 2022 0.120 $ 0.480

Earnings (Loss) Per Unit (Table

Earnings (Loss) Per Unit (Tables)	9 Months Ended
Earnings (Loss) Per Unit (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Unit	The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per unit resulting from operations for the three and nine months ended September 30, 2023, for the three months ended September 30, 2022, and for the period from May 9, 2022 (commencement of operations) to September 30, 2022: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022(1) Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 8,287 $ 125 $ 16,151 $ (432) Denominator for basic & diluted weighted average unit: 13,436,959 2,871,043 9,928,134 2,263,817 Basic & diluted earnings (loss) per unit: $ 0.62 $ 0.04 $ 1.63 $ (0.19) (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
Financial Highlights (Tables)	Sep. 30, 2023
Investment Company [Abstract]
Schedule of Financial Highlights	The following information sets forth the Company's financial highlights for the nine months ended September 30, 2023 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022. Nine Months Ended September 30, 2023 September 30, 2022(1) Per unit data(2): Members' capital, December 31, 2022 and May 9, 2022 (commencement of operations), respectively $ 9.77 $ 10.00 Net investment income (loss) 0.83 0.20 Net realized and unrealized gains (losses)(3) 0.54 (0.15) Total net increase (decrease) 1.37 0.05 Distributions declared to unitholders from net investment income (0.91) (0.48) Members' capital, September 30, 2023 and September 30, 2022, respectively $ 10.23 $ 9.57 Total return based on members' capital(4) 14.43 % 0.52 % Units outstanding at end of period 23,525,081 3,978,000 Average weighted units outstanding for the period 9,928,134 2,263,817 Average members' capital for the period $ 98,831 $ 22,161 Ratio to average members' capital: Net investment income(5) 11.48 % 11.19 % Total expenses, before waivers(5) 18.87 % 22.46 % Total expenses, net of waivers(5) 18.20 % 19.63 % Average debt outstanding—BMO Subscription Line $ 58,655 $ 19,368 Average debt outstanding—UBS Credit Facility 71,530 N/A Asset coverage ratio 292.49 % 166.07 % Portfolio turnover 0.95 % 0.17 % Capital Commitments $ 670,850 $ 198,900 Funded Capital Commitments $ 234,798 $ 39,780 % of Capital Commitments funded 35.00 % 20.00 % (1) For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022. (2) Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit). (3) The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the nine months ended September 30, 2023 and for the period from May 9, 2022 (commencement of operations) to September 30, 2022, was $(0.26) and $0.24, respectively. (4) Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (5) Annualized, except organizational and offering costs. N/A Not applicable

Formation and Business Purpose

Formation and Business Purpose (Details) - USD ($) $ in Thousands		9 Months Ended
	May 04, 2022	Sep. 30, 2023
Summary of Investment Holdings [Line Items]
Investment period	4 years
Term of company	6 years
Term of company, extension period	1 year
Term of company, additional extension period	1 year
Minimum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		$ 10,000
Maximum
Summary of Investment Holdings [Line Items]
EBITDA as defined for middle market business		200,000
Private Placement
Summary of Investment Holdings [Line Items]
Offering period	24 months
New Mountain Capital
Summary of Investment Holdings [Line Items]
Assets under management		$ 45,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		5 Months Ended	9 Months Ended
	May 03, 2022 USD ($)	Sep. 30, 2023 USD ($) investment	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) investment	Sep. 30, 2022 USD ($)	[1]	Dec. 31, 2022 USD ($) investment
Accounting Policies [Abstract]
Cash equivalents		$ 0			$ 0			$ 0
PIK dividends		26	$ 23	$ 25	75
PIK interest		$ 668	$ 0	$ 0	$ 967	$ 0
Investments threshold period past due for nonaccrual status		30 days			30 days
Number of investments on non-accrual status \| investment		0			0			0
Related Party Transaction [Line Items]
Amortization period for deferred offering costs					12 months
Investment Management Agreement \| Affiliates
Related Party Transaction [Line Items]
Organizational and offering expenses, reduction to base management fee, threshold	$ 2,500				$ 2,500
Organizational and offering expenses, reduction to base management fee, multiplier	0.50%				0.50%

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Investments - Cost and Fair Val

Investments - Cost and Fair Value by Type and by Industry (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Cost	$ 341,278	[1]	$ 123,436	[2]
Fair Value	348,965	[1]	123,211	[2]
Software
Schedule of Investments [Line Items]
Cost	142,499		60,274
Fair Value	144,943		60,506
Business Services
Schedule of Investments [Line Items]
Cost	105,292		29,285
Fair Value	106,767		29,035
Healthcare
Schedule of Investments [Line Items]
Cost	33,279		14,727
Fair Value	33,546		14,506
Education
Schedule of Investments [Line Items]
Cost	19,719		5,442
Fair Value	20,708		5,858
Food & Beverage
Schedule of Investments [Line Items]
Cost	16,469
Fair Value	19,015
Consumer Services
Schedule of Investments [Line Items]
Cost	12,950		6,343
Fair Value	12,879		6,138
Distribution & Logistics
Schedule of Investments [Line Items]
Cost	5,510		5,459
Fair Value	5,589		5,321
Financial Services
Schedule of Investments [Line Items]
Cost	5,180		1,906
Fair Value	5,202		1,847
Packaging
Schedule of Investments [Line Items]
Cost	380
Fair Value	316
First lien
Schedule of Investments [Line Items]
Cost	306,305		100,860
Fair Value	311,775		99,866
Second lien
Schedule of Investments [Line Items]
Cost	14,041		10,991
Fair Value	16,111		11,852
Subordinated
Schedule of Investments [Line Items]
Cost	19,576		10,806
Fair Value	19,713		10,730
Equity and other
Schedule of Investments [Line Items]
Cost	1,356		779
Fair Value	$ 1,366		$ 763

[1]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Unfunded commitments on revolving credit facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 12,426	$ 5,939
Unfunded Commitments on Bridge Facilities
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	0	0
Unfunded commitments on delayed draws or other future funding commitments
Investment Company, Nonconsolidated Subsidiary [Line Items]
Principal amount	$ 79,853	$ 30,263

Fair Value - Fair Value Levels

Fair Value - Fair Value Levels (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 348,965	[1]	$ 123,211	[2]
First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	311,775		99,866
Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	16,111		11,852
Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	19,713		10,730
Equity and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	1,366		763
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I \| First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I \| Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I \| Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level I \| Equity and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	49,100		18,784
Level II \| First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	28,289		6,518
Level II \| Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	7,531		4,613
Level II \| Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	13,280		7,653
Level II \| Equity and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	0		0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	299,865		104,427
Level III \| First lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	283,486		93,348
Level III \| Second lien
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	8,580		7,239
Level III \| Subordinated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	6,433		3,077
Level III \| Equity and other
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments at fair value	$ 1,366		$ 763

[1]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Fair Value - Level III Rollforw

Fair Value - Level III Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023
Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 196,233	$ 31,496	$ 0	$ 104,427
Net change in unrealized (depreciation) appreciation of investments	4,501	(172)	(297)	7,337
Purchases, including capitalized PIK and revolver fundings	99,335	41,716	71,423	192,083
Proceeds from paydowns of investments	(567)	(69)	(69)	(2,135)
Transfers into Level III	9,475	(1,914)
Transfers out of Level III	(9,112)			(1,847)
Ending balance	299,865	71,057	71,057	299,865
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	4,501	(172)	(297)	7,337
First lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	173,615	29,454	0	93,348
Net change in unrealized (depreciation) appreciation of investments	4,031	(185)	(366)	6,697
Purchases, including capitalized PIK and revolver fundings	98,855	38,606	66,327	187,423
Proceeds from paydowns of investments	(567)	(69)	(69)	(2,135)
Transfers into Level III	9,475	(1,914)
Transfers out of Level III	(1,923)			(1,847)
Ending balance	283,486	65,892	65,892	283,486
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	4,031	(185)	(366)	6,697
Second lien
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	15,350	1,263	0	7,239
Net change in unrealized (depreciation) appreciation of investments	419	13	69	541
Purchases, including capitalized PIK and revolver fundings	0	0	1,207	800
Proceeds from paydowns of investments	0	0	0	0
Transfers into Level III	0	0
Transfers out of Level III	(7,189)			0
Ending balance	8,580	1,276	1,276	8,580
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	419	13	69	541
Subordinated
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	6,382	0	0	3,077
Net change in unrealized (depreciation) appreciation of investments	51	0	0	73
Purchases, including capitalized PIK and revolver fundings	0	3,110	3,110	3,283
Proceeds from paydowns of investments	0	0	0	0
Transfers into Level III	0	0
Transfers out of Level III	0			0
Ending balance	6,433	3,110	3,110	6,433
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	51	0	0	73
Equity and other
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	886	779	0	763
Net change in unrealized (depreciation) appreciation of investments	0	0	0	26
Purchases, including capitalized PIK and revolver fundings	480	0	779	577
Proceeds from paydowns of investments	0	0	0	0
Transfers into Level III	0	0
Transfers out of Level III	0			0
Ending balance	1,366	779	779	1,366
Unrealized (depreciation) appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period:	$ 0	$ 0	$ 0	$ 26

Fair Value - Unobservable Input

Fair Value - Unobservable Inputs (Details) $ in Thousands	Sep. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 348,965	[1]	$ 123,211	[2]
First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	311,775		99,866
Second lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	16,111		11,852
Subordinated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	19,713		10,730
Equity and other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,366		763
Level III
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	299,865		104,427
Level III \| Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	480
Level III \| First lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	283,486		93,348
Level III \| First lien \| Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 208,288		$ 82,517
Level III \| First lien \| Market & income approach \| EBITDA multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	5		10
Level III \| First lien \| Market & income approach \| EBITDA multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	27		38
Level III \| First lien \| Market & income approach \| EBITDA multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	16.5		19.8
Level III \| First lien \| Market & income approach \| Revenue multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	4		8
Level III \| First lien \| Market & income approach \| Revenue multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	17		17
Level III \| First lien \| Market & income approach \| Revenue multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	9.4		10.4
Level III \| First lien \| Market & income approach \| Discount rate \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.072		0.088
Level III \| First lien \| Market & income approach \| Discount rate \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.192		0.125
Level III \| First lien \| Market & income approach \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.113		0.105
Level III \| First lien \| Market quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 16,146
Level III \| First lien \| Other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	59,052		$ 10,831
Level III \| Second lien
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	8,580		7,239
Level III \| Second lien \| Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 8,580		$ 7,239
Level III \| Second lien \| Market & income approach \| EBITDA multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	20		14
Level III \| Second lien \| Market & income approach \| EBITDA multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	20		18
Level III \| Second lien \| Market & income approach \| EBITDA multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	20		16
Level III \| Second lien \| Market & income approach \| Discount rate \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.103		0.112
Level III \| Second lien \| Market & income approach \| Discount rate \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.123		0.126
Level III \| Second lien \| Market & income approach \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.117		0.123
Level III \| Subordinated
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,433		$ 3,077
Level III \| Subordinated \| Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,433		$ 3,077
Level III \| Subordinated \| Market & income approach \| EBITDA multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	14		23.5
Level III \| Subordinated \| Market & income approach \| EBITDA multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	32.5		23.5
Level III \| Subordinated \| Market & income approach \| EBITDA multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	21.6		23.5
Level III \| Subordinated \| Market & income approach \| Discount rate \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.133		0.148
Level III \| Subordinated \| Market & income approach \| Discount rate \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.163		0.148
Level III \| Subordinated \| Market & income approach \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.148		0.148
Level III \| Equity and other
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,366		$ 763
Level III \| Equity and other \| Market & income approach
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 886		$ 763
Level III \| Equity and other \| Market & income approach \| EBITDA multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input			25
Level III \| Equity and other \| Market & income approach \| EBITDA multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input			25
Level III \| Equity and other \| Market & income approach \| EBITDA multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input			25
Level III \| Equity and other \| Market & income approach \| Revenue multiple \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	4
Level III \| Equity and other \| Market & income approach \| Revenue multiple \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	5.5
Level III \| Equity and other \| Market & income approach \| Revenue multiple \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	4.8
Level III \| Equity and other \| Market & income approach \| Discount rate \| Low
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.162		0.149
Level III \| Equity and other \| Market & income approach \| Discount rate \| High
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.162		0.149
Level III \| Equity and other \| Market & income approach \| Discount rate \| Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement Input	0.162		0.149

[1]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.[2]New Mountain Guardian IV BDC, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act.

Fair Value - Principal Amount a

Fair Value - Principal Amount and Fair Values of Borrowings (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Principal Amount
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 125,000	$ 53,700
Principal Amount \| Line of Credit \| Revolving Credit Facility \| BMO Subscription Line
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	0	53,700
Principal Amount \| Line of Credit \| Revolving Credit Facility \| UBS Credit Facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	125,000
Fair Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	126,466	53,674
Fair Value \| Line of Credit \| Revolving Credit Facility \| BMO Subscription Line
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	0	$ 53,674
Fair Value \| Line of Credit \| Revolving Credit Facility \| UBS Credit Facility
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Borrowings	$ 126,466

Agreements and Related Partie_2

Agreements and Related Parties - Narrative (Details)			2 Months Ended	3 Months Ended		5 Months Ended	9 Months Ended			12 Months Ended
Agreements and Related Parties - Narrative (Details)	Jan. 24, 2023	May 03, 2022 USD ($)	Jun. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) component	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) component	Sep. 30, 2022 USD ($)	[1]	May 09, 2023	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Incentive fee				$ 674,000	$ 137,000		$ 1,454,000	$ 137,000
Fees waived by the administrator				95,000	0		201,000	$ 0
Affiliates
Related Party Transaction [Line Items]
Incentive fees waived			$ 0	0			0
Payable to affiliates				$ 150,000			150,000				$ 167,000
Investment Management Agreement \| Affiliates
Related Party Transaction [Line Items]
Agreement term	12 months
Base management fee percentage		1.15%								0.575%
Base management fee reduction percentage through 1 year anniversary of initial drawdown date										50%
Minimum base management fee		$ 0
Organizational and offering expenses, reduction to base management fee, threshold		$ 2,500,000					$ 2,500,000
Organizational and offering expenses, reduction to base management fee, multiplier		0.50%					0.50%
Number of incentive fee components \| component				2			2
Return of incentive fee upon termination of company, cumulative incentive fees threshold, percentage		15%
Return of incentive fee upon termination of company, cumulative internal rate of return threshold, percentage		7%
Quarterly hurdle rate \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		1.75%
Annualized hurdle rate \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		7%
Pre-Incentive Fee Net Investment Income below catch-up threshold \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		100%
Quarterly catch-up threshold \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		2.059%
Annualized catch-up threshold \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		8.235%
Pre-Incentive Fee Net Investment Income exceeds catch-up threshold \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		15%
Realized capital gains
Related Party Transaction [Line Items]
Incentive fee				$ 0	0		$ 0
Realized capital gains \| Affiliates
Related Party Transaction [Line Items]
Incentive fee						$ 0
Realized capital gains, annualized cumulative internal rate of return \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		7%
Realized capital gains, cumulative net realized gains \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		100%
Realized capital gains, cumulative net realized gains threshold \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		15%
Realized capital gains, additional undistributed cumulative net realized gains \| Affiliates
Related Party Transaction [Line Items]
Incentive fee percentage		15%
Expense Limitation snd Reimbursement Agreement \| Affiliates
Related Party Transaction [Line Items]
Management fee waiver, percentage applied to calculate Specified Expense Cap		0.40%
Management fee waiver, capital commitments threshold		$ 750,000,000
Period for reimbursement of compensation waived and other expenses		36 months
Period for recapture of specified expenses		36 months
Administration Agreement \| Affiliates
Related Party Transaction [Line Items]
Indirect administrative expenses				190,000	$ 175,000	291,000	548,000
Fees waived by the administrator				95,000		$ 0	201,000
Payable to affiliates				$ 95,000			$ 95,000				$ 204,000

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Agreements and Related Partie_3

Agreements and Related Parties - Management Fees and Incentive Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Management fee	$ 675	$ 280	$ 1,489	$ 376	[1]
Incentive fee	674	137	1,454	137	[1]
Affiliates
Related Party Transaction [Line Items]
Management fee	675	280	1,489	376
Less: management fee waiver	(14)	(185)	(295)	(249)
Net management fee	661	95	1,194	127
Incentive fee, excluding accrued incentive fees on capital gains \| Affiliates
Related Party Transaction [Line Items]
Incentive fee	$ 674	$ 137	$ 1,454	$ 137

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands			3 Months Ended		5 Months Ended	9 Months Ended
Borrowings (Details) - USD ($) $ in Thousands	Jun. 28, 2023	May 09, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Line of Credit Facility [Line Items]
Amortization of financing costs						$ 259	$ 7	[1]
BMO Subscription Line
Line of Credit Facility [Line Items]
Average debt outstanding					$ 19,368	58,655
Credit facility outstanding balance			$ 0			0			$ 53,700
UBS Credit Facility
Line of Credit Facility [Line Items]
Average debt outstanding						71,530
Credit facility outstanding balance			125,000			125,000			0
Revolving Credit Facility \| BMO Subscription Line
Line of Credit Facility [Line Items]
Credit facility outstanding balance			0			0			$ 53,700
Revolving Credit Facility \| UBS Credit Facility
Line of Credit Facility [Line Items]
Credit facility outstanding balance			125,000			125,000
Revolving Credit Facility \| Line of Credit \| BMO Subscription Line
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000
Period for outstanding balance due on demand		15 days
Period for outstanding balance after date of advance		6 months
Interest expense			1,160	$ 388		3,440	417
Amortization of financing costs			$ 11	$ 4		$ 20	$ 7
Weighted average interest rate			8.20%	5.50%		7.80%	5.40%
Effective interest rate			8.20%	5.60%		7.90%	5.50%
Average debt outstanding			$ 56,390	$ 27,878		$ 58,655	$ 19,368
Revolving Credit Facility \| Line of Credit \| UBS Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 250,000
Interest expense			2,358			4,204
Non-usage fee			172			592
Amortization of financing costs			$ 89			$ 239
Weighted average interest rate			8.10%			8%
Effective interest rate			9.10%			10.20%
Borrowing capacity, first percentage	30%
Borrowing capacity, second percentage	40%
Borrowing capacity, third percentage	50%
Borrowing capacity, fourth percentage	65%
Borrowing capacity, fifth percentage	0.700
Borrowing capacity, sixth percentage	75%
Revolving Credit Facility \| Line of Credit \| Prime Rate \| BMO Subscription Line
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)		(0.25%)
Revolving Credit Facility \| Line of Credit \| SOFR, Quoted Rate \| BMO Subscription Line
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)		2.50%
Revolving Credit Facility \| Line of Credit \| Three-month term SOFR \| BMO Subscription Line
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)		0.15%
Revolving Credit Facility \| Line of Credit \| Term SOFR \| UBS Credit Facility
Line of Credit Facility [Line Items]
Interest rate margin plus (minus)	2.85%

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financing commitment letter to purchase investments
Other Commitments [Line Items]
Other commitments	$ 7,988	$ 33,881
Unfunded commitments on revolving credit facilities
Other Commitments [Line Items]
Principal amount	12,426	5,939
Bridge financing commitments
Other Commitments [Line Items]
Principal amount	0	0
Other future funding commitments
Other Commitments [Line Items]
Principal amount	$ 79,853	$ 30,263

Members' Capital (Details)

Members' Capital (Details) - USD ($) $ / shares in Units, $ in Thousands																	3 Months Ended		5 Months Ended	6 Months Ended	9 Months Ended
	Sep. 27, 2023	Sep. 07, 2023	Aug. 30, 2023	Aug. 07, 2023	Jul. 17, 2023	Jun. 26, 2023	Mar. 30, 2023	Mar. 09, 2023	Mar. 02, 2023	Sep. 28, 2022	Sep. 06, 2022	Sep. 01, 2022	Jun. 29, 2022	Jun. 27, 2022	May 23, 2022	Apr. 25, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Units Issued (in shares)		12,600,000		1,554,250	862,500			982,500			1,520,000				1,599,900	100	15,016,750	1,520,000		3,978,000	15,999,250	3,977,900	[1]
Aggregate Offering Price		$ 126,000		$ 15,542	$ 8,625			$ 9,825			$ 15,200				$ 15,999	$ 1				$ 39,780	$ 159,992	$ 39,779	[2]
Distributions declared (in dollars per share)	$ 0.060		$ 0.250			$ 0.270	$ 0.150		$ 0.175	$ 0.120		$ 0.250		$ 0.110					$ 0.480		$ 0.905
Drawdown Date, June 14, 2022
Subsidiary, Sale of Stock [Line Items]
Units Issued (in shares)													358,000
Aggregate Offering Price													$ 3,580
Drawdown Date, June 24, 2022
Subsidiary, Sale of Stock [Line Items]
Units Issued (in shares)													500,000
Aggregate Offering Price													$ 5,000

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[2]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Earnings (Loss) Per Unit (Detai

Earnings (Loss) Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Numerator for basic & diluted earnings (loss) per unit:	$ 8,287	$ 125		$ 16,151	$ (432)	[1]
Denominator for basic weighted average unit (in shares):	13,436,959	2,871,043	2,263,817	9,928,134	2,263,817	[2]
Denominator for diluted weighted average unit (in shares):	13,436,959	2,871,043	2,263,817	9,928,134	2,263,817	[2]
Basic earnings (loss) per unit (in dollars per share)	$ 0.62	$ 0.04		$ 1.63	$ (0.19)	[2]
Diluted earnings (loss) per unit (in dollars per share)	$ 0.62	$ 0.04		$ 1.63	$ (0.19)	[2]

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.[2]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		5 Months Ended	9 Months Ended
	Sep. 27, 2023	Aug. 30, 2023	Jun. 26, 2023	Mar. 30, 2023	Mar. 02, 2023	Sep. 28, 2022	Sep. 01, 2022	Jun. 27, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Investment Company, Financial Highlights [Roll Forward]
Member's capital, beginning balance (in dollars per share)											$ 10	$ 9.77
Net investment income (loss) (in dollars per share)											0.20	0.83
Net realized and unrealized gains (losses) (in dollars per share)											(0.15)	0.54
Total net increase (decrease) (in dollars per share)											0.05	1.37
Distributions declared to unitholders from net investment income (in dollars per share)	$ (0.060)	$ (0.250)	$ (0.270)	$ (0.150)	$ (0.175)	$ (0.120)	$ (0.250)	$ (0.110)			(0.480)	(0.905)
Member's capital, ending balance (in dollars per share)									$ 10.23	$ 9.57	$ 9.57	$ 10.23	$ 9.57
Total return based on members' capital											0.52%	14.43%
Units outstanding at end of period (in shares)									23,525,081	3,978,000	3,978,000	23,525,081	3,978,000		7,525,831
Average weighted units outstanding for the period - basic (in shares)									13,436,959	2,871,043	2,263,817	9,928,134	2,263,817	[1]
Average weighted units outstanding for the period - diluted (in share)									13,436,959	2,871,043	2,263,817	9,928,134	2,263,817	[1]
Average members' capital for the period											$ 22,161	$ 98,831
Ratio to average members' capital:
Net investment income											11.19%	11.48%
Total expenses, before waivers											22.46%	18.87%
Total expenses, net of waivers											19.63%	18.20%
Asset coverage ratio									292.49%	166.07%	166.07%	292.49%	166.07%
Portfolio turnover											0.17%	0.95%
Capital Commitments											$ 198,900	$ 670,850
Funded Capital Commitments									$ 234,798	$ 39,780	$ 39,780	$ 234,798	$ 39,780
% of Capital Commitments funded											20%	35%
Effect of the timing of capital transactions (in dollars per share)											$ 0.24	$ (0.26)
BMO Subscription Line
Ratio to average members' capital:
Average debt outstanding											$ 19,368	$ 58,655
UBS Credit Facility
Ratio to average members' capital:
Average debt outstanding												$ 71,530

[1]For the nine months ended September 30, 2022, amounts represent the period from May 9, 2022 (commencement of operations) to September 30, 2022.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Oct. 25, 2023	Oct. 24, 2023
Subsequent Event \| BMO Subscription Line
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 200,000	$ 111,129