Andalusian Credit 10-Q8 May 242024 FY Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 08, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	814-01670
Entity Registrant Name	ANDALUSIAN CREDIT COMPANY, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	92-2145091
Entity Address, Address Line One	51 John F. Kennedy Pkwy
Entity Address, City or Town	Short Hills
Entity Address State Or Province	NJ
Entity Address, Postal Zip Code	07078
City Area Code	973
Local Phone Number	314-3045
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		3,627,998
Entity Central Index Key	0001979306
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Investments in non-controlled/non-affiliated investments, at fair value (cost $19,780,275 and $0, respectively)	$ 19,780,275	$ 0
Cash and cash equivalents	1,269,531	1,011,952
Deferred offering expenses (Note 2)	801,306	1,121,105
Prepaid expenses and other assets	518,539	37,459
Interest receivable	172,095
Due from affiliate		17,413
Total assets	22,541,746	2,187,929
Liabilities:
Secured borrowings (Note 6)	2,500,000	0
Management fees payable	1,204,753	616,721
Administration fees payable	242,003	124,082
Legal fees payable	217,850	89,652
Professional fees payable	123,750	165,000
Interest and credit facility fees payable (Note 6)	46,062
Organizational costs payable	0	132,327
Offering costs payable	0	33,313
Accounts payable and accrued expenses	17,240	85,918
Total liabilities	4,351,658	1,247,013
Commitments and contingencies (Note 7)
Net assets:
Shares, par value $0.001 (1,145,529 and 171,874 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	1,146	172
Paid-in-capital in excess of par value	23,071,035	3,598,907
Accumulated deficit	(4,882,093)	(2,658,163)
Total net assets	18,190,088	940,916
Total liabilities and net assets	$ 22,541,746	$ 2,187,929
Net asset value per share (in dollars per share)	$ 15.88	$ 5.47

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parentheticals) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Statements of Assets and Liabilities
Investment Owned, Cost	$ 19,780,275	$ 0
Shares, par value (in dollars per share)	$ 0.001	$ 0.001
Number of shares issued	1,145,529	171,874	0
Shares outstanding at end of period	1,145,529	171,874

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
Statements of Operations - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Investment Income:
Interest income	$ 228,254
Total investment income	228,254
Expenses:
Management fees	1,445,704
Offering costs	319,799	$ 0
Professional fees	263,766
Administration fees	242,003
Interest expense and credit facility fees	116,840
Board fees	107,500
Audit fees	71,250
Organizational expenses (Note 2)	0	270,167
General and administrative expenses	126,273
Total operating expenses	2,693,135	270,167
Management fee waiver	(240,951)
Net operating expenses	2,452,184	270,167
Net investment loss	(2,223,930)	(270,167)
Net decrease in net assets resulting from operations	$ (2,223,930)	$ (270,167)
Per share data:
Net investment loss per share, basic (in dollars per share)	$ (3.35)
Net investment loss per share, diluted (in dollars per share)	(3.35)
Net decrease in net assets resulting from operations per share, basic (in dollars per share)	(3.35)
Net decrease in net assets resulting from operations per share, diluted (in dollars per share)	$ (3.35)
Weighted average shares outstanding, basic (in shares)	664,051
Weighted average shares outstanding, diluted (in shares)	664,051

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	3 Months Ended
Statements of Changes in Net Assets - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Operations:
Net investment loss	$ (2,223,930)	$ (270,167)
Net decrease in net assets resulting from operations	(2,223,930)	(270,167)
Capital transactions:
Proceeds from issuance of shares	19,473,102
Net increase in net assets resulting from capital share transactions	19,473,102
Total increase (decrease) in net assets	17,249,172	(270,167)
Net assets, beginning of period	940,916
Net assets, end of period	$ 18,190,088	$ (270,167)
Capital share activity:
Shares outstanding, beginning of period	171,874
Shares issued	973,655
Shares outstanding, end of period	1,145,529

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended		5 Months Ended
Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024
Cash flows from operating activities:
Net decrease in net assets resulting from operations	$ (2,223,930)	$ (270,167)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(19,820,356)
Proceeds from principal repayments	50,591
Amortization of premium and accretion of discount, net	(10,510)
Amortization of deferred offering costs	319,799
Amortization of deferred financing costs	70,778
Changes in operating assets and liabilities:
Interest receivable	(172,095)
Prepaid expenses and other assets	(21,745)
Due from affiliate	17,413
Management fees payable	588,032
Professional fees payable	(41,250)
Organizational costs payable	(132,327)	108,008
Administration fees payable	117,921
Legal fees payable	128,198
Due to affiliate		166,619
Accounts payable and accrued expenses	(68,678)
Net cash provided by (used in) operating activities	(21,198,159)	4,460
Cash flows from financing activities:
Proceeds from issuance of shares	19,473,102		$ 22,909,576
Offering costs paid	(33,313)	(4,460)
Borrowings on debt	2,500,000
Debt issuance costs paid	(484,051)
Net cash provided by (used in) financing activities	21,455,738	(4,460)
Net increase in cash	257,579
Cash and cash equivalents, beginning of period	1,011,952
Cash and cash equivalents, end of period	$ 1,269,531		$ 1,269,531
Supplemental and non-cash activities:
Accrued but unpaid offering costs		$ 852,202

Schedule of Investments

Schedule of Investments	3 Months Ended
Schedule of Investments	Mar. 31, 2024 USD ($) shares
Schedule of Investments
Amortized Cost	$ 19,780,275
Fair Value	$ 19,780,275
Investment, Identifier [Axis]: ImageFirst Holdings, LLC, Debt Investments, First Lien Term Loan, One
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Non-controlled /non-affiliated investments
Investment, Type [Extensible Enumeration]	First Lien Term Loan
Investment, Industry Sector [Extensible Enumeration]	Business Services Sector [Member]
Investment, Issuer Name [Extensible Enumeration]	none:ImagefirstHoldingsLlcMember
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Reference Rate and Spread	4.25%
Interest Rate	9.57%
Maturity	Apr. 27, 2028
Par/Shares/Units \| shares	6,688,561
Amortized Cost	$ 6,679,457
Fair Value	$ 6,679,457
Percentage of Net Assets	36.70%
Investment, Restriction Status [true false]	true
Investment, Significant Unobservable Input [true false]	false
Investment, Identifier [Axis]: ImageFirst Holdings, LLC, Debt Investments, First Lien Term Loan, Two
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Non-controlled /non-affiliated investments
Investment, Type [Extensible Enumeration]	First Lien Term Loan
Investment, Industry Sector [Extensible Enumeration]	Business Services Sector [Member]
Investment, Issuer Name [Extensible Enumeration]	none:ImagefirstHoldingsLlcMember
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Reference Rate and Spread	4.25%
Maturity	Apr. 27, 2028
Amortized Cost	$ (924)
Fair Value	$ (924)
Percentage of Net Assets	0%
Investment, Restriction Status [true false]	true
Investment, Significant Unobservable Input [true false]	false
Investment, Identifier [Axis]: SAFEbuilt, LLC, Debt Investments, First Lien Term Loan, One
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Non-controlled /non-affiliated investments
Investment, Type [Extensible Enumeration]	First Lien Term Loan
Investment, Industry Sector [Extensible Enumeration]	Business Services Sector [Member]
Investment, Issuer Name [Extensible Enumeration]	none:SafebuiltLlcMember
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Reference Rate and Spread	6.85%
Interest Rate	12.18%
Maturity	Dec. 31, 2025
Par/Shares/Units \| shares	8,654,756
Amortized Cost	$ 8,569,852
Fair Value	$ 8,569,852
Percentage of Net Assets	47.10%
Investment, Restriction Status [true false]	true
Investment, Significant Unobservable Input [true false]	false
Investment, Identifier [Axis]: SAFEbuilt, LLC, LLC, Debt Investments, First Lien Term Loan, Two
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Non-controlled /non-affiliated investments
Investment, Type [Extensible Enumeration]	First Lien Term Loan
Investment, Industry Sector [Extensible Enumeration]	Business Services Sector [Member]
Investment, Issuer Name [Extensible Enumeration]	none:SafebuiltLlcMember
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Reference Rate and Spread	6.85%
Interest Rate	12.18%
Maturity	Dec. 31, 2025
Par/Shares/Units \| shares	4,576,789
Amortized Cost	$ 4,531,890
Fair Value	$ 4,531,890
Percentage of Net Assets	24.90%
Investment, Restriction Status [true false]	true
Investment, Significant Unobservable Input [true false]	false
Investments and Cash and Cash Equivalents
Schedule of Investments
Amortized Cost	$ 21,049,806
Fair Value	$ 21,049,806
Percentage of Net Assets	115.70%
First Lien Term Loan
Schedule of Investments
Amortized Cost	$ 19,780,275
Fair Value	19,780,275
Cash and cash equivalents
Schedule of Investments
Amortized Cost	1,269,531
Fair Value	$ 1,269,531
Percentage of Net Assets	7%
State Street Institutional U.S. Government Money Market Fund - Premier Class
Schedule of Investments
Interest Rate	5.26%
Amortized Cost	$ 1,193,940
Fair Value	$ 1,193,940
Percentage of Net Assets	6.60%
Cash
Schedule of Investments
Amortized Cost	$ 75,591
Fair Value	$ 75,591
Percentage of Net Assets	0.40%
Non-controlled /non-affiliated investments
Schedule of Investments
Amortized Cost	$ 19,780,275
Fair Value	$ 19,780,275
Percentage of Net Assets	108.70%
Non-controlled /non-affiliated investments \| First Lien Term Loan
Schedule of Investments
Amortized Cost	$ 19,780,275
Fair Value	$ 19,780,275
Percentage of Net Assets	108.70%

Schedule of Investments (Parent

Schedule of Investments (Parentheticals)	Mar. 31, 2024 USD ($)
Schedule of Investments
Estimated cost basis of investments for U.S. federal tax purposes	$ 21,049,806
Estimated gross unrealized gains and losses	$ 0

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
Organization
Organization	Note 1. Organization Organization Andalusian Credit Company, LLC, a Delaware limited liability company (the “Company”), was formed on October 17, 2022 (“inception”). The Company is structured as an externally managed, non-diversified closed-end management investment company. The Company has elected to be treated as a business development company (“BDC”) under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company intends to elect to be treated as a regulated investment company (a “RIC”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) as soon as is reasonably practicable and intends to maintain its qualification as a RIC annually thereafter. For periods prior to the effectiveness of the RIC election, the Company expects to be taxed as a corporation for U.S. federal income tax purposes. The Company’s investment objective is to generate current income and capital appreciation by investing primarily in senior secured loans with a first lien on collateral, including “unitranche” loans, which are loans that combine the characteristics of both first lien and second lien debt of U.S. middle-market companies. The Company expects to provide investors with access to a portfolio of investments in the equity or debt of private U.S. companies or public companies with less than $250 million in market capitalization. The Company is externally managed by Andalusian Credit Partners, LLC (“ACP,” in such capacity, the “Adviser”), a Delaware limited liability company that is registered with the U.S. Securities and Exchange Commission (the “SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). ACP also serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”). The Company is conducting, on a continuous basis, a private offering (the “Private Offering”) of its limited liability company interests, par value $0.001 per share (“Shares”), to accredited investors, as defined in Regulation D under the Securities Act of 1933 (the “Securities Act”) in reliance on exemptions from the registration requirements of the Securities Act. Shares will be offered for subscription continuously throughout an initial closing period and may be offered from time to time thereafter pursuant to the terms set forth in the Company’s confidential private placement memorandum (the “Memorandum”). Each investor in the Private Offering will make a capital commitment (a “Capital Commitment”) to purchase Shares of the Company pursuant to a subscription agreement entered into with the Company (the “Subscription Agreement”). The Company commenced operations contemporaneously with the initial drawdown from investors in the Private Offering (the “Initial Closing Date”) which occurred on November 14, 2023.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates and such differences could be material. Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Fair value and amortized cost on positions with unfunded commitments can result in negative investment balances when unamortized discounts or fees are greater than the principal amount outstanding on the loan. See Note 5, Fair Value Measurements, for further information about fair value measurements. Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents are categorized as Level 1 of the fair value hierarchy. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. As of March 31, 2024 and December 31, 2023, the Company did not have any balances related to restricted cash. Revenue Recognition Interest income is recorded on the accrual basis and includes accretion or amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity. PIK dividends represent accrued dividends that are added to the shares held of the equity investment on the respective interest payment dates rather than being paid in cash and generally becomes due at a certain trigger date. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion or amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Organizational and Offering Expenses Organizational expenses to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering expenses in connection with the offering of Shares are capitalized as a deferred charge and are amortized over a twelve-month period beginning with the latter of either November 14, 2023 (Initial Closing Date) or from incurrence. These costs consist primarily of legal and other fees incurred in connection with the Company’s Private Offering of its Shares. The Company will pay all initial organizational and offering expenses associated with the Private Offering of its Shares up to a maximum amount of 1.50% of aggregate Capital Commitments to the Company over the initial four-year period following the Initial Closing Date (the “Cap”). The Adviser will pay all organizational and offering expenses in excess of the Cap. For the three months ended March 31, 2024, the Company incurred $0 and $319,799 of organizational and offering expenses, respectively. For the three months ended March 31, 2023, the Company incurred $270,167 and $0 of organizational and offering expenses, respectively. As of March 31, 2024 and December 31, 2023, $0 and $132,327 of organizational expenses remained payable, respectively. As of March 31, 2024 and December 31, 2023, $0 and $33,313 of offering expenses remained payable, respectively. Deferred Financing Costs The Company has entered into a $75,000,000 senior secured revolving credit facility with CIBC Bank USA (the “CIBC Credit Facility”). Interest expense and unused commitment fees on the CIBC Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Statements of Operations. Deferred financing costs include capitalized expenses related to the closing or amendments of the CIBC Credit Facility. Amortization of deferred financing costs for the credit facility is computed on the straight-line basis over the term of the credit facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Statements of Operations. For the three months ended March 31, 2024, the Company incurred $530,113 of financing costs, of which $70,778 has been amortized. As of March 31, 2024, the Company had $459,335 of deferred financing costs. The Company had no borrowings Expenses Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Costs incurred for annual subscriptions or services are generally recorded as a deferred charge and are amortized using the straight-line method over the term. Except as set forth in the Administration Agreement, the Company will bear all other expenses, including but not limited to legal, tax, auditing, compliance, consulting and other professional expenses, the Management Fee and Incentive Compensation, professional liability insurance and research and market data expenses. Income Taxes The Company intends to elect to be treated for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code as soon as is reasonably practicable and intends to so qualify annually thereafter. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income, or capital gains distributed to shareholders as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income”. Beginning with its first tax year end treated as a RIC, the Company intends to make the requisite distributions to its members, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its members. Therefore, no provision for federal income taxes is recorded in the financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. For periods prior to the effectiveness of our RIC election, we expect to be taxed as a corporation. It is not anticipated that the Company will incur U.S. federal, state, and local taxes (other than nominal state and local taxes) as a corporation and consequently, no such taxes were accrued for the three months ended March 31, 2024 and March 31, 2023. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current period. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of March 31, 2024 and December 31, 2023, no tax expenses and no interest and penalties were incurred. Functional Currency The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars. Earnings per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share ("ASC 260"). Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to shares by the weighted average number of shares outstanding. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company has concluded that this guidance will not have a material impact on its financial statements. Other than the aforementioned guidance, the Company does not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions
Related Party Transactions	Note 3. Related Party Transactions Advisory Agreement Subject to the overall supervision of the Board and in accordance with the 1940 Act, the Adviser manages the Company’s day-to-day operations and provides investment advisory services to the Company. Under the Advisory Agreement, the Company will pay the Adviser fees for investment management services consisting of a base management fee (the “Management Fee”) and an incentive fee (the “Incentive Compensation”). Management Fee Pursuant to the Advisory Agreement, upon the Initial Closing Date, the Company will pay to the Adviser a Management Fee, payable quarterly in arrears at a rate of 1.50% per annum of the sum of (1) the Members’ total unfunded Capital Commitments and (2) the Company’s total assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) as of the end of the most recently completed calendar quarter. In the event the Company engages in a listing on a nationally recognized stock exchange (“Exchange Listing”), the Company will pay to the Adviser an annual Management Fee, payable quarterly in arrears at a rate of 1.75% per annum of the Company’s total assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) as of the end of the most recently completed calendar quarter. The Adviser has contractually agreed to waive 0.25% of the Management Fee for a one-year period beginning with the Company’s Initial Closing Date. For the three months ended March 31, 2024, the Company incurred Management Fees of $1,204,753, net of the Management Fee waiver of $240,951. For the three months ended March 31, 2023, the Company did not incur a Management Fee. As of March 31, 2024 and December 31, 2023, the Company recorded Management Fees payable of $1,204,753 and $616,721, respectively. Incentive Compensation Incentive Compensation will be payable by the Company to the Adviser and 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 (an “Income Incentive Fee”) and a portion is based on a percentage of the Company’s capital gains (the “Capital Gains Incentive Fee”). The Income Incentive Fee is payable quarterly in arrears. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the quarter (including the Management Fee, any expenses payable under the Administration Agreement, and any interest expense and dividends paid on any outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends 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 or unrealized capital gains or losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income will be compared to a hurdle amount, “Hurdle Amount” equal to the product of (i) the “hurdle rate” of 1.25% per quarter (5% annualized) and (ii) the Company’s net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter. Prior to the occurrence of an Exchange Listing, the Company will pay the Income Incentive Fee in each calendar quarter as follows: ● No Income Incentive Fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Amount; ● 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Pre-Exchange Listing Catch-Up Amount”) determined on a quarterly basis by multiplying 1.4705% ( 5.882% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter; and ● 15% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.4705% ( 5.882% annualized) On and after the occurrence of an Exchange Listing, the Company will pay the Income Incentive Fee in each calendar quarter as follows: ● No Income Incentive Fee in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Amount; ● 100% of the Company’s pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Post-Exchange Listing Catch-Up Amount”) determined on a quarterly basis by multiplying 1.5625% ( 6.25% annualized) by the Company’s NAV at the beginning of each applicable calendar quarter; and ● 20% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.5625% ( 6.25% annualized) These calculations will be appropriately pro-rated for any period of less than three months and adjusted for any share issuances or repurchases by the Company during the current quarter. For the three months ended March 31, 2024 and March 31, 2023, the Company did not incur any income incentive fees. Capital Gains Incentive Fee The Capital Gains Incentive Fee is payable at the end of each calendar year in arrears and equals (i) 15% of the Company’s realized capital gains as of the end of the fiscal year prior to a Liquidity Event (as defined below), and (ii) 20% of the Company’s realized capital gains as of the end of the fiscal year after a Liquidity Event. A “Liquidity Event” may include (1) an initial public offering, (2) an Exchange Listing or (3) a Sale Transaction. A “Sale Transaction” means (a) the sale of all or substantially all of the Company’s assets to, or other liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of Shares, in each case for consideration of either cash and/or publicly listed securities of the acquirer. In determining the Capital Gains Incentive Fee payable to the Adviser, the Company calculates the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since the Company’s inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in the Company’s portfolio. At the end of the applicable year, the amount of capital gains that serves as the basis for the Company’s calculation of the Capital Gains Incentive Fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to the Company’s portfolio of investments. If an Exchange Listing occurs on a date other than the first day of a fiscal year, a Capital Gains Incentive Fee shall be calculated as of the day before the Exchange Listing, with such Capital Gains Incentive Fee paid to the Adviser following the end of the fiscal year in which the Exchange Listing occurred. For the three months ended March 31, 2024 and March 31, 2023, the Company did not incur any capital gains incentive fees. Administration Agreement Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment and will provide the Company with clerical, bookkeeping, recordkeeping and other administrative services. The Administrator also performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial and other records that the Company is required to maintain and preparing reports to its investors and reports and other materials filed with the SEC. In addition, the Administrator assists the Company in determining and publishing its NAV, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its investors, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, the Administrator also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Under the terms of the Administration Agreement, the Administrator may retain a sub-administrator to provide certain administrative services to the Company. The Administrator is authorized to incur and pay, in the name and on behalf of the Company, all expenses which it deems necessary or advisable. The Company will pay to the Administrator an annual administration fee of 0.25% on the Company’s total Capital Commitments, payable quarterly in arrears, for services and facilities provided under the Administration Agreement (the “Administration Fee”). For purposes of the Administration Fee, total Capital Commitments equals the sum of the investors’ funded Capital Commitments and unfunded Capital Commitments at the end of each fiscal quarter. For the three months ended March 31, 2024, the Company incurred Administration Fees of $242,003 . For the three months ended March 31, 2023, the Company did no t incur any Administration Fees. As of March 31, 2024 and December 31, 2023, the Company recorded Administration Fees payable of $242,003 and $124,082 , respectively.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
Investments.
Investments	Note 4. Investments The following table presents the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024: March 31, 2024 Net Unrealized Amortized Cost (1) Fair Value Gain (Loss) First Lien Term Loan $ 19,780,275 $ 19,780,275 $ — Total $ 19,780,275 $ 19,780,275 $ — (1) As of December 31, 2023, the Company held no The industry composition of investments based on fair value as of March 31, 2024 was as follows: March 31, 2024 Services: Business 100.0 % Total 100.0 % As of December 31, 2023, the Company held no investments. The geographic composition of investments based on fair value as of March 31, 2024 was as follows: March 31, 2024 United States 100.0 % Total 100.0 % As of December 31, 2023, the Company held no investments.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2024
Fair Value Measurements
Fair Value Measurements	Note 5. Fair Value Measurements The Company applies fair value accounting in accordance with the terms of ASC 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: ● Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ● Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ● Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The Adviser, as the valuation designee pursuant to Rule 2a-5 under the 1940 Act, determines in good faith the fair value of the Company’s investment portfolio for which market quotations are not readily available. In addition to using the above inputs in investment valuations, the Adviser applies a valuation policy approved by the Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of the inputs, including any markets in which the Company’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. For the three months ended March 31, 2024, there were transfers between The following tables summarize the Company’s investments measured at fair value by the above fair value hierarchy levels as of March 31, 2024. There were no investments held as of December 31, 2023. As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets First Lien Term Loan $ — $ — $ 19,780,275 $ 19,780,275 Total $ — $ — $ 19,780,275 $ 19,780,275 The below table presents a summary of changes in fair value of Level 3 assets by investment type: First Lien Term Loan Total Fair Value as of December 31, 2023 $ — $ — Purchases 19,820,356 19,820,356 Accretion of discount and fees (amortization of premium), net 10,510 10,510 Proceeds from principal repayments (50,591) (50,591) Balance as of March 31, 2024 $ 19,780,275 $ 19,780,275 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2024 $ — $ — The Company generally uses the following framework when determining the fair value of investments that are categorized as Level 3: The Company’s Board has appointed the Adviser as its valuation designee, in accordance with Rule 2a-5 under the 1940 Act. The fair value is determined by the Adviser’s valuation committee, subject to oversight by the Board, consistent with a documented valuation policy and consistently applied valuation process. In connection with that determination, investment valuations will be prepared using ranges of valuations obtained from independent valuation firms, and/or proprietary models depending on the materiality of the investments, the availability of information on the Company’s investments and the type of investment being valued, all in accordance with the Company’s valuation policy. Determination of fair value involves subjective judgments and estimates. As part of the valuation process, the factors that may be taken into account in determining the fair value of the Company’s investments, include, as relevant: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser’s valuation committee will consider whether the pricing indicated by the external event corroborates its valuation. Investments in debt securities are initially evaluated to determine whether the enterprise value of the portfolio company is greater than the applicable debt. The enterprise value of the portfolio company is estimated using a market approach and an income approach. The market approach utilizes market value (EBITDA) multiples of publicly traded comparable companies and available precedent sales transactions of comparable companies. The Adviser carefully considers numerous factors when selecting the appropriate companies whose multiples are used to value the Company’s portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, relevant risk factors, as well as size, profitability and growth expectations. The income approach typically uses a discounted cash flow analysis of the portfolio company. Investments in debt securities that do not have sufficient coverage through the enterprise value analysis are valued based on an expected probability of default and discount recovery analysis. Investments in debt securities with sufficient coverage through the enterprise value analysis are generally valued using a discounted cash flow analysis of the underlying security. Projected cash flows in the discounted cash flow typically represent the relevant security’s contractual interest, fees and principal payments plus the assumption of full principal recovery at the security’s expected maturity date. The following table summarizes the quantitative information related to the significant unobservable inputs for Level 3 instruments which are carried at fair value as of March 31, 2024: Range Fair Value as of Valuation Techniques/ Unobservable Weighted Investment Type March 31, 2024 Methodologies Input Low High Average (1) First Lien Term Loan $ 13,101,742 Recent Transaction Transaction Price 99.00 % 99.00 % 99.00 % 6,678,533 Yield Analysis Discount Rate 8.68 % 9.18 % 8.93 % Total $ 19,780,275 (1) As of December 31, 2023, the Company held no investments. The significant unobservable inputs used in the fair value measurement of the Company’s investments in first lien debt securities are discount rates and transaction prices. Significant increases in discount rates in isolation would result in a significantly lower fair value measurement. Significant decreases in transactions prices in isolation would result in a significantly lower fair value measurement. Secured borrowings as of March 31, 2024 were $2,500,000 and consist of borrowings under the CIBC Credit Facility (as defined below) which closed on February 12, 2024 (“Effective Date”). There were no borrowings outstanding as of December 31, 2023. Given there were no material market movements in credit spreads from February 12, 2024 through March 31, 2024, and given the underlying interest rate on any secured borrowing is based on an underlying index that resets on a periodic basis, the carrying values of the secured borrowings approximate fair value. Secured borrowings are categorized as Level 3 within the hierarchy. The carrying value of other financial assets and liabilities approximates their fair value based on the short-term nature of these items.

Borrowings

Borrowings	3 Months Ended
Borrowings	Mar. 31, 2024
Borrowings
Borrowings	Note 6. Borrowings In accordance with the 1940 Act, the Company is currently only allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2024, asset coverage was 827.6%. The Company did not have any borrowings outstanding as of December 31, 2023. On the Effective Date, the Company entered into a revolving credit facility, by and among the Company, as borrower, CIBC Bank USA, as administrative agent (in such capacity, the “Administrative Agent”) and letter of credit issuer, and the financial institutions party thereto, as lenders (the “CIBC Credit Facility”). The CIBC Credit Facility provides for borrowings in U.S. dollars in an initial aggregate amount of up to $75,000,000 with an option for the Company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $175,000,000. Availability under the CIBC Credit Facility will terminate on the earlier of February 12, 2025 (the “Stated Maturity Date”), which may be extended for an additional period of up to one year subject to the consent of the Administrative Agent and extending lenders, and the date of termination of the revolving commitments thereunder. Borrowings under the CIBC Credit Facility are subject to compliance with a borrowing base test. Amounts drawn under the CIBC Credit Facility in U.S. dollars will bear interest at either term 1 Month SOFR plus 2.75%, or the base rate plus 1.75%. During the period commencing on the Effective Date and ending on the earlier of the Stated Maturity Date and the date of termination of the revolving commitments under the CIBC Credit Facility, the Company will pay a non-use fee of 0.35% per annum, payable quarterly in arrears based on the average daily unused amount of the commitments then available thereunder. In connection with the CIBC Credit Facility, the Company has made certain representations and warranties and must comply with various covenants and reporting requirements customary for facilities of this type. The CIBC Credit Facility contains events of default customary for facilities of this type. Upon the occurrence of an event of default, the Administrative Agent, at the request of the required lenders, may terminate the commitments and declare the outstanding advances and all other obligations under the CIBC Credit Facility immediately due and payable. The Company’s obligations under the CIBC Credit Facility are secured by the Company’s ability to call capital from its investors, the capital commitments and capital contributions of such investors, the bank accounts into which such capital contributions are funded and any other assets. The Company was in compliance with all covenants and other requirements under the CIBC Credit Facility as of March 31, 2024. There were no outstanding borrowings under the CIBC Credit Facility for the three months ended March 31, 2023 or as of December 31, 2023. As of March 31, 2024, the borrowings outstanding under the CIBC Credit Facility were $2,500,000 and the unused portion and amount available to draw were $72,500,000. For the three months ended March 31, 2024, the components of interest expense and credit facility fees were as follows: Three Months Ended March 31, 2024 Interest expense $ 10,795 Facility unused commitment fee 35,267 Amortization of deferred financing costs 70,778 Total interest expense and credit facility fees 116,840 Average principal debt outstanding $ 2,500,000 Weighted average interest rate 8.32 % Effective interest rate 8.08 % As of March 31, 2024, the components of interest and credit facility fees payable were as follows: As of March 31, 2024 Interest expense payable $ 10,795 Unused commitment fee payable 35,267 Total interest expense and credit facility fees payable $ 46,062

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies.
Commitments and Contingencies	Note 7. Commitments and Contingencies The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of March 31, 2024, the Company believed that it had adequate financial resources to satisfy its unfunded commitments. As of March 31, 2024, the Company had the following unfunded commitments: Company Type of Investment March 31, 2024 ImageFirst Holdings, LLC First Lien Delayed Draw Term Loan $ 369,541 Total $ 369,541 As the Company had no investments as of December 31, 2023, the Company had no unfunded commitments. From time to time, the Company may become a party to certain legal proceedings incidental to the normal course of its business. As of March 31, 2024 and December 31, 2023, the Company is not aware of any pending or threatened litigation. In the ordinary course of its business, the Company enters into contracts or agreements that contain indemnification or warranties. Future events could occur that lead to the execution of these provisions against the Company. The Company believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the financial statements as of March 31, 2024 and December 31, 2023 for any such exposure.

Net Assets

Net Assets	3 Months Ended
Net Assets	Mar. 31, 2024
Net Assets
Net Assets	Note 8. Net Assets As of March 31, 2024, the Company had the authority to issue an unlimited number of Shares at $0.001 per share par value. On June 30, 2023, the Adviser purchased 50 Shares for an aggregate purchase price of $1,000. Since the Initial Closing Date through March 31, 2024, the Company has completed the following share issuances: Share Issuance Date Shares Issued Offering Price November 14, 2023 171,824 $ 3,436,474 February 13, 2024 973,655 19,473,102 Total 1,145,479 $ 22,909,576 The sales of the Shares were made pursuant to subscription agreements entered into by the Company with its investors. Under the terms of the subscription agreements, each investor is required to fund drawdowns to purchase Shares up to the amount of their respective capital commitments each time the Company delivers a drawdown notice with a minimum of 10 business days’ prior notice to the date on which payment will be due.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share
Earnings Per Share	Note 9. Earnings Per Share The following information sets forth the computation of basic and diluted earnings per share: Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (1) Net investment loss per share $ (3.35) N/A Net decrease in net assets resulting from operations per share $ (3.35) N/A Weighted average shares outstanding 664,051 N/A (1) As of March 31, 2023, there were no shares issued and outstanding.

Tax Matters

Tax Matters	3 Months Ended
Tax Matters	Mar. 31, 2024
Tax Matters
Tax Matters	Note 10. Tax Matters The Company intends to comply with the provisions of the Code applicable to RICs for future taxable years. The Company did not qualify to elect treatment as a RIC for the current period and is subject to tax as a regular corporation. It is not anticipated that the Company will incur U.S. federal, state, and local taxes (other than nominal state and local taxes) as a corporation and consequently, no such taxes were accrued for the three months ended March 31, 2024. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities, including organizational expenses, for financial reporting and tax purposes. Components of the Company’s deferred tax assets and liabilities as of March 31, 2024 and December 31, 2023, were as follows: March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforward $ 1,083,069 $ 454,818 Organizational costs 303,978 309,189 Total 1,387,047 764,007 Valuation allowance (1,387,047) (764,007) Total deferred tax assets $ — $ — Deferred tax liabilities: Total deferred tax liabilities — — Net deferred tax assets and liabilities $ — $ — The Company’s income tax provision consists of the following as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Current tax (expense)/benefit: Federal $ — $ — State and Local — — Total current tax (expense)/benefit — — Deferred tax (expense)/benefit: Federal 890,208 490,340 State and Local 496,839 273,667 Valuation allowance (1,387,047) (764,007) Total deferred tax (expense)/benefit — — Total income tax (expense)/benefit $ — $ — Total income tax (expense) benefit for the Company differs from the amount computed, by applying the federal and state income tax rates to net increase (decrease) in net assets from operations for the three months ended March 31, 2024 and 2023, as follows: March 31, 2024 March 31, 2023 (1) Income tax benefit at federal statutory rate (21.0%) $ 467,026 $ — State and local income tax benefit (estimated 11.7%, net of federal detriment) 260,654 — Permanent book/tax differences (104,640) — Valuation allowance (623,040) — Total income tax (expense)/benefits $ — $ — (1) For the three months ended March 31, 2023, there was no income tax expense or benefit recorded as the Company had no taxable income. At March 31, 2024, the Company determined a valuation allowance was required. The Company’s assessment considered, among other matters, the nature, frequency and severity of current and cumulative losses, the duration of statutory carryforward periods and the associated risk that operating loss and capital loss carryforwards are limited or are likely to expire unused. Through the consideration of these factors, the Company has determined that it is more likely than not that the Company’s net deferred tax asset would not be realized. As a result, the Company recorded a full valuation allowance with respect to its deferred tax asset as of the three months ended March 31, 2024. From time to time, the Company may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance as new information becomes available. Modifications to the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on or expirations of the Company’s net operating losses and capital loss carryovers (if any) and changes in applicable tax law could result in increases or decreases in the Company’s NAV per share, which could be material. As of March 31, 2024, the Company had a net operating loss carryforward for federal and state income tax purposes of $3,310,068. This net operating loss may be carried forward indefinitely. As of March 31, 2024, the Company did not have any capital loss carryforward.

Financial Highlights

Financial Highlights	3 Months Ended
Financial Highlights	Mar. 31, 2024
Financial Highlights
Financial Highlights	Note 11. Financial Highlights The below table presents the schedule of financial highlights of the Company: Three Months Ended March 31, 2024 * Per share data: (1) Net asset value at beginning of period (2) $ 5.47 Net investment loss (3.35) Net realized and unrealized gains (losses) — Net decrease in net assets resulting from operations (3.35) Issuance of common stock 13.76 Distributions declared — Net asset value at end of period $ 15.88 Shares outstanding at end of period 1,145,529 Weighted average net assets $ 9,565,502 Weighted average shares outstanding 664,051 Total return based on net asset value (3) 190.33 % Supplemental Data/Ratio: Net assets at end of period $ 18,190,088 Ratio of total expenses to average net assets (4) 113.24 % Ratio of net expenses after waivers to average net assets (4) 103.11 % Ratio of net investment loss to average net assets (4) (93.51) % Portfolio turnover (5) — % * Financial highlights are not required from the Inception Date to March 31, 2023, as there were no shareholders during this period. (1) The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions declared, as applicable, which reflects the actual amount per share for the applicable period. (2) Not meaningful given the timing and amount of the Company’s first capital call. (3) Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan. The calculation is not meaningful given the net asset value at beginning of period is not meaningful. (4) Annualized. (5) Not annualized.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events
Subsequent Events	Note 12. Subsequent Events The Company’s management has evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in the financial statements, except as disclosed below. On April 15, 2024, the Company issued and sold 2,482,469 Shares, for an aggregate offering price of $38.9 million. On April 26, 2024, the Company invested $8.7 million in a first lien term loan with a yield of 12.1%.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual amounts could differ from those estimates and such differences could be material.
Investments	Investments Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized appreciation or depreciation previously recognized, and includes investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation on investments reflects the net change in the fair value of investments, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. Fair value and amortized cost on positions with unfunded commitments can result in negative investment balances when unamortized discounts or fees are greater than the principal amount outstanding on the loan. See Note 5, Fair Value Measurements, for further information about fair value measurements.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits and highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less. Cash and cash equivalents are categorized as Level 1 of the fair value hierarchy. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. As of March 31, 2024 and December 31, 2023, the Company did not have any balances related to restricted cash.
Revenue Recognition	Revenue Recognition Interest income is recorded on the accrual basis and includes accretion or amortization of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity. PIK dividends represent accrued dividends that are added to the shares held of the equity investment on the respective interest payment dates rather than being paid in cash and generally becomes due at a certain trigger date. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion or amortization of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point we believe PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine not to place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.
Organizational and Offering Expenses	Organizational and Offering Expenses Organizational expenses to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering expenses in connection with the offering of Shares are capitalized as a deferred charge and are amortized over a twelve-month period beginning with the latter of either November 14, 2023 (Initial Closing Date) or from incurrence. These costs consist primarily of legal and other fees incurred in connection with the Company’s Private Offering of its Shares. The Company will pay all initial organizational and offering expenses associated with the Private Offering of its Shares up to a maximum amount of 1.50% of aggregate Capital Commitments to the Company over the initial four-year period following the Initial Closing Date (the “Cap”). The Adviser will pay all organizational and offering expenses in excess of the Cap. For the three months ended March 31, 2024, the Company incurred $0 and $319,799 of organizational and offering expenses, respectively. For the three months ended March 31, 2023, the Company incurred $270,167 and $0 of organizational and offering expenses, respectively. As of March 31, 2024 and December 31, 2023, $0 and $132,327 of organizational expenses remained payable, respectively. As of March 31, 2024 and December 31, 2023, $0 and $33,313 of offering expenses remained payable, respectively.
Deferred Financing Costs	Deferred Financing Costs The Company has entered into a $75,000,000 senior secured revolving credit facility with CIBC Bank USA (the “CIBC Credit Facility”). Interest expense and unused commitment fees on the CIBC Credit Facility are recorded on an accrual basis. Unused commitment fees are included in interest expense and credit facility fees in the accompanying Statements of Operations. Deferred financing costs include capitalized expenses related to the closing or amendments of the CIBC Credit Facility. Amortization of deferred financing costs for the credit facility is computed on the straight-line basis over the term of the credit facility. The unamortized balance of such costs is included in prepaid expenses and other assets in the accompanying Statements of Assets and Liabilities. The amortization of such costs is included in interest expense and credit facility fees in the accompanying Statements of Operations. For the three months ended March 31, 2024, the Company incurred $530,113 of financing costs, of which $70,778 has been amortized. As of March 31, 2024, the Company had $459,335 of deferred financing costs. The Company had no borrowings
Expenses	Expenses Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known. Costs incurred for annual subscriptions or services are generally recorded as a deferred charge and are amortized using the straight-line method over the term. Except as set forth in the Administration Agreement, the Company will bear all other expenses, including but not limited to legal, tax, auditing, compliance, consulting and other professional expenses, the Management Fee and Incentive Compensation, professional liability insurance and research and market data expenses.
Income Taxes	Income Taxes The Company intends to elect to be treated for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code as soon as is reasonably practicable and intends to so qualify annually thereafter. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income, or capital gains distributed to shareholders as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income”. Beginning with its first tax year end treated as a RIC, the Company intends to make the requisite distributions to its members, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its members. Therefore, no provision for federal income taxes is recorded in the financial statements of the Company. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. For periods prior to the effectiveness of our RIC election, we expect to be taxed as a corporation. It is not anticipated that the Company will incur U.S. federal, state, and local taxes (other than nominal state and local taxes) as a corporation and consequently, no such taxes were accrued for the three months ended March 31, 2024 and March 31, 2023. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current period. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. As of March 31, 2024 and December 31, 2023, no tax expenses and no interest and penalties were incurred.
Functional Currency	Functional Currency The functional currency of the Company is the U.S. Dollar, and all transactions were in U.S. Dollars.
Earnings per Share	Earnings per Share The Company computes earnings per share in accordance with ASC 260, Earnings Per Share ("ASC 260"). Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations attributable to shares by the weighted average number of shares outstanding.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. The Company has concluded that this guidance will not have a material impact on its financial statements. Other than the aforementioned guidance, the Company does not believe any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
Investments.
Schedule of composition of Company's investment portfolio at cost and fair value	March 31, 2024 Net Unrealized Amortized Cost (1) Fair Value Gain (Loss) First Lien Term Loan $ 19,780,275 $ 19,780,275 $ — Total $ 19,780,275 $ 19,780,275 $ — (1) As of December 31, 2023, the Company held no The industry composition of investments based on fair value as of March 31, 2024 was as follows: March 31, 2024 Services: Business 100.0 % Total 100.0 % As of December 31, 2023, the Company held no investments. The geographic composition of investments based on fair value as of March 31, 2024 was as follows: March 31, 2024 United States 100.0 % Total 100.0 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2024
Fair Value Measurements
summary of company' investments measured at fair value	As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets First Lien Term Loan $ — $ — $ 19,780,275 $ 19,780,275 Total $ — $ — $ 19,780,275 $ 19,780,275
Summary of changes in fair value of Level 3 assets	First Lien Term Loan Total Fair Value as of December 31, 2023 $ — $ — Purchases 19,820,356 19,820,356 Accretion of discount and fees (amortization of premium), net 10,510 10,510 Proceeds from principal repayments (50,591) (50,591) Balance as of March 31, 2024 $ 19,780,275 $ 19,780,275 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2024 $ — $ —
Summary of quantitative information related to the significant unobservable inputs	Range Fair Value as of Valuation Techniques/ Unobservable Weighted Investment Type March 31, 2024 Methodologies Input Low High Average (1) First Lien Term Loan $ 13,101,742 Recent Transaction Transaction Price 99.00 % 99.00 % 99.00 % 6,678,533 Yield Analysis Discount Rate 8.68 % 9.18 % 8.93 % Total $ 19,780,275 (1)

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
Borrowings (Tables)	Mar. 31, 2024
Borrowings
Schedule of interest expense and credit facility fees	Three Months Ended March 31, 2024 Interest expense $ 10,795 Facility unused commitment fee 35,267 Amortization of deferred financing costs 70,778 Total interest expense and credit facility fees 116,840 Average principal debt outstanding $ 2,500,000 Weighted average interest rate 8.32 % Effective interest rate 8.08 %
Schedule of interest expense and credit facility fees payable	As of March 31, 2024 Interest expense payable $ 10,795 Unused commitment fee payable 35,267 Total interest expense and credit facility fees payable $ 46,062

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies.
Schedule of Unfunded commitments	Company Type of Investment March 31, 2024 ImageFirst Holdings, LLC First Lien Delayed Draw Term Loan $ 369,541 Total $ 369,541

Net Assets (Tables)

Net Assets (Tables)	3 Months Ended
Net Assets (Tables)	Mar. 31, 2024
Net Assets
Schedule of Share Issuances and Offering Price	Share Issuance Date Shares Issued Offering Price November 14, 2023 171,824 $ 3,436,474 February 13, 2024 973,655 19,473,102 Total 1,145,479 $ 22,909,576

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 (1) Net investment loss per share $ (3.35) N/A Net decrease in net assets resulting from operations per share $ (3.35) N/A Weighted average shares outstanding 664,051 N/A (1) As of March 31, 2023, there were no shares issued and outstanding.

Tax Matters (Tables)

Tax Matters (Tables)	3 Months Ended
Tax Matters (Tables)	Mar. 31, 2024
Tax Matters
Schedule of deferred tax assets and liabilities	March 31, 2024 December 31, 2023 Deferred tax assets: Net operating loss carryforward $ 1,083,069 $ 454,818 Organizational costs 303,978 309,189 Total 1,387,047 764,007 Valuation allowance (1,387,047) (764,007) Total deferred tax assets $ — $ — Deferred tax liabilities: Total deferred tax liabilities — — Net deferred tax assets and liabilities $ — $ —
Schedule of income tax provision	March 31, 2024 December 31, 2023 Current tax (expense)/benefit: Federal $ — $ — State and Local — — Total current tax (expense)/benefit — — Deferred tax (expense)/benefit: Federal 890,208 490,340 State and Local 496,839 273,667 Valuation allowance (1,387,047) (764,007) Total deferred tax (expense)/benefit — — Total income tax (expense)/benefit $ — $ —
Schedule of reconciliation of income tax (expense) benefit for the differs from the amount computed by applying the federal and state income tax rates	March 31, 2024 March 31, 2023 (1) Income tax benefit at federal statutory rate (21.0%) $ 467,026 $ — State and local income tax benefit (estimated 11.7%, net of federal detriment) 260,654 — Permanent book/tax differences (104,640) — Valuation allowance (623,040) — Total income tax (expense)/benefits $ — $ — (1) For the three months ended March 31, 2023, there was no income tax expense or benefit recorded as the Company had no taxable income.

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
Financial Highlights (Tables)	Mar. 31, 2024
Financial Highlights
Schedule of financial highlights	Three Months Ended March 31, 2024 * Per share data: (1) Net asset value at beginning of period (2) $ 5.47 Net investment loss (3.35) Net realized and unrealized gains (losses) — Net decrease in net assets resulting from operations (3.35) Issuance of common stock 13.76 Distributions declared — Net asset value at end of period $ 15.88 Shares outstanding at end of period 1,145,529 Weighted average net assets $ 9,565,502 Weighted average shares outstanding 664,051 Total return based on net asset value (3) 190.33 % Supplemental Data/Ratio: Net assets at end of period $ 18,190,088 Ratio of total expenses to average net assets (4) 113.24 % Ratio of net expenses after waivers to average net assets (4) 103.11 % Ratio of net investment loss to average net assets (4) (93.51) % Portfolio turnover (5) — % * Financial highlights are not required from the Inception Date to March 31, 2023, as there were no shareholders during this period. (1) The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions declared, as applicable, which reflects the actual amount per share for the applicable period. (2) Not meaningful given the timing and amount of the Company’s first capital call. (3) Calculated as the change in NAV per share during the respective periods, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan. The calculation is not meaningful given the net asset value at beginning of period is not meaningful. (4) Annualized. (5) Not annualized.

Organization (Details)

Organization (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization
Market capitalization	$ 250
Shares, par value (in dollars per share)	$ 0.001	$ 0.001

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Organizational and Offering Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Restricted cash	$ 0		$ 0
Payment of organizational and offering expenses as a maximum percentage of aggregate Capital Commitments	1.50%
Period for payment of organizational and offering expenses	4 years
Organizational expenses	$ 0	$ 270,167
Offering expenses	319,799	$ 0
Organizational expenses remained payable	0		132,327
Offering expenses remained payable	$ 0		$ 33,313

Summary of Significant Accoun_4

Summary of Significant Accounting Policies -Deferred Financing Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Feb. 12, 2024	Dec. 31, 2023	Mar. 31, 2023
Obligation with Joint and Several Liability Arrangement [Line Items]
Financing costs	$ 530,113
Amortization of deferred financing costs	70,778
Deferred financing costs	459,335			$ 0
Borrowings outstanding	2,500,000		$ 0	0
Senior Secured Revolving Credit Facility
Obligation with Joint and Several Liability Arrangement [Line Items]
Maximum aggregate amount	75,000,000	$ 175,000,000
Amortization of deferred financing costs	70,778
Borrowings outstanding	$ 2,500,000		$ 0	$ 0

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies
Minimum percentage of investment company taxable income to qualify as RIC	90%
Federal	$ 0
Nondeductible U.S. federal excise tax rate	4%
Amount of taxes accrued	$ 0	$ 0
Amount of tax expenses	0	$ 0	$ 0
Amount of interest and penalties incurred	$ 0		$ 0

Related Party Transactions - Ma

Related Party Transactions - Management Fee (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transactions
Management Fees	$ 1,445,704
Management Fee waiver	240,951
Management Fee Payable	1,204,753		$ 616,721
Related party
Related Party Transactions
Management Fees	1,204,753	$ 0
Management Fee waiver	240,951
Management Fee Payable	$ 1,204,753		$ 616,721
Adviser
Related Party Transactions
Annual Management Fee (in percent)	1.50%
Annual Management Fee in the event of engages in a listing on a nationally recognized stock exchange (in percent)	1.75%
Percentage of waiver on management fees	0.25%
Period of waiver on management fees	1 year

Related Party Transactions - In

Related Party Transactions - Incentive Compensation (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) component	Mar. 31, 2023 USD ($)
Related Party Transactions
Incentive fees	$ 0	$ 0
Related party
Related Party Transactions
Incentive fee payable, threshold quarterly hurdle rate	1.25%
Incentive fee payable, threshold annual hurdle rate	5%
Related party \| Prior to the occurrence of an exchange listing, pre-incentive fee net investment income does not exceed the hurdle amount
Related Party Transactions
Incentive income	$ 0
Related party \| Prior to the occurrence of an exchange listing, pre-incentive fee net investment income, if any, that exceeds the hurdle amount but is less than or equal to an amount threshold rate
Related Party Transactions
Incentive fee (in percent)	100%
Percentage multiplied to NAV for Catch-Up Amount calculation quarterly	1.4705%
Percentage multiplied to NAV for Catch-Up Amount calculation annually	5.882%
Related party \| Prior to the occurrence of an exchange listing, pre-incentive fee net investment income, if any, that exceeds the hurdle amount threshold rate
Related Party Transactions
Incentive fee (in percent)	15%
Percentage multiplied to NAV for Catch-Up Amount calculation quarterly	1.4705%
Percentage multiplied to NAV for Catch-Up Amount calculation annually	5.882%
Related party \| After the occurrence of an exchange listing, pre-incentive fee net investment income does not exceed the hurdle amount
Related Party Transactions
Incentive income	$ 0
Related party \| After the occurrence of an exchange listing, pre-incentive fee net investment income, if any, that exceeds the hurdle amount but is less than or equal to an amount threshold rate
Related Party Transactions
Incentive fee (in percent)	100%
Percentage multiplied to NAV for Catch-Up Amount calculation quarterly	1.5625%
Percentage multiplied to NAV for Catch-Up Amount calculation annually	6.25%
Related party \| After the occurrence of an exchange listing, pre-incentive fee net investment income, if any, that exceeds the hurdle amount threshold rate
Related Party Transactions
Incentive fee (in percent)	20%
Percentage multiplied to NAV for Catch-Up Amount calculation quarterly	1.5625%
Percentage multiplied to NAV for Catch-Up Amount calculation annually	6.25%
Adviser
Related Party Transactions
Number of components \| component	2

Related Party Transactions - Ca

Related Party Transactions - Capital Gains Incentive Fee (Details) - Related party - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions
Capital gains incentive fees	$ 0	$ 0
Prior to a Liquidity Event
Related Party Transactions
Incentive fee on capital gains (in percent)	15%
After a Liquidity Event
Related Party Transactions
Incentive fee on capital gains (in percent)	20%

Related Party Transactions - Ad

Related Party Transactions - Administration Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transactions
Administration Fees incurred	$ 242,003
Administration Fees payable	$ 242,003		$ 124,082
Administrator
Related Party Transactions
Annual administration fee (in percent)	0.25%
Administration Fees incurred	$ 242,003	$ 0
Administration Fees payable	$ 242,003		$ 124,082

Investments - Composition of Co

Investments - Composition of Company's investment portfolio at cost and fair value (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments
Amortized Cost	$ 19,780,275	$ 0
Fair Value	$ 19,780,275	$ 0
Percent of composition of investments based on fair value	100%
Investment, Type [Extensible Enumeration]		First Lien Term Loan
United States
Schedule of Investments
Percent of composition of investments based on fair value	100%
Amount of investment held		$ 0
Services: Business
Schedule of Investments
Percent of composition of investments based on fair value	100%
Amount of investment held		$ 0
Non-controlled /non-affiliated investments
Schedule of Investments
Amortized Cost	$ 19,780,275
Fair Value	19,780,275
First Lien Term Loan
Schedule of Investments
Amortized Cost	19,780,275
Fair Value	19,780,275
First Lien Term Loan \| Non-controlled /non-affiliated investments
Schedule of Investments
Amortized Cost	19,780,275
Fair Value	$ 19,780,275

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended
Fair Value Measurements (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements
Transfer From Level 1 to 2, Assets	$ 0
Transfer from Level 2 to 1, Assets	0
Transfer into Level 3, Assets	0
Transfer out of Level 3, Assets	0
Fair Value	19,780,275	$ 0
Recurring
Fair Value Measurements
Fair Value	19,780,275
Recurring \| First Lien Term Loan
Fair Value Measurements
Fair Value	19,780,275
Level 3 \| Recurring
Fair Value Measurements
Fair Value	19,780,275
Level 3 \| Recurring \| First Lien Term Loan
Fair Value Measurements
Fair Value	$ 19,780,275

Fair Value Measurements - Chang

Fair Value Measurements - Change in fair value of Level 3 assets (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value Measurements
Fair Value, Beginning balance	$ 0
Purchases	19,820,356
Accretion of discount and fees (amortization of premium), net	10,510
Proceeds from principal repayments	(50,591)
Fair value, ending balance	19,780,275
First Lien Term Loan
Fair Value Measurements
Fair Value, Beginning balance	0
Purchases	19,820,356
Accretion of discount and fees (amortization of premium), net	10,510
Proceeds from principal repayments	(50,591)
Fair value, ending balance	$ 19,780,275

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative information related to significant unobservable inputs (Details)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurements
Fair Value	$ 19,780,275	$ 0
Transaction price
Fair Value Measurements
Investment Company, Investment Owned, Measurement Input [Extensible Enumeration]	Transaction price
Discount rate
Fair Value Measurements
Investment Company, Investment Owned, Measurement Input [Extensible Enumeration]	Discount rate
Recent Transaction
Fair Value Measurements
Investment Company, Investment Owned, Valuation Technique [Extensible Enumeration]	Recent Transaction
Yield Analysis
Fair Value Measurements
Investment Company, Investment Owned, Valuation Technique [Extensible Enumeration]	Yield Analysis
First Lien Term Loan \| Recent Transaction \| Transaction price
Fair Value Measurements
Fair Value	$ 13,101,742
First Lien Term Loan \| Recent Transaction \| Transaction price \| Maximum
Fair Value Measurements
Investment, Measurement Input	99
First Lien Term Loan \| Recent Transaction \| Transaction price \| Minimum
Fair Value Measurements
Investment, Measurement Input	99
First Lien Term Loan \| Recent Transaction \| Transaction price \| Weighted average
Fair Value Measurements
Investment, Measurement Input	99
First Lien Term Loan \| Yield Analysis \| Discount rate
Fair Value Measurements
Fair Value	$ 6,678,533
First Lien Term Loan \| Yield Analysis \| Discount rate \| Maximum
Fair Value Measurements
Investment, Measurement Input	9.18
First Lien Term Loan \| Yield Analysis \| Discount rate \| Minimum
Fair Value Measurements
Investment, Measurement Input	8.68
First Lien Term Loan \| Yield Analysis \| Discount rate \| Weighted average
Fair Value Measurements
Investment, Measurement Input	8.93

Fair Value Measurements - Carry

Fair Value Measurements - Carrying value and fair value of the company's secured borrowings (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Borrowings
Secured borrowings (Note 6)	$ 2,500,000	$ 0	$ 0
Senior Secured Revolving Credit Facility
Borrowings
Secured borrowings (Note 6)	$ 2,500,000	$ 0	$ 0

Borrowings (Details)

Borrowings (Details) - USD ($)	Feb. 12, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Borrowings
Asset coverage ratio		827.60%
Borrowings outstanding		$ 2,500,000	$ 0	$ 0
CIBC Credit Facility
Borrowings
Initial aggregate amount	$ 75,000,000
Maximum aggregate amount	$ 175,000,000	75,000,000
Unused Portion		72,500,000
Non-use fee (in percentage)	0.35%
Borrowings outstanding		$ 2,500,000	$ 0	$ 0
CIBC Credit Facility \| Maximum
Borrowings
Additional extended period	1 year
CIBC Credit Facility \| Base rate
Borrowings
Interest spread rate (in percentage)	1.75%
CIBC Credit Facility \| SOFR
Borrowings
Interest spread rate (in percentage)	2.75%

Borrowings - Schedule of intere

Borrowings - Schedule of interest expense and credit facility fees (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Total interest expense and credit facility fees
Amortization of deferred financing costs	$ 70,778
Total interest expense and credit facility fees	116,840
Senior Secured Revolving Credit Facility
Total interest expense and credit facility fees
Interest expense	10,795
Facility unused commitment	35,267
Amortization of deferred financing costs	70,778
Total interest expense and credit facility fees	116,840
Average principal debt outstanding	$ 2,500,000
Weighted average interest rate	8.32%
Effective interest rate	8.08%

Borrowings - Schedule of inte_2

Borrowings - Schedule of interest expense and credit facility fees payable (Details)	Mar. 31, 2024 USD ($)
Interest expense and credit facility fees payable
Interest expense payable	$ 10,795
Unused commitment fee payable	35,267
Total interest expense and credit facility fees payable	$ 46,062

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies
Unfunded commitments	$ 369,541	$ 0
Investments		$ 0
First Lien Delayed Draw Term Loan
Commitments and Contingencies
Unfunded commitments	$ 369,541

Net Assets (Details)

Net Assets (Details) - USD ($)		1 Months Ended	3 Months Ended	5 Months Ended
Net Assets (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Net Assets
Shares issued	50		973,655	1,145,479
Offering Price			$ 19,473,102	$ 22,909,576
Minimum notice period			10 days
Par value per share		$ 0.001	$ 0.001	$ 0.001	$ 0.001
November 14, 2023
Net Assets
Shares issued			171,824
Offering Price			$ 3,436,474
February 13, 2024
Net Assets
Shares issued			973,655
Offering Price			$ 19,473,102
Adviser
Net Assets
Shares issued		0.001
Offering Price	$ 1,000

Earnings Per Share (Details)

Earnings Per Share (Details) - $ / shares	3 Months Ended
Earnings Per Share (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Earnings Per Share
Net investment loss per share, basic (in dollars per share)	$ (3.35)
Net investment loss per share, diluted (in dollars per share)	(3.35)
Net decrease in net assets resulting from operations per share, basic (in dollars per share)	(3.35)
Net decrease in net assets resulting from operations per share, diluted (in dollars per share)	$ (3.35)
Weighted average shares outstanding, basic (in shares)	664,051
Weighted average shares outstanding, diluted (in shares)	664,051
Number of shares issued	1,145,529	171,874	0
Number of shares outstanding	1,145,529	171,874

Tax Matters - General (Details)

Tax Matters - General (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Tax Matters
Amount of taxes accrued	$ 0	$ 0

Tax Matters - Components of def

Tax Matters - Components of deferred tax assets and liabilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Deferred tax assets
Net operating loss carryforward	$ 1,083,069	$ 454,818
Organizational costs	303,978	309,189
Total	1,387,047	764,007
Valuation allowance	$ (1,387,047)	$ (764,007)

Tax Matters - Income tax provis

Tax Matters - Income tax provision (Details) - USD ($)	3 Months Ended		12 Months Ended
Tax Matters - Income tax provision (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Current tax (expense)/benefit:
Federal	$ 0
Deferred tax (expense)/benefit:
Federal	890,208		$ 490,340
State and Local	496,839		273,667
Valuation allowance	(1,387,047)		(764,007)
Total income tax (expense)/benefit	$ 0	$ 0	$ 0

Tax Matters - Reconciliation of

Tax Matters - Reconciliation of income tax (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Tax Matters
Income tax benefit at federal statutory rate (21.0%)	$ 467,026
Federal statutory rate	21%	21%
State and local income tax benefit (estimated 11.7%, net of federal detriment)	$ 260,654
Estimated net of federal detriment	11.70%	11.70%
Permanent book/tax differences	$ (104,640)
Valuation allowance	(623,040)
Total income tax (expense)/benefit	$ 0	$ 0	$ 0
Amount of taxable income		$ 0

Tax Matters - Additional inform

Tax Matters - Additional information (Details)	Mar. 31, 2024 USD ($)
Tax Matters
Net operating loss carryforward	$ 3,310,068

Financial Highlights (Details)

Financial Highlights (Details) - USD ($)	3 Months Ended
Financial Highlights (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Per share data:
Net asset value at beginning of period	$ 5.47
Net investment loss	(3.35)
Net decrease in net assets resulting from operations	(3.35)
Issuance of common stock	13.76
Net asset value at end of period	$ 15.88
Shares outstanding at end of period	1,145,529	171,874
Weighted average net assets	$ 9,565,502
Weighted average shares outstanding, basic (in shares)	664,051
Weighted average shares outstanding, diluted (in shares)	664,051
Total return based on net asset value	190.33%
Supplemental Data/Ratio:
Net assets at end of period	$ 18,190,088	$ 940,916	$ (270,167)
Ratio of total expenses to average net assets	113.24%
Ratio of net expenses after waivers to average net assets	103.11%
Ratio of net investment loss to average net assets	(93.51%)
Amount of investments made	$ 19,820,356

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				3 Months Ended	5 Months Ended
Subsequent Events (Details) - USD ($)	Apr. 26, 2024	Apr. 15, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2024
Subsequent Events
Number of shares issued			50	973,655	1,145,479
Offering Price				$ 19,473,102	$ 22,909,576
Subsequent Events
Subsequent Events
Number of shares issued		2,482,469
Offering Price		$ 38,900,000
Subsequent Events \| First Lien Term Loan
Subsequent Events
Investment amount	$ 8,700,000
Investment interest rate	12.10%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,223,930)	$ (270,167)

Insider Trading Arrangements

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