v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income:        
Payment-in-kind interest income $ 1,639 $ 1,026 $ 3,183 $ 1,898
Expenses:        
Interest and debt financing expenses 15,633 1,271 29,873 4,297
Professional fees 150 223 630 319
Management fees (Note 5) 1,837 1,084 3,439 1,773
Income based incentive fees (Note 5) 3,947 2,391 7,823 4,146
Board of Trustees’ fees 126 127 257 252
Administration fees (See Note 5) 403 200 832 366
Other general and administrative expenses 899 509 1,309 687
Offering costs 242 143 429 315
Total expenses 23,311 5,980 44,722 12,205
Expense support (See Note 5) (255) (166) (417) (361)
Management fees waived (Note 5) (594) (865) (1,395) (1,554)
Incentive fees waived (Note 5) (2,643) (2,391) (6,519) (4,146)
Net expenses 19,819 2,558 36,391 6,144
Net investment income (loss) 25,509 17,385 51,570 29,854
Realized and unrealized gain (loss) on investments:        
Net realized gain (loss) on non-controlled/non-affiliated company investments     (3,103) 145
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments     (11,504) (1,758)
Net increase (decrease) in net assets resulting from operations 20,904 18,124 36,752 28,237
Common Class S        
Expenses:        
Distribution and shareholder servicing fees $ 62 $ 24 $ 108 $ 38
Per share data:        
Net investment income (loss) per share - basic (in dollars per share) $ 0.53 $ 0.56 $ 1.20 $ 1.26
Net investment income (loss) per share - diluted (in dollars per share) 0.53 0.56 1.20 1.26
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.45 $ 0.63 $ 0.84 $ 1.18
Weighted average common shares outstanding - basic (in shares) 1,199,430 452,600 1,047,002 362,417
Weighted average common shares outstanding - diluted (in shares) 1,199,430 452,600 1,047,002 362,417
Common Class D        
Expenses:        
Distribution and shareholder servicing fees $ 12 $ 8 $ 22 $ 12
Per share data:        
Net investment income (loss) per share - basic (in dollars per share) $ 0.59 $ 0.60 $ 1.30 $ 1.33
Net investment income (loss) per share - diluted (in dollars per share) 0.59 0.60 1.30 1.33
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.48 $ 0.70 $ 0.91 $ 1.26
Weighted average common shares outstanding - basic (in shares) 932,527 525,217 891,027 389,929
Weighted average common shares outstanding - diluted (in shares) 932,527 525,217 891,027 389,929
Common Class I        
Per share data:        
Net investment income (loss) per share - basic (in dollars per share) $ 0.60 $ 0.62 $ 1.32 $ 1.37
Net investment income (loss) per share - diluted (in dollars per share) 0.60 0.62 1.32 1.37
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) $ 0.50 $ 0.69 $ 0.94 $ 1.30
Weighted average common shares outstanding - basic (in shares) 40,116,304 26,092,866 37,337,738 21,073,183
Weighted average common shares outstanding - diluted (in shares) 40,116,304 26,092,866 37,337,738 21,073,183
Non-controlled/Non-affiliated        
Investment income:        
Interest income $ 43,314 $ 18,655 $ 84,227 $ 33,626
Payment-in-kind interest income 1,639 1,026 3,183 1,898
Dividend income 9 10 9 59
Other income 366 252 542 415
Total investment income 45,328 19,943 87,961 35,998
Realized and unrealized gain (loss) on investments:        
Net realized gain (loss) on non-controlled/non-affiliated company investments (3,315) 92 (3,103) 145
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments (1,073) 580 (11,504) (1,758)
Income tax (provision) benefit (217) 67 (211) (4)
Total net change in unrealized gain (loss) (1,290) 647 (11,715) (1,762)
Total net realized and unrealized gain (loss) on investments $ (4,605) $ 739 $ (14,818) $ (1,617)