v3.25.2
Consolidated Statement of Cash Flows (Unaudited)
 4 Months Ended
Jun. 30, 2025
USD ($)
Cash flows from operating activities:  
Net increase (decrease) in net assets resulting from operations $ 2,962,859
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:  
Net change in unrealized (gain) loss on non-controlled / non-affiliated investments (1,075,071)
Paid-in-kind interest income (10,566)
Amortization of deferred loan fees (140,573)
Accretion of warrant discount (538,406)
Amortization of deferred financing costs 85,009
Payments for purchases of investments in portfolio companies (34,800,000)
Proceeds from loan repayments on investments in portfolio companies 1,118,750
Proceeds from deferred loan fees 469,500
Changes in operating assets and liabilities:  
Cash received from Formation Transaction 27,586,601 [1]
(Increase) decrease in interest receivable (443,047)
(Increase) decrease in prepaid expenses and other assets (106,800)
Increase (decrease) in Base Management Fees payable 67,589
Increase (decrease) in Income Incentive Fees payable 52,668
Increase (decrease) in Capital Gains Incentive Fees payable 209,822
Increase (decrease) in accrued audit and tax fees 73,999
Increase (decrease) in accrued Board of Trustees' fees 38,000
Increase (decrease) in accrued expenses and other liabilities 192,679
Net cash provided by (used in) operating activities (4,256,987)
Cash flows from financing activities:  
Payment of deferred financing costs (1,285,724)
Gross borrowings on line of credit 38,000,000
Repayments of line of credit (13,000,000)
Proceeds from issuance of common shares 16,260,250
Distribution paid (1,213,956)
Net cash provided by (used in) financing activities 38,760,570
Net change in cash and cash equivalents 34,503,583
Cash and cash equivalents, beginning of period 25,000
Cash and cash equivalents, end of period 34,528,583
Supplemental Disclosure of Cash-Flow Information  
Distribution declared during the period 2,068,198
Cash paid for interest 161,128
Issuance of common shares in connection with the Formation Transaction $ 68,065,767 [1]
[1] On March 3, 2025, in connection with the Formation Transaction (as defined in Note 1 – Organization), the Company acquired net assets of $68,065,767 in exchange for common shares of the Company. For further details, refer to Note 1 – Organization and Note 8 – Net assets.