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FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides funds the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between funds that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the Fund’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on
the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value.

The Fund also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 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. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund 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 addition to using the above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that have been reviewed by the Board and are consistent with the provisions of Rule 2a-5 under the 1940 Act and ASC 820-10 (see “Note 2. Significant Accounting Policies” to the consolidated financial statements for more information). Consistent with its valuation policies and procedures, the Valuation Designee will evaluate the source of inputs, including any markets in which the Fund’s investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. Where there may not be a readily available market value for some of the investments in the Fund’s portfolio, the fair value of a portion of the Fund’s investments may be determined using unobservable inputs.

The Fund’s portfolio investments classified as Level 3 are typically valued using an analysis of the enterprise value (“EV”) of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary technique for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions).
The following table presents fair value measurements of investments, cash equivalents and derivatives as of December 31, 2025:
Fair Value Measurements Using
Level 1 Level 2Level 3Total
Investments and cash equivalents
Common equity$— $— $2,168,096 $2,168,096 
Other equity— — 354,399 354,399 
First lien senior secured loans— 342,904 165,369 508,273 
Senior subordinated loans— — 89,618 89,618 
Money market funds347 — — 347 
Derivative contracts, at fair value
Interest rate swap contracts (asset)— 9,358 — 9,358 
Interest rate swap contracts (liability)— (6,274)— (6,274)
Total $347 $345,988 $2,777,482 $3,123,817 

The following table presents fair value measurements of investments and derivatives as of December 31, 2024:
Fair Value Measurements Using
Level 1 Level 2Level 3Total
Investments
Other equity(1)
$— $— $339,136 $339,136 
Derivative contracts, at fair value
Interest rate swap contracts (asset)— 10,414 — 10,414 
Interest rate swap contracts (liability)— (824)— (824)
Total $— $9,590 $339,136 $348,726 
(1) Asset previously classified as “Equity securities”. Classification updated to “Other equity” in current period.

The following tables summarize the significant unobservable inputs the Valuation Designee used to value the Fund’s investments categorized within Level 3 as of December 31, 2025 and 2024. The tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.
As of December 31, 2025
Fair ValuePrimary Valuation TechniquesUnobservable Input
Asset CategoryInput
Estimated Range(1)
Weighted Average(2)
Common equity$2,012,509 Discounted cash flow Discount rate
9.36%-9.77%
9.57%
Other equity354,399 Discounted cash flow Discount rate 8.98%8.98%
Common equity155,587  Recent transaction price  N/A N/AN/A
Senior subordinated loans54,314  Discounted cash flow  Discount rate 9.91%9.91%
Senior subordinated loans35,304  Recent transaction price  N/A N/AN/A
First lien senior secured loans165,173 Recent transaction priceN/AN/AN/A
First lien senior secured loans196  Broker quotes N/AN/AN/A
Total Level 3 investments$2,777,482 
(1) No range indicates a single investment in the asset category
(2) Weighted average based on relative fair values as of period end
As of December 31, 2024
Fair ValuePrimary Valuation TechniquesUnobservable Input
Asset CategoryInput
Estimated Range(2)
Weighted Average
Other equity(1)
$339,136 Discounted cash flowDiscount rate9.52%9.52%
Total Level 3 investments$339,136 
(1) Asset previously classified as “Equity securities”. Classification updated to “Other equity” in current period.
(2) No range indicates a single investment in the asset category

Changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, a material increase in market yields or discount rates may result in a decrease in the fair value of certain of the Fund’s investments.

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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of the Fund’s 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 the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

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 in the valuations currently assigned.
The following tables present changes in investments that use Level 3 inputs as of and for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024:
As of and for the year ended December 31, 2025
Balance as of December 31, 2024
$339,136 
Purchases2,315,239 
Net unrealized gains on investments137,037 
Return of capital(10,954)
Proceeds from repayments or sales of investments(2,976)
Transfers in to/(out of) Level 3— 
Balance as of December 31, 2025
$2,777,482 
As of and for the period from May 7, 2024 (inception) to December 31, 2024
Balance as of May 7, 2024$— 
Purchases347,854 
Net unrealized losses on investments(8,395)
Return of capital(323)
Transfers in to/(out of) Level 3— 
Balance as of December 31, 2024
$339,136 

There were no investment transfers into or out of Level 3 for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024.

The net change in unrealized appreciation/(depreciation) on the investments that use Level 3 inputs was $137.0 million and $(8.4) million for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024, respectively.

The following are the carrying and fair values of the Fund’s debt obligations as of December 31, 2025 and 2024:
As of December 31,
20252024
Carrying Value(1)
Fair Value(1)
Carrying Value(1)
Fair Value(1)
Denali Credit Agreement$207,978 
(2)
$207,978 $212,504 
(2)
$212,504 
Aspen Credit Agreement224,481 
(2)
224,481 — — 
ACI Portfolio Aggregator Credit Agreement
20,000 
(2)
20,000 — — 
Tango Credit Agreement184,750 
(2)
184,750 — — 
BNP Funding Facility200,000 
(2)
200,000 — — 
Pioneer Credit Agreement226,000 
(2)
226,000 — — 
Total$1,063,209 $1,063,209 $212,504 $212,504 
(1)The fair value of the debt obligations would be categorized as Level 2 under ASC 820-10. The fair value of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)Represents the aggregate principal amount outstanding.