v3.25.4
NET ASSETS
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
NET ASSETS NET ASSETS
The Fund has the authority to issue an unlimited number of Shares.
The following table reflects the net assets activity for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024:
Common SharesCapital in Excess of Par ValueAccumulated Undistributed EarningsNet Assets
SharesAmount
Balance at December 31, 20246,226,600 $62 $149,861 $6,530 $156,453 
Issuances of common shares 77,327,204 773 1,927,456 — 1,928,229 
Shares issued in connection with distribution reinvestment plan1,020,319 10 25,414 — 25,424 
Distributions declared and payable ($2.5616, $0.5715 and $0.4062 per Class I Share, Class S Share and Class D Share, respectively) as return of capital
— — (109,849)— (109,849)
Repurchased shares, net of early repurchase deduction(940,379)(9)(23,432)— (23,441)
Net investment income— — — 21,871 21,871 
Net realized gains on investments and derivatives— — — 2,148 2,148 
Net unrealized gains on investments and derivatives— — — 93,750 93,750 
Balance at December 31, 202583,633,744 $836 $1,969,450 $124,299 $2,094,585 
Common SharesCapital in Excess of Par ValueAccumulated Undistributed EarningsNet Assets
SharesAmount
Balance at May 7, 2024— $— $— $— $— 
Issuances of common shares6,226,600 62 155,603 — 155,665 
Distributions declared and payable ($0.9221 per share) as return of capital
— — (5,742)— (5,742)
Net investment income— — — 5,335 5,335 
Net unrealized gains on investment and derivatives— — — 1,195 1,195 
Balance at December 31, 20246,226,600 $62 $149,861 $6,530 $156,453 
The following tables summarize transactions in Shares during the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024:
For the year ended December 31, 2025
For the period from May 7, 2024 (inception) to December 31, 2024
SharesAmountSharesAmount
Class I
Subscriptions75,514,899 $1,883,018 6,226,600 $155,665 
Distributions reinvested1,015,872 25,313 — — 
Repurchased shares, net of early repurchase deductions(940,379)(23,441)— — 
Dividends declared and payable— (109,334)— (5,742)
Net increase75,590,392 1,775,556 6,226,600 149,923 
Class S
Subscriptions1,786,191 $44,561 — — 
Distributions reinvested4,316 108 — — 
Dividends declared and payable— (506)— — 
Net increase1,790,507 44,163 — — 
Class D
Subscriptions26,114 $650 — — 
Distributions reinvested131 3 — — 
Dividends declared and payable— (9)— — 
Net increase26,245 644 — — 
Total net increase77,407,144 $1,820,363 6,226,600 $149,923 
(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares.
NAV Per Share and Offering Price

The Fund determines NAV for the Shares as of the last day of each calendar month. Share issuances related to monthly subscriptions will be effective the first business day of each month. The NAV per Share is determined by dividing the value of total assets minus liabilities by the total number of Shares outstanding at the date as of which the determination is made. The following tables summarize each month-end NAV per Share for the year ended December 31, 2025 and for the period from May 7, 2024 (inception) to December 31, 2024:
NAV Per Share
Class IClass SClass D
January 31, 2025$25.0625 $— $— 
February 28, 202524.9241 — — 
March 31, 202524.9275 — — 
April 30, 202524.8195 — — 
May 31, 202524.9464 — — 
June 30, 202524.9490 — — 
July 31, 202524.8587 — — 
August 31, 202524.8316 — — 
September 30, 202524.9088 — — 
October 31, 202524.7974 24.7974 — 
November 30, 202525.0404 25.0404 25.0404 
December 31, 202525.0447 25.0447 25.0447 
(1) As of December 31, 2025, the Fund had no Class N Shares outstanding.
NAV per Share (1)
Class I
May 31, 2024$— 
June 30, 2024— 
July 31, 2024— 
August 31, 202425.0000 
September 30, 202424.9152 
October 31, 202425.2860 
November 30, 202425.4101 
December 31, 202425.1266 
(1) On May 14, 2025, the Board established four classes of Shares of the Fund and all issued and outstanding shares were reclassified as Class I Shares. As of December 31, 2024, the Fund had no Class D Shares, Class N Shares or Class S Shares outstanding.

Distribution Reinvestment Plan

The Fund has adopted a distribution reinvestment plan that provides for reinvestment of any distributions the Fund declares in cash on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes, and the Fund declares, a cash distribution, then the shareholders who have not “opted out” of the Fund’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional Shares rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account. The purchase price for shares issued under the Fund’s distribution reinvestment plan will be equal to the most recent available NAV per Share for such shares at the time the distribution is payable.

Share Repurchase Program

The Fund has commenced a Share repurchase program (the “Share Repurchase Program”) pursuant to which the Fund intends to offer to repurchase, at the discretion of the Fund’s Board, up to 5% of its Shares outstanding as of the close of the previous calendar quarter. The Fund may from time to time seek to retire or repurchase its Shares through cash purchases, as well as retire, cancel or purchase any of the Fund’s outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material.

In accordance with the Share Repurchase Program, Shares repurchased in the Fund’s tender offer completed during the year ended December 31, 2025 were repurchased using a purchase price equal to the NAV per Share as of the last calendar day of the applicable month designated by the Board, except that the Fund deducted 2.00% from such NAV for Shares that were not outstanding for at least one year (the “Early Repurchase Deduction”). For the year ended December 31, 2025, the Fund repurchased and retired 940,379 Shares for a total price of $23.4 million.