FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value of Investments |
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 2 | | Level 3 | | Total | | 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 funds | | 347 | | | — | | | — | | | 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 2 | | Level 3 | | Total | | 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.
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| Schedule of Significant Unobservable Inputs Used |
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 Value | | Primary Valuation Techniques | | Unobservable Input | | Asset Category | | | Input | | Estimated Range(1) | | Weighted Average(2) | | Common equity | | $ | 2,012,509 | | | Discounted cash flow | | Discount rate | | 9.36%-9.77% | | 9.57% | | Other equity | | 354,399 | | | Discounted cash flow | | Discount rate | | 8.98% | | 8.98% | | Common equity | | 155,587 | | | Recent transaction price | | N/A | | N/A | | N/A | | Senior subordinated loans | | 54,314 | | | Discounted cash flow | | Discount rate | | 9.91% | | 9.91% | | Senior subordinated loans | | 35,304 | | | Recent transaction price | | N/A | | N/A | | N/A | | First lien senior secured loans | | 165,173 | | | Recent transaction price | | N/A | | N/A | | N/A | | First lien senior secured loans | | 196 | | | Broker quotes | | N/A | | N/A | | N/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 Value | | Primary Valuation Techniques | | Unobservable Input | | Asset Category | | | Input | | Estimated Range(2) | | Weighted Average | Other equity(1) | | $ | 339,136 | | | Discounted cash flow | | Discount rate | | 9.52% | | 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
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| Schedule of Investments at Level 3 |
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 | | | Purchases | | 2,315,239 | | | Net unrealized gains on investments | | 137,037 | | | 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 | | $ | — | | | Purchases | | 347,854 | | | 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 | |
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| Schedule of Carrying Value of Debt |
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, | | | 2025 | | 2024 | | | | | | | | 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 Agreement | | 224,481 | | (2) | 224,481 | | | — | | | — | | ACI Portfolio Aggregator Credit Agreement | | 20,000 | | (2) | 20,000 | | | — | | | — | | | Tango Credit Agreement | | 184,750 | | (2) | 184,750 | | | — | | | — | | | BNP Funding Facility | | 200,000 | | (2) | 200,000 | | | — | | | — | | | Pioneer Credit Agreement | | 226,000 | | (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.
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