v3.25.4
FINANCIAL HIGHLIGHTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Schedule of Financial Highlights
The following is a schedule of financial highlights as of and for 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
Class I
Class S(5)
Class D(5)
Per share data:
Net asset value at the beginning of period$25.1266 $24.9088 $24.7974 
Net investment income (loss) for period(1)
0.3001 0.1784 (0.1177)
Net realized and unrealized gain (loss)(1)
2.1796 0.5290 0.7712 
Net increase (decrease) in net assets from operations2.4797 0.7074 0.6535 
Distributions as a return of capital(2.5616)(0.5715)(0.4062)
Total increase (decrease) in net assets(0.0819)0.1359 0.2473 
Net asset value at the end of period$25.0447 $25.0447 $25.0447 
Total return based on net asset value(2)
9.87 %2.84 %2.64 %
Shares outstanding, end of period81,816,9921,790,50726,245
Ratio / Supplemental Data:
Net assets at end of period (in thousands)$2,049,085$44,843$657
Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets(3)(6)(7)
6.56 %6.83 %6.71 %
Ratio of expense support to average net assets(3)
(1.03)%(0.48)%(0.46)%
Ratio of management fee waiver to average net assets(3)
(0.02)%— %— %
Ratio of operating expenses (including expense support and management fee waiver) to average net assets(3)(6)
5.51 %6.35 %6.25 %
Ratio of net investment income (loss) to average net assets(3)(6)
2.04 %(1.83)%(2.43)%
Portfolio turnover rate(4)
6.80 %6.80 %6.80 %
(1)Weighted average basic per Share data.
(2)For the year ended December 31, 2025, the total return based on NAV equaled the change in NAV during the year plus distributions declared and payable divided by the beginning NAV for the year. The Fund’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.
(3)The ratios are not annualized and expenses are allocated to the Classes outstanding each month.
(4)Portfolio turnover is calculated using the lesser of the year-to-date sales or year-to-date purchases over the monthly average net assets for the period reported and has not been annualized.
(5)First sales of Class S and Class D Shares commenced in October 2025 and November 2025, respectively.
(6)The ratio of net investment income to average net assets excludes income taxes related to net unrealized gains and losses. The ratio of operating expenses excludes income tax benefit / (expense). For the year ended December 31, 2025, the ratio of income tax benefit related to net investment income to average net assets was (0.54)%, (0.04)% and (0.26)% for Class I, Class S and Class D, respectively, and the ratio of income tax expense related to unrealized gain and loss to average net assets was 3.68%, 3.77% and 4.48% for Class I, Class S and Class D, respectively.
(7)For the year ended December 31, 2025, the ratio of operating expenses to average net assets consisted of the following:

For the year ended December 31, 2025
Class I
Class S (5)
Class D (5)
Management fees(3)
1.24 %1.27 %1.28 %
Income based fee and capital gains incentive fee(3)
1.39 %1.37 %1.88 %
Interest expense(3)
2.81 %2.78 %2.78 %
Organizational and offering expenses(3)
0.37 %0.13 %0.13 %
Other operating expenses0.75 %1.28 %0.64 %
Total operating expenses6.56 %6.83 %6.71 %
For the period from May 7, 2024 (inception) to December 31, 2024
Class I(4)
Per share data:
Net asset value at the beginning of period$25.0000 
Net investment income (loss) for period(1)
0.8568 
Net realized and unrealized gain (loss)(1)
0.1919 
Net increase in net assets from operations1.0487 
Distributions as a return of capital(0.9221)
Total increase in net assets0.1266 
Net asset value at the end of period$25.1266 
Total return based on net asset value(2)
4.18 %
Shares outstanding, end of period6,226,600
Ratios / Supplemental Data:
Net assets at end of period (in thousands)$156,453
Ratio of operating expenses (excluding expense support and management fee waiver) to average net assets(3)(5)
16.26 %
Ratio of expense support to average net assets(3)
(5.07)%
Ratio of management fee waiver to average net assets(3)
(0.48)%
Ratio of incentive fee waiver to average net assets(3)
(0.56)%
Ratio of operating expenses (including expense support and management fee waiver) to average net assets(3)
10.15 %
Ratio of net investment income (loss) to average net assets(3)
12.96 %
Portfolio turnover rate0.00 %
(1)Weighted average basic per Share data.
(2)For the period from May 7, 2024 (inception) to December 31, 2024, the total return based on NAV equaled the change in NAV during the period plus dividends declared and payable divided by the beginning NAV for the period. The Fund’s performance changes over time and currently may be different than that shown. Past performance is no guarantee of future results. Total return is not annualized.
(3)The ratios reflect an annualized amount based on expenses for 145 days from August 9, 2024 to December 31, 2024 for all expenses other than organizational expenses, management fee, management fee waiver, income based fee and capital gains incentive fee, incentive fee waiver, income tax expense, audit and tax expense.
(4)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.
(5)For the period from May 7, 2024 (inception) to December 31, 2024, the ratio of operating expenses to average net assets consisted of the following:

For the period from May 7, 2024 (inception) to December 31, 2024
Class I
Management fees(3)
0.48 %
Income based fee and capital gains incentive fee(3)
0.67 %
Income tax expense(3)
1.41 %
Interest expense (3)
9.16 %
Organizational and offering expenses(3)
1.58 %
Other operating expenses(3)
2.96 %
Total operating expenses16.26 %