v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 8 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Income:    
Distribution income $ 12,072,000 $ 55,119,000
Interest income 318,000 20,240,000
Other income 0 346,000
Total income 12,390,000 75,705,000
Expenses:    
Interest expense 4,913,000 30,369,000
Management fees 653,000 13,452,000
Income based incentive fee 752,000 3,810,000
Capital gains incentive fee 149,000 11,195,000
Administration fees 829,000 3,567,000
Offering expenses 620,000 3,974,000
Organizational expenses 1,510,000 37,000
Other operating expenses 904,000 4,594,000
Total expenses 10,330,000 70,998,000
Less: Expense support (Note 3) (3,774,000) (11,147,000)
Less: Management fee waiver (Note 3) (653,000) (163,000)
Less: Incentive fee waiver (Note 3) (752,000) 0
Net expenses 5,151,000 59,688,000
Net investment income before income taxes 7,239,000 16,017,000
Income tax benefit / (expense) (1,904,000) 5,854,000
Net investment income 5,335,000 21,871,000
Net realized gains / (losses):    
Investments 0 (103,000)
Derivatives 0 2,251,000
Net realized gains on investments and derivatives 0 2,148,000
Net unrealized gains / (losses):    
Investments (8,395,000) 140,126,000
Derivatives 9,590,000 (6,506,000)
Income tax expense 0 (39,870,000)
Net unrealized gains 1,195,000 93,750,000
Net realized and unrealized gains on investments and derivatives 1,195,000 95,898,000
Net increase in net assets resulting from operations $ 6,530,000 $ 117,769,000