v3.25.4
Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Investments, at fair value    
Non-controlled non-affiliated investments (cost of $453,171 and $0, respectively) $ 458,141 [1],[2],[3],[4] $ 0
Restricted cash and cash equivalents 524,915  
Cash and cash equivalents 21,684 10
Interest receivable 1,422 0
Total assets 1,006,162 10
Liabilities    
Secured borrowings (net of deferred financing costs of $1,024 and $0, respectively) 517,394 0
Debt (net of deferred financing costs of $4,170 and $0, respectively) 115,830 0
Interest and other debt financing costs payable 2,501 0
Management fees payable 230 0
Accrued expenses and other liabilities 701 0
Total liabilities 636,656 0
Commitments and Contingencies (Note 7)
Net assets    
Common Units, no par value; (10 units issued, authorized and outstanding) 365,858 10
Accumulated earnings (loss) 3,648 0
Total net assets 369,506 10
Total liabilities and net assets $ 1,006,162 $ 10
Net asset value per unit $ 36,950,600 $ 1,000
[1] All debt investments are income-producing, unless otherwise noted. Equity and member interests are non-income-producing unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act. Its investments are therefore generally subject to certain limitations on resale, and may be deemed to be “restricted securities” under the Securities Act.
[2] All positions held are non-controlled/non-affiliated investments, unless otherwise noted. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated as each such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act").
[3] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted. See Note 2 “Summary of Significant Accounting Policies”.
[4] Unless otherwise indicated, the Company’s portfolio companies are not pledged as collateral supporting the amounts outstanding under the JPM Funding Facility. See Note 6 “Debt.”