v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 10 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Cash flows from operating activities:    
Net increase in net assets resulting from operations $ 0 $ 23,811
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities:    
Purchases of investments 0 (453,807)
Amortization of premium and accretion of discount, net 0 (260)
Proceeds from sales of investments and principal repayments 0 3,751
Paid-in-kind interest income 0 (2,855)
Net change in unrealized (appreciation) depreciation on investments 0 (4,970)
Amortization of deferred financing costs 0 1,065
Change in operating assets and liabilities:    
(Increase) decrease in receivable from unsettled transactions   (1,422)
Increase (decrease) in interest and other debt financing costs payable 0 2,501
Increase (decrease) in management fees payable 0 230
Increase (decrease) in accrued expenses and other liabilities 0 701
Net cash provided by (used for) operating activities 0 (431,255)
Cash flows from financing activities:    
Capital contributions 10 382,085
Secured borrowings 0 518,418
Borrowings on credit facilities 0 120,000
Deferred financing and debt issuance costs paid   (6,259)
Distributions paid 0 (36,400)
Net cash provided by (used for) financing activities 10 977,844
Net increase (decrease) in cash and cash equivalents 10 546,589
Cash and cash equivalents including restricted cash, beginning of period 0 10 [1]
Cash and cash equivalents including restricted cash, end of period [1] 10 546,599
Supplemental and non-cash financing activities:    
Cash paid during the period for interest $ 0 $ 3,400
[1] As of December 31, 2025, the balance included restricted cash and cash equivalents of $524,915 and cash and cash equivalents of $21,684. As of December 31, 2024, the balance included cash and cash equivalents of $10.