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 $870,675 and $280,031, respectively) $ 879,592 [1],[2],[3] $ 282,161 [4],[5],[6]
Cash and cash equivalents 84,758 10,695
Restricted cash and cash equivalents 13,208 10,672
Interest receivable 2,402 1,372
Receivable from unsettled transactions 1,881 1,299
Deferred offering costs 366 2,202
Other assets 0 3,377
Total assets 982,207 311,778
Liabilities    
Debt (net of deferred financing costs of $6,873 and $1,413, respectively) 413,099 110,566
Payable for investments purchased 49,687 2,094
Subscriptions received in advance 43,990 8,500
Interest and other debt financing costs payable 3,770 1,917
Distribution payable 3,437 1,536
Management fees payable 1,313 545
Accrued expenses and other liabilities 1,842 5,895
Total liabilities 517,138 131,053
Commitments and Contingencies (Note 7)
Net assets    
Common stock, par value $0.01 per share (300,000,000 shares authorized, 6,677,756 and 3,977,799 shares issued and outstanding, respectively) 172 67
Paid-in capital in excess of par value 454,557 171,093
Accumulated earnings/(loss) 10,340 9,565
Total net assets 465,069 180,725
Total liabilities and net assets 982,207 311,778
Net Asset Value Per Share [Abstract]    
Net assets $ 465,069 $ 180,725
Common Shares outstanding ($0.01 par value, 100,000,000 shares authorized) 17,187,406 6,677,756
Class I Shares    
Net assets    
Total net assets $ 465,005 $ 180,725
Net Asset Value Per Share [Abstract]    
Net assets $ 465,005 $ 180,725
Common Shares outstanding ($0.01 par value, 100,000,000 shares authorized) 17,185,048 6,677,756
Net asset value per share $ 27.06 $ 27.06
Class S Shares    
Net assets    
Total net assets $ 64  
Net Asset Value Per Share [Abstract]    
Net assets $ 64  
Common Shares outstanding ($0.01 par value, 100,000,000 shares authorized) 2,358  
Net asset value per share $ 27.06  
Non-controlled non-affiliated    
Investments, at fair value    
Non-controlled non-affiliated investments (cost of $870,675 and $280,031, respectively) $ 879,592 $ 282,161
[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, as defined by the Investment Company Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
[3] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.
[4] 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.
[5] All positions held are non-controlled/non-affiliated investments, unless otherwise noted, as defined by the Investment Company Act. Non-controlled/non-affiliated investments are investments that are neither controlled nor affiliated.
[6] The fair value of the investment was determined using significant unobservable inputs unless otherwise noted, as defined by the Investment Company Act. See Note 2 “Summary of Significant Accounting Policies”.