v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 8 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
From non-controlled non-affiliated investments:      
Interest income $ 3,882 $ 44,672 $ 22,898
Paid-in-kind interest   1,449 305
Dividend income   562  
Other income 160 703 391
Total investment income 4,042 47,386 23,594
Expenses:      
Interest and other debt financing costs 188 13,917 6,346
Management fees 590 3,797 1,979
Income based incentive fees 198 2,875 879
Offering costs   2,731 1,521
Professional fees 277 1,051 820
Directors' fees 142 268 185
Capital gains based incentive fees 172 140 151
Organizational costs     1,544
Administrative services expenses 571 1,339 1,475
Other general and administrative expenses 296 1,117 783
Total expenses 2,434 27,235 15,683
Management fees waiver (590) (58) (585)
Income based incentive fees waiver (198) (2,875) (879)
Capital gains based incentive fees waiver (172) (140) (151)
Expense support reimbursement   (5,419) (5,034)
Net expenses 1,474 18,743 9,034
Net investment income before taxes 2,568 28,643 14,560
Provision for excise taxes 110 222 325
Net investment income 2,458 28,421 14,235
Net realized gain (loss) on:      
Foreign currency transactions   (1,736) (87)
Net change in unrealized appreciation (depreciation) on:      
Foreign currency translation   (1,032) 636
Net realized and unrealized gains (losses) on investments 1,375 1,119 1,207
Net increase in net assets resulting from operations 3,833 29,540 15,442
Non-controlled Non-affiliated Investments      
Net realized gain (loss) on:      
Non-controlled non-affiliated investments   (2,900) (97)
Net change in unrealized appreciation (depreciation) on:      
Non-controlled non-affiliated investments $ 1,375 $ 6,787 $ 755