Agreements and Related Party Transactions Investment Advisory Agreement (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

Schedule of Non-Controlled/Affiliate and Controlled Affiliate Investments

Investments during the year ended December 31, 2025, in which the portfolio company was an “affiliated person” (as defined in the 1940 Act) and/or an “affiliated person” that the Company is deemed to “control” (as defined in the 1940 Act) are as follows:


Portfolio Company		Fair Value as of December 31, 2024				Gross Additions				Gross Reductions				Change in Unrealized Appreciation				Realized Gains (Losses)				Fair Value as of December 31, 2025				Dividend, Interest, and PIK Income				Other Income
Non-Controlled/Affiliate Investment
BCC CPK Investments 2, LP Equity Interest (1)	$		—		$		7,399		$		—		$		—		$		—		$		7,399		$		—		$		—
CPK IPCO Buyer LLC Subordinated Debt			—				12,026				—				—				—				12,026				42				11
Legacy Corporate Lending HoldCo, LLC Class A Common Equity (1)			100				—				—				43				—				143				—				—
Legacy Corporate Lending HoldCo, LLC Preferred Equity			5,001				2,651				(750	)			736				—				7,638				300				—
Legacy Corporate Lending HoldCo, LLC Class B Common Equity (1)			—				—				—				—				—				—				—				—
Total Non-Controlled/Affiliate Investment	$		5,101		$		22,076		$		(750	)	$		779		$		—		$		27,206		$		342		$		11
Controlled Affiliate Investment
Bain Capital Senior Loan Program II, LLC Subordinated Note Investment Vehicles	$		—		$		20,240		$		—		$		—		$		—		$		20,240		$		1,258		$		—
Bain Capital Senior Loan Program II, LLC Equity Interest Investment Vehicles			—				6,900				—				78				—				6,978				588				—
Bain Capital Senior Loan Program II, LLC Preferred Equity Interest Investment Vehicles			—				10				—				77				—				87				207				—
Total Controlled Affiliate Investment	$		—		$		27,150		$		—		$		155		$		—		$		27,305		$		2,053		$		—
Total	$		5,101		$		49,226		$		(750	)	$		934		$		—		$		54,511		$		2,395		$		11

(1)

Non-income producing.

Investments during the year ended December 31, 2024, in which the portfolio company was an “affiliated person” (as defined in the 1940 Act) and/or an “affiliated person” that the Company is deemed to “control” (as defined in the 1940 Act) are as follows:


		Fair Value as of December 31, 2023				Gross Additions				Gross Reductions				Change in Unrealized Appreciation				Realized Gains (Losses)				Fair Value as of December 31, 2024				Dividend, Interest, and PIK Income				Other Income
Non-Controlled/Affiliate Investment
Legacy Corporate Lending HoldCo, LLC Class A Common Equity(1)	$		90		$		10		$		—		$		—		$		—		$		100		$		—		$		—
Legacy Corporate Lending HoldCo, LLC Preferred Equity			3,875				825				—				301				—				5,001				—				—
Legacy Corporate Lending HoldCo, LLC Class B Common Equity(1)			—				—				—				—				—				—				—				—
Total Non-Controlled/Affiliate Investment	$		3,965		$		835		$		—		$		301		$		—		$		5,101		$		—		$		—
Total	$		3,965		$		835		$		—		$		301		$		—		$		5,101		$		—		$		—

(1)

Non-income producing.

Schedule of Shareholder Servicing and/or Distribution Fees

The following table shows the shareholder servicing and/or distribution fees the Company pays the Managing Dealer with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company’s NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.


		Shareholder Servicing and/or Distribution Fee as a % of NAV
Class S shares			0.85	%
Class D shares			0.25	%
Class I shares			—

Subject to FINRA and other limitations on underwriting compensation, the Company will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly. The Managing Dealer has agreed to waive shareholder servicing and/or distribution fees for Class D shares for the first nine months following the date on which the Company broke escrow for the offering.

The shareholder servicing and/or distribution fees will be paid monthly in arrears. The Managing Dealer will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. Participating brokers and servicing brokers are not required to provide such services with respect to Class I shares. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Managing Dealer will waive the shareholder servicing fee and/or distribution that broker would have otherwise been eligible to receive. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase.

Summary of All Expenses Supported and Recouped By The Adviser

The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2025.


For the Month Ended		Amount of Expense Support					Recoupment of Expense Support					Unreimbursed Expense Support					Reimbursement Eligibility Expiration		Effective Rate of Distribution per Share				Operating Expense Ratio
November 30, 2023		$		1,994			$		627			$		1,367			November 30, 2026			8.16	%			2.81	%
December 31, 2023				295					-					295			December 31, 2026			9.04	%			3.17	%
January 31, 2024				227					-					227			January 31, 2027			9.05	%			1.77	%
February 29, 2024				257					-					257			February 28, 2027			9.00	%			2.05	%
March 31, 2024				253					-					253			March 31, 2027			9.00	%			1.83	%
April 30, 2024				267					-					267			April 30, 2027			8.99	%			1.89	%
May 31, 2024				286					-					286			May 31, 2027			8.95	%			1.84	%
June 30, 2024				269					-					269			June 30, 2027			8.83	%			1.73	%
July 31, 2024				287					-					287			July 31, 2027			8.84	%			1.70	%
August 31, 2024				308					-					308			August 31 2027			8.83	%			1.85	%
October 31, 2025				121					-					121			October 31, 2028			8.68	%			1.15	%
		$		4,564			$		627			$		3,937

The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2024.


For the Month Ended		Amount of Expense Support					Recoupment of Expense Support					Unreimbursed Expense Support					Reimbursement Eligibility Expiration		Effective Rate of Distribution per Share				Operating Expense Ratio
November 30, 2023				1,994					—					1,994			November 30, 2026			8.16	%			2.81	%
December 31, 2023				295					—					295			December 31, 2026			9.04	%			3.17	%
January 31, 2024				227					—					227			January 31, 2027			9.05	%			1.77	%
February 29, 2024				257					—					257			February 28, 2027			9.00	%			2.05	%
March 31, 2024				253					—					253			March 31, 2027			9.00	%			1.83	%
April 30, 2024				267					—					267			April 30, 2027			8.99	%			1.89	%
May 31, 2024				286					—					286			May 31, 2027			8.95	%			1.84	%
June 30, 2024				269					—					269			June 30, 2027			8.83	%			1.73	%
July 31, 2024				287					—					287			July 31, 2027			8.84	%			1.70	%
August 31, 2024				308					—					308			August 31, 2027			8.83	%			1.85	%
		$		4,443			$		—			$		4,443

The following table presents a summary of all expenses supported and recouped by the Advisor as of December 31, 2023.


For the Month Ended		Amount of Expense Support					Recoupment of Expense Support					Unreimbursed Expense Support					Reimbursement Eligibility Expiration		Effective Rate of Distribution per Share				Operating Expense Ratio
November 30, 2023				1,994					—					1,994			November 30, 2026			8.16	%			2.81	%
December 31, 2023				295					—					295			December 31, 2026			9.04	%			3.17	%
		$		2,289			$		—			$		2,289