v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income      
Dividend income $ 2,600 $ 1,500 $ 0
PIK income 1,300 1,500 0
Total investment income 130,117 54,165 2,393
Expenses      
Interest and debt financing expenses 38,642 17,339 772
Incentive fee on income 11,259 4,471 437
Incentive fee on capital gains 1,844 0 0
Professional fees and operating expenses 1,484 3,692 924
Base management fee 9,299 3,350 140
Amortization of deferred offering costs 0 1,285 112
Trustee fees 451 432 432
Organization costs 0 219 996
Other general and administrative expenses 4,195 0 0
Total Expenses Before Fee Waivers 67,174 30,788 3,813
Base management fee waiver 0 0 (8)
Incentive fee waiver 0 0 (289)
Expense recoupment (support) 506 (2,154) (2,289)
Total Expenses, Net of Fee Waivers 67,680 28,634 1,227
Net Investment Income Before Taxes 62,437 25,531 1,166
Income taxes, including excise taxes 500 200 0
Net Investment Income 61,937 25,331 1,166
Net Realized and Unrealized Gains (Losses)      
Net realized gain (loss) on non-controlled/non-affiliate investments (211) 463 1,745
Net realized gain on foreign currency transactions 582 50 21
Net realized loss on foreign currency of debt (2) (264) 0
Net realized gain on forward currency exchange contracts 68 133 48
Net change in unrealized appreciation on foreign currency translation 119 (108) 6
Net change in unrealized appreciation on foreign currency translation on debt (2,896) 808 (135)
Net change in unrealized appreciation on forward currency exchange contracts (4,273) 1,582 (90)
Net change in unrealized appreciation on investments 15,878 365 23
Total Net Gains 9,265 3,029 1,618
Net Increase in Net Assets Resulting from Operations 71,202 28,360 2,784
Investment Non Controlled/Non Affiliate Investments [Member]      
Income      
Interest from investments 106,746 46,215 2,265
Dividend income 1,534 1,482 0
PIK income 10,790 515 0
Other income 8,641 5,953 128
Total interest income 127,711 54,165 2,393
Net Realized and Unrealized Gains (Losses)      
Net realized gain (loss) on non-controlled/non-affiliate investments (211) 463 1,745
Net change in unrealized appreciation on investments 14,944 64 23
Investment Non-Controlled/Affiliate Investments [Member]      
Income      
Interest from investments 42 0 0
Dividend income 300 0 0
Other income 11 0 0
Total interest income 353 0 0
Net Realized and Unrealized Gains (Losses)      
Net change in unrealized appreciation on investments 779 301 0
Investment Affiliated Issuer Controlled [Member]      
Income      
Interest from investments 1,258 0 0
Dividend income 795 0 0
Total interest income 2,053 0 0
Net Realized and Unrealized Gains (Losses)      
Net change in unrealized appreciation on investments $ 155 $ 0 $ 0