Fair Value of Investments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value Hierarchy |
The following table presents the fair value hierarchy as of December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | | Level 1 | | Level 2 | | Level 3 | | Total | | First Lien Loans | $ | — | | | $ | 51,187,460 | | | $ | 486,385,330 | | | $ | 537,572,790 | | | Second Lien Loans | — | | | 13,480,597 | | | 11,135,000 | | | 24,615,597 | | | Unsecured Notes | — | | | 5,360,275 | | | 26,961,374 | | | 32,321,649 | | | Preferred Equity | — | | | — | | | 1,793,178 | | | 1,793,178 | | | Subtotal | $ | — | | | $ | 70,028,332 | | | $ | 526,274,882 | | | $ | 596,303,214 | | | Investments Measured at NAV | — | | | — | | | — | | | 1,736,093 | | | Total | $ | — | | | $ | 70,028,332 | | | $ | 526,274,882 | | | $ | 598,039,307 | |
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| Schedule of Changes in the Fair Value of Investments for which Level 3 Inputs and Net Change in Unrealized Appreciation (Depreciation) For Level 3 Assets Still Held |
The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and from the Commencement of Operations through December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025 | First Lien Loans | | Second Lien Loans | | Unsecured Note | | Preferred Equity | | Total Investments | | Fair value, beginning of period | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | Purchases of investments, net | 532,492,372 | | | 11,089,325 | | | 26,853,094 | | | 1,793,312 | | | 572,228,103 | | | Proceeds from sales and principal payments, net | (46,816,878) | | | - | | | - | | | - | | | (46,816,878) | | | Realized gain (loss) on investments | 27,231 | | | - | | | (4) | | | - | | | 27,227 | | | Net unrealized appreciation/(depreciation) | (286,120) | | | 43,965 | | | 98,451 | | | (134) | | | (143,838) | | | Net accretion of discount and amortization of investments | 968,725 | | | 1,710 | | | 9,833 | | | - | | | 980,268 | | | Ending balance | $ | 486,385,330 | | | $ | 11,135,000 | | | $ | 26,961,374 | | | $ | 1,793,178 | | | $ | 526,274,882 | |
The following table presents the net unrealized appreciation (depreciation) for the Level 3 investments held by the Fund from the Commencement of Operations through December 31, 2025. | | | | | | | Net Unrealized Appreciation (Depreciation) | For the Period January 22, 2025 (Commencement of Operations) through December 31, 2025 | | First Lien loans | $ | (286,120) | | | Second Lien Loans | 43,965 | | | Unsecured Note | 98,451 | | | Preferred Equity | (134) | | | Total | $ | (143,838) | |
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| Schedule of Unobservable Inputs Relevant to the Adviser’s Determination of Fair Value |
The following table presents quantitative information about the significant unobservable inputs of the Fund’s Level 3 investments as of December 31, 2025. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Investments | | Fair Value | | Valuation Technique | | Unobservable Input | | Range (weighted average) | | First Lien Loans | | $ | 353,693,110 | | | Discounted Cash Flow | | Discount Rate | | 7.6% - 10.4% (8.8%) | | First Lien Loans | | 132,692,220 | | | Market Transaction | | Market Transaction | | 97.0% - 99.9% (99.1%) | | Second Lien Loans | | 11,135,000 | | | Discounted Cash Flow | | Discount Rate | | 9.6% - 11.9% (10.0%) | | Unsecured Notes | | 21,371,755 | | | Discounted Cash Flow | | Discount Rate | | 6.5% - 15.5% (9.6%) | | Unsecured Notes | | 4,652,455 | | | Market Transaction | | Market Transaction | | 98.5% - 98.5% (98.5%) | | Unsecured Notes | | 937,164 | | | Market Transaction | | Market Transaction | | $174.0 - $174.0 ($174.0) | | Preferred Equity | | 1,793,178 | | | Discounted Cash Flow | | Discount Rate | | 13.1% - 14.2% (13.6%) | | Total | | $ | 526,274,882 | | | | | | | |
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