v3.26.1
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Fair Value $ 1,665,503 [1] $ 848,360
Cash and cash equivalents [2] 8,960 42,146
Foreign currencies (cost - $10,099 and $20,305 as of December 31, 2025 and December 31, 2024, respectively) 10,387 20,194
Interest receivable from non-controlled/non-affiliated investments 7,230 3,824
Dividend receivable from non-controlled/non-affiliated investments 308 0
Deferred offering costs 525 943
Receivable from adviser (Note 3) 1,361 2,839
Receivable for investments sold / repaid 5,912 82
Prepaid expenses and other assets 541 446
Total assets 1,700,727 918,834
LIABILITIES    
Debt outstanding 950,419 110,194
Less: Deferred financing costs (7,662) (3,087)
Total debt, net of deferred financing costs 942,757 107,107
Payable for investments purchased 6,536 160,489
Interest payable 2,823 361
Distributions payable 6,067 8,290
Administrative service fee payable 150 93
Accrued expenses and other liabilities 3,270 986
Management fees payable 2,283 0
Income based incentive fee payable 2,462 0
Due to affiliates 1,311 4,049
Total liabilities 967,659 281,375
Commitments and contingencies (Note 7)
NET ASSETS    
Common Shares, par value $0.01 (29,112,305 and 25,405,674 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) 291 254
Paid-in capital in excess of par value 728,579 635,495
Accumulated net distributable earnings 4,198 1,710
Total net assets 733,068 637,459 [3]
Total liabilities and net assets $ 1,700,727 $ 918,834
Net asset value per share $ 25.18 $ 25.09 [3]
Non Controlled Non Affiliated Investments    
ASSETS    
Fair Value $ 1,609,502 [1] $ 848,360 [4]
Short-Term Investments [Member]    
ASSETS    
Fair Value [2] $ 56,001 $ 0
[1] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain Portfolio Company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.
[2] The Company has made a prospective presentation change to reclassify money market fund investments as short-term investments, resulting in their exclusion from cash and cash equivalents beginning in the reporting period ended June 30, 2025. See Note 2 for additional detail.
[3] The Company commenced operations on November 5, 2024. Metrics are based on the period of November 5, 2024 through December 31, 2024.
[4] Unless otherwise indicated, issuers of debt and equity investments held by the Company (which such term “Company” shall include the Company’s consolidated subsidiaries for purposes of this Consolidated Schedule of Investments) are denominated in dollars. All debt investments are income producing unless otherwise indicated. All equity investments are non-income producing unless otherwise noted. Certain Portfolio Company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments and the number of shares or units owned is presented for equity investments.