v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
 [1]
Investment income:      
Interest income $ 115,223 $ 10,582 $ 0
Payment-in-kind interest income 551 2 0
Payment-in-kind dividend income 751 0 0
Dividend income 24 0 0
Other income 4,708 771 0
Total investment income 121,257 11,355 0
Expenses:      
Interest and debt expenses 36,223 459 0
Management fees (Note 3) 8,466 1,180 0
Income based incentive fee (Note 3) 9,495 1,281 0
Administrative service fee 674 93 0
Board of Trustees fee 157 27 0
Other general and administrative expenses 3,245 426 0
Organization and offering costs 2,004 678 169
Total expenses 60,264 4,144 169
Management fees waiver (Note 3) (5,009) (1,180) 0
Incentive fees waiver (Note 3) (5,811) (1,281) 0
Reimbursable expenses paid by adviser (Note 3) (683) (678) (169)
Net expenses, net of fee waivers, before excise tax 48,761 1,005 0
Excise tax expense 223 106 0
Net investment income (loss) 72,273 10,244 0
Net realized gains (loss):      
Foreign currency transactions 965 4 0
Total Net realized gain (loss) 616 0 0
Net change in unrealized appreciation (depreciation):      
Translation of assets and liabilities in foreign currencies (2,399) 1,032 0
Total net change in unrealized appreciation (depreciation) (2,395) (350) 0
Total net realized and change in unrealized gain (loss) (1,779) (350) 0
(Provision) benefit for taxes on unrealized appreciation of assets (374) 0 0
Net increase (decrease) in net assets resulting from operations $ 70,120 $ 9,894 $ 0
Per share information      
Net investment income (loss) per share - basic $ 2.68 $ 0.43 $ 0
Net investment income (loss) per share - diluted 2.68 0.43 0
Earnings per share - basic 2.6 0.41 0
Earnings per share - diluted 2.6 0.41 0
Distributions declared per share $ 2.52 $ 0.33 $ 0
Weighted average shares outstanding - basic 26,926,261 24,050,265 1,000
Weighted average shares outstanding - diluted 26,926,261 24,050,265 1,000
Non Controlled Non Affiliated Investments      
Net realized gains (loss):      
Non-controlled/non-affiliated investments $ (349) $ (4) $ 0
Net change in unrealized appreciation (depreciation):      
Non-controlled/non-affiliated investments $ 4 $ (1,382) $ 0
[1] Period from May 1, 2023 (inception) to December 31, 2023.