v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities      
Net increase (decrease) in net assets resulting from operations $ 70,120 $ 9,894 $ 0 [1]
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:      
Accrued interest and dividends received in-kind (994) (2) 0 [2]
Net accretion of discounts and amortization of premiums on investments (1,965) (136) 0 [2]
Proceeds from sale of investments and principal repayments 264,456 14,797 0 [2]
Purchases of investments (1,022,984) (864,405) 0 [2]
Purchase/sale of short-term investments, net [3] (16,474) 0 0 [2]
Net realized (gains) losses on investments 349 4 0 [2]
Net change in unrealized (appreciation) depreciation on investments (4) 1,382 0 [2]
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies 2,399 0 0 [2]
Amortization of deferred financing costs 1,168 98 0 [2]
Amortization of deferred offering costs 1,885 170 0 [2]
(Increase) decrease in operating assets:      
Dividend receivable from non-controlled/non-affiliated investments (308) 0 0 [2]
Receivable from adviser 1,478 (2,670) (169) [2]
Receivable for investments sold / repaid (5,830) (82) 0 [2]
Prepaid expenses and other assets (95) (446) 0 [2]
Increase (decrease) in operating liabilities:      
Due to affiliates (2,738) 3,880 169 [2]
Payable for investments purchased (153,953) 160,489 0 [2]
Management fees payable 2,283 0 0 [2]
Income based incentive fee payable 2,462 0 0 [2]
Interest payable 2,462 361 0 [2]
Administrative service fee payable 57 93 0 [2]
Accrued expenses and other liabilities 2,284 986 0 [2]
Net cash provided by (used in) operating activities (857,348) (679,411) 0 [2]
Cash flow from financing activities      
Proceeds from issuance of shares 92,147 635,855 0 [2]
Debt borrowings 905,547 110,194 0 [2]
Debt repayments (66,981) 0 0 [2]
Distributions paid (68,881) 0 0 [2]
Deferred offering costs paid (1,467) (1,113) 0 [2]
Deferred financing costs paid (5,743) (3,185) 0 [2]
Net cash provided by (used in) financing activities 854,622 741,751 0 [2]
Net increase (decrease) in cash and cash equivalents (2,726) 62,340 0 [2]
Effect of foreign exchange rate changes on cash and cash equivalents (740) 0 0 [2]
Cash, cash equivalents and foreign currencies at the beginning of period [3] 22,813 0 [2] 0 [2]
Cash, cash equivalents and foreign currencies at the end of period [3] 19,347 22,813 0 [2]
Cash, cash equivalents and foreign currencies at the end of period [3]   62,340  
Supplemental disclosure of cash flow information      
Cash paid for interest 32,593 0 0 [2]
Cash paid for taxes 84 0 0 [2]
Distributions payable 6,067 8,290 0 [2]
Reinvestment of distributions 1,187 0 0 [2]
Non Controlled Non Affiliated Investments [Member]      
(Increase) decrease in operating assets:      
Interest receivable from non-controlled/non-affiliated investments $ (3,406) $ (3,824) $ 0 [2]
[1] Period from May 1, 2023 (inception) to December 31, 2023.
[2] Period from May 1, 2023 (inception) to December 31, 2023.
[3] 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 June 30, 2025. As a result, cash and cash equivalents at the beginning of this period exclude $39,527 of money market fund investments. See Note 2 for additional detail.