Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2025

Summary of Fair Value Hierarchy of Financial Instruments

The following table presents the fair value hierarchy of financial instruments according to the fair value hierarchy as described in Note 2. Significant Accounting Policies of these consolidated financial statements:


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Secured Debt	$	—	$	14,992	$	133,847	$	148,839
Unsecured Debt		—		—		501		501
Equity Investments		—		—		318		318
Total non-controlled/non-affiliated investments		—		14,992		134,666		149,658
Short-Term Investments		3,585		—		—		3,585
Total Investments at fair value	$	3,585	$	14,992	$	134,666	$	153,243

Summary of Changes in fair value of financial Instruments for Level 3 Inputs

The following tables present changes in the fair value of financial instruments for which Level 3 inputs were used to determine fair value for the period from April 15, 2025 (inception) to December 31, 2025:


	Period from April 15, 2025 (inception) to December 31, 2025
	Secured Debt			Unsecured Debt		Equity Investments		Total Investments
Fair value, beginning of period	$	—		$	—	$	—	$	—
Purchase of investments (including received in-kind)		140,417			490		318		141,225
Proceeds from sale of investments and principal repayments		(6,788	)		—		—		(6,788	)
Net accretion of discount and amortization of premium		76			—		—		76
Net realized (gains) losses on investments		(8	)		—		—		(8	)
Net change in unrealized appreciation (depreciation) on investments		150			11		—		161
Fair value, end of period	$	133,847		$	501	$	318	$	134,666
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025	$	151		$	11	$	—	$	162

Summary of Quantitative Information About the Significant Unobservable Inputs

The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Company’s determination of fair value.

          
         December 31, 2025

          
         Range

          
         Fair Value (1)

         Valuation Technique

         Unobservable Input

         Low

         High

         Weighted Average (2)

Secured Debt

88,336

Market yield analysis

Market yield discount rates

7.55

10.43

8.47

44,352

Recent transaction

Transaction price

N/A

N/A

N/A

1,159

Market quotation

Quote

N/A

N/A

N/A

Total Secured Debt

133,847

Unsecured Debt

501

Recent transaction

Transaction price

N/A

N/A

N/A

Equity Investments

318

Recent transaction

Transaction price

N/A

N/A

N/A

Total

134,666

(1)

As of December 31, 2025, included within the fair value of Level 3 assets of $134,666 is an amount of $46,330 for which the Adviser did not develop the unobservable inputs (examples include broker quotes and transaction prices).

(2)

Weighted averages are calculated based on fair value of investments.