v3.26.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Investment income:    
Interest income $ 68,804 $ 7,727
PIK interest income 4,076 0
Other income 483 40
Total investment income 73,363 7,767
Expenses:    
Interest and borrowing expenses 30,763 3,713
Investment income incentive fees 4,234 0
Management fees 3,625 435
Professional fees 2,011 1,319
Capital gains incentive fees 969 0
Administration fees 672 90
Organizational expenses 0 2,394
Other general and administrative expenses 2,418 538
Total expenses 44,692 8,489
Net investment income (loss) before excise tax 28,671 (722)
Excise tax expense 52 0
Net investment income (loss) after excise tax 28,619 (722)
Net realized gain (loss):    
Non-controlled, non-affiliated investments 27 0
Foreign currency transactions (2) 0
Net realized gain (loss) 25 0
Net change in unrealized appreciation (depreciation):    
Non-controlled, non-affiliated investments 5,779 1,918
Foreign currency translation 29 0
Net change in unrealized appreciation (depreciation) 5,808 1,918
Net realized and unrealized gain (loss) 5,833 1,918
Net increase (decrease) in net assets resulting from operations $ 34,452 $ 1,196
Per share information - basic and diluted    
Net investment income (loss) per share (basic) (in dollars per share) $ 1.53 $ (0.40)
Net investment income (loss) per share (diluted) (in dollars per share) 1.53 (0.40)
Net increase (decrease) in net assets resulting from operations per share (basic) (in dollars per share) 1.84 0.66
Net increase (decrease) in net assets resulting from operations per share (diluted) (in dollars per share) $ 1.84 $ 0.66
Weighted average shares of common stock outstanding (basic) (in shares) 18,654,831 1,811,245
Weighted average shares of common stock outstanding (diluted) (in shares) 18,654,831 1,811,245