Credit Facilities |
11 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Credit Facilities | 7. Credit Facilities On April 21, 2025, the Company entered into a secured revolving credit agreement (the “Subscription Based Credit Agreement”) with Natixis, New York Branch (“Natixis”) as administrative agent and Versailles Assets LLC as committed lender. The Subscription Based Credit Agreement provides for a revolving credit line of up to $90,000 (the “Maximum Commitment”) (the “Subscription Based Credit Facility”), subject to the lesser of the “Borrowing Base” assets or the Maximum Commitment (the “Available Commitment”). The Borrowing Base assets generally equal the sum of (a) 90% of certain eligible contributions of Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), (b) 65% of certain eligible contributions of Designated Investors (based on credit ratings as defined in the Subscription Based Credit Agreement), and (c) 65% of certain eligible contributions of Special Included Investors (based on credit ratings as defined in the Subscription Based Credit Agreement). The Subscription Based Credit Agreement is generally secured by the Borrowing Base assets. The Subscription Based Credit Facility has an initial commitment of $90,000 and may be periodically increased in amounts designated by the Company, up to an aggregate amount of $500,000. The maturity date of the Subscription Based Credit Facility is April 21, 2027, unless such date is extended at the Company's option for a term of up to 12 months per such extension. Borrowings under the Subscription Based Credit Facility bear interest at a rate equal to either (a) a base rate calculated in a customary manner plus 1.10% or (b) adjusted SOFR rate calculated in a customary manner plus 2.10%. On August 28, 2025, the Maximum Commitment increased to $200,000. The Subscription Based Credit Facility is secured by a first priority security interest, subject to customary exceptions, in (i) all of the capital commitments of the investors in the Company, (ii) the Company’s right to make capital calls, receive payment of capital contributions from the investors and enforce payment of the capital commitments and capital contributions under the Company’s operating agreement and (iii) a cash collateral account into which the capital contributions from the investors are made. The Subscription Based Credit Facility may be terminated, and any outstanding amounts thereunder may become due and payable, should the Company fail to satisfy certain covenants. As of December 31, 2025, the Company was in compliance with such covenants. On October 24, 2025, the Company entered into the First Amendment to the Subscription Based Credit Facility (“Amendment No. 1”). Amendment No. 1 allows for the Company to draw on the credit facility on the same date as the request to draw. On December 16, 2025, the Company entered into the Second Amendment to the Subscription Based Credit Facility (“Amendment No. 2”). Amendment No. 2 temporarily increased the Maximum Commitment to $250,000 until January 30, 2026 (the “Scheduled Reduction Date”) at which time the Maximum Commitment will be reduced to $200,000. If, on the Scheduled Reduction Date, the outstanding principal balance exceeds the Maximum Commitment, the Company shall pay such excess to the administrative agent for the benefit of the lenders. 7. Credit Facilities (Continued) As of December 31, 2025, the Available Commitment under the Subscription Based Credit Agreement was $26,215. As of December 31, 2025, the amounts outstanding under the Subscription Based Credit Facility were $223,785. The carrying amount of the Subscription Based Credit Facility, which is categorized as Level 2 within the fair value hierarchy as of December 31, 2025, approximates its fair value. Valuation techniques and significant inputs used to determine fair value include Fund details; credit, market and liquidity risk and events; financial health of the Company; place in the capital structure; interest rate; and terms and conditions of the Subscription Based Credit Facility. As of December 31, 2025, borrowings under the Subscription Based Credit Facility consisted entirely of revolving credit facilities. Costs associated with the revolving credit lines are recorded as deferred financing costs on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the lives of the respective Credit Facilities. Costs associated with the Term Loan are recorded as a reduction of the Term Loan on the Company's Consolidated Statements of Assets and Liabilities and such costs are being amortized over the life of the Term Loan. As of December 31, 2025, $1,166 of deferred financing costs related to the revolving credit line had yet to be amortized.
The summary information regarding the Subscription Based Credit Facility for the period from the Inception Date to December 31, 2025 was as follows:
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