Investment Valuations and Fair Value Measurements (Tables)

11 Months Ended

Dec. 31, 2025

Investment Valuations And Fair Value Measurements [Abstract]

Summary by Major Security Type of Fair Valuations According to Inputs Used in Valuing Investments

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of December 31, 2025:


Investments		Level 1				Level 2				Level 3				Total
Debt		$	—			$	—			$	339,498			$	339,498
Equity			—				—				1,353				1,353
Short- term investments			380,627				—				—				380,627
Cash equivalents			2,651				—				—				2,651
Total		$	383,278			$	—			$	340,851			$	724,129

Reconciliation of Beginning and Ending Balances for Total Investments

The following table provides a reconciliation of the beginning and ending balances for total investments that use Level 3 inputs for the period from the Inception Date to December 31, 2025:


		Debt				Equity				Total
Balance, February 5, 2025 ("Inception Date")		$	—			$	—			$	—
Purchases			352,302				1,250				353,552
Sales and paydowns of investments			(15,281	)			—				(15,281	)
Amortization of premium and accretion of discount, net			223				—				223
Net realized gains			14				—				14
Net change in unrealized appreciation/(depreciation)			2,240				103				2,343
Balance, December 31, 2025		$	339,498			$	1,353			$	340,851
Change in net unrealized appreciation/(depreciation) in investments held as of December 31, 2025		$	2,240			$	103			$	2,343

Summary of Valuation Techniques and Quantitative Information in Determining Fair value of Level 3 Investments

The following table summarizes the valuation techniques and quantitative information utilized in determining the fair value of the Level 3 investments as of December 31, 2025:

         Investment Type

         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average*

         Impact to
Valuation if
Input Increases

Debt

$

339,498

Income Method

Discount Rate

7.8% to 10.5%

8.9%

Decrease

Equity

$

1,353

Market Method

EBITDA Multiple

7.8x to 8.8x

8.3x

Increase

* Weighted based on fair value

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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