Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements [Abstract]

Schedule of Fair Value Hierarchy of Investments

The following fair value hierarchy table sets forth the Company’s investments by level as of December 31, 2025:

		December 31, 2025
		Level 1				Level 2				Level 3				Total
First Lien Senior Secured Loans		$	—			$	—			$	253,989			$	253,989
Total portfolio company investments			—				—				253,989				253,989
Cash equivalents⁽¹⁾			3,146				—				—				3,146
Total portfolio company investments and cash equivalents		$	3,146			$	—			$	253,989			$	257,135

(1)	“Cash equivalents” represents amounts held in interest-bearing money market funds as of December 31, 2025.

Schedule of Fair Value of Investments for which Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances of the Company’s investments at fair value that use Level 3 inputs for the period from September 5, 2025 (commencement of operations) to December 31, 2025:

For the period from September 5, 2025 (commencement of operations) to December 31, 2025
		First Lien Senior Secured Loans				Total Investments
Balance as of September 5, 2025 (commencement of operations)		$	-			$	-
Net change in unrealized gain (loss)			(416	)			(416	)
Non-cash purchases of investments⁽¹⁾			233,481				233,481
Purchases of investments and other adjustments to cost⁽²⁾			37,028				37,028
Proceeds from principal payments and sales on investments⁽³⁾			(16,227	)			(16,227	)
Amortization of premium/accretion of discount, net			123				123
Net realized gain (loss) on investments			-				-
Balance as of December 31, 2025		$	253,989			$	253,989
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at December 31, 2025		$	(416	)		$	(416	)

(1)	Value represents investments acquired through completion of the Mergers.

(2)	Includes purchases of new investments, effects of refinancing and restructurings and PIK interest.

(3)	Represents net proceeds from investments sold and principal paydowns received.

Schedule of Significant Unobservable Inputs of the Company’s Level 3 Financial Instruments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of December 31, 2025.

		As of December 31, 2025
		Fair				Valuation		Unobservable		Range								Weighted
Investment Type		Value				Technique ⁽¹⁾		Input		Low				High				Average
First Lien Senior Secured Loans		$	225,328			Market Yield Analysis		Market Yield Discount Rates			7.2	%			11.2	%			8.4	%
						Guideline Public Companies		EBITDA Multiples			5.4	x			16.8	x			9.6	x
						Transactions Precedent		EBITDA Multiples			6.4	x			18.9	x			10.8	x

First Lien Senior Secured Loans		$	9,431			Market Yield Analysis		Market Yield Discount Rates			12.9	%			14.3	%			13.5	%
						Guideline Public Companies		EBITDA Multiples			7.2	x			10.3	x			9.3	x
						Transactions Precedent		EBITDA Multiples			10.0	x			13.7	x			12.7	x
						Discounted Cash Flow		WACC			8.3	%			10.1	%			9.0	%
								Long-Term Growth Rate			2.0	%			2.0	%			2.0	%
First Lien Senior Secured Loans		$	3,807			Guideline Public Companies		EBITDA Multiples			6.0	x			7.5	x			6.6	x
						Transaction Precedent		EBITDA Multiples			8.0	x			9.5	x			8.6	x
						Discounted Cash Flow		WACC			9.1	%			9.1	%			9.1	%
								Long-Term Growth Rate			1.0	%			1.0	%			1.0	%
Total		$	238,566

(1)	Excludes investments of $15,423 at fair value where valuation was determined by recent business transactions.

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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