Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value [Abstract]

Schedule of Fair Value Hierarchy of Investments

The following tables present the fair value hierarchy of investments as of March 31, 2026 and December 31, 2025. Note that the fair value hierarchy levels below are not necessarily an indication of the risk associated with the underlying investment.


		Fair Value Hierarchy as of March 31, 2026
Investments:		Level 1				Level 2				Level 3				Total
First-lien senior secured debt investments		$	-			$	-			$	315,786			$	315,786
Investments in money market funds			37,620			-				-					37,620
Total Investments		$	37,620			$	-			$	315,786			$	353,406


		Fair Value Hierarchy as of December 31, 2025
Investments:		Level 1				Level 2				Level 3				Total
First-lien senior secured debt investments		$	-			$	-			$	317,355			$	317,355
Investments in money market funds			34,361			-				-					34,361
Total Investments		$	34,361			$	-			$	317,355			$	351,716

Schedule of Fair Value of Investments for which Level 3 Inputs

The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2026 and 2025, respectively.


For the three months ended March 31, 2026		First-lien senior secured debt investments
Fair value, beginning of period		$	317,355
Purchases of investments			13,932
Proceeds from sales of investments and principal repayments			(14,831	)
Net change in unrealized gain (loss)			(1,341	)
Net realized gain (loss)			-
Net accretion of discount on investments			507
PIK interest		164
Transfers into (out of) Level 3			-
Fair value, end of period		$	315,786


For the three months ended March 31, 2025		First-lien senior secured debt investments
Fair value, beginning of period		$	261,833
Purchases of investments			52,314
Proceeds from principal payments and sales of investments			(11,659	)
Net change in unrealized gain (loss)			55
Net realized gain (loss)		-
Net accretion of discount on investments			515
PIK interest		54
Transfers into (out of) Level 3		-
Fair value, end of period		$	303,112

Schedule of Significant Unobservable Inputs of Level 3 Investments

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Advisor’s determination of fair value. The Company calculates weighted average, based on the value of the unobservable input of each investment relative to the fair value of the investment compared to the total fair value of all investments.

          
         As of March 31, 2026

          
         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average

First-lien senior secured debt investments

$

315,786

Discounted cash flow analysis

Discount rate

6.5% - 20.6%

9.5

%

          
         As of December 31, 2025

          
         Fair Value

         Valuation
Technique

         Unobservable
Input

         Range

         Weighted
Average

First-lien senior secured debt investments

$

317,355

Discounted cash flow analysis

Discount rate

6.4% - 15.0%

9.2

%

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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