v3.26.1
Summary of Significant Accounting Policies - Summary of Cash, Restricted Cash and Cash Equivalents (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Related Party Transactions [Abstract]        
Cash $ 14,910,451 $ 11,027,679    
Restricted cash 27,500,000 0    
Foreign cash held at banks 400,000 0    
Total [1] $ 42,795,555 $ 11,027,679 $ 20,865,997 $ 11,191,439
[1]

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Cash flows from operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

2,741,278

 

 

$

1,081,133

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities

 

 

 

 

 

 

Net amortization/accretion of premium/discount on investments

 

 

(919,320

)

 

 

(96,672

)

Amortization of deferred financing costs and debt issuance costs

 

 

318,329

 

 

 

179,161

 

Amortization of deferred offering costs

 

 

38,004

 

 

 

—

 

Payments for purchase of investments

 

 

(341,983,738

)

 

 

(26,265,033

)

Proceeds from sales, paydowns and resolutions of investments

 

 

60,909,963

 

 

 

5,674,870

 

Interest paid-in-kind

 

 

(193,823

)

 

 

—

 

Net realized (gain) loss from investments

 

 

(286,881

)

 

 

2,066

 

Net change in unrealized (appreciation) depreciation from investments

 

 

6,396,379

 

 

 

(171,835

)

Net (increase) decrease in operating assets and increase (decrease) in operating liabilities

 

 

 

 

Interest receivable

 

 

(2,051,269

)

 

 

(141,312

)

Other assets

 

 

(5,436,920

)

 

 

6,088

 

Payable for unsettled transactions

 

 

(41,284,908

)

 

 

(8,930,024

)

Interest payable

 

 

507,255

 

 

 

1,157,027

 

Income incentive fee payable

 

 

933,809

 

 

 

—

 

Administration fee payable

 

 

(207,737

)

 

 

203,321

 

Origination fee payable

 

 

—

 

 

 

(688,338

)

Other liabilities

 

 

533,877

 

 

 

—

 

Accrued expenses(1)

 

 

151,271

 

 

 

39,364

 

Net cash provided by (used in) operating activities

 

 

(319,834,431

)

 

 

(27,950,184

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from debt borrowings

 

 

367,786,500

 

 

 

—

 

Principal debt payments

 

 

(213,800,000

)

 

 

—

 

Payment of deferred financing costs and debt issuance costs

 

 

(1,613,101

)

 

 

(358,323

)

Issuance of common shares

 

 

213,682,130

 

 

 

15,000,000

 

Proceeds from sell/buy-back agreements

 

 

—

 

 

 

47,623,175

 

Repayments of sell/buy-back agreements

 

 

(5,146,231

)

 

 

(24,640,110

)

Dividends paid in cash

 

 

(9,306,991

)

 

 

—

 

Net cash provided by (used in) financing activities

 

 

351,602,307

 

 

 

37,624,742

 

Net increase (decrease)

 

 

31,767,876

 

 

 

9,674,558

 

 

 

 

 

 

 

Beginning of period balance(2)

 

$

11,027,679

 

 

$

11,191,439

 

End of period balance(2) (Note 2)

 

$

42,795,555

 

 

$

20,865,997

 

(1) Accrued offering costs not yet paid have been netted out of accrued expenses

 

 

 

 

 

 

(2) Including cash and cash equivalents and foreign cash held at banks

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Cash paid during the period for interest

 

$

2,775,043

 

 

$

67,948

 

Reinvestment of dividends during the period

 

$

536,728

 

 

$

—

 

Dividends payable

 

$

2,446,140

 

 

$

—

 

Deferred financing costs paid in current period but incurred in prior period

 

$

—

 

 

$

358,323

 

Deferred offering costs incurred but not yet paid

 

$

191,281

 

 

$

—

 

Unamortized deferred offering costs

 

$

153,277

 

 

$

—