v3.26.1
Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Non-controlled, non-affiliated investments at fair value (amortized cost $722,346 and $450,797, respectively) $ 707,239 $ 452,442
Cash and cash equivalents 16,964 137,048
Restricted cash and cash equivalents 7,615 1,982
Deferred offering costs 445 386
Deferred financing costs 5,272 5,394
Interest receivable 2,386 4,262
Dividend receivable 14 39
Other assets 70 198
Total Assets 740,005 601,751
Liabilities    
Due to affiliate 4,143 2,722
Interest payable 1,924 2,067
Management fees payable 1,035 589
Incentive fees on net investment income payable 768 413
Incentive fees on net capital gains accrued 0 126
Distribution payable 0 1,937
Excise tax payable 61 151
Accrued expenses and other liabilities 545 472
Total Liabilities 447,032 360,445
Commitments and contingencies (Note 7)
Net Assets    
Preferred Stock, $0.001 par value; 1,000,000 shares authorized; 515 and 515 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively; liquidation preference of $3,000 per share [1] 0 0
Common Stock, $0.001 par value; 5,000,000,000 shares authorized; 12,058,075 and 9,498,642 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 12 9
Distributable earnings (Accumulated losses) (8,116) 2,857
Total Net Assets [2] 292,973 241,306
Total Liabilities and Net Assets $ 740,005 $ 601,751
Net Asset Value Per Share of Common Stock [3] $ 24.17 $ 25.24
U.S. Bank National Association [Member]    
Liabilities    
Credit Facility $ 136,556 $ 181,968
Ally Bank [Member]    
Liabilities    
Credit Facility 302,000 170,000
Common Stock [Member]    
Net Assets    
Addittional paid-in capital 299,532 236,895
Preferred Stock [Member]    
Net Assets    
Addittional paid-in capital $ 1,545 $ 1,545
[1]

(1) The par amount of Preferred Stock at June 30, 2026 and December 31, 2025 is zero due to rounding.
[2] The par amounts of Preferred Stock are zero due to rounding.
[3]

(2) Net asset value per share of Common Stock may not recalculate due to rounding.