v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment income        
Total investment income $ 56,742,938 $ 36,014,323 $ 111,130,290 $ 64,947,769
Operating expenses        
Interest and other debt expenses 14,687,385 10,545,728 28,678,952 17,497,259
Incentive fees earned 5,385,513 2,586,283 10,863,427 4,818,721
Management fees 5,126,835 2,563,180 10,100,734 4,722,458
Professional fees 547,974 434,758 731,157 689,466
Administrative expenses 404,803 386,849 877,825 695,289
Custody Fees 385,835 215,047 756,123 381,445
Amortization of continuous offering costs 166,767 634,858 255,765 1,269,715
Director fees 69,875 65,218 139,000 136,343
Organizational expenses 0 0 0 161,704
Insurance expense 7,546 7,233 15,197 14,465
Incentive fees on capital gains [1] 0 0 0 (498,552)
Other operating expenses 597,737 304,225 962,787 538,879
Total operating expenses 27,630,979 17,910,340 53,881,892 30,718,168
Expense Support (Note 3) (8,586,633) 0 (18,795,590) 0
Incentive fee waivers (1,073,329) 0 (2,349,449) 0
Net operating expenses 17,971,017 17,910,340 32,736,853 30,718,168
Net investment income 38,771,921 18,103,983 78,393,437 34,229,601
Realized and unrealized gain (loss) on investments and foreign currency        
Net realized gain (loss) 2,096,620 (745,242) (920,475) (2,232,982)
Net change in unrealized appreciation (depreciation) (4,374,488) 961,024 (30,514,201) (4,651,804)
Net realized and unrealized gain (loss) (2,277,868) 215,782 (31,434,676) (6,884,786)
Net increase (decrease) in net assets resulting from operations 36,494,053 18,319,765 46,958,761 27,344,815
Class S        
Operating expenses        
Distribution and servicing fees 249,268 164,293 498,062 286,140
Class D        
Operating expenses        
Distribution and servicing fees 1,441 2,668 2,863 4,836
Non-Controlled, Non-Affiliated Investments        
Investment income        
Interest income 55,873,121 35,518,333 109,543,546 63,731,603
PIK income 869,817 495,990 1,586,744 1,216,166
Realized and unrealized gain (loss) on investments and foreign currency        
Net realized gain (loss) (801,279) (745,242) (4,453,195) (2,232,982)
Net change in unrealized appreciation (depreciation) (3,540,339) 961,024 (30,355,370) (4,651,804)
Foreign Currency Translation        
Realized and unrealized gain (loss) on investments and foreign currency        
Net realized gain (loss) (834,149) 0 (158,831) 0
Net change in unrealized appreciation (depreciation) $ 2,897,899 $ 0 $ 3,532,720 $ 0
[1] Net investment income amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles (“GAAP”) for the three and six months ended June 30, 2026 and 2025 (see Note 3).