v3.26.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
 4 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2026
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 2,962,859 $ 9,413,796
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net change in unrealized (gain) loss on non-controlled / non-affiliated investments (1,075,071) 2,485,305
Net change in unrealized (gain) loss on non-controlled / affiliated investments 0 79,724
Paid-in-kind interest income (10,566) (220,217)
Non-cash fee income 0 (720,000)
Amortization of deferred financing costs 85,009 208,796
Purchases of investments in portfolio companies, net of proceeds from deferred loan fees (34,330,500) (66,053,493)
Net accretion of discounts and amortization of premiums on investments (678,979) (3,893,314)
Proceeds from loan repayments on investments in portfolio companies 1,118,750 18,448,217
Changes in operating assets and liabilities:    
Cash received from Formation Transaction [1] 27,586,601 0
(Increase) decrease in interest receivable (443,047) (456,074)
(Increase) decrease in prepaid expenses and other assets (106,800) (26,450)
Increase (decrease) in Base Management Fees payable 67,589 219,023
Increase (decrease) in Income Incentive Fees payable 52,668 164,310
Increase (decrease) in Capital Gains Incentive Fees payable 209,822 (371,182)
Increase (decrease) in accrued audit and tax fees 73,999 (60,499)
Increase (decrease) in organizational costs payable to the Investment Adviser 0 34,487
Increase (decrease) in offering costs payable to Adviser 0 15,513
Increase (decrease) in accrued Board of Trustees' fees 38,000 0
Increase (decrease) in accrued interest 0 68,835
Increase (decrease) in accrued expenses and other liabilities 192,679 (3,281)
Net cash provided by (used in) operating activities (4,256,987) (40,666,504)
Cash flows from financing activities:    
Payment of deferred financing costs (1,285,724) (41,365)
Gross borrowings on line of credit 38,000,000 75,780,171
Repayments of line of credit (13,000,000) (49,671,772)
Proceeds from issuance of common shares 16,260,250 24,076,450
Distribution paid (1,213,956) (8,745,429)
Net cash provided by (used in) financing activities 38,760,570 41,398,055
Net change in cash and cash equivalents 34,503,583 731,551
Cash, cash equivalents and restricted cash, beginning of period 25,000 3,280,019
Cash, cash equivalents and restricted cash, end of period 34,528,583 4,011,570
Supplemental Disclosure of Cash-Flow Information    
Cash paid for interest 161,128 2,257,236
Issuance of common shares in connection with the Formation Transaction [1] $ 68,065,767 $ 0
[1] On March 3, 2025, in connection with the Formation Transaction (as defined in Note 1 – Organization), the Company acquired net assets of $68,065,767 in exchange for common shares of the Company. For further details, refer to Note 1 – Organization and Note 8 – Net assets.