v3.26.1
Net Assets
 9 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets
Note 10. Net Assets

Share Issuances

On September 26, 2025 and December 19, 2025, GPIF S Feeder purchased 400 Common Shares and 820,000 Common Shares, respectively, at a price of $25.00 per share. Prior to the Initial Closing, the Board authorized the redemption of the 820,400 Common Shares held by GPIF S Feeder at a price of $25.00 per share effective December 31, 2025.

On December 31, 2025, the Company completed the Initial Offering and accepted subscription agreements for total commitments of $106,828 to purchase the Company’s common shares. On December 31, 2025, the Company received the Initial Offering subscription proceeds and issued 4,273,117 Common Shares at a price of $25.00 per share. In addition, concurrent with the Initial Closing, the Company issued 400 Common Shares at a price of $25.00 per share for proceeds totaling $10 in a private offering in connection with the issuance of the RF Notes.

The following table summarizes the Common Shares issued and net proceeds from the Offering during the period from December 31, 2025 (commencement of operations) to June 30, 2026.

Subscriptions EffectiveShares IssuedNet Proceeds
For the period from December 31, 2025 (commencement of operations) to June 30, 2026
February 1, 2026233,700 $5,817 
March 1, 2026132,933 3,257 
April 1, 202665,768 1,586 
May 1, 202611,571 280 
June 1, 202671,086 1,721 
515,058 $12,661 

In connection with the Offering, the Company sells its Common Shares at a purchase price per share (exclusive of any upfront placement or other fees) equal to our NAV per share as of the last calendar day of the month immediately prior to the effective date of the monthly share purchase date. Investors who buy the Common Shares through certain financial intermediaries may be directly charged transaction or other fees by such intermediaries, including upfront placement fees or brokerage commissions, in such amounts as the financial intermediaries may determine, provided that selling agents limit such charges to 3.5% for Common Shares, as a percentage of the NAV of the Common Shares. The following table summarizes the NAV per share of Common Shares in the Offering during the period from December 31, 2025 (commencement of operations) to June 30, 2026.

NAV Per Share
For the period from December 31, 2025 (commencement of operations) to June 30, 2026
December 31, 2025$25.00 
January 31, 202624.89 
February 28, 202624.50 
March 31, 202624.10 
April 30, 202624.17 
May 31, 202624.21 
June 30, 202624.14 
Distributions and Distribution Reinvestment

The Company’s dividends and distributions are recorded on the record date. On October 16, 2025, the Board declared a distribution payable to shareholders of record on December 26, 2025 and payable on February 20, 2026 in an amount (if positive) such that the NAV of the Company as of December 31, 2025 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2025 through December 31, 2025 and the payment of this distribution is $25.00 per share. On February 20, 2026, the Company paid $27 to GPIF S Feeder.

The Board authorizes and declares monthly distribution amounts per share that are recorded by the Company on the record date. The following tables summarize the Company’s dividend declarations and distributions with a record date during the period from December 31, 2025 (commencement of operations) to June 30, 2026.
Date DeclaredRecord DatePayment DateShares
Outstanding		Net
Distribution
Per Share		Total
Dividends Declared
For the period from December 31, 2025 (commencement of operations) to June 30, 2026
December 29, 2025January 31, 2026February 26, 20264,273,517 $0.1490 $637 
February 2, 2026February 28, 2026March 30, 20264,523,944 0.1491674 
February 2, 2026March 31, 2026April 29, 20264,672,444 0.1493698 
February 2, 2026April 30, 2026May 28, 20264,754,156 0.1499714 
May 1, 2026May 31, 2026June 29, 20264,781,989 0.1493716 
May 1, 2026June 30, 2026July 30, 20264,869,431 0.1498729 
Total dividends declared for the period from December 31, 2025 (commencement of operations) to June 30, 2026
$4,168 

The following table summarizes the Company’s distributions reinvested during the period from December 31, 2025 (commencement of operations) to June 30, 2026.
Payment DateDRIP Shares IssuedAmount ($) per share
DRIP Shares Value (1)
For the period from December 31, 2025 (commencement of operations) to June 30, 2026
February 26, 202616,727 $24.89 $416 
March 30, 202615,567 24.50 382 
April 29, 202615,945 24.10 385 
May 28, 202616,263 24.17 394 
June 29, 202616,356 24.21396 
80,858 $1,973 
(1) Reflects DRIP shares issued multiplied by the unrounded amount per share.

Share Repurchase Program

Beginning no later than the second full calendar quarter from the Initial Closing, and at the discretion of the Board, the Company will commence a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding as of the close of the calendar quarter prior to the applicable valuation date (the “Determination Date”). The Board may amend, suspend or terminate the share repurchase program upon 30 days’ notice, if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of the first month of such quarter using a purchase price equal to the NAV per share as of the last calendar day of the prior quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.