v3.26.1
Consolidated Statements of Assets and Liabilities - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Investments, at fair value    
Total investments, at fair value $ 376,027,383 $ 339,286,700
Cash and cash equivalents 9,387,115 [1],[2],[3],[4],[5],[6] 7,449,117 [7],[8],[9],[10],[11]
Deferred financing cost 1,243,253 898,887
Interest receivable 1,450,518 1,463,198
Due to/from Feeder 0 21,248
Prepaid expenses 33,674 0
Receivable for investments sold 1,780,931 449
Receivable due from Adviser 22,192 1,707,910
Total assets 389,945,066 350,827,509
Liabilities    
Term loan payable (net of debt issuance costs of $799,234 and $577,856, respectively) 134,200,766 134,422,144
Credit facility payable 82,250,000 46,500,000
Income distribution payable 1,320,857 1,293,700
Interest and borrowing expenses payable 2,103,582 1,322,949
Professional fees payable 593,712 249,197
Management fees payable 506,638 2,650,101
Incentive fee payable 524,909 483,747
Due to/from Feeder 139,174 0
Accrued expenses and other liabilities 11,760 30,005
Administrator and custodian fees payable 474,014 363,794
Payable for investments purchased 5,288,716 495,938
Transfer agent fees payable 8,043 7,687
Directors' fees payable 44,017 0
Total liabilities 227,466,188 187,819,262
Commitments and contingencies (see Note 6)
Net Assets    
Common shares, par value $0.01 per share (unlimited shares authorized, 6,604,287 and 6,468,498 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively) 66,043 64,685
Paid-in capital in excess of par value 165,298,326 161,708,723
Distributable earnings (accumulated loss) (2,885,491) 1,234,839
Total net assets 162,478,878 [12] 163,008,247
Total liabilities and net assets $ 389,945,066 $ 350,827,509
Net asset value per share [12] $ 24.6 $ 25.2
Non-controlled/non-affiliated investments [Member]    
Investments, at fair value    
Total investments, at fair value $ 376,027,383 $ 339,286,700
[1] Aggregate gross unrealized appreciation for federal income tax purposes is $983,306; aggregate gross unrealized depreciation for federal income tax purposes is $4,949,228. Net unrealized depreciation is $3,965,922. As of June 30, 2026, the cost basis of investments owned was substantially identical for both book and tax purposes.
[2] Assets are pledged as collateral for the Credit Facilities (as defined below). See Note 4 “Borrowings.”
[3] Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of June 30, 2026, rates for 1M S, 3M S and 6M S are 3.65%, 3.73%, and 3.85%, respectively. As of June 30, 2026, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at June 30, 2026.
[4] Percentages are based on net assets
[5] Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.
[6] Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.
[7] Aggregate gross unrealized appreciation for federal income tax purposes is $1,353,306; aggregate gross unrealized depreciation for federal income tax purposes is $1,610,340. Net unrealized depreciation is $257,034. As of December 31, 2025, the cost basis of investments owned was substantially identical for both book and tax purposes.
[8] Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an interest rate floor. The borrower has an option to choose the benchmark rate, such as the Secured Overnight Financing Rate including adjustment, if any (“S”) or the U.S. Prime Rate (“P”). The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) at the borrower’s option. As of December 31, 2025, rates for 1M S, 3M S and 6M S are 3.69% ,3.65%, and 3.57%, respectively. As of December 31, 2025, the P was 6.75%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2025.
[9] Percentages are based on net assets
[10] Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 fair value hierarchy.
[11] Unless otherwise indicated, all securities represent co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Related Party Transactions”.
[12] The per share data was derived by using the weighted average shares outstanding during the applicable period, except for distributions recorded which reflects the actual amount per share for the applicable period.