v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income        
Total income $ 159,208 $ 22,221 $ 342,471 $ 37,296
Expenses        
Interest expense 34,926 7,866 88,199 17,037
Management fees 21,737 4,052 43,302 7,585
Income based incentive fee 23,573 1,593 36,941 1,593
Capital gains incentive fee (6,406) 3,334 (1,363) 8,049
Administration fees 2,187 704 4,692 2,202
Offering expenses 80 1,067 815 3,271
Organizational expenses 0 2 0 37
Legal expenses 841 814 5,835 2,342
Other general and administrative 2,662 966 5,782 1,433
Total expenses 82,326 20,398 188,225 43,549
Less: Expense support (Note 3) (30,149) (3,007) (37,028) (8,583)
Add: Expense support recoupment (Note 3) 8,916 0 20,862 0
Less: Management fee waiver (Note 3) 0 0 0 (163)
Net expenses 61,093 17,391 172,059 34,803
Net investment income before income taxes 98,115 4,830 170,412 2,493
Income tax benefit/(expense) 5,883 (9,336) 17,767 (17,325)
Net investment income/(loss) 103,998 (4,506) 188,179 (14,832)
Net realized gains/(losses):        
Derivatives (1,002) 454 (1,083) 1,778
Net realized gains (losses) (1,083) 361 (1,203) 1,525
Net unrealized gains/(losses):        
Non-controlled/non-affiliated investments     140,440 84,576
Derivatives 74,297 (5,716) 76,788 (11,867)
Income tax expense (49,308) 0 (113,444) 0
Net unrealized gains 34,221 36,158 103,784 72,709
Net realized and unrealized gains on investments and derivatives 33,138 36,519 102,581 74,234
Net increase in net assets resulting from operations 137,136 32,013 290,760 59,402
Class S        
Expenses        
Shareholder servicing and distribution fees: 799 0 1,594 0
Class D        
Expenses        
Shareholder servicing and distribution fees: 101 0 118 0
Class N        
Expenses        
Shareholder servicing and distribution fees: 1,826 0 2,310 0
Non-controlled/non-affiliated investments        
Income        
Distribution income [1] 107,913 16,063 191,894 26,881
Interest income 38,234 6,158 87,296 10,415
Other income 0 0 30,000 0
Total income 146,147 22,221 309,190 37,296
Net realized gains/(losses):        
Non-controlled/non-affiliated investments (81) (93) (120) (253)
Net unrealized gains/(losses):        
Non-controlled/non-affiliated investments 6,849 41,874 138,884 84,576
Investment, Affiliated Issuer, Controlled        
Income        
Distribution income 13,061 0 33,281 0
Total income 13,061 0 33,281 0
Net unrealized gains/(losses):        
Non-controlled/non-affiliated investments $ 2,383 $ 0 $ 1,556 $ 0
[1] For the three and nine months ended September 30, 2026, distribution income includes approximately $33.0 million and $47.6 million, respectively, of payment-in-kind (“PIK”) distribution income accrued on the Fund’s preferred equity investment. See “Note 2. Significant Accounting Policies” to the unaudited consolidated financial statements for more information on distribution income.