v3.26.3
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($)
Total
Class J Par Value
Class E Par Value
Common Shares
Class J Par Value
Common Shares
Class E Par Value
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Jul. 30, 2025       0 0    
Beginning balance at Jul. 30, 2025 $ 0     $ 0 $ 0 $ 0 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common shares issued (in shares)       0 100    
Common shares issued 2,000     $ 0   2,000 0
Net income [1],[2] 0            
Ending balance (in shares) at Sep. 30, 2025       0 100    
Ending balance at Sep. 30, 2025 2,000     $ 0 $ 0 [2] 2,000 0 [2]
Beginning balance (in shares) at Dec. 31, 2025   2,847,900 159,850 2,847,900 159,850    
Beginning balance at Dec. 31, 2025 57,197,000     $ 28,000 $ 2,000 59,916,000 (2,749,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common shares issued (in shares)       4,759,662 212,563    
Common shares issued 100,193,000     $ 48,000 $ 2,000 100,143,000  
Shareholder servicing fees (565,000)         (565,000)  
Distribution reinvestment (in shares)       169,739 2,143    
Distribution reinvestment 3,466,000     $ 2,000   3,464,000  
Distributions declared on common shares (9,584,000)         (4,105,000) (5,479,000)
Management fees paid in shares (in shares)     21,380   21,380    
Management fees paid in shares 433,000   $ 432,900     433,000  
Share-based compensation 146,000         146,000  
Net income 8,679,000           8,679,000
Ending balance (in shares) at Sep. 30, 2026   2,847,900 159,850 7,777,301 395,936    
Ending balance at Sep. 30, 2026 159,965,000     $ 78,000 $ 4,000 159,432,000 451,000
Beginning balance (in shares) at Jun. 30, 2026       6,769,340 384,554    
Beginning balance at Jun. 30, 2026 139,150,000     $ 68,000 $ 4,000 139,078,000 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Common shares issued (in shares)       926,361 0    
Common shares issued 18,677,000     $ 9,000 $ 0 18,668,000  
Shareholder servicing fees (237,000)         (237,000)  
Distribution reinvestment (in shares)       81,600 913    
Distribution reinvestment 1,664,000     $ 1,000   1,663,000  
Distributions declared on common shares (4,028,000)           (4,028,000)
Management fees paid in shares (in shares)     10,469   10,469    
Management fees paid in shares 212,000   $ 212,300     212,000  
Share-based compensation 48,000         48,000  
Net income 4,479,000           4,479,000
Ending balance (in shares) at Sep. 30, 2026   2,847,900 159,850 7,777,301 395,936    
Ending balance at Sep. 30, 2026 $ 159,965,000     $ 78,000 $ 4,000 $ 159,432,000 $ 451,000
[1] Amount is presented as zero as it is less than one thousand.
[2] Amount is presented as zero as it is less than one thousand.