v3.26.3
Consolidated Statement of Assets and Liabilities (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Non-controlled/non-affiliated investments (amortized cost of $2,063,866 and $1,576,277, at September 30, 2026 and December 31, 2025, respectively) $ 2,054,318 $ 1,574,901
Cash and cash equivalents 9,581 8,636
Restricted cash 51,840 31,481
Interest receivable 8,149 7,321
Deferred financing costs 6,512 7,157
Deferred offering costs 0 190
Due from Investment Adviser 1,644 555
Prepaid expenses and other assets 233 528
Total assets 2,132,277 1,630,769
Liabilities    
Debt, net of debt issuance costs and unamortized original issue discount of $4,952 and $2,090, at September 30, 2026 and December 31, 2025, respectively 1,127,735 919,149
Subscriptions received in advance 6,460 12,504
Distribution payable 7,602 5,504
Interest payable 17,053 10,510
Management fees payable 2,857 2,038
Income based incentive fees payable 2,949 2,223
Due to Investment Adviser 642 511
Accrued expenses and other liabilities 2,080 1,330
Total liabilities 1,167,378 953,769
Commitments and contingencies (Note 9)
Net Assets 964,899 677,000
Net Assets    
Common shares, par value $0.001 (67,513,140 and 46,924,095, shares issued and outstanding, at September 30, 2026 and December 31, 2025, respectively) 68 47
Additional paid-in capital 977,614 682,413
Accumulated distributed earnings (losses) (12,783) (5,460)
Total net assets 964,899 677,000
Total net assets 964,899 677,000
Net Asset Value Per Share    
Net assets 964,899 677,000
Non-controlled/non-affiliated investments    
Assets    
Non-controlled/non-affiliated investments (amortized cost of $2,063,866 and $1,576,277, at September 30, 2026 and December 31, 2025, respectively) 2,054,318 [1],[2],[3] 1,574,901 [4],[5],[6]
Class I Shares [Member]    
Liabilities    
Net Assets [7] 964,355 677,000
Net Assets    
Total net assets [7] 964,355 677,000
Net Asset Value Per Share    
Net assets [7] $ 964,355 $ 677,000
Common shares outstanding [7] 38,098 0
Net asset value per share [7] $ 14.29 $ 14.43
Class S Shares [Member]    
Liabilities    
Net Assets [7] $ 544 $ 0
Net Assets    
Total net assets [7] 544 0
Net Asset Value Per Share    
Net assets [7] $ 544 $ 0
Common shares outstanding [7] 67,475,042 46,924,095
Net asset value per share [7] $ 14.29 [8] $ 0
Class D Shares [Member]    
Liabilities    
Net Assets [7] $ 0 $ 0
Net Assets    
Total net assets [7] 0 0
Net Asset Value Per Share    
Net assets [7] $ 0 $ 0
Common shares outstanding [7] 0 0
Net asset value per share [7] $ 0 [8] $ 0
[1] These investments were valued using unobservable inputs and are considered Level 3 investments.
[2] Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of September 30, 2026, all of the Company’s investments were non-controlled, non-affiliated.
[3] Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.
[4] These investments were valued using unobservable inputs and are considered Level 3 investments.
[5] Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of the portfolio company’s outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of December 31, 2025, all of the Company’s investments were non-controlled, non-affiliated.
[6] Unless otherwise indicated, issuers of debt and equity investments held by the Company are domiciled in the United States.
[7] There were no Class D shares outstanding as of September 30, 2026. There were no Class S or Class D shares outstanding as of December 31, 2025.
[8] There were no Class D shares outstanding for the three and nine months ended September 30, 2026. There were no Class S or Class D shares outstanding for the three and nine months ended September 30, 2025