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Consolidated Statements of Operations - USD ($)
$ in Thousands
11 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Investment income      
Total investment income $ 224 [1] $ 76,671 $ 13,744
Operating expenses      
Management fees 0 [1] 5,659 1,345
Subordinated income incentive fees [2] 0 [1] 6,855 1,218
Capital gains incentive fees [2] 0 [1] 1,076 390
Interest expense [3] 0 [1] 13,793 1,115
Administrative services expense 0 [1] 1,902 895
Accounting and administrative fees 3 [1] 265 59
Organizational and offering costs 0 [1] 2,711 0
Insurance expense 0 [1] 156 389
Audit expense 0 [1] 584 534
Other general and administrative expenses 286 [1] 1,642 391
Total operating expenses 289 [1] 34,643 6,336
Management and incentive fee waivers 0 [1] (12,514) (2,563)
Expense waiver [4] (289) [1] 0 (147)
Recoupment of previously waived expenses [4] 0 [1] 436 0
Net expenses 0 [1] 22,565 3,626
Net investment income before taxes 224 [1] 54,106 10,118
Excise taxes 0 [1] 234 73
Net investment income 224 [1],[5] 53,872 10,045
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: 0 [6] 73 12
Net realized gain (loss) on foreign currency forward contracts 0 [1] (36) 0
Net realized gain (loss) on foreign currency 0 [1] (152) 10
Net change in unrealized appreciation (depreciation) on foreign currency forward contracts 0 [6] 200 0
Net change in unrealized gain (loss) on foreign currency 0 [1],[5] 785 (202)
Total net realized and unrealized gain (loss) 5 [1] 8,611 3,285
Net increase (decrease) in net assets resulting from operations $ 229 [1],[5] $ 62,483 $ 13,330
Per share information—basic and diluted      
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - basic (in dollars per share) $ 1.46 [1] $ 3.86 $ 3.62
Net increase (decrease) in net assets resulting from operations (Earnings (Losses) per Share) - diluted (in dollars per share) $ 1.46 [1] $ 3.86 $ 3.62
Weighted average shares outstanding - basic (in shares) 156,250 [1] 16,158,361 3,667,293
Weighted average shares outstanding - diluted (in shares) 156,250 [1] 16,158,361 3,667,293
Non-controlled/unaffiliated investments      
Investment income      
Interest income $ 130 [1] $ 65,517 $ 11,183
Paid-in-kind interest income 0 [1] 1,903 25
Fee income 94 [1] 6,737 2,354
Dividend and other income 0 [1] 1,707 154
Realized and unrealized gain/loss      
Net realized gain (loss) on investments: 0 [1] 73 12
Net change in unrealized appreciation (depreciation) on investments: 5 [1] 6,761 3,386
Non-controlled/affiliated investments      
Investment income      
Interest income 0 [1] 111 0
Paid-in-kind interest income 0 [1] 190 0
Fee income 0 [1] 8 [7] 0
Dividend and other income [7]   0  
Realized and unrealized gain/loss      
Net realized gain (loss) on investments:   0  
Net change in unrealized appreciation (depreciation) on investments: 0 [1] 746 0
Controlled/affiliated investments      
Investment income      
Interest income 0 [1] 325 0
Fee income   0 [7] 0 [8]
Dividend and other income 0 [1] 173 [7] 28 [8]
Realized and unrealized gain/loss      
Net realized gain (loss) on investments:   0 0
Net change in unrealized appreciation (depreciation) on investments: $ 0 [1] $ 234 $ 79
[1] Represents the period from February 4, 2022 (date of formation) through December 31, 2022.
[2] See Note 2 and 4 for a discussion of the methodology employed by the Company in calculating the subordinated income incentive fees and capital gains incentive fees.
[3] See Note 9 for a discussion of the Company’s financing arrangements.
[4] See Note 4 for a discussion of the Company’s expense support and conditional reimbursement.
[5] Represents the period from February 4, 2022 (date of formation) through December 31, 2022
[6] Represents the period from February 4, 2022 (date of formation) through December 31, 2022.
[7] Interest, fee and dividend and other income presented for the full year ended December 31, 2024.
[8] Interest, fee and dividend and other income presented for the full year ended December 31, 2023.