Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following is a summary of the Company’s investments and cash equivalents categorized within the fair value hierarchy:

	March 31, 2025
	Level 1		Level 2		Level 3		Total
First Lien debt investments	$	—	$	—	$	51,324	$	51,324
Total Investments at fair value before Cash Equivalents		—		—		51,324		51,324
Money Market Fund		67,545		—		—		67,545
Total Cash Equivalents		67,545		—		—		67,545
Total Investments at fair value after Cash Equivalents	$	67,545	$	—	$	51,324	$	118,869

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Total Investments at fair value before Cash Equivalents	$	—	$	—	$	—	$	—
Money Market Fund		9,242		—		—		9,242
Total Cash Equivalents		9,242		—		—		9,242
Total Investments at fair value after Cash Equivalents	$	9,242	$	—	$	—	$	9,242

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value:

	Three Months Ended
	March 31, 2025
	First Lien Debt Investments			Total Investments
Fair value, beginning of the period	$	—		$	—
Purchases and originations of investments		51,324			51,324
Payment in kind		—			—
Proceeds from investments		—			—
Net change in unrealized gains (losses) on investments		(28	)		(28	)
Net realized gains (losses) on investments		—			—
Net amortization of discount on investments		28			28
Transfers into (out of) Level 3		—			—
Fair value, end of period	$	51,324		$	51,324
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at March 31, 2025	$	(28	)	$	(28	)

	Three Months Ended
	March 31, 2024(1)
	First Lien Debt Investments		Total Investments
Fair value, beginning of the period	$	—	$	—
Purchases and originations of investments		—		—
Payment in kind		—		—
Proceeds from investments		—		—
Net change in unrealized gains (losses) on investments		—		—
Net realized gains (losses) on investments		—		—
Net amortization of discount on investments		—		—
Transfers into (out of) Level 3		—		—
Fair value, end of period	$	—	$	—
Net change in unrealized gains (losses) on non-controlled, non-affiliated investments still held at March 31, 2024	$	—	$	—

(1)As of March 31, 2024, the Company had not yet commenced investment operations.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer(s) occurs. During the three months ended March 31, 2025 and 2024, no investments were transferred into or out of Level 3.

The following tables present the significant unobservable inputs of the Company's Level 3 investments as of March 31, 2025 and December 31, 2024. The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value for the Level 3 investments.

	March 31, 2025
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)(1)	Impact to Valuation from an Increase to Input
First Lien debt investments	$	51,324	Income approach	Discount rate	9.2% - 9.6% (9.5%)	Decrease
Total	$	51,324

(1)The weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

	December 31, 2024(1)
	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase to Input
First Lien debt investments	$	—	N/A	N/A	N/A	N/A
Total	$	—

(1)As of December 31, 2024, the Company had not yet commenced investment operations.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a discounted cash flow analysis to estimate the fair value of the investments, specifically the yield method. The cash flows used in the discounted cash flow analysis represent the contractual interest, fee and principal payments through the investment’s expected maturity date. These cash flows are discounted at a rate that is calibrated to the initial transaction and monitored over time to adjust for changes in observed market spreads and yields since the issuance of the investment along with changes in company specific factors.

Financial Instruments Not Carried at Fair Value

Debt

The fair value of the Company’s Credit Facility (as defined below), which would be categorized as Level 3 within the fair value hierarchy, as of March 31, 2025, approximates its carrying value as the outstanding balance is callable at carrying value. The Company did not have any outstanding debt as of December 31, 2024.

Other Financial Assets and Liabilities

Under the fair value hierarchy, cash and cash equivalents are classified as Level 1 while the Company’s other assets and liabilities, other than investments at fair value and the Credit Facility, are classified as Level 2.