Fair Value (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

The following tables present information about the Company’s assets measured on a recurring basis as of September 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the inputs utilized by the Company to determine such fair value:

	September 30, 2025 (Unaudited)
Description	Level 1		Level 2		Level 3		Total
Investments:
Senior Secured Loans - First Lien	$	—	$	—	$	989,787	$	989,787
Subordinated Debt	—		—		721		721
Equity	—		—		1,219		1,219
Money Market Fund	33,504		—		—		33,504
Total Investments including Money Market Fund	$	33,504	$	—	$	991,727	$	1,025,231

	December 31, 2024
Description	Level 1		Level 2		Level 3		Total
Investments:
Senior Secured Loans - First Lien	$	—	$	—	$	759,122	$	759,122
Money Market Fund	20,295		—		—		20,295
Total Investments including Money Market Fund	$	20,295	$	—	$	759,122	$	779,417

Schedule of Reconciliation Fair Value, Assets

The following tables are a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value as of September 30, 2025 and September 30, 2024:

	Senior Secured Loans - First Lien		Subordinated Debt		Equity		Total
Balance as of January 1, 2025	$	759,122	$	—	$	—	$	759,122
Purchases	393,321		678		2,458		396,457
Paid-in-kind interest	1,922		43		—		1,965
Sales and repayments	(167,549)		—		—		(167,549)
Accretion of discount (amortization of premium)	429		—		—		429
Net change in unrealized appreciation (depreciation)	2,334		—		(1,239)		1,095
Net realized gain (loss)	208		—		—		208
Balance as of September 30, 2025	$	989,787	$	721	$	1,219	$	991,727
Net unrealized appreciation (depreciation) of investments held at September 30, 2025	$	176	$	—	$	(1,239)	$	(1,063)

	Senior Secured Loans - First Lien		Total
Balance as of April 19, 2024	$	—	$	—
Purchases	716,100		716,100
Paid-in-kind interest	491		491
Sales and repayments	(69,190)		(69,190)
Accretion of discount (amortization of premium)	611		611
Net change in unrealized appreciation (depreciation)	8,168		8,168
Net realized gain (loss)	355		355
Balance as of September 30, 2024	$	656,535	$	656,535
Net unrealized appreciation (depreciation) of investments held at September 30, 2024	$	8,168	$	8,168

Schedule of Valuation Techniques and Significant Unobservable Inputs Used in Recurring Level 3 Fair Value

The following tables present additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2025 and December 31, 2024:

Financial Asset	Fair Value at September 30, 2025		Valuation Technique (1)	Unobservable Input (2)	Range (Weighted Average)(3)	Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien	$	989,787	Yield Analysis	Yield	7.14% - 16.38% (8.70%)	Decrease
				Discount Margin	3.76% - 12.82% (5.21%)	Decrease
				Synthetic Rating Yield Adjustment	0.43% - 2.55% (1.39%)	Decrease
				EBITDA Multiple	7.75x - 25.25x (14.76x)	Increase
			Current Value Method	EBITDA Multiple	8.25x - 22.00x (12.90x)	Increase
Subordinated Debt	721		Current Value Method	EBITDA Multiple	9.25x	Increase
Equity	1,219		Current Value Method	LTM EBITDA Multiple	8.50x - 10.28x (9.04x)	Increase
Total	$	991,727

Financial Asset	Fair Value at December 31, 2024		Valuation Technique(1)	Unobservable Input(2)	Range (Weighted Average)(3)	Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien	$	759,122	Yield Analysis	Yield	8.30% - 12.50% (9.60%)	Decrease
				Discount Margin	0.43% - 3.40% (1.37%)	Decrease
				EBITDA Multiple	7.25x - 25.50x (14.10x)	Increase
Total	$	759,122

__________

(1)For the assets that have more than one valuation technique, the Company may rely on the techniques individually or in aggregate based on a weight ascribed to each one ranging from 0.0% -100.0%. When determining the weighting ascribed to each valuation methodology, the Company considers, among other factors, the availability of direct market comparables, the applicability of a discounted cash flow analysis and the expected hold period and manner of realization for the investment.

These factors can result in different weightings among the investments and in certain instances, may result in up to a 100.0% weighting to a single methodology.

(2)The significant unobservable inputs used in the fair value measurement of the Company’s assets and liabilities may include the last twelve months (“LTM”) EBITDA multiple, weighted average cost of capital, discount margin, probability of default, loss severity and constant prepayment rate. In determining certain of these inputs, management evaluates a variety of factors including economic, industry and market trends and developments, market valuations of comparable companies, and company specific developments including potential exit strategies and realization opportunities. Significant increases or decreases in any of these inputs in isolation could result in significantly lower or higher fair value measurement.

(3)Weighted average amounts are based on the estimated fair values.