Fair Value (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

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

	December 31, 2025
Description	Level 1		Level 2		Level 3		Total
Investments:
Senior Secured Loans - First Lien	$	—	$	—	$	1,303,361	$	1,303,361
Subordinated Debt	—		—		743		743
Equity	—		—		942		942
Money Market Fund	56,856		—		—		56,856
Total Investments including Money Market Fund	$	56,856	$	—	$	1,305,046	$	1,361,902

	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:

	Senior Secured Loans - First Lien		Subordinated debt		Equity		Total
Balance as of January 1, 2025	$	759,122	$	—	$	—	$	759,122
Purchases	753,913		678		2,459		757,050
Paid-in-kind interest	3,080		65		—		3,145
Sales and repayments	(213,936)		—		—		(213,936)
Accretion of discount (amortization of premium)	572		—		—		572
Net change in unrealized appreciation (depreciation)	(607)		—		(1,517)		(2,124)
Net realized gain (loss)	1,217		—		—		1,217
Balance as of December 31, 2025	$	1,303,361	$	743	$	942	$	1,305,046
Net change in unrealized appreciation (depreciation) of investments held at December 31, 2025	$	(2,746)	$	—	$	(1,517)	$	(4,263)

	Senior Secured Loans - First Lien
Balance as of April 19, 2024	$	—
Purchases	792,156
Paid-in-kind interest	993
Sales and repayments	(43,543)
Accretion of discount (amortization of premium)	930
Net change in unrealized appreciation (depreciation)	8,001
Net realized gain (loss)	585
Balance as of December 31, 2024	$	759,122
Net change in unrealized appreciation (depreciation) of investments held at December 31, 2024	$	8,001

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

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

Financial Asset	Fair Value at December 31, 2025		Valuation Technique (1)	Unobservable Input (2)	Range (Weighted Average)(3)	Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien	$	1,303,361	Yield Analysis	Yield	7.02% - 12.68% (8.47%)	Decrease
				Discount Margin	3.25% - 8.22% (5.07%)	Decrease
				Synthetic Rating Yield Adjustment	0.43% - 2.55% (1.37%)	Decrease
			Current Value Method	EBITDA Multiple	9.50x - 15.08x (11.94x)	Increase
Subordinated Debt	743		Current Value Method	EBITDA Multiple	15.08x	Increase
Equity	942		Current Value Method	Fwd EBITDA Multiple	9.50x	Increase
				LTM EBITDA Multiple	15.08x	Increase
Total	$	1,305,046

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.