Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

The following table presents information about the Company’s assets measured on a recurring basis as of September 30, 2024 and indicates the fair value hierarchy of the inputs utilized by the Company to determine such fair value:

Description	Level 1		Level 2		Level 3		Total
Investments:
Senior Secured Loans - First Lien	$	—	$	—	$	656,535	$	656,535
Money Market Fund	12,382		—		—		12,382
Total Investments including Money Market Fund	$	12,382	$	—	$	656,535	$	668,917

Schedule of Reconciliation Fair Value, Assets

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

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

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 September 30, 2024:

Financial Asset	Fair Value		Valuation Technique (1)	Unobservable Input (2)	Range (Weighted Average)(3)	Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien	$	656,535	Yield Analysis	Yield	7.94% - 14.32% (9.08%)	Decrease
				Discount Margin	0.43% - 2.55% (1.41%)	Decrease
				EBITDA Multiple	7.25x - 25.50x (13.37x)	Increase

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(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.