Fair Value (Tables)

6 Months Ended

Jun. 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 June 30, 2025 and December 31, 2024 and indicate the fair value hierarchy of the inputs utilized by the Company to determine such fair value:

	June 30, 2025 (Unaudited)
Description	Level 1		Level 2		Level 3		Total
Investments:
Senior Secured Loans - First Lien	$	—	$	—	$	951,497	$	951,497
Subordinated Debt	—		—		699		699
Equity	—		—		457		457
Money Market Fund	15,791		—		—		15,791
Total Investments including Money Market Fund	$	15,791	$	—	$	952,653	$	968,444

	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 June 30, 2025 and June 30, 2024:

	Senior Secured Loans - First Lien		Subordinated Debt		Equity		Total
Balance as of January 1, 2025	$	759,122					$	759,122
Purchases	252,284		678		1,608		254,570
Paid-in-kind interest	1,278		—		—		1,278
Sales and repayments	(63,366)		—		—		(63,366)
Accretion of discount (amortization of premium)	319		—		—		319
Net change in unrealized appreciation (depreciation)	805		21		(1,151)		(325)
Net realized gain (loss)	1,055		—		—		1,055
Balance as of June 30, 2025	$	951,497	$	699	$	457	$	952,653
Net unrealized appreciation (depreciation) of investments held at June 30, 2025	$	143	$	21	$	(1,151)	$	(987)

	Senior Secured Loans - First Lien		Total
Balance as of April 19, 2024	$	—	$	—
Purchases	506,441		506,441
Paid-in-kind interest	161		161
Sales and repayments	(10,737)		(10,737)
Accretion of discount (amortization of premium)	289		289
Net change in unrealized appreciation (depreciation)	7,263		7,263
Net realized gain (loss)	85		85
Balance as of June 30, 2024	$	503,503	$	503,503
Net unrealized appreciation (depreciation) of investments held at June 30, 2024	$	7,263	$	7,263

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 June 30, 2025 and December 31, 2024:

Financial Asset	Fair Value at June 30, 2025 (Unaudited)		Valuation Technique (1)	Unobservable Input (2)	Range (Weighted Average)(3)	Impact to Valuation from an Increase in Input
Senior Secured Loans - First Lien	$	951,497	Yield Analysis	Yield	7.33% - 13.03% (9.21%)	Decrease
				Discount Margin	2.29% - 9.35% (5.27%)	Decrease
				Synthetic Rating Yield Adjustment	0.43% - 2.55% (1.38%)	Decrease
				EBITDA Multiple	5.50x - 25.50x (14.59x)	Increase
			Current Value Method	EBITDA Multiple	8.50x - 9.00x (8.72x)	Increase
Subordinated Debt	699		Current Value Method	EBITDA Multiple	9.00x	Increase
Equity	457		Current Value Method	LTM EBITDA Multiple	9.00x	Increase
Total	$	952,653

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.