CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Mar. 31, 2025		Dec. 31, 2024
Assets
Investments at fair value	$ 1,117,329	[1],[2],[3],[4]	$ 842,856	[5],[6],[7],[8]
Cash	13,689		28,489
Interest and fees receivable	4,553		3,303
Deferred financing costs	2,269		1,509
Due from advisor	278		0
Total assets	1,138,118		876,157
Liabilities
Repurchase agreements	673,508		501,200
Interest Payable	1,734		1,356
Accrued administration fees	1,052		562
Distribution payable	0		13,220
Other payable	694		978
Total liabilities	676,988		517,316
Commitments & Contingencies (Note 7)
Redeemable Series A Cumulative Preferred Shares, $0.001 par value, 125 shares authorized; 125 issued and outstanding as of March 31, 2025, and none issued and outstanding as of December 31, 2024, net of offering costs	111		0
Total net assets applicable to common shareholders	461,019		358,841
Net assets applicable to common shareholders
Common Shares, $0.001 par value, unlimited shares authorized, 17,353,215 and 13,583,897 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	17		14
Paid-in-capital in excess of par value	449,986		349,987
Distributable earnings (loss)	11,016		8,840
Total net assets applicable to common shareholders	461,019		358,841
Total liabilities, redeemable preferred shares and net assets applicable to common shareholders	$ 1,138,118		$ 876,157
Net asset value per share applicable to common shares (in dollars per share)	$ 26.57		$ 26.42

[1] All debt investments are income-producing, unless otherwise noted.

[2] All investments are U.S. domiciled.

[3] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of March 31, 2025, qualifying assets represent 100.0% of the Company's total assets.

[4] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 25.0%/5.0% of the issued and outstanding voting securities.

[5] All of the Company’s investments are Non-Control/Non-Affiliate investments. Non-Control/Non-Affiliate investments as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 25.0%/5.0% of the issued and outstanding voting securities.

[6] All debt investments are income-producing, unless otherwise noted.

[7] All investments are U.S. domiciled.

[8] All of the Company's investments, except the investments noted by this footnote, are qualifying assets under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of December 31, 2024, qualifying assets represent 100.0% of the Company's total assets.