Investments

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Abstract]

Investments

Note 4. Investments

Fair Value Measurement and Disclosures

The table below shows the composition of our investment portfolio as of December 31, 2025, with the fair value disaggregated into the three levels of the fair value hierarchy in accordance with ASC 820. The Company had no investments as of December 31, 2024.

						Fair Value Hierarchy
	Cost		Fair Value		Level 1			Level 2		Level 3
First Lien Secured Debt	$	637,787	$	639,300	$		-	$	56,301	$	582,999
Preferred Equity		15		15			-		-		15
Common Equity		761		761			-		-		761
Total Investments	$	638,563	$	640,076	$		-	$	56,301	$	583,775
Money Market Fund		28,771		28,771			28,771		-		-
Total Cash Equivalents		28,771		28,771			28,771		-		-
Total Investments after Cash Equivalents	$	667,334	$	668,847	$		28,771	$	56,301	$	583,775

The following table shows changes in the fair value of our Level 3 investments during the year ended December 31, 2025:

	For the Year Ended December 31,
	2025
	First Lien Secured Debt (2)			Preferred Equity		Common Equity		Total
Fair value as of December 31, 2024	$	-		$	-	$	-	$	-
Net realized gains (losses)		517			-		-		517
Net change in unrealized gains (losses)		1,005			-		-		1,005
Net amortization on investments		1,102			-		-		1,102
Purchases, including capitalized PIK (1)		625,719			15		761		626,495
Sales (1)		(45,344	)		-		-		(45,344	)
Transfers out of Level 3 (3)		-			-		-		-
Transfers into Level 3 (3)		-			-		-		-
Fair value as of December 31, 2025	$	582,999		$	15	$	761	$	583,775
Net change in unrealized gains (losses) on Level 3 investments still held as of December 31, 2025	$	1,005		$	-	$	-		1,005

(1)Includes reorganizations and restructuring of investments.

(2)Includes unfunded commitments measured at fair value.

(3)Transfers out (if any) of Level 3 are due to an increase in the quantity and reliability of broker quotes obtained and transfers into (if any) Level 3 are due to a
decrease in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers are assumed to have occurred at the end of the period. There were no transfers between Level 1 and Level 2 fair value measurements during the periods shown.

The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2025. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

The unobservable inputs used in the fair value measurement of our Level 3 investments as of December 31, 2025 were as follows:

			Quantitative Information about Level 3 Fair Value Measurements
Asset Category	Fair Value		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average (1)
First Lien Secured Debt	$	71,024	Transactional Value	Cost	N/A	-	N/A	N/A
		511,975	Yield Analysis	Discount Rate	6.6%	-	11.6%	8.7%
Preferred Equity		15	Yield Analysis	Discount Rate	11.6%	-	11.6%	11.6%
Common Equity		761	Transactional Value	Cost	N/A	-	N/A	N/A
Total Level 3 Investments	$	583,775

(1)The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment.

The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity securities are primarily EBITDA comparable multiples and market discount rates. The Company typically uses EBITDA comparable multiples on its equity securities to determine the fair value of investments. The Company uses market discount rates for debt securities to determine if the effective yield on a debt security is commensurate with the market yields for that type of debt security. If a debt security’s effective yield is significantly less than the market yield for a similar debt security with a similar credit profile, the resulting fair value of the debt security may be lower. For certain investments where fair value is derived based on a recovery analysis, the Company uses underlying commodity prices from third party market pricing services to determine the fair value and/or recoverable amount, which represents the proceeds expected to be collected through asset sales or liquidation. Further, for certain investments, the Company also considered the probability of future events which are not in management’s control. Significant increases or decreases in any of these inputs in isolation would result in a significantly lower or higher fair value measurement. The significant unobservable inputs used in the fair value measurement of the structured products include the discount rate applied in the valuation models in addition to default and recovery rates applied to projected cash flows in the valuation models. Specifically, when a discounted cash flow model is used to determine fair value, the significant input used in the valuation model is the discount rate applied to present value the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. For certain investments such as warrants, the Company may use an option pricing technique, of which the applicable method is the Black-Scholes Option Pricing Method (“BSM”), to perform valuations. The BSM is a model of price variation over time of financial instruments, such as equity, that is used to determine the price of call or put options. Various inputs are required but the primary unobservable input into the BSM model is the underlying asset volatility.

Investment Transactions

As a part of the Merger, a portfolio of investments were transferred to the Company. For the year ended December 31, 2025 and for the period ended December 31, 2024 purchases of investments on a trade date basis were $683,298 and $0, respectively.

For the year ended December 31, 2025 and for the period ended December 31, 2024, sales and repayments (including prepayments and unamortized fees) of investments on a trade date basis were $47,340 and $0, respectively.

PIK Income

The Company holds loans and other investments, including certain preferred equity investments, that have contractual PIK income. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. For the year ended December 31, 2025 and for the period ended December 31, 2024 PIK income earned was $1,219 and $0, respectively.

The following table shows the change in capitalized PIK balance for the year ended December 31, 2025:

	For the Year Ended December 31,
	2025
PIK balance at beginning of period	$	-
PIK income capitalized		1,140
Adjustments due to investments exited or written off		-
PIK balance at end of period	$	1,140