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Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Fair Value Disaggregated Into Three Levels of Fair Value Hierarchy

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

Schedule of Changes in Fair Value of Investments

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.

Schedule of Unobservable Inputs Used in Fair Value Measurements of Level 3 Investments

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.

Summary of Change in Capitalized PIK Balance

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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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