DERIVATIVE INSTRUMENTS

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

4. DERIVATIVE INSTRUMENTS

In the normal course of business, the Fund may enter into derivative contracts to achieve certain risk management

objectives. The Fund may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or

all of its non-U.S. dollar denominated investments. These instruments primarily include foreign currency forward contracts.

The Fund utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-

denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The

use of foreign currency forward contracts does not eliminate fluctuations in the price of the underlying investments recognized

by the Fund. As a result of the use of derivative contracts, the Fund is exposed to the risk that counterparties will fail to fulfill

their contractual obligations. To mitigate such counterparty risk, the Fund enters into contracts with certain major financial

institutions, all of which have investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of

derivative instruments.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional

amount represents the absolute value amount of the foreign exchange contracts:

	December 31, 2025
	Assets		Liabilities
	Notional	Fair Value	Notional	Fair Value
Derivative Investments
Foreign Currency Forward Contracts	$7,912	$759	$7,126	$(359)

For the period from Inception through December 31, 2025, the Fund recognized $0.4 million of net unrealized gain on

foreign currency forward contracts, which is included in net change in unrealized appreciation on derivative contracts in the

consolidated statement of operations.