| Successor | Predecessor | December 31, 2024 | December 31, 2023 | Assets | Non-controlled/non-affiliated investments at fair value (cost of $1,524,545 and $2,025,054, respectively) | $ | 1,495,564 | $ | 1,991,345 | Cash and cash equivalents | 66,683 | 69,873 | Interest and dividend receivable | 8,772 | 15,468 | Receivable from affiliate | 7 | — | Deferred tax asset | 7 | 150 | Other assets | 441 | 686 | Total assets | $ | 1,571,474 | $ | 2,077,522 | Liabilities | Borrowings | GS Credit Facility | $ | 374,707 | $ | 646,800 | Unsecured Notes | 200,000 | 275,000 | Deferred financing costs (net of accumulated amortization of $12,133 and $7,959, respectively) | (7,148) | (9,211) | Net borrowings | 567,559 | 912,589 | Payable for unsettled securities purchased | 19,036 | — | Interest payable | 4,560 | 9,690 | Management fee payable | 492 | 2,792 | Incentive fee payable | 496 | 6,013 | Distribution payable | — | 35,506 | Payable to affiliate | — | 520 | Other liabilities | 1,151 | 1,661 | Total liabilities | 593,294 | 968,771 | Commitments and contingencies (See Note 8) | Net Assets | Common shares, $0.001 par value (39,025,005 and 0) shares issued and outstanding, respectively | 39 | — | Additional paid in capital | 995,040 | — | Accumulated retained earnings | (16,899) | — | Total net assets | 978,180 | — | Predecessor entity members' capital | — | 1,108,751 | Total net assets and predecessor entity members' capital | $ | 978,180 | $ | 1,108,751 | Total liabilities, net assets and predecessor entity members' capital | $ | 1,571,474 | $ | 2,077,522 | Net Asset per share | $ | 25.07 | N/A | Members' Capital per unit | N/A | $ | 9.65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period from January 1, 2024 to December 16, 2024 | Year Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in thousands) | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Management fee | $ | 10,463 | $ | 13,195 | Incentive fee | 18,081 | 24,071 | Interest and other financing expenses | 59,558 | 67,864 | Administrative expenses | 2,608 | 3,018 | Professional fees | 3,101 | 1,804 | Other general and administrative expenses | 487 | 248 | Net expenses before waivers and income taxes | 94,298 | 110,200 | Less: Management fees waived | (2,246) | (507) | Less: Incentive fees waived | (3,137) | — | Less: Expenses waived | (2,003) | — | Net expenses before income taxes | 86,912 | 109,693 | Income tax (benefit) expense | 389 | 922 | ||||||||||||||||||||||||||||
| Net Expenses after Income Tax | $ | 87,301 | $ | 110,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period from December 17, 2024 to December 31, 2024 | Period from January 1, 2024 to December 16, 2024 | Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment income | Interest income (excluding Payment-in-kind ("PIK") interest income) | $ | 5,321 | $ | 171,199 | $ | 223,624 | $ | 151,753 | PIK interest income | 571 | 15,081 | 11,515 | 8,110 | Dividend income | 355 | 9,155 | 9,724 | 8,133 | Fee income | 106 | 1,297 | 2,176 | 7,793 | Total investment income | 6,353 | 196,732 | 247,039 | 175,789 | Expenses | Interest and other financing expenses | 1,601 | 59,558 | 67,864 | 37,744 | Management fee | 492 | 10,463 | 13,195 | 13,206 | Incentive fee | 496 | 18,081 | 24,071 | 18,119 | Professional fees | 188 | 3,101 | 1,804 | 1,435 | Administrative expenses | 86 | 2,608 | 3,018 | 2,666 | Organizational and offering expenses | 2,064 | — | — | — | Other general and administrative expenses | 28 | 487 | 248 | 267 | Total expenses | 4,955 | 94,298 | 110,200 | 73,437 | Less: Incentive fees waived (See Note 5) | — | (3,137) | — | — | Less: Management fees waived (See Note 5) | — | (2,246) | (507) | (270) | Less: Expenses waived (See Note 5) | — | (2,003) | — | — | Less: Expense support (See Note 5) | (2,064) | — | — | — | Net expenses | 2,891 | 86,912 | 109,693 | 73,167 | Net investment income before income taxes | 3,462 | 109,820 | 137,346 | 102,622 | Income tax (benefit) expense | 7 | 389 | 922 | (72) | Net investment income | 3,455 | 109,431 | 136,424 | 102,694 | Net realized gains (losses) on investments | — | (15,293) | (793) | (652) | Net change in unrealized appreciation (depreciation) of investments | (901) | 5,629 | 19,558 | (51,838) | Benefit (provision) for taxes | 1 | (145) | 484 | (333) | Net realized and unrealized gains (losses) | (900) | (9,809) | 19,249 | (52,823) | Net increase in net assets and predecessors members' capital from operations | $ | 2,555 | $ | 99,622 | $ | 155,673 | $ | 49,871 | Earnings per share and per unit of Predecessor (basic and diluted) | $ | 0.07 | $ | 0.87 | $ | 1.35 | $ | 0.45 | Weighted average common shares and common units of Predecessor outstanding - basic & diluted (See Note 11) | 39,025,005 | 114,906,527 | 114,906,527 | 109,743,604 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Successor | Predecessor | |||||||||||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||||||||||
| Tax cost | $ | 1,512,987 | $ | 2,004,510 | Gross unrealized appreciation on investments | 23,150 | 175,092 | Gross unrealized depreciation on investments | (40,573) | (188,257) | Total investments at fair value | $ | 1,495,564 | $ | 1,991,345 | |||||
| Successor | Predecessor | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period from December 17, 2024 to December 31, 2024 | Period from January 1, 2024 to December 16, 2024 | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash flows from operating activities | Net increase in net assets or Predecessor's members' capital resulting from operations | $ | 2,555 | $ | 99,622 | $ | 155,673 | $ | 49,871 | Adjustments to reconcile net (increase) decrease in net assets and Predecessor's members' capital resulting from operations to net cash (used in) provided by operating activities: | Net realized gains (losses) on investments | — | 15,293 | 793 | 652 | Net change in unrealized (appreciation) depreciation of investments | 901 | (5,629) | (19,558) | 51,838 | Amortization of purchase discount | (155) | (3,710) | (4,182) | (3,552) | Amortization of deferred financing costs | 80 | 4,093 | 4,381 | 2,101 | Non-cash investment income | (926) | (20,157) | (20,754) | (14,309) | (Increase) decrease in operating assets: | Purchase of investments and delayed draw facilities | (19,195) | (18,370) | (68,133) | (552,023) | Proceeds from sales and paydowns of investments | 14,195 | 537,653 | 177,682 | 191,822 | Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 9 | 11 | 35 | 312 | Cash paid for purchase of drawn portion of revolving credit facilities | — | — | — | (141) | Cash paid on drawn revolvers | (814) | (29,996) | (43,690) | (46,705) | Cash repayments on drawn revolvers | 401 | 32,379 | 40,401 | 43,349 | Interest and dividend receivable | 11,770 | (11,182) | (2,784) | (4,977) | Deferred tax asset | (1) | 145 | (150) | — | Receivable from affiliate | 1,982 | (1,989) | — | — | Other assets | (240) | 485 | (374) | 475 | Increase (decrease) in operating liabilities: | Payable for unsettled securities purchased | 19,036 | — | — | (79,176) | Interest payable | (6,683) | 1,553 | 1,218 | 5,596 | Incentive fee payable | 496 | (6,013) | 512 | 2,174 | Management fee payable | 492 | (2,792) | (509) | 931 | Deferred Tax Liability | — | — | (333) | 333 | Payable to affiliates | — | (520) | 207 | 3 | Other liabilities | (399) | (126) | 120 | 115 | Net cash flows provided by (used in) operating activities | 23,504 | 590,750 | 220,555 | (351,311) | Cash flows from financing activities | Distributions | (19,534) | (389,533) | (131,797) | (92,788) | Net proceeds from issuance of shares and Predecessor's common units | 370,204 | — | — | 229,812 | Redemption of Guardian III Units | (229,392) | — | — | — | Proceeds from BMO Subscription Line | — | — | — | 63,000 | Repayment of BMO Subscription Line | — | — | — | (155,000) | Proceeds from Wells Credit Facility | — | — | 223,400 | 541,500 | Repayment of Wells Credit Facility | — | — | (909,000) | (329,000) | Proceeds from Unsecured Notes | — | — | — | 100,000 | Repayment of Unsecured Notes | — | (75,000) | — | — | Proceeds from GS Credit Facility | — | 251,833 | 646,800 | — | Repayment of GS Credit Facility | (98,000) | (425,927) | — | — | Placement fees paid | — | — | — | (270) | Deferred financing costs paid | (2,070) | (25) | (8,351) | (1,798) | Net cash flows (used in) provided by financing activities | 21,208 | (638,652) | (178,948) | 355,456 | Net increase (decrease) in cash and cash equivalents | 44,712 | (47,902) | 41,607 | 4,145 | Cash and cash equivalents at the beginning of the period | 21,971 | 69,873 | 28,266 | 24,121 | Cash and cash equivalents at the end of the period | $ | 66,683 | $ | 21,971 | $ | 69,873 | $ | 28,266 | Supplemental disclosure of cash flow information | Cash interest paid | $ | 8,029 | $ | 53,131 | $ | 61,884 | $ | 29,469 | Income taxes (refunded) paid | (9) | 9 | 1,119 | 92 | Non-cash financing activities: | Distributions declared and payable | $ | — | $ | 19,534 | $ | 35,506 | $ | 28,956 | Accrual for deferred financing costs | — | 15 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
