Financial Highlights (Tables)

The following are financial highlights for common shares outstanding during the periods ended December 31, 2025 and from November 8, 2024 (commencement of operations) to December 31, 2024 (in thousands, except share and per share amounts):


	For the year ended December 31, 2025			For the period from November 8, 2024 (commencement of operations) to December 31, 2024
Per share data: (1)
Net asset value, beginning of period	$	15.76		$	15.69
Net investment income (loss)	1.53			(0.06)
Net change in unrealized appreciation (depreciation)	0.31			0.13
Net increase (decrease) in net assets from operations	1.84			0.07
Distributions declared (2)	(1.49)			—
Total increase (decrease) in net assets	0.35			0.07
Net asset value, end of period	$	16.11		$	15.76
Shares Outstanding, end of period	24,058,078			14,940,044

Total Return (3)	11.68		%	0.45		%

Ratios
Ratio of net expenses to average net assets (4)	14.76		%	22.26		%
Ratio of net investment income (loss) to average net assets (4)	9.44		%	(2.49)		%
Portfolio turnover rate (5)	20.61		%	0.54		%

Supplemental Data
Net Assets, end of period	$	387,644		$	235,490
Weighted average shares outstanding	18,654,831			12,275,935
Total capital commitments, end of period	$	470,350		$	470,350
Asset coverage ratio	172.98		%	192.57		%
Ratio of total contributed capital to total committed capital, end of period	81.15		%	49.81		%

(1)Per share amounts are calculated based on the weighted average shares outstanding for the year ended December 31, 2025 and during the period from November 8, 2024 (commencement of operations) to December 31, 2024.

(2)The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 9. Distributions and Dividend Reinvestment).

(3)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period.

(4)Amounts are annualized. For the year ended December 31, 2025 the ratio of total operating expenses, excluding interest and borrowing expenses, to average net assets was 4.61%. For the year ended December 31, 2024, the ratio of total operating expenses to average net assets was 21.04%, on an annualized basis, excluding the effect of expense support/(recoupment) by the Adviser which represented 1.50% of average net assets.