Financial Highlights (Tables)

11 Months Ended

Dec. 31, 2025

Investment Company, Financial Highlights [Abstract]

Selected data for a share outstanding throughout the period from the Inception Date to December 31, 2025 is presented below.


	For the period from February 5, 2025 (Inception) to December 31, 2025(1)
Net Asset Value Per Share, post Conversion on November 3, 2025	$	20.00

Net Asset Value Per Share, Inception Date(2)	$	19.95
Income from Investment Operations:
Net investment income		(0.17	)
Net realized and unrealized gain		0.29
Total income from investment operations		0.12
Less Distributions:
From net investment income		(0.27	)
Return of Capital		(0.05	)
Total distributions		(0.32	)
Offering Costs pre-Conversion		(0.01	)
Net Asset Value Per Share, End of Period	$	19.74
Shareholder Total Return(3)		0.60		%
Shareholder IRR after all fees and expenses(4)		1.82		%
Ratios and Supplemental Data
Net Assets, end of period	$	118,724
Common Shares outstanding, end of period		6,014,515
Ratios based on average net assets:
Ratio of total expenses to average net assets(5)		20.07		%
Ratio of financing cost to average net assets(6)		6.66		%
Ratio of net investment income to average net assets(6)		1.04		%
Credit facility payable		223,785
Asset coverage ratio		1.53
Portfolio turnover rate(6)		10.44		%

(1)

Per share data was calculated using the number of Common Shares issued and outstanding as of December 31, 2025.

(2)

The beginning net assets per share assumes the Conversion occurred on the Inception Date.

(3)

The Total Return for the period from Inception Date to December 31, 2025 was calculated by taking total income from investment operations for the period divided by the weighted average capital contributions from the Shareholders during the period. The return does not reflect sales load and is net of management fees and expenses.

10.

Financial Highlights (continued)

(4)

The Internal Rate of Return (“IRR”) since inception for the Common Shareholders, after management fees, financing costs and operating expenses is 1.82% through December 31, 2025. The IRR is computed based on cash flow due dates contained in notices to Members (contributions from and distributions to the Common Shareholders) and the net assets (residual value) of the common equity account at period end. The IRR is calculated based on the fair value of investments using principles and methods in accordance with GAAP and does not necessarily represent the amounts that may be realized from sales or other dispositions. Accordingly, the return may vary significantly upon realization.

(5)

Annualized except for organizational costs.

(6)

Not annualized.