
							For the Period from
							April 3, 2023
							(commencement
	Year Ended			Year Ended			of operations) to
	December 31, 2025			December 31, 2024			December 31, 2023
Per share data:
Net asset value, beginning of period	$	26.00		$	25.74		$	25.00
Net investment income (loss)(1)		2.58			2.69			2.08
Realized and unrealized gain (loss) on investment transactions(2)		(0.02	)		0.17			0.03
Total from operations		2.56			2.86			2.11
Distributions from net investment income		(2.53	)		(2.60	)		(1.37	)
Distributions from net realized capital gains/losses		—			—			—
Total increase (decrease) in net assets		0.03			0.26			0.74
Net asset value, end of period	$	26.03		$	26.00		$	25.74


Shares outstanding, end of period		71,614,193			35,246,926			12,950,280
Total return(3)		10.22	%		11.52	%		8.51	%
Ratios / supplemental data
Ratio of gross expenses to average net assets(4)(5)(6)(7)(8)(9)		7.87	%		9.27	%		9.30	%
Ratio of net expenses to average net assets(4)(5)(7)(8)(9)		7.93	%		9.55	%		7.41	%
Ratio of net investment income (loss) to average net assets(4)(5)(9)		10.10	%		10.70	%		8.08	%
Net assets, end of period (in thousands)	$	1,864,467		$	916,385,294		$	333,384,130
Weighted average shares outstanding		52,017,934			23,335,474			7,457,211
Portfolio turnover rate(10)		16.73	%		19.77	%		11.08	%

(1)

Per share amounts are calculated based on the weighted average shares outstanding during the year/period.

(2)

Includes balancing amounts necessary to reconcile the change in NAV per share for the year/period.

(3)

Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the beginning NAV per share, assuming a distribution reinvestment price in accordance with the Company’s DRIP. Total return has not been annualized for periods less than one year.

(4)

Ratios have not been annualized for the period from April 3, 2023 (commencement of operations) to December 31, 2023.

(5)

Average net assets are computed using the average balance of net assets at the end of each month of the reporting period.

(6)

Ratio of gross expenses to average net assets is computed using expenses before waivers and expense support payments (recoupments), if applicable.

(7)

Ratio of net expenses to average net assets is computed using total expenses, including the effects of expense support payments (recoupments), which represented (0.06)%, (0.28)% and 1.24% on average net assets for the years ended December 31, 2025 and December 31, 2024, and for the period April 3, 2023 (commencement of operations) to December 31, 2023, respectively.

(8)

Ratio of gross expenses to average net assets and ratio of net expenses to average net assets are inclusive of the income incentive fee and capital gains-based incentive fee. The income incentive fee ratio and capital gains-based incentive fee are 0.82% and (0.01)%, respectively, for the year ended December 31, 2025. The income incentive fee ratio and capital gains-based incentive fee are 0.87% and 0.02%, respectively, for the year ended December 31, 2024. The income incentive fee ratio and capital gains-based incentive fee are 0.62% and 0.00%, respectively, for the period April 3, 2023 (commencement of operations) to December 31, 2023.

(9)

Ratios do not reflect the proportionate share of income and expenses of the underlying private credit funds in which the Company invests.

(10)

Portfolio turnover rate is calculated using the lesser of total sales, exits and repayments of investments or total purchases over the monthly average of the investments at fair value for the period reported and has not been annualized. Such monthly average is calculated by totaling the values of the portfolio securities as of the beginning and end of the first month of the particular period and as of the end of each of the succeeding months.