Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2026

The following are the financial highlights per share of Common Stock outstanding:



($ in thousands, except share, per share amounts, and percentages)	For the Three Months Ended March 31, 2026			For the Three Months Ended March 31, 2025
Per Share Data:
Net asset value per share of Common Stock, beginning of period	$	25.24		$	24.82
Net investment income (loss)(1)		0.28			(0.02	)
Net realized and unrealized gain (loss)(1)		(0.94	)		(0.02	)
Total increase (decrease) in net assets resulting from investment operations		(0.66	)		(0.04	)
Distributions of net investment income to Preferred Stockholders(1)		—			—
Common Stock distributions declared from net investment income(7)		(0.20	)		—
Net increase (decrease) in net assets relating to capital share transactions(5)		(0.00	)		—
Total increase (decrease) in net assets applicable to holders of Common Stock		(0.86	)		(0.04	)
Net asset value per share of Common Stock, end of period	$	24.38		$	24.78
Total return based on net asset value(2)		-2.64	%		-0.16	%
Ratios / Supplemental Data:
Ratio of net investment income (loss) to average net assets applicable to Common Stock(3)(6)		7.43	%		2.74	%
Ratio of total expenses to average net assets applicable to Common Stock, gross(3)(6)		12.83	%		19.10	%
Ratio of total expenses to average net assets applicable to Common Stock, net of waivers(3)(6)		13.88	%		5.75	%
Portfolio turnover rate(4)		0.20	%		0.00	%
Net assets, end of period	$	293,770		$	72,338
Shares of Common Stock outstanding, end of period		11,984,588			2,857,196
Weighted average shares of Common Stock outstanding		9,864,463			1,350,604
Total capital commitments, end of period	$	1,000,046		$	640,456
Ratio of total contributed capital to total committed capital, end of period		29.56	%		11.07	%
Asset coverage ratio		167.08	%		244.05	%

(1)

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

(2)

Total return is calculated as the change in net asset value per share of Common Stock during the period, plus declared distributions per share of Common Stock, if any, and assuming reinvestment of distributions, divided by the net asset value per share of Common Stock at the beginning of the period. Total return is for the period indicated and has not been annualized.

(3)

Amounts are annualized except for organizational and offering costs, expense support amounts relating to organizational and offering costs, capital gains incentive fee, and reimbursement of expense support. The ratio of total expenses to average net assets applicable to Common Stock, gross excludes the effect of expenses waived by the Advisor, expense support, and reimbursement of expense support which represented -1.05% and 13.35%, respectively, of average net assets for the three months ended March 31, 2026 and 2025.

(4)

Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the period reported.

(5)

The amount shown at this caption is the balancing amount derived from the other figures in this schedule. The amount shown for capital share transactions, including share issuances, will fluctuate due to the timing of the share issuances and the weighted average shares over the period.

(6)

The amounts reflected for the respective period do not reflect the effect of dividends earned but not declared or dividend payments to Preferred Stockholders.

(7)

The per share data was derived by using the actual shares outstanding at the date of the relevant transactions.