Below are the financial highlights for the six months ended March 31, 2026 ($ in thousands, except share and per share data):

No comparative information has been presented as the Company had not commenced investment activity prior to October 1, 2025.


	For the six months ended March 31, 2026
Per Share Data:
Net asset value, beginning of period	$	25.00
Net investment income (1)		0.71
Net change in realized and unrealized (loss) gain (1)		(0.04	)
Net increase (decrease) in net assets resulting from operations (1)		0.67
Accretive (Dilutive) effect of common share issuance		(0.07	)
Net asset value, end of period	$	25.60
Total return (2)		2.40		%
Shares outstanding at end of period		4,338,888
Ratios / Supplemental Data:
Ratio of gross operating expenses to average net assets (3)(4)		4.42		%
Ratio of debt related expenses to average net assets (5)		1.91		%
Ratio of gross total expenses to average net assets (3)(5)		6.33		%
Ratio of net expenses to average net assets (5)(6)		4.33		%
Ratio of net investment income to average net assets (5)(6)		5.83		%
Net assets at end of period	$	111,062
Weighted average debt outstanding	$	15,942
Weighted average debt per share (1)	$	5.39
Asset coverage per unit (7)	$	3,136
Portfolio turnover rate (8)		1.44		%

(1)

Based on the weighted average shares outstanding for the six months ended March 31, 2026.

(2)

Based on the change in net asset value per share during the period and assumes distributions, if any, are reinvested. Total return is not annualized for periods less than one year.

(3)

Ratios are annualized excluding one-time costs, which are not annualized. Excludes the effect of expense support payments (reimbursements) and management fee waivers, if any.

(4)

Excludes interest and expenses on Credit Facility, which are annualized.

(5)

Includes interest and expenses on Credit Facility, which are annualized.

(6)

Ratios are annualized excluding one-time costs, which are not annualized. Includes the effect of expense support payments (reimbursements) and management fee waivers, if any.

(7)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated on our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit. Ratio is not annualized.

(8)

Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.