Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2026

The following summarizes the financial highlights for the Fund:


	For the Three Months Ended March 31,
	2026			2025
Per Share Data*(1)
Net asset value, beginning of period	$	27.57		$	23.82
Net investment income (loss)		0.76			1.33
Net realized gain (loss) and net change in unrealized appreciation (depreciation)		(0.37	)		0.16
Total from operations(2)		0.39			1.49
Dividends declared from net investment income		(1.30	)		—
Total increase (decrease) in net assets		(0.91	)		1.49
Net asset value, end of period	$	26.66		$	25.31
Shares outstanding, end of period		15,534,956			1,199,760
Total Return, based on net asset value(3)(4)		1.39	%		6.29	%
Ratios to average net assets(5)
Interest and financing related expenses		4.76	%		25.40	%
Net expenses		7.65	%		30.97	%
Net investment income (loss)		11.91	%		7.10	%
Total investment income		19.56	%		38.08	%
Net assets, end of period	$	414,153,822		$	30,370,667
Portfolio turnover rate(6)		12.73	%		7.50	%
Weighted-average shares outstanding		12,489,695			839,904

* Totals may not foot due to rounding

(1)

The per share data was derived by using the weighted average shares outstanding during the applicable period, except for net asset value and distributions declared which reflected the actual amount per share for the applicable period.

(2)

Total from operations on a per share basis was calculated and allocated using monthly income and weighted average shares outstanding due to capital call cadence on an annual basis.

(3)

Total return is not annualized. Total return is calculated as the change in net asset value for the period, assuming dividends and distributions if any, are reinvested, divided by the beginning net asset value per share.

(4)

If the Origination Fee waiver had been effective March 31, 2025, the Fund's total return would have been 1.40% for the three months ended March 31, 2025.

(5)

The ratio reflects an annualized amount, except in the case of non-recurring expenses.

(6)

Portfolio turnover is calculated as the lesser of (i) purchases of portfolio investments or (ii) the aggregate total of sales of portfolio investments plus any prepayments received, divided by average fair value of portfolio investments during the period.

(7)

Weighted-average interest rate on financing includes interest expense and the amortization of issuance costs on both the Revolving Credit Facility and sell/buy-back agreements.