Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2026

The financial highlights for the six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025 are as follows:


	For the Six Months Ended June 30, 2026			For the period from the Commencement of Operations through June 30, 2025
Per Share Activity
Net asset value, beginning of period	$	25.41		$	25.00
Net investment income (loss)1		2.22			0.59
Net realized and unrealized gain (loss)1		(0.47	)		0.32
Net increase (decrease) in net assets resulting from operations		1.75			0.91
Distribution paid (declared) to shareholders2
Distributions paid (declared) from net investment income		(1.79	)		(0.64	)
Net increase (decrease) in net assets resulting from distributions		(1.79	)		(0.64	)
Net asset value, end of period	$	25.37		$	25.27
Total return3		6.89	%		3.64	%
Number of Shares outstanding at end of period		5,632,045			3,373,781
Ratios to Average Net Assets:
Net assets, end of period	$	142,909,694		$	85,245,678
Ratio of net investment income (loss) to average net assets4		16.39	%		9.08	%
Ratio of total expenses to average net assets4		9.81	%		5.06	%
Ratio of total expenses, excluding incentive fees4		7.14	%		4.33	%
Portfolio turnover5		11.16	%		0.00	%

Calculated based on weighted average Shares outstanding during the period.

Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company’s shareholders. The tax character of distributions is determined at the end of the fiscal year.

Total return is not annualized and represents the total return for the six months ended June 30, 2026 and for the period from the Commencement of Operations through June 30, 2025. Total return displayed is net of all fees, including all operating expenses such as management fees, incentive fees, and general and administrative expenses. Total return is calculated as the change in NAV per Share during the period plus declared distributions per Share during the period, divided by the beginning NAV per Share (which for the purposes of this calculation is equal to the net offering price in effect at that time).

The ratio reflects an annualized amount, except in the case of non-recurring fees and expenses (i.e., capital gains incentive fees, reimbursement of organizational expenses paid by the Investment Adviser, business licenses and permits fees).

Portfolio turnover is calculated by dividing the lesser of total investment purchases or sales by the average value of the investment portfolio for the period. Sales include principal amortization, partial paydowns, and full payoffs, in addition to dispositions. As a result, turnover may vary from period to period based primarily on repayment activity rather than trading volume.