Financial Highlights

Financial Highlights

The following are the financial highlights for the six months ended June 30, 2026 and June 30, 2025:


	For the six months ended				For the six months ended
($ in thousands, except share and per share data)	June 30, 2026				June 30, 2025
Per Share Data:(1)
Net asset value per Common Share, beginning of period	$	24.69			$	25.06
Net investment income		1.24				0.93
Net realized gains (losses) and change in unrealized gain (loss) (2)		(0.25	)			(0.24	)
Net increase (decrease) in net assets from operations		0.99				0.69
Distributions declared from net investment income to common shareholders (3)		(1.09	)			(0.91	)
Distributions of net investment income to preferred shareholders		—				—
Total increase (decrease) in net assets		(0.10	)			(0.22	)
Net asset value per Common Share, end of period	$	24.59			$	24.84
Common Shares outstanding, end of period		31,769,521				26,158,290
Total return based on NAV (4)		4.03		%		2.79		%

Ratios:
Expenses before expense support to average net assets applicable to Common Shares (5)		11.02		%		12.71		%
Expenses after expense support to average net assets applicable to Common Shares (5)		10.60		%		11.09		%
Net investment income to average net assets applicable to Common Shares (5)		11.08		%		8.53		%
Incentive fees to average net assets applicable to Common Shares (5)		0.88		%		0.65		%
Portfolio turnover rate (6)		32.72		%		44.72		%

Supplemental Data:
Net assets, end of period	$	782,311			$	649,899
Total capital commitments, end of period	$	2,186,500			$	2,060,000
Ratios of total contributed capital to total committed capital, end of period		35.43		%		31.52		%
Average debt outstanding	$	793,897			$	476,276
Asset coverage ratio (7)		192.07		%		184.22		%

(1)

The per share data was derived by using the weighted average Common Shares outstanding during the period.

(2)

For the six months ended June 30, 2026 and June 30, 2025, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)

The per share data was derived using the actual shares outstanding at the date of the relevant transaction (see Note 8).

(4)

Total return (not annualized) is calculated as the change in net assets per share of Common Shares during the period, plus distributions per share of Common Shares (assuming distributions are reinvested in accordance with the Company’s distribution reinvestment plan), divided by the net assets per share of Common Shares at the beginning of the period.

(5)

Operating expenses may vary in the future based on the amount of capital raised, the Advisor’s election to continue expense support, and other unpredictable variables. The ratios reflect annualized amounts, except for organization costs, amortization of offering costs, and incentive fees.

(6)

Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported.

(7)

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.