CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

9 Months Ended

Sep. 30, 2024

The following is a schedule of financial highlights for the nine months ended September 30, 2024 and 2023:


	Nine Months Ended September 30,
	2024			2023
Per share data:
Net asset value, beginning of period	$	18.13		$	18.32
Net investment income (1)(2)	1.71			1.85
Net realized gain (loss) (1)	(0.03)			(0.21)
Total net change in unrealized gain (loss) (1) (2)	(0.07)			(0.14)
Net increase (decrease) in net assets resulting from operations (1)	1.61			1.50
Shareholder distributions from net investment income (3)	(1.55)			(1.86)

Other (4)	(0.04)			—
Net asset value, end of period	$	18.15		$	17.96

Net assets, end of period	$	990,609		$	638,959
Shares outstanding, end of period	54,571,650			35,585,951
Per share market value, end of period	$	17.42		N/A
Total return based on NAV (5)	8.92		%	8.45		%
Total return based on market value (6)	5.15		%	N/A

Ratio/Supplemental data:
Ratio of net expenses to average net assets before expense support and waived fees (2) (7) (8)	12.60		%	13.10		%
Ratio of net expenses to average net assets after expense support and waived fees(2) (7) (8)	10.73		%	13.07		%
Ratio of net investment income to average net assets (2) (7)	13.24		%	13.87		%
Portfolio turnover rate (9)	16.62		%	4.98		%
Asset Coverage Ratio	189.89		%	173.74		%

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(1)The per share data was derived by using the weighted average shares outstanding during the period.

(2)Ratios and per share information have been updated to reflect reclassifications on the consolidated statements of operations for the nine months ended September 30, 2023.

(3)The per share data for distributions reflects the actual amount of distributions declared during the period.

(4)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(5)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, reinvested in accordance with the Company’s dividend reinvestment plan divided by the beginning NAV per share and is not annualized.

(6)Total return based on market value is calculated as the change in market value per share during the respective periods, taking into account distributions, if any, reinvested in accordance with the Company’s dividend reinvestment plan. The beginning market value per share is based on the initial public offering price of $18.05 per share and is not annualized.

(7)Ratios are annualized except for expense included in the Expense Support Agreement (defined in Note 5). The ratio of total expenses to average net assets before expense support and waived fees was 12.60% and 13.10% for the nine months ended September 30, 2024 and 2023, respectively, on an annualized basis, excluding the effect of expense support which represented 0.00% and (0.03)% of average net assets, respectively. The Expense Support Agreement terminated upon consummation of the IPO on January 29, 2024. Average net assets is calculated utilizing quarterly net assets.

(8)The ratio of interest and debt financing expenses to average net assets for the nine months ended September 30, 2024 and 2023 was 8.45% and 10.29%, respectively. Average net assets is calculated utilizing quarterly net assets.

(9)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.