FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2025

FINANCIAL HIGHLIGHTS

Schedule of financial highlights

										For the period from
										Commencement of
	Years Ended									Operations through
	December 31, 2025			December 31, 2024			December 31, 2023			December 31, 2022
Per Share Data:(1)
Net asset value at beginning of period	$	15.16		$	15.21		$	14.64		$	14.77	(2)
Net investment income		1.33			1.80			1.96			1.08
Change in unrealized appreciation (depreciation) on investments		0.04			0.11			0.40			(0.14)
Change in unrealized appreciation on foreign currency translations		—			—			—			0.01
Provision for taxes on net unrealized appreciation on investments		(0.01)			(0.01)			(0.02)			—
Net realized gain		0.14			—			0.14			—
Provision for taxes on realized gains		—			—			(0.02)			—
Total from operations	$	1.50		$	1.90		$	2.46		$	0.95
Stockholder distributions from:
Net investment income		(1.44)			(1.93)			(1.88)			(1.11)
Net realized capital gains		(0.02)			(0.03)			—			—
Accretive effect of stock offerings (issuing shares above net asset value per share)		0.01			0.01			—			—
Other(3)		—			—			(0.01)			0.03
Net asset value at end of period	$	15.21		$	15.16		$	15.21		$	14.64
Total return based on market value(4)		9.99	%		12.53	%		16.73	%		6.60	%
Weighted average shares outstanding		11,316,555			8,643,493			6,273,882			3,869,643
Ratio/Supplemental Data:
Net assets at end of period	$	199,626,715		$	162,387,880		$	108,022,022		$	80,262,957
Weighted average net assets	$	172,421,095		$	131,376,255		$	93,770,730		$	57,527,650
Annualized ratio of net operating expenses to weighted average net assets(5)(6)		12.15	%		10.32	%		11.95	%		6.87	%(7)
Annualized ratio of interest expense and other fees to weighted average net assets		7.80	%		7.24	%		8.77	%		4.39	%(7)
Annualized ratio of net investment income to weighted average net assets(5)(6)		8.76	%		11.85	%		13.14	%		4.50	%(7)
Portfolio turnover(8)		11.24	%		12.23	%		22.70	%		13.88	%
Credit Facilities payable	$	203,650,000		$	140,450,000		$	98,000,000		$	80,615,000
Short-term loan payable	$	—		$	—		$	—		$	11,250,000
Asset coverage ratio(9)		1.98	x		2.16	x		2.10	x		2.00	x

(1) Financial highlights are based on weighted average shares outstanding for the period.

(2) Net asset value at beginning of period for the period from Commencement of Operations through December 31, 2022 represents an initial offering price of $15.00 per share less $0.23 per share of organization costs.

(3) Includes the impact of different share amounts 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 the period end.

(4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (if any), divided by the beginning NAV per share. Total return is not annualized.

(5) Net of 1.51%, 3.23%, 4.37% and 3.75% from expenses reimbursed and fees waived by the Advisor for each respective period.

(6) These ratios include the impact of income tax provision on net unrealized appreciation in the Taxable Subsidiary of ($79,156), ($91,591), ($167,865) for the years ended December 31, 2025, 2024 and 2023, respectively which is not reflected in total operating expenses or net investment income. The impact of the tax provision on net unrealized appreciation to weighted average net assets for the years ended December 31, 2025, 2024 and 2023 are (0.05%), (0.07%) and (0.18%), respectively.

(7) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g., organization costs of $3,534 for the period from Commencement of Operations through December 31, 2022).

(8) Portfolio turnover is calculated as the lesser of purchases or sales and proceeds from sales and repayments of investments divided by average portfolio balance and is not annualized.

(9) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities.