FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2022

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

NOTE 8 — FINANCIAL HIGHLIGHTS

	For the period from
	Commencement of
	Operations through
	September 30, 2022
	(unaudited)
Per Share Data:(1)
Net asset value at beginning of period(2)	$	14.77
Net investment income		0.70
Change in unrealized depreciation on investments		(0.22)
Change in unrealized depreciation on foreign currency translations		(0.03)
Total from operations	$	0.45
Stockholder distirbutions from:
Net investment income		(0.23)
Other(3)		(0.09)
Net asset value at end of period	$	14.90
Total return based on market value(4)		3.72%
Weighted average shares outstanding		3,311,178

	For the period from
	Commencement of
	Operations through
	September 30, 2022
	(unaudited)
Ratio/Supplemental Data:
Net assets at end of period	$	76,547,060
Weighted average net assets	$	49,278,277
Annualized ratio of net operating expenses to weighted average net assets(5)(6)		5.61%
Annualized ratio of interest expense and other fees to weighted average net assets(6)		3.22%
Annualized ratio of net investment income to weighted average net assets(5)(6)		7.47%
Portfolio turnover(7)		16.42%
Credit Facilities payable	$	55,400,000
Short-term loan payable	$	9,000,000
Asset coverage ratio(8)		2.19x

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

(2) The 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 3.41% from expenses reimbursed and fees waived by the Advisor.

(6) 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 September 30, 2022).

(7) 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.

(8) 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.