Financial Highlights

12 Months Ended

Dec. 31, 2023

Note 9. Financial Highlights

The following are financial highlights for the year ended December 31, 2023 and for the period from February 10, 2022 (date of inception) to December 31, 2022:


	For the Year Ended December 31, 2023			For the Period from February 10, 2022 (date of inception) to December 31, 2022(5)
Per Share Data:
Net asset value, beginning of period	$	20.00		$	—
Results of operations:
Net investment income (loss)(1)		1.34			—
Net realized and unrealized gain (loss)(2)		0.45			—
Net increase (decrease) in net assets resulting from operations		1.79			—
Distribution declared(3)		(1.24	)		—
Total increase (decrease) in net assets		0.55			20.00
Net asset value, end of period	$	20.55		$	20.00
Total return based on NAV(4)		8.95	%		—	%
Shares outstanding, end of period		10,785,268			500
Ratios and supplemental data:
Net assets, end of period	$	221,615,920		$	—
Weighted-average net assets		176,046,740			—
Weighted-average shares outstanding		8,711,195			—
Ratio of net expenses to average net assets		8.41	%		—	%
Ratio of net expenses before voluntary waivers to average net assets		8.74	%		—	%
Ratio of net investment income to average net assets		6.61	%		—	%
Portfolio turnover(6)		59.71	%	N/A
Asset Coverage Ratio(7)		213.65	%	N/A

(1)

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

(2)

The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)

Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)

Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period.

(5)

All expenses were waived for the period. There was no activity other than organization and offering costs incurred and the issuance of 500 shares of our common stock at $20.00 per share for the period from February 10, 2022 (date of inception) to December 31, 2022.

(6)

Calculated for the period February 1, 2023 (commencement of operations) to December 31, 2023.

(7)

Asset coverage ratio is equal to (i) the sum of (A) net assets at end of period and (B) debt outstanding at end of period, divided by (ii) total debt outstanding at the end of the period.

Senior Securities

Information about our senior securities as of December 31, 2023, are shown in the following table:


Class and year	Total Amount Outstanding		Asset Coverage Per Unit(1)		Involuntary Liquidating Preference Per Unit(2)	Market Value Per Unit(3)
December 31, 2023
Secured Credit Facility	$	195,000,000		2,136.50	—	N/A

(1)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(2)

The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(3)

Not applicable for any of the senior securities as they were not registered for public trading.