Financial Highlights

6 Months Ended

Jun. 30, 2024

The following information sets forth the Company's financial highlights for the six months ended June 30, 2024 and June 30, 2023.


	Six Months Ended
	June 30, 2024			June 30, 2023
Per unit data(1):
Members' capital, December 31, 2023 and December 31, 2022, respectively	$	10.27		$	9.77
Net investment income (loss)	0.71			0.54
Net realized and unrealized gains (losses)(2)	(0.05)			0.43
Total net increase (decrease)	0.66			0.97


Distributions declared to unitholders from net investment income	(0.73)			(0.60)


Members' capital, June 30, 2024 and June 30, 2023, respectively	$	10.20		$	10.14
Total return based on members' capital(3)	6.48		%	10.15		%
Units outstanding at end of period	44,882,706			8,508,331
Average weighted units outstanding for the period	32,185,716			8,144,643
Average members' capital for the period	$	330,548		$	80,118
Ratio to average members' capital:
Net investment income(4)	13.99		%	11.66		%
Total expenses, before waivers(4)	14.95		%	19.28		%
Total expenses, net of waivers(4)	14.91		%	18.31		%

Average debt outstanding—Wells Credit Facility(5)	$	169,462		N/A
Average debt outstanding—BMO Subscription Line	95,326			$	59,806
Average debt outstanding—UBS Credit Facility(6)	250,000			47,645
Asset coverage ratio	194.43		%	158.96		%
Portfolio turnover	13.03		%	0.35		%

Capital Commitments	$	815,225		$	310,850
Funded Capital Commitments	$	448,374		$	84,630
% of Capital Commitments funded	55.00		%	27.23		%

(1)Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit).

(2)The total amount shown may not correspond with the aggregate amount for the period, as it includes the effect of the timing of capital transactions which, for the six months ended June 30, 2024 and June 30, 2023, was $(0.12) and $0.01, respectively.

(3)Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized.

(4)Annualized, except organizational and offering costs.

(5)For the six months ended June 30, 2024, average debt outstanding represents the period from May 23, 2024 (commencement of the Wells Credit Facility) to June 30, 2024.

(6)For the six months ended June 30, 2023, average debt outstanding represents the period from January 25, 2023 (commencement of the UBS Credit Facility) to June 30, 2023.