Financial Highlights

12 Months Ended

Dec. 31, 2024

The following is a schedule of financial highlights of the Company for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024			2023
Per Share Data:
Net asset value, beginning of period	$	28.84		$	25.82
Results of operations
Net investment income (loss)(1)	3.33			2.74
Net realized gain (loss) and unrealized appreciation (depreciation)(2)	0.67			2.01
Net increase (decrease) in net assets resulting from operations	4.00			4.75
Shareholder distributions(3)
Distributions from net investment income	(3.26)			(0.96)
Distributions from net realized gain on investments	(0.02)			—
Net decrease in net assets resulting from shareholder distributions	(3.28)			(0.96)
Capital share transactions
Issuance of Common Shares(4)	—			(0.77)




Net increase (decrease) in net assets resulting from capital share transactions	—			(0.77)
Net asset value, end of period	$	29.56		$	28.84
Shares outstanding, end of period	28,051,771			8,457,385
Total return based on net asset value(5)	13.87		%	15.41		%
Ratio/Supplemental Data:
Net assets, end of period	$	829,242		$	243,894
Ratio of net investment income to average net assets(6)	11.33		%	9.59		%
Ratio of total operating expenses to average net assets(6)	7.42		%	6.12		%
Ratio of waived expenses to average net assets(6)	(2.63)		%	(2.59)		%
Ratio of net operating expenses to average net assets(6)	4.79		%	3.53		%
Portfolio turnover	13.34		%	8.40		%
Total amount of senior securities outstanding, exclusive of treasury securities	$	229,355		$	94,746
Asset coverage per unit(7)	4.62			3.57

____________________

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

(2)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share

outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the

timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

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

(4)The issuance of Common Shares on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Shares in connection with the Seed Contribution. The issuance of Common Shares at a price that is less than the net asset value per share results in a decrease in net asset value per share.

(5)The total return based on NAV for each period presented was calculated by taking the NAV per share as of the end of the applicable period, adding the cash distributions per share that were declared during the period and dividing the total by the NAV per share at the beginning of the period. Total return based on NAV does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of Common Shares. The historical calculation of total return based on NAV in the table should not be considered a representation of the Company’s future total return based on NAV, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods. The total return calculations set forth above represent the total return on the Company’s investment portfolio during the applicable period and do not represent an actual return to shareholders.

(6)Weighted average net assets during the applicable period are used for this calculation. The following is a schedule of supplemental ratios for the years ended December 31, 2024 and 2023:


	Year Ended December 31,
	2024		2023
Ratio of accrued capital gains incentive fees to average net assets	0.23	%	0.37	%

Ratio of interest expense to average net assets	2.90	%	1.06	%

(7)Asset coverage per unit is the ratio of the carrying value of the Company’s total consolidated assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness.