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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2024

Investment Company, Financial Highlights [Abstract]

The following are the financial highlights for the six months ended June 30, 2024:


($ in thousands, except share and per share data)	For the Six Months Ended June 30,
	2024
Per Share Data:
Net assets, beginning of period	$	25.00
Net investment income (1)		0.68
Net realized gains (losses) and change in unrealized appreciation (depreciation) (2)		(0.75	)
Net increase (decrease) in net assets from operations		(0.07	)
Distributions declared from net investment income (3)		—
Issuance of shares in connection with our DRP program		—
Total increase (decrease) in net assets		—
Net assets, end of period	$	24.93
Shares outstanding, end of period		7,760,000
Total return based on NAV (4)		(0.28	)	%

Ratios:
Expenses before expense support to average net assets (5)(6)		38.58		%
Expenses after expense support to average net assets (5)(6)		10.08		%
Net investment income to average net assets (6)		28.52		%
Portfolio turnover rate (7)		0.93		%

Supplemental Data:
Net assets, end of period	$	193,422
Total capital commitments, end of period	$	2,060,000
Ratios of total contributed capital to total committed capital, end of period		9.42		%
Average debt outstanding	$	—
Asset coverage ratio (8)	N/A

(1)

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

(2)

For the six months ended June 30, 2024, the amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.

(3)

The per share data was derived using the actual shares outstanding at the date of the relevant transaction (see Note 9).

(4)

Total return (not annualized) is calculated as the change in net assets per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Company's distribution reinvestment plan), divided by the net assets per share at the beginning of the period.

(5)

Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables. Amounts are annualized except for organization costs.

(6)

Investment income and offering expenses are annualized from May 7, 2024 (commencement of operations) through June 30, 2024. The results may not be meaningful.

(7)

Portfolio turnover rate is calculated using the lesser of the year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the period reported. Average invested assets at fair value is being calculated from commencement of operations.

(8)

In accordance with the 1940 Act, with certain, limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. There were no borrowings outstanding as of June 30, 2024.