Financial Highlights

3 Months Ended

Mar. 31, 2025

The following information sets forth the Company's financial highlights for the three months ended March 31, 2025 and March 31, 2024:


	Three Months Ended
	March 31, 2025			March 31, 2024
Per unit data(1):
Members' capital, December 31, 2024 and December 31, 2023, respectively	$	10.04		$	10.02
Net investment income (loss)	0.22			0.25
Net realized and unrealized gains (losses)	(0.03)			0.05
Total net increase (decrease)	0.19			0.30


Distributions declared to unitholders from net investment income	(0.22)			(0.27)


Members' capital, March 31, 2025 and March 31, 2024, respectively	$	10.01		$	10.05
Total return based on members' capital(2)	1.89		%	2.99		%
Units outstanding at end of period	33,306,325			10,560,000
Average weighted units outstanding for the period	33,306,325			10,560,000
Average members' capital for the period	$	334,331		$	105,833
Ratio to average members' capital:
Net investment income (loss)(3)	8.79		%	10.35		%
Total expenses, before waivers(3)	3.38		%	4.40		%
Total expenses, net of waivers(3)	3.38		%	3.71		%

Average debt outstanding—Unsecured Management Company Revolver	$	—		$	—
Average debt outstanding—BMO Subscription Line	$	52,550		$	3,902

Asset coverage ratio	717.29		%	1,182.72		%
Portfolio turnover	5.01		%	0.18		%

Capital Commitments	$	512,405		$	211,200
Funded Capital Commitments	$	333,063		$	105,600
% of Capital Commitments funded	65.00		%	50.00		%

(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)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.

(3)Annualized, except organizational and offering costs.