Financial Highlights

6 Months Ended

Jun. 30, 2025

The following information sets forth the Company's financial highlights for the six months ended June 30, 2025 and June 30, 2024:


	Six Months Ended
	June 30, 2025			June 30, 2024
Per unit data(1):
Members' capital, December 31, 2024 and December 31, 2023, respectively	$	10.04		$	10.02
Net investment income (loss)	0.45			0.48
Net realized and unrealized gains (losses)	(0.07)			0.03
Total net increase (decrease)	0.38			0.51
Net increase (decrease) in members' capital from capital transactions	—			0.01

Distributions declared to unitholders from net investment income	(0.45)			(0.51)


Members' capital, June 30, 2025 and June 30, 2024, respectively	$	9.97		$	10.03
Total return based on members' capital(2)	3.78		%	5.26		%
Units outstanding at end of period	38,430,375			24,525,250
Average weighted units outstanding for the period	33,334,635			13,706,018
Average members' capital for the period	$	334,106		$	137,431
Ratio to average members' capital:
Net investment income (loss)(3)	8.97		%	9.65		%
Total expenses, before waivers(3)	3.60		%	4.95		%
Total expenses, net of waivers(3)	3.59		%	4.24		%


Average debt outstanding—BMO Subscription Line	$	57,030		$	12,440

Asset coverage ratio	2,228.04		%	N/A
Portfolio turnover	10.80		%	12.15		%

Capital Commitments	$	512,405		$	490,505
Funded Capital Commitments	$	384,304		$	245,253
% of Capital Commitments funded	75.00		%	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.