Financial Highlights

12 Months Ended

Dec. 31, 2024

The following is a schedule of financial highlights for the period from March 11, 2024 (date of inception) to December 31, 2024:


	For the period from March 11, 2024 (date of inception) to December 31, 2024
Per share data:
Net asset value, beginning of period	$	—
Net investment income(4)	1.89
Net change in unrealized gain on investments(4)	1.07
Net realized gain on sale of real estate securities(4)	0.01
Net increase in net assets resulting from operations(4)	2.97
Common Shareholder distributions from net investment income	(0.97)
Issuance of Common Shares	25.00
Net increase in net assets	27.00
Other(1)	(0.58)
Net asset value, end of period	$	26.42
Shares outstanding at end of period	13,583,897
Total return(2)	9.55		%

Ratio/Supplemental data attributable to Common Shares:
Total net assets attributable to Common Shares, end of period	358,841

Ratio of net investment income to average net assets attributable to Common Shares(3)	5.48		%
Ratio of total expenses to average net assets attributable to Common Shares(3)	6.56		%
Ratio of net expenses to average net assets attributable to Common Shares(3)	3.60		%
Ratio of gross operating expenses to average net assets attributable to Common Shares(3)(5)	3.07		%
Ratio of net operating expenses to average net assets attributable to Common Shares(3)(6)	0.10		%
Ratio of total investment income less interest and debt fees to average net assets attributable to Common Shares(3)(7)	5.58		%
Portfolio turnover rate(8)	5.68		%

(1) Represents the impact of calculating certain per share amounts based on weighted average Common Shares outstanding during the period and certain per share amounts based on Common Shares outstanding as of period end.

(2) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized.

(3) Average net assets are computed by taking the daily weighted average of our net assets for the period being reported.

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

(5) Gross operating expenses are defined as total expenses less interest and debt fees for the period.

(6) Net operating expenses are defined as net expenses less interest and debt fees for the period.

(7) Also referred to as net interest margin.

(8) Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the daily weighted average of the investments at fair value.