Financial Highlights

12 Months Ended

Dec. 31, 2023

The Company commenced investing operations on January 7, 2021. Net asset value attributable to common stock, at the beginning of the period from January 7, 2021 to December 31, 2021 represents the initial price per share issued on that date. The following is a schedule of financial highlights for the years ended December 31, 2023 and 2022, and for the period from January 7, 2021 to December 31, 2021:


	For the year ended December 31,						For the period from January 7, 2021 to December 31,
	2023			2022			2021
Per share data:
Net asset value attributable to common stock, beginning of period	$	15.13		$	15.46		$	15.00

Results of operations (1)
Net investment income (loss)	2.11			1.68			0.78
Net realized and unrealized gain (loss) on investments, net of change in deferred taxes	(0.28)			(0.44)			0.52
Net realized loss on extinguishment of debt	(0.06)			—			—
Net increase (decrease) in net assets resulting from operations attributable to common stockholders and participating securities	1.77			1.24			1.30

Accretion to redemption value of Series A redeemable convertible preferred stock (1)(9)	—			—			—
Accrual of Series A redeemable convertible preferred stock distributions (1)	(0.30)			(0.07)			—
Net increase (decrease) in net assets resulting from operations attributable to common stockholders	1.47			1.17			1.30

Stockholder distributions (2)
Common stockholder distributions from net investment income	(1.71)			(1.47)			(0.30)
Common stockholder distributions from capital gains	(0.01)			—			—
Net decrease in net assets resulting from stockholder distributions	(1.72)			(1.47)			(0.30)

Other (3)	—			(0.03)			(0.54)
Net asset value attributable to common stock, end of period	$	14.88		$	15.13		$	15.46

Common shares outstanding at end of period	26,080,389			24,609,132			15,260,764
Total return (4)	10.12		%	7.62		%	3.08		%
Ratio/Supplemental data attributable to common stock:
Total net assets attributable to common stock, end of period	$	388,119		$	372,421		$	235,973
Ratio of net investment income to average net assets attributable to common stock	13.97		%	10.80		%	3.49		%
Ratio of total expenses to average net assets attributable to common stock (5)	12.73		%	10.15		%	7.76		%
Ratio of incentive fees to average net assets attributable to common stock (6)	2.01		%	1.48		%	0.93		%
Ratio of net expenses to average net assets attributable to common stock(7)	10.72		%	8.67		%	6.83		%
Ratio of debt related expenses to average net assets attributable to common stock	8.12		%	5.99		%	2.98		%
Portfolio turnover rate (8)	9.93		%	9.03		%	3.46		%

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

(2) The per share data for distributions reflects the actual amount of distributions declared per share during the period.

(3) 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.

(4) Total return is calculated assuming a purchase of shares of Common Stock at the current net asset value attributable to Common Stock on the first day and a sale at the current net asset value attributable to Common Stock on the last day of the periods reported. Common Stock distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the DRIP. Total return is not annualized.

(5) Ratio of total expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense over average net assets attributable to common stock.

(6) Represents gross incentive fees, prior to any incentive fee waivers. Incentive fees for the first twelve calendar quarters are waived, refer to Note 4 - Related Party Transactions for additional details.

(7) Ratio of net expenses to average net assets attributable to common stock is calculated using total operating expenses, including income tax expense, less applicable waivers over average net assets attributable to common stock.

(8) Portfolio turnover rate is calculated using the lesser of year-to-date purchases or sales over the average of the invested

assets at fair value.

(9) Rounds to less than $0.01 per share.