1Net income reached $8.2M, reflecting the Company's operational performance since its July 2025 launch as it generated returns from its deployed investment portfolio.
2Net cash provided by operating activities was -$327M, primarily due to cash outflows for net purchases of long-term securities and affiliates as the Company built its investment positions.
3The Company generates cash from net proceeds of share offerings, interest and fees from investments, principal repayments, and sales of investments, providing foundational liquidity for growth.
4Expense support, waivers, and rebates from the Operating Manager help manage costs, enabling focus on investment returns during the initial ramp-up phase.
5General and administrative expenses are expected to remain stable or decline as a percentage of total assets during periods of asset growth, aligning with the Company's expansion trajectory.