Financial Highlights

The following are schedules of financial highlights of the Company attributed to each class of shares for the year ended December 31, 2019 and the period from February 7, 2018 (commencement of operations) through December 31, 2018.



	Year Ended December 31, 2019
	Class FA Shares			Class A Shares			Class T Shares			Class D Shares			Class I Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period	$	26.65		$	26.44		$	26.54		$	26.23		$	26.55
Net investment income (loss), before expense support⁽¹⁾	0.90			0.50			(0.10		)	0.46			0.40
Expense support⁽¹⁾⁽²⁾	0.31			0.13			0.42			—			0.36
Net investment income⁽¹⁾	1.21			0.63			0.32			0.46			0.76
Net realized and unrealized gains⁽¹⁾⁽³⁾	1.03			1.09			1.15			1.04			1.09
Net increase resulting from investment operations	2.24			1.72			1.47			1.50			1.85
Distributions to shareholders⁽⁴⁾	(1.25		)	(1.25		)	(1.00		)	(1.12		)	(1.25		)
Net decrease resulting from distributions to shareholders	(1.25		)	(1.25		)	(1.00		)	(1.12		)	(1.25		)
Net Asset Value, End of Period	$	27.64		$	26.91		$	27.01		$	26.61		$	27.15
Net assets, end of period	$	117,637,467		$	18,008,048		$	5,366,259		$	8,053,103		$	25,218,014
Average net assets⁽⁵⁾	$	92,567,951		$	11,801,755		$	2,079,541		$	5,248,921		$	15,749,822
Shares outstanding, end of period	4,255,548			669,141			198,662			302,632			928,848
Distributions declared	$	4,268,395		$	549,420		$	76,739		$	222,967		$	728,063
Total investment return based on net asset value⁽⁶⁾	8.46		%	6.66		%	5.65		%	5.87		%	7.14		%
Total investment return based on net asset value after total return incentive fee⁽⁶⁾	8.46		%	6.66		%	5.65		%	5.87		%	7.14		%



	Year Ended December 31, 2019
	Class FA Shares		Class A Shares		Class T Shares		Class D Shares		Class I Shares

RATIOS/SUPPLEMENTAL DATA (not annualized):
Ratios to average net assets:⁽⁵⁾⁽⁷⁾
Total operating expenses before total return incentive fee and expense support	2.08	%	4.89	%	7.71	%	4.97	%	4.81	%
Total operating expenses before expense support	2.92	%	4.89	%	7.71	%	4.97	%	5.26	%
Total operating expenses after expense support	1.77	%	4.38	%	6.14	%	4.97	%	3.89	%
Net investment income before total return incentive fee⁽⁹⁾	4.47	%	2.36	%	1.20	%	1.74	%	2.84	%
Net investment income after total return incentive fee	4.47	%	2.36	%	1.20	%	1.74	%	2.84	%



	Period February 7, 2018 ⁽⁸⁾ through December 31, 2018
	Class FA Shares			Class A Shares			Class T Shares			Class D Shares			Class I Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period⁽¹⁰⁾	$	25.00		$	25.00		$	25.16		$	25.26		$	25.00
Net investment income before expense support⁽¹⁾	0.93			(1.26		)	(0.11		)	0.02			0.06
Expense support⁽¹⁾⁽²⁾	0.08			1.74			0.52			—			0.69
Net investment income⁽¹⁾	1.01			0.48			0.41			0.02			0.75
Net realized and unrealized gains⁽¹⁾⁽³⁾	1.67			1.87			1.57			1.53			1.69
Net increase resulting from investment operations	2.68			2.35			1.98			1.55			2.44
Distributions to shareholders⁽⁴⁾	(1.03		)	(0.91		)	(0.60		)	(0.58		)	(0.89		)
Net decrease resulting from distributions to shareholders	(1.03		)	(0.91		)	(0.60		)	(0.58		)	(0.89		)
Net Asset Value, End of Period	$	26.65		$	26.44		$	26.54		$	26.23		$	26.55

Net assets, end of period	$	87,061,758		$	5,086,607		$	834,576		$	3,222,865		$	6,624,004
Average net assets⁽⁵⁾	$	83,797,239		$	562,185		$	385,874		$	1,732,979		$	2,381,673
Shares outstanding, end of period	3,266,260			192,388			31,452			122,889			249,526
Distributions declared	$	3,364,900		$	21,184		$	9,032		$	39,313		$	83,873
Total investment return based on net asset value^(6)(10)	11.72		%	9.56		%	7.94		%	6.80		%	9.90		%
Total investment return based on net asset value after total return incentive fee⁽⁶⁾	10.88		%	9.56		%	7.94		%	6.19		%	9.90		%
RATIOS/SUPPLEMENTAL DATA (not annualized):
Ratios to average net assets:⁽⁵⁾⁽⁷⁾
Total operating expenses before total return incentive fee and expense support	2.87		%	18.09		%	6.15		%	4.86		%	6.68		%
Total operating expenses before expense support	4.00		%	19.62		%	7.34		%	5.92		%	8.40		%
Total operating expenses after expense support	3.66		%	13.02		%	5.37		%	5.92		%	5.75		%
Net investment income before total return incentive fee⁽⁹⁾	4.73		%	1.81		%	1.55		%	1.15		%	2.87		%
Net investment income	3.94		%	1.81		%	1.55		%	0.09		%	2.87		%

FOOTNOTES:


⁽¹⁾	The per share amounts presented are based on weighted average shares outstanding.


⁽²⁾	Expense support is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year.

⁽³⁾

The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments.


⁽⁴⁾	The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01.


⁽⁵⁾	The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month.

⁽⁶⁾

Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.” Total returns before total return incentive fees also exclude related expense support. See footnote (9) below for information regarding the percentage of total incentive fees covered by expense support by share class for all periods presented. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares.


⁽⁷⁾	Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole.


⁽⁸⁾	The Company commenced operations on February 7, 2018.

⁽⁹⁾

Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the year ended December 31, 2019, only Class FA and Class I shares incurred total return incentive fees, all of which were covered by expense support. For the period February 7, 2018 through December 31, 2018, all of the total return incentive fees for the Class A, Class T and Class I shares were covered by expense support, approximately 30% of the total return incentive fees for Class FA shares were covered by expense support, and none of the total return incentive fees for Class D shares were covered by expense support.

⁽¹⁰⁾

The net asset value as of the beginning of the period is based on the price of shares sold, net of any sales load, to the initial investor of each respective share class. All Class FA shares sold in the 2018 Private Offering were sold at the same per share amount. The first investors for Class A, Class T, Class D and Class I shares purchased their shares in April 2018, May 2018, June 2018 and April 2018, respectively.