Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2023

The following are the financial highlights for the nine months ended September 30, 2023:


	Nine Months Ended September 30, 2023

	Class S (6)		Class D (7)		Class I (8)
Per Share Data:
Net asset value at beginning of period	$	23.20	$	23.20	$	23.20
Net investment income (1)		1.76		1.89		1.91
Net unrealized and realized gains (losses) (2)		1.04		1.02		1.04
Net increase (decrease) in net assets resulting from operations		2.80		2.91		2.95
Distribution declared (3)		(1.45)		(1.56)		(1.60)
Net asset value at end of period	$	24.55	$	24.55	$	24.55

Total return (4)		12.33%		12.83%		13.04%
Shares outstanding, end of period		23,760,595		199,307		107,999,762
Weighted average shares outstanding		16,135,726		144,060		93,886,816

Ratio/Supplemental Data
Net assets at end of period	$	583,245	$	4,892	$	2,651,042
Annualized ratio of net expenses to average net assets (5)		10.18%		9.50%		9.43%
Annualized ratio of net investment income to average net assets (5)		9.81%		10.54%		10.67%
Portfolio turnover rate		31.13%		31.13%		31.13%
Asset coverage per unit (9)		2,366		2,366		2,366

The following are the financial highlights for the nine months ended September 30, 2022:


	Nine Months Ended September 30, 2022

	Class S (6)		Class D (7)		Class I (8)
Per Share Data:
Net asset value at beginning of period	$	25.04	$	22.87	$	25.00
Net investment income (1)		1.20		0.50		1.42
Net unrealized and realized gains (losses) (2)		(2.28)		0.01		(2.22)
Net increase (decrease) in net assets resulting from operations		(1.08)		0.51		(0.80)
Distribution declared (3)		(0.99)		(0.41)		(1.23)
Net asset value at end of period	$	22.97	$	22.97	$	22.97

Total return (4)		(4.39)%		2.18%		(3.30)%
Shares outstanding, end of period		9,004,550		120,735		76,172,677
Weighted average shares outstanding		4,969,834		65,048		60,255,568

Ratio/Supplemental Data
Net assets at end of period	$	206,789	$	2,772	$	1,749,312
Annualized ratio of net expenses to average net assets (5)		6.64%		8.13%		4.62%
Annualized ratio of net investment income to average net assets (5)		7.64%		8.49%		8.07%
Portfolio turnover rate		53.48%		53.48%		53.48%
Asset coverage per unit (9)		1,948		1,948		1,948

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(1)

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

(2)

The amount shown at this caption is the balancing amount 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 securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.

(3)

The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 6).

(4)

Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S and Class D shares, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I shares is not subject to upfront sales load.

(5)

For the nine months ended September 30, 2023, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the nine months ended September 30, 2023, the total operating expenses to average net assets were 10.18%, 9.50% and 9.43%, for Class S, Class D and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. For the nine months ended September 30, 2022, the total operating expenses to average net assets were 7.72%, 8.11%, and 6.20% for Class S, Class D and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables.

(6)

Class S shares were first issued on February 1, 2022.

(7)

Class D shares were first issued on July 1, 2022.

(8)

Class I shares were first issued on January 7, 2022 (commencement of operations).

(9)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of September 30, 2023, the Company's asset coverage was 236.6%.

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