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Financial Highlights
 6 Months Ended
Jun. 30, 2024
Investment Company [Abstract]  
Financial Highlights

9. Financial Highlights

The following are the financial highlights for the six months ended June 30, 2024. No Class S shares were outstanding between January 1, 2024 and May 31, 2024:

 

 

Six Months Ended June 30, 2024 (1)

 

 

 

Institutional Class

 

 

Class S

 

Per Common Share

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

24.85

 

 

$

24.95

 

Investment operations: (2)

 

 

 

 

 

 

Net investment income

 

 

1.35

 

 

 

0.22

 

Net realized and unrealized gain (loss)

 

 

0.02

 

 

 

(0.12

)

Total from investment operations

 

 

1.37

 

 

 

0.10

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(1.38

)

 

 

(0.21

)

Per share NAV at end of period

 

$

24.84

 

 

$

24.84

 

 

 

 

 

 

 

Total return based on net asset value: (3)

 

 

5.51

%

 

 

0.40

%

 

 

 

 

 

 

Shares outstanding at end of period

 

 

13,840,544

 

 

 

299,659

 

Ratios to average net asset value: (4)

 

 

 

 

 

 

Net investment income(5)

 

 

11.95

%

 

 

12.61

%

Expenses before incentive fee (6)

 

 

7.20

%

 

 

6.20

%

Expenses and incentive fee (7)

 

 

8.00

%

 

 

6.30

%

 

 

 

 

 

 

Ending net asset value

 

$

343,837,811

 

 

$

7,444,366

 

Weighted-average number of common shares

 

 

11,866,422

 

 

 

299,659

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

Portfolio turnover rate

 

 

12.21

%

 

 

 

Weighted-average debt outstanding

 

$

169,373,626

 

 

 

 

Weighted-average interest rate on debt

 

 

7.42

%

 

 

 

Weighted-average debt per share

 

$

14.21

 

 

 

 

 

(1)
Class S commenced operations on June 1, 2024.
(2)
Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.
(3)
Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.
(4)
Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses.
(5)
Net of incentive fees and excise taxes.
(6)
Includes interest and other debt costs but excludes excise taxes.
(7)
Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.

 

9. Financial Highlights (Continued)

The following are the financial highlights for the six months ended June 30, 2023:

 

 

Six Months Ended June 30, 2023

 

 

 

Institutional Class

 

 

Class S

 

Per Common Share

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

23.69

 

 

$

—

 

Investment operations: (1)

 

 

 

 

 

 

Net investment income

 

 

1.47

 

 

 

—

 

Net realized and unrealized gain (loss)

 

 

0.51

 

 

 

—

 

Total from investment operations

 

 

1.98

 

 

 

—

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(1.18

)

 

 

—

 

Per share NAV at end of period

 

$

24.49

 

 

$

—

 

 

 

 

 

 

 

Total return based on net asset value: (2)

 

 

8.36

%

 

 

—

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

6,568,807

 

 

 

—

 

Ratios to average net asset value: (3)

 

 

 

 

 

 

Net investment income(4)

 

 

12.52

%

 

 

—

 

Expenses before incentive fee (5)

 

 

6.50

%

 

 

—

 

Expenses and incentive fee (6)

 

 

6.50

%

 

 

—

 

 

 

 

 

 

 

Ending net asset value

 

$

160,840,538

 

 

$

—

 

Weighted-average number of common shares

 

 

5,989,898

 

 

 

—

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

Portfolio turnover rate

 

 

13.46

%

 

 

 

Weighted-average debt outstanding

 

$

92,447,514

 

 

 

 

Weighted-average interest rate on debt

 

 

6.59

%

 

 

 

Weighted-average debt per share

 

$

14.07

 

 

 

 

 

(1)
Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred.
(2)
Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period.
(3)
Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses, excluding the effect of management fee and incentive fee waivers by the Adviser which represented 2.18% of average net assets.
(4)
Net of incentive fees and excise taxes.
(5)
Includes interest and other debt costs but excludes excise taxes.
(6)
Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes.