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Financial Highlights
 12 Months Ended
Dec. 31, 2024
Investment Company [Abstract]  
Financial Highlights

9. Financial Highlights

The following are the financial highlights for the year ended December 31, 2024. No Class S shares were outstanding between January 1, 2024 and May 31, 2024. No Class D shares were outstanding between January 1, 2024 to July 31, 2024:

 

 

 

For the Year Ended December 31,

 

 

For the Period from March 18, 2022 (Inception) to December 31,

 

 

 

2024(1)

 

 

2023

 

 

2022

 

 

 

Institutional Class

 

 

Class S

 

 

Class D

 

 

Institutional Class

 

 

Institutional Class

 

Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

24.85

 

 

$

24.95

 

 

$

24.75

 

 

$

23.69

 

 

$

25.00

 

Investment operations: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before excise taxes

 

 

2.60

 

 

 

1.35

 

 

 

0.99

 

 

 

3.19

 

 

 

0.99

 

Excise taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(0.01

)

 

 

—

 

Net investment income

 

 

2.60

 

 

 

1.35

 

 

 

0.99

 

 

 

3.18

 

 

 

0.99

 

Net realized and unrealized gain (loss)

 

 

0.10

 

 

 

(0.04

)

 

 

0.15

 

 

 

0.85

 

 

 

(1.55

)

Total from investment operations

 

 

2.70

 

 

 

1.31

 

 

 

1.14

 

 

 

4.03

 

 

 

(0.56

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(2.76

)

 

 

(1.47

)

 

 

(1.10

)

 

 

(2.87

)

 

 

(0.75

)

Per share NAV at end of period

 

$

24.79

 

 

$

24.79

 

 

$

24.79

 

 

$

24.85

 

 

$

23.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return based on net asset value: (3)

 

 

10.87

%

 

 

5.25

%

 

 

4.61

%

 

 

17.01

%

 

 

(2.24

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

24,334,133

 

 

 

1,808,175

 

 

 

127,381

 

 

 

9,608,484

 

 

 

4,968,576

 

Ratios to average net asset value: (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income(5)

 

 

10.66

%

 

 

9.86

%

 

 

10.38

%

 

 

13.50

%

 

 

8.21

%

Expenses before incentive fee (6)

 

 

5.89

%

 

 

5.84

%

 

 

5.24

%

 

 

6.70

%

 

 

7.80

%

Expenses and incentive fee (7)

 

 

7.54

%

 

 

6.79

%

 

 

5.91

%

 

 

6.70

%

 

 

7.80

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending net asset value

 

$

603,211,729

 

 

$

44,822,335

 

 

$

3,157,610

 

 

$

238,804,026

 

 

$

117,685,277

 

Weighted-average number of common shares

 

 

16,353,680

 

 

 

1,107,732

 

 

 

75,396

 

 

 

7,055,915

 

 

 

2,596,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

22.89

%

 

 

 

 

 

 

 

 

23.13

%

 

 

4.23

%

Weighted-average debt outstanding

 

$

201,243,169

 

 

 

 

 

 

 

 

$

110,172,603

 

 

$

45,242,215

 

Weighted-average interest rate on debt

 

 

7.15

%

 

 

 

 

 

 

 

 

7.01

%

 

 

5.08

%

Weighted-average debt per share

 

$

7.66

 

 

 

 

 

 

 

 

$

11.47

 

 

$

9.11

 

 

(1)
Class S commenced operations on June 1, 2024 and Class D commenced operations on August 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.