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Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company [Abstract]  
Schedule of Financial Highlights

The following are the financial highlights for the years ended December 31, 2025, 2024 and 2023. No Class S shares were outstanding between January 1, 2024 and May 31, 2024. No Class D shares were outstanding between January 1, 2024 and July 31, 2024.

 

 

 

 

For the Year Ended December 31,

 

 

 

2025

 

 

2024 (1)

 

 

2023

 

 

 

Institutional Class

 

 

Class S

 

 

Class D

 

 

Institutional Class

 

 

Class S

 

 

Class D

 

 

Institutional Class

 

Per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

24.79

 

 

$

24.79

 

 

$

24.79

 

 

$

24.85

 

 

$

24.95

 

 

$

24.75

 

 

$

23.69

 

Investment operations: (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income before excise taxes

 

 

2.22

 

 

 

2.01

 

 

 

2.15

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Excise taxes

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net investment income

 

 

2.22

 

 

 

2.01

 

 

 

2.15

 

 

 

2.60

 

 

 

1.35

 

 

 

0.99

 

 

 

3.18

 

Net realized and unrealized gain (loss)

 

 

(0.46

)

 

 

(0.46

)

 

 

(0.46

)

 

 

0.10

 

 

 

(0.04

)

 

 

0.15

 

 

 

0.85

 

Total from investment operations

 

 

1.76

 

 

 

1.55

 

 

 

1.69

 

 

 

2.70

 

 

 

1.31

 

 

 

1.14

 

 

 

4.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(2.60

)

 

 

(2.39

)

 

 

(2.53

)

 

 

(2.76

)

 

 

(1.47

)

 

 

(1.10

)

 

 

(2.87

)

Per share NAV at end of period

 

$

23.95

 

 

$

23.95

 

 

$

23.95

 

 

$

24.79

 

 

$

24.79

 

 

$

24.79

 

 

$

24.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return based on net asset value: (3)

 

 

7.10

%

 

 

6.25

%

 

 

6.82

%

 

 

10.87

%

 

 

5.25

%

 

 

4.61

%

 

 

17.01

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

61,039,850

 

 

 

4,782,132

 

 

 

93,350

 

 

 

24,334,133

 

 

 

1,808,175

 

 

 

127,381

 

 

 

9,608,484

 

Ratios to average net asset value: (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income(5)

 

 

9.58

%

 

 

8.73

%

 

 

8.79

%

 

 

10.66

%

 

 

9.86

%

 

 

10.38

%

 

 

13.50

%

Expenses before incentive fee (6)

 

 

5.16

%

 

 

6.19

%

 

 

5.96

%

 

 

5.89

%

 

 

5.84

%

 

 

5.24

%

 

 

6.70

%

Expenses and incentive fee (7)(8)(9)

 

 

6.31

%

 

 

7.36

%

 

 

7.07

%

 

 

7.54

%

 

 

6.79

%

 

 

5.91

%

 

 

6.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ending net asset value

 

$

1,461,960,470

 

 

$

114,536,454

 

 

$

2,235,823

 

 

$

603,211,729

 

 

$

44,822,335

 

 

$

3,157,610

 

 

$

238,804,026

 

Weighted-average number of common shares

 

 

40,231,661

 

 

 

3,524,337

 

 

 

132,688

 

 

 

16,353,680

 

 

 

1,107,732

 

 

 

75,396

 

 

 

7,055,915

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund-level Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio turnover rate

 

 

24.53

%

 

 

 

 

 

 

 

 

22.89

%

 

 

 

 

 

 

 

 

23.13

%

Weighted-average debt outstanding

 

$

637,922,451

 

 

 

 

 

 

 

 

$

201,243,169

 

 

 

 

 

 

 

 

$

110,172,603

 

Weighted-average interest rate on debt

 

 

6.25

%

 

 

 

 

 

 

 

 

7.15

%

 

 

 

 

 

 

 

 

7.01

%

Weighted-average debt per share

 

$

9.68

 

 

 

 

 

 

 

 

$

7.66

 

 

 

 

 

 

 

 

$

11.47

 

 

(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.
(8)
For the year ended December 31, 2025, amounts are annualized except for organizational costs, management fee and income based incentive fee waivers by the Investment Adviser. For the year ended December 31, 2025, the ratio of total operating expenses to average net assets was 7.50%, 8.49%, and 7.75% on Institutional Class, Class S and Class D respectively, on an annualized basis, excluding the effect of expense support/(recoupment) and income based incentive fee waivers by the Investment Adviser which represented 1.19%, 1.13% and 0.68% on Institutional Class, Class S and Class D, respectively, of average net assets.
(9)
For the year ended December 31, 2023, the ratio of total operating expenses to average was 9.86% on Institutional Class, on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Investment Adviser which represented 3.18% on Institutional Class of average net assets.