CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Mar. 31, 2024

The following is a schedule of financial highlights for the three months ended March 31, 2024:


	Three Months Ended March 31, 2024
	Class S (8)			Class D (8)			Class I
Per share data:
Net asset value at beginning of period	$	24.69		$	24.73		$	24.73
Net investment income (loss) (1)	0.70			0.73			0.75
Net realized gains (losses) (1)	—			0.01			—
Net change in unrealized appreciation (depreciation) (1)	(0.15)			(0.18)			(0.14)
Net increase (decrease) in net assets resulting from operations	0.55			0.56			0.61
Shareholder distributions from income (2)	(0.70)			(0.74)			(0.75)
Early repurchase deduction fees (9)	—			—			—
Other (3)	0.04			0.06			0.03
Net asset value at end of period	$	24.58		$	24.61		$	24.62

Supplemental Data:
Net assets at end of period	$	8,305		$	8,901		$	458,770
Shares outstanding at end of period	337,853			361,640			18,636,716
Total return (4)	2.41		%	2.51		%	2.59		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	7.85		%	7.17		%	5.98		%
Ratio of net expenses to average net assets after expense support and waived fees (5)(6)	4.84		%	3.96		%	3.44		%
Ratio of net investment income (loss) to average net assets (5)	12.73		%	12.97		%	12.05		%
Portfolio turnover rate (7)	4.46		%	4.46		%	4.46		%
Asset coverage ratio	457.20		%	457.20		%	457.20		%

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

(2)The per share data for distributions reflects the actual amount of distributions declared during the period.

(3)Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the month end NAV per share.

(5)Ratios are annualized. Average net assets is calculated utilizing quarterly net assets. Ratio of net investment income (loss) to average net assets includes the effect of expense support and waived management fee and income based incentive fees.

(6)The ratio of interest and debt financing expenses to average net assets for the three months ended March 31, 2024 was 3.28%, 3.09% and 2.92% for Class S, Class D, and Class I, respectively. Average net assets is calculated utilizing quarterly net assets.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.

(8)Class S and Class D shares were first issued and sold in October 2023.

(9)The per share amount rounds to less than $0.01 per share.

The following is a schedule of financial highlights for the three months ended March 31, 2023:


	Three Months Ended March 31, 2023
		Class I
Per share data:
Net asset value at beginning of period		$	24.70
Net investment income (loss) (1)		0.68
Net realized gains (losses) (1)		—
Net change in unrealized appreciation (depreciation) (1)		(0.09)
Net increase (decrease) in net assets resulting from operations		0.59
Shareholder distributions from income (2)		(0.63)

Other (3)		(0.01)
Net asset value at end of period		$	24.65

Supplemental Data:
Net assets at end of period		$	259,852
Shares outstanding at end of period		10,540,040
Total return		2.37		%

Ratio to average net assets:
Ratio of net expenses to average net assets (4) (5)		4.72		%
Ratio of net investment income (loss) to average net assets (4)		11.25		%
Portfolio turnover rate (6)		0.37		%
Asset coverage ratio		291.77		%

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

(2)The per share data for distributions reflects the actual amount of distributions declared during the period.

(4)Ratios are annualized except for expense support amounts relating to organizational costs and interest expense on the Note. The ratio of total expenses to average net assets was 4.96% for the period ending March 31, 2023, excluding the effect of expense support which represented (0.24)%, of average net assets. Average net assets is calculated utilizing quarterly net assets.

(5)The ratio of interest and debt financing expenses to average net assets for the period ending March 31, 2023 was 3.86%, average net assets is calculated utilizing quarterly net assets.

(6)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported.