CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2024

The following is a schedule of consolidated financial highlights for the year ended December 31, 2024:


	For the Year Ended December 31, 2024
	Class S			Class D			Class I
Per share data:
Net asset value, beginning of period	$	24.69		$	24.73		$	24.73
Net investment income (loss) (1)	2.46			2.60			2.68
Net realized gains (losses) (1)	0.03			0.03			0.03
Net change in unrealized appreciation (depreciation) (1)	(0.07)			(0.06)			(0.07)
Net increase (decrease) in net assets resulting from operations	2.42			2.57			2.64
Shareholder distributions (2)	(2.37)			(2.51)			(2.57)
Early repurchase deduction fees (8)	—			—			—
Other (3)	—			—			—
Net asset value, end of period	$	24.74		$	24.79		$	24.80

Supplemental Data:
Net assets, end of period	$	18,546		$	20,188		$	787,406
Shares outstanding, end of period	749,491			814,351			31,750,143
Total return (4)	10.23		%	10.91		%	11.22		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	7.43		%	6.97		%	6.19		%
Ratio of net expenses to average net assets after expense support and waived fees (5)(6)	5.20		%	4.66		%	4.01		%
Ratio of net investment income (loss) to average net assets (5)	10.63		%	11.53		%	11.32		%
Portfolio turnover rate (7)	20.75		%	20.75		%	20.75		%
Asset coverage ratio (9)	190.83		%	190.83		%	190.83		%

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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.

(4)Total return is calculated as the change in NAV per share during the period, plus distributions per share (assuming distributions are reinvested in accordance with the Fund’s distribution reinvestment plan) divided by the beginning NAV per share. Total return does not include upfront transaction fees, if any.

(5)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 year ended December 31, 2024 was 3.28%, 3.33% and 3.04% for Class S, Class D, and Class I shares, respectively, and are annualized for periods less than one year. 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)The per share amount rounds to less than $0.01 per share in connection with Class I and Class D repurchased shares during the period. There are no shares repurchased for Class S shares.

(9)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

The following is a schedule of consolidated financial highlights for the year ended December 31, 2023:


	For the Year Ended December 31, 2023
	Class S (8)			Class D (8)			Class I
Per share data:
Net asset value, beginning of period	$	—		$	—		$	24.70
Net investment income (loss) (1)	0.73			0.76			2.97
Net realized gains (losses) (1)	—			—			0.07
Net change in unrealized appreciation (depreciation) (1)	0.17			0.22			(0.06)
Net increase (decrease) in net assets resulting from operations	0.90			0.98			2.98
Shareholder distributions (2)	(0.70)			(0.74)			(2.89)
Issuance of common shares	24.61			24.61			—
Other (3)	(0.12)			(0.12)			(0.06)
Net asset value at end of period	$	24.69		$	24.73		$	24.73

Supplemental Data:
Net assets at end of period	$	3,699		$	2,652		$	348,480
Shares outstanding at end of period	149,838			107,266			14,091,386
Total return (4)	3.21		%	3.53		%	12.52		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	8.30		%	6.55		%	6.34		%
Ratio of net expenses to average net assets after expense support and waived fees (5)(6)	5.58		%	3.96		%	4.56		%
Ratio of net investment income (loss) to average net assets (5)	13.82		%	12.18		%	12.02		%
Portfolio turnover rate (7)	11.44		%	11.44		%	11.44		%
Asset Coverage Ratio (9)	314.08		%	314.08		%	314.08		%

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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.

(5)Ratios are annualized except for management fees and incentive fees which were calculated from the Escrow Break Date and were fully waived for the year ended December 31, 2023 (Refer to Note 5). 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 incentive fee.

(6)The ratio of interest and debt financing expenses to average net assets for the year ended December 31, 2023 was 3.96%, 3.21% and 3.73% for Class S, Class D, and Class I shares, respectively, and are annualized for period (s) less than one year. 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.

The following is a schedule of consolidated financial highlights for the period February 8, 2022 (inception) through December 31, 2022:


	For the period February 8, 2022 (inception) through December 31, 2022
	Class I
Per share data:
Net asset value, beginning of period	$	—
Net investment income (loss) (1)	1.60
Net realized gains (losses) (1)	(0.02)
Net change in unrealized appreciation (depreciation) (1)	(0.34)
Net increase (decrease) in net assets resulting from operations	1.24
Shareholder distributions (2)	(1.54)
Issuance of common shares	25.00
Other (3)	—
Net asset value at end of period	$	24.70

Supplemental Data:
Net assets at end of period	$	260,301
Shares outstanding at end of period	10,540,040
Total return (4)	4.91		%

Ratio to average net assets:
Ratio of net expenses to average net assets before expense support and waived fees (5)(6)	2.41		%

Ratio of net investment income (loss) to average net assets (5)	7.13		%
Portfolio turnover rate (7)	12.11		%
Asset Coverage Ratio (8)	267.94		%

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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.

(5)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 3.02% for the period February 8, 2022 (inception) through December 31, 2022 on an annualized basis, excluding the effect of expense support which represented (0.61)% of average net assets. Average net assets is calculated utilizing quarterly net assets.

(6)The ratio of interest and debt financing expenses to average net assets for the period February 8, 2022 (inception) through December 31, 2022 was 1.82%, 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)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.