Financial Highlights

9 Months Ended

Sep. 30, 2024

Note 9. Financial Highlights

The following are financial highlights for the nine months ended September 30, 2024 and September 30, 2023, respectively:


	For the nine months ended September 30, 2024
	Class I			Class S(7)		Class D(7)
Per Share Data:
Net asset value, beginning of period	$	20.55		$	—	$	—
Results of operations:
Net investment income (loss)(1)		1.53			—		—
Net unrealized and realized gain (loss)(2)		0.00			—		—
Net increase (decrease) in net assets resulting from operations		1.53			—		—
Distribution declared (3)		(1.71	)		—		—
Total increase (decrease) in net assets		(0.18	)		—		—
Net asset value, end of period	$	20.37		$	—	$	—
Total return based on net asset value (4)		7.45	%		—		—
Shares outstanding, end of period		19,411,885			—		—

Ratios and supplemental data:
Net assets, end of period	$	395,451,678		$	—	$	—
Weighted-average net assets		298,435,026			—		—
Weighted-average shares outstanding		14,549,894			—		—
Ratio of net expenses to average net assets (5)		11.90	%		—		—
Ratio of net expenses before voluntary waivers to average net assets(5)		11.90	%		—		—
Ratio of net investment income to average net assets (5)		9.83	%		—		—
Portfolio turnover		39.80	%		—		—
Asset Coverage Ratio (6)		242.24	%		—		—

(1)

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

(2)

The amount shown for a Common Share outstanding does not correspond with the aggregate realized and unrealized gain (loss) on investments for the period due to the timing of capital share transactions of Common Shares in relation to fluctuating market values of investments of the Company.

(3)

Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)

Total return based on net asset value calculated as the change in Net Asset Value per share during the respective periods, assuming distributions, if any, are reinvested on the effects of the performance of the Company during the period. Total return is not annualized.

(5)

Annualized, with the exception of certain non-recurring expenses.

(6)

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

(7)

There were no Class S or Class D shares outstanding as of September 30, 2024.


	For the Nine Months Ended September 30, 2023
	Class I(8)
Per Share Data:
Net asset value, beginning of period	$	20.00
Results of operations:
Net investment income (loss)(1)		0.84
Net unrealized and realized gain (loss)(2)		0.23
Net increase (decrease) in net assets resulting from operations		1.07
Distribution declared (3)		(0.68	)
Total increase (decrease) in net assets		0.39
Net asset value, end of period	$	20.39
Total return based on NAV (4)		5.35	%
Shares outstanding, end of period		10,769,456

Ratios and supplemental data:
Net assets, end of period	$	219,555,915
Weighted-average net assets		160,637,252
Weighted-average shares outstanding		8,012,421
Ratio of net expenses to average net assets (5)		7.04	%
Ratio of net expenses before voluntary waivers to average net assets(5)		7.41	%
Ratio of net investment income to average net assets (5)		5.72	%
Portfolio turnover(7)		44.00	%
Asset Coverage Ratio (6)		251.00	%

(1)

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

(2)

(3)

Distributions are based on the number of shares outstanding on the date the distribution was declared.

(4)

(5)

Annualized, with the exception of certain non-recurring expenses.

(6)

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

(7)

Calculated for the period February 1, 2023 (commencement of operations) to September 30, 2023.

(8)

Common Shares issued during the nine months ended September 30, 2023 relate to the Private Offering and became Class I shares as part of Public Offering effective June 24, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.