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Net Assets (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Transactions in Common Shares

The following table summarizes transactions in Common Shares during the years ended December 31, 2024, December 31, 2023 and December 31, 2022:


	For the Year Ended December 31,
	2024(1)				2023(1)				2022(2)
	Shares		Amount		Shares		Amount		Shares		Amount
Class I
Subscriptions		10,347,523	$	211,351,157		10,506,399	$	208,923,800		500	$	10,000
Share transfers between classes		—	$	—		—	$	—		—	$	—
Distributions reinvested		973,395	$	19,888,261		278,369	$	5,536,831		—	$	—
Share repurchases		—	$	—		—	$	—		—	$	—
Early repurchase deduction		—	$	—		—	$	—		—	$	—
Net increase (decrease)		11,320,918	$	231,239,418		10,784,768	$	214,460,631		500	$	10,000

(1) Transactions in Common Shares issued for the period from January 1, 2024 through June 23, 2024 and for the year ended December 31, 2023 represent issuances of Common Shares under the Private Offering, which were made pursuant to Subscription Agreements entered into with participating investors during the years ended December 31, 2024 and December 31, 2023, respectively. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

(2) For the period from February 10, 2022 (date of inception) to December 31, 2022.

Summary of Net Asset Value Per Share

The following tables summarize each month-end net asset value per share for Class I, Class S, and Class D Common Shares of beneficial interest during the years ended December 31, 2024 and December 31, 2023:


	Net Asset Value Per Common Share
For the Months Ended	Class I(1)
January 31, 2024	$	20.72
February 29, 2024		20.87
March 31, 2024(2)		20.58
April 30, 2024		20.72
May 31, 2024		20.31
June 30, 2024(2)		20.48
July 31, 2024		20.64
August 31, 2024		20.22
September 30, 2024(2)		20.37
October 31, 2024		20.53
November 30, 2024		20.01
December 31, 2024		20.22

(1) Common Shares issued during the period January 1, 2024 through June 23, 2024 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.

(2) The net asset value per Common Share reflected in the Company's reports on Form 8-K may differ due to updates made during the quarterly review process.


	Net Asset Value Per Common Share
For the Months Ended	Class I(1)
February 1, 2023	$	20.00
February 28, 2023		19.80
March 31, 2023		19.78
April 30, 2023		19.87
May 31, 2023		19.55
June 30, 2023		20.06
July 31, 2023		20.32
August 31, 2023		20.13
September 30, 2023		20.39
October 31, 2023		20.45
November 30, 2023		20.70
December 31, 2023(2)		20.55

(1) Common Shares issued during the year ended December 31, 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.

(2) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates made during the annual audit process.

Summary of Share Repurchases Completed

The following table summarizes the share repurchases completed for the year ended December 31, 2024:


Offer Date	Tender Offer Expiration	Purchase Price per Share		Shares Repurchased(1)		Aggregate Dollar Amount of Shares Accepted for Repurchase
March 1, 2024	March 29, 2024	$	20.56		—	$	—
May 30, 2024	June 28, 2024	$	20.47		—	$	—
August 30, 2024	September 29, 2024	$	20.36		—	$	—
November 29, 2024	December 31, 2024	$	20.22		735.65	$	14,874.94

(1) On November 29, 2024, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 970,594 Common Shares, representing 5.0% of the Company’s Common Shares outstanding as of September 30, 2024. On December 31, 2024, the quarterly Tender Offer expired, and 735.65 Common Shares were tendered for repurchase. On January 31, 2025, the Company accepted the 735.65 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company’s net asset value per Common Share as of December 31, 2024, or $20.22 per Common Share.

Distribution Declarations and Common Shares Issued

The following tables summarize the distribution declarations and Common Shares issued pursuant to the DRP for the years ended December 31, 2024 and December 31, 2023, respectively:


			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
November 12, 2024	November 29, 2024	January 28, 2025	$	0.69	$	13,468,268		431,083	$	8,716,497
August 12, 2024	August 12, 2024	September 26, 2024	$	0.56	$	10,656,800		334,457	$	6,762,718
May 13, 2024	May 13, 2024	June 26, 2024	$	0.58	$	8,136,028		263,981	$	5,361,226
March 26, 2024	March 26, 2024	March 28, 2024	$	0.57	$	6,414,447		195,395	$	4,077,919
December 29, 2023	December 31, 2023	January 30, 2024	$	0.04	$	431,411		12,826	$	263,317
November 10, 2023	December 31, 2023	January 30, 2024	$	0.52	$	5,608,339		166,736	$	3,423,081
					$	44,715,293		1,404,478	$	28,604,758

(1)

Common Shares issued for the period from January 1, 2024 through June 23, 2024 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.

Of the total distributions paid during the year ended December 31, 2024, $11,358,764 was distributed in cash. Of the total distributions paid on January 28, 2025, $4,751,771 was paid in cash.


			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
December 29, 2023	December 31, 2023	January 30, 2024	$	0.04	$	431,411		12,826	$	263,317
November 10, 2023	December 31, 2023	January 30, 2024	$	0.52	$	5,608,339		166,736	$	3,423,081
August 7, 2023	August 7, 2023	August 22, 2023	$	0.38	$	4,040,011		123,021	$	3,037,048
May 9, 2023	May 9, 2023	June 29, 2023	$	0.30	$	3,139,941		155,348	$	2,499,783
					$	13,219,702		457,931	$	9,223,229

Sources of Cash Distributions

The following table presents the sources of distributions on a GAAP basis that the Company has declared on its Common Shares for the years ended December 31, 2024 and December 31, 2023, respectively:


	For the Year Ended December 31,
	2024(1)(2)				2023(1)(2)(3)
	Class I				Class I
	Per Share		Amount		Per Share		Amount
Net investment income		1.44	$	31,731,460		1.08	$	11,643,693
Net realized gains		0.12		2,575,459		0.15		1,566,093
Distributions in excess of net investment income		0.20		4,368,624		—		9,916
Total		1.76	$	38,675,543		1.23	$	13,219,702

(1)

There were no Class S or Class D shares outstanding for the years ended and as of December 31, 2024 and December 31, 2023.

(2)

Common Shares issued for the period from January 1, 2024 through June 23, 2024 and for the years ended December 31, 2023 and December 31, 2022 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.

(3)

Distributions in excess of net investment income are less than $.01 per share.