Financial Highlights

3 Months Ended

Mar. 31, 2025

Investment Company, Financial Highlights [Abstract]

Note 9. Financial Highlights

The following are financial highlights for the three months ended March 31, 2025 and March 31, 2024, respectively:


	Class I
	For the Three Months Ended March 31,
	2025			2024(7)
Per Share Data:
Net asset value, beginning of period	$	20.22		$	20.55
Results of operations:
Net investment income (loss)(1)		0.52			0.47
Net unrealized and realized gain (loss)(2)		(0.11	)		0.13
Net increase (decrease) in net assets resulting from operations		0.41			0.60
Distribution declared (3)		(0.56	)		(0.57	)
Total increase (decrease) in net assets		(0.15	)		0.03
Net asset value, end of period	$	20.07		$	20.58
Total return based on net asset value (4)		2.03	%		2.92	%
Shares outstanding, end of period		25,657,726			11,506,727

Ratios and supplemental data:
Net assets, end of period	$	514,827,007		$	236,772,553
Weighted-average net assets		479,867,722			233,893,490
Weighted-average shares outstanding		23,645,771			11,288,960
Ratio of net expenses to weighted average net assets(5)		9.22	%		13.87	%
Ratio of net expenses before voluntary waivers to weighted average net assets(5)		9.22	%		13.87	%
Ratio of net investment income to weighted average net assets(5)		10.30	%		8.68	%
Portfolio turnover		9.43	%		17.09	%
Asset Coverage Ratio (6)		244.17	%		192.85	%

(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.

(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)

Common Shares issued during the three months ended March 31, 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.

There were no Class S or Class D shares outstanding for the three months ended March 31, 2025 and March 31, 2024.

Senior Securities

Information about our senior securities as of March 31, 2025 and December 31, 2024, are shown in the following table:


Class and period	Total Amount Outstanding		Asset Coverage Per Unit(1)		Involuntary Liquidating Preference Per Unit(2)	Market Value Per Unit(3)
March 31, 2025
Secured Credit Facility	$	357,104,745		2,441.70	—	N/A
December 31, 2024
Secured Credit Facility	$	342,685,745		2,304.60	—	N/A

(1)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(2)

The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The "—" in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(3)

Not applicable for any of the senior securities as they were not registered for public trading.