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Net Assets (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Transactions in Common Shares

The following table summarizes transactions in Common Shares during the three months ended March 31, 2025 and March 31, 2024:


	For the Three Months Ended March 31,
	2025						2024(1)
	Shares			Amount			Shares		Amount
Class I
Subscriptions		2,641,341		$	54,132,996			346,502	$	7,163,000
Share transfers between classes		—		$	—			—	$	—
Distributions reinvested		910,935		$	18,553,467			374,957	$	7,764,317
Share repurchases		(736	)	$	(14,875	)		—	$	—
Early repurchase deduction		—		$	—			—	$	—
Net increase (decrease)		3,551,540		$	72,671,588			721,459	$	14,927,317

(1) Transactions in Common Shares issued for during the three months ended March 31, 2024 represent issuances of Common Shares under the Private Offering, which were made pursuant to Subscription Agreements entered into with participating investors during the three months ended March 31, 2024. Common Shares issued pursuant to the Private Offering are reclassified as Class I shares to conform with current period presentation.

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 three months ended March 31, 2025 and March 31, 2024:


	Net Asset Value Per Common Share
For the Months Ended	Class I
January 31, 2025	$	20.37
February 28, 2025		20.50
March 31, 2025(1)		20.07

(1) 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 quarterly review process.


	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

(1) 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.

(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 quarterly review process.

Summary of Share Repurchases Completed

The following table summarizes the share repurchases completed for the three months ended March 31, 2025:


Offer Date	Tender Offer Expiration	Purchase Price per Share		Shares Repurchased(1)		Aggregate Dollar Amount of Shares Accepted for Repurchase
November 29, 2024	December 31, 2024	$	20.22		736		14,875
March 3, 2025	March 31, 2025	$	20.07		—		—

(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 three months ended March 31, 2025 and March 31, 2024, respectively:


			Class I
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
March 26, 2025	March 26, 2025	March 28, 2025	$	0.56	$	14,099,609		479,852	$	9,836,970
November 12, 2024	November 29, 2024	January 28, 2025	$	0.69	$	13,468,268		431,083	$	8,716,497
					$	27,567,877		910,935	$	18,553,467

Of the total distributions paid during the three months ended March 31, 2025, $9,014,410 was distributed in cash.


			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
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
					$	12,454,197		374,957	$	7,764,317

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 three months ended March 31, 2025 and March 31, 2024, respectively:


	For the Three Months Ended March 31,
	2025(1)				2024(1)(2)
	Class I				Class I
	Per Share		Amount		Per Share		Amount
Net investment income		0.48	$	12,294,621		0.47	$	5,359,196
Net realized gains		0.05		1,331,837		0.09		1,046,710
Distributions in excess of net investment income		0.02		473,151		—		8,541
Total		0.55	$	14,099,609		0.56	$	6,414,447

(1)

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

(2)

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.