Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2025

The following are financial highlights for a common share outstanding for Class I, S, and D for the three months ended March 31, 2025 and 2024.


(Amounts in thousands, except share and per share amounts)	Three Months Ended March 31, 2025
	Class I			Class S*			Class D*
Per share data:
Net asset value, beginning of period	$	25.30		$	25.30		$	25.30
Net investment income (loss)(1)	0.65			0.61			0.65
Net realized and unrealized gain (loss)(2)	0.01			0.01			0.01
Total from operations	0.66			0.62			0.66
Dividends declared	(0.67)			(0.63)			(0.67)
Total increase (decrease) in net assets	(0.01)			(0.01)			(0.01)
Net asset value, end of period	$	25.29		$	25.29		$	25.29
Shares outstanding, end of period	62,673,057			5,593,418			79,564
Total return(3)(12)	2.6%			2.5%			2.6%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	11.2%			12.3		%	11.3		%
Ratio of total net operating expenses to average net assets(4)(5)(7)	0.6%			0.6%			0.6%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	10.5%			10.3%			10.5%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	10.4%			10.2%			10.4%
Net assets, end of period	$	1,585,048		$	141,462		$	2,012
Weighted average shares outstanding	60,612,620			4,798,726			75,516
Portfolio turnover rate(10)	3.1		%	3.1		%	3.1		%
Asset coverage ratio(11)	200.5		%	200.5		%	200.5		%


(Amounts in thousands, except share and per share amounts)	Three Months Ended March 31, 2024
	Class I			Class S			Class D
Per share data:
Net asset value, beginning of period	$	25.41		$	25.41		$	25.41
Net investment income (loss)(1)	0.68			0.67			0.66
Net realized and unrealized gain (loss)(2)	0.00			(0.01)			0.00
Total from operations	0.68			0.66			0.66
Dividends declared	(0.69)			(0.67)			(0.67)
Total increase (decrease) in net assets	(0.01)			(0.01)			(0.01)
Net asset value, end of period	$	25.40		$	25.40		$	25.40
Shares outstanding, end of period	39,422,288			1,825,665			38,263
Total return(3)(12)	2.7%			2.6%			2.6%
Ratios / supplemental data
Ratio of total expenses to average net assets(4)(5)(6)	10.4%			10.7		%	10.7		%
Ratio of total net operating expenses to average net assets(4)(5)(7)	0.6%			0.6%			60.0%
Ratio of net investment income (loss) before taxes to average net assets(4)(5)(8)	11.4		%	11.1		%	11.0		%
Ratio of net investment income (loss) after taxes to average net assets(4)(5)(9)	11.3		%	11.0		%	10.8		%
Net assets, end of period	$	1,001,429		$	46,377		$	972
Weighted average shares outstanding	35,153,542			1,635,950			29,527
Portfolio turnover rate(10)	1.8		%	1.8		%	1.8		%
Asset coverage ratio(11)	226.2		%	226.2		%	226.2		%

(1)The per share data was derived using the weighted average shares outstanding during the period.

(2)The amount shown at this caption includes the balancing amount derived from other figures in the schedule. The amount shown does not correspond with the aggregate amount for the period due to the effect of the timing of capital transactions.

(3)Total return is calculated as the change in NAV per share during the period, assuming dividends and distributions, if any, are reinvested in accordance with the Company’s distribution reinvestment plan, divided by the opening NAV per share. Total return does not include upfront transaction fee, if any.

(4)Annualized.

(5)Average net assets are computed using the average monthly net assets during the reporting period.

(6)Ratio of total expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable. Included in total expenses are incentive fees of 2.7%, as a percent of average net assets for the three months ended March 31, 2025 for Class I, Class S, and Class D. Included in total expenses are incentive fees of 0.4%, 0.4%, and 0.4%, respectively, as a percent of average net assets for the three months ended March 31, 2024 for Class I, Class S, and Class D respectively.The impact of the waiver included in total expenses net of waivers was 2.7% for Class S shares and was not applicable to Class D or Class I shares for the three months ended March 31, 2025. The impact of the waiver included in total expenses net of waivers was (0.1)% for Class S shares and was not applicable to Class D or Class I shares for the three months ended March 31, 2024.

(7)Ratio of net operating expenses to average net assets is computed using total operating expenses net of interest expense, tax expense, organizational expense, offering expense, management fees, incentive fees, and waivers from the Administrator, if applicable.

(8)Ratio of net investment income (loss) before taxes to average net assets does not include applicable tax expenses that are not attributable to the Company itself but are taxes to a consolidated subsidiary to the Company and thus shown on the Consolidated Statements of Operations.

(9)Ratio of net investment income (loss) after taxes to average net assets includes applicable tax expenses that are not attributable to the Company itself, but are taxes to a consolidated subsidiary to the Company and thus shown on the Consolidated Statements of Operations.

(10)Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.

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

(12)Not annualized.