XML 39 R32.htm IDEA: XBRL DOCUMENT v3.25.1
Financial Highlights (Tables)
 3 Months Ended
Mar. 31, 2025
Investment Company, Financial Highlights [Abstract]  
Schedule of Financial Highlights

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

 

 

For the Three Months Ended March 31, 2025

 

 

Series I

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-I Shares

 

 

F-S Shares

 

 

A-I Shares

 

 

E Shares

 

 

P-I Shares

 

 

P-S Shares

 

 

TI Shares

 

 

TS Shares

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

$

25.30

 

 

$

25.41

 

 

$

25.14

 

 

$

25.52

 

 

$

25.03

 

 

$

25.03

 

 

$

25.56

 

 

$

25.52

 

Proceeds from issuance of shares

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Distributions declared(1)

 

(0.24

)

 

 

(0.28

)

 

 

(0.26

)

 

 

(0.36

)

 

 

(0.31

)

 

 

(0.31

)

 

 

(0.28

)

 

 

(0.24

)

Net investment income(2)

 

0.10

 

 

 

0.10

 

 

 

0.11

 

 

 

0.21

 

 

 

0.13

 

 

 

0.13

 

 

 

0.14

 

 

 

0.08

 

Net realized and unrealized gain/(loss)(3)

 

0.31

 

 

 

0.32

 

 

 

0.32

 

 

 

0.32

 

 

 

0.31

 

 

 

0.31

 

 

 

0.31

 

 

 

0.33

 

Net increase (decrease) in net assets resulting from operations

 

0.41

 

 

 

0.42

 

 

 

0.43

 

 

 

0.53

 

 

 

0.44

 

 

 

0.44

 

 

 

0.45

 

 

 

0.41

 

Net asset value at end of period

$

25.47

 

 

$

25.55

 

 

$

25.31

 

 

$

25.69

 

 

$

25.16

 

 

$

25.16

 

 

$

25.73

 

 

$

25.69

 

Shares outstanding at end of period

$

1,236,003

 

 

$

110

 

 

$

1,008,200

 

 

$

5,484

 

 

$

110

 

 

$

110

 

 

$

1,270,891

 

 

$

1,192,413

 

Weighted average shares outstanding

 

1,062,397

 

 

 

110

 

 

 

919,038

 

 

 

5,296

 

 

 

110

 

 

 

110

 

 

 

1,138,065

 

 

 

1,009,032

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets at end of period

 

31,485

 

 

 

3

 

 

 

25,521

 

 

 

141

 

 

 

3

 

 

 

3

 

 

 

32,705

 

 

 

30,627

 

Annualized ratio to average net assets(4)(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses before expense support and after performance fees

 

2.80

%

 

 

2.76

%

 

 

2.71

%

 

 

2.37

%

 

 

2.62

%

 

 

2.62

%

 

 

2.65

%

 

 

3.51

%

Total expenses after expense support and after performance fees

 

1.39

%

 

 

1.39

%

 

 

1.32

%

 

 

0.99

%

 

 

1.26

%

 

 

1.26

%

 

 

1.25

%

 

 

2.10

%

Total expenses after expense support and before performance fees

 

1.22

%

 

 

1.22

%

 

 

1.21

%

 

 

0.99

%

 

 

1.00

%

 

 

1.00

%

 

 

1.00

%

 

 

1.86

%

Net investment income(5)(6)

 

4.38

%

 

 

4.28

%

 

 

4.39

%

 

 

4.77

%

 

 

4.42

%

 

 

4.42

%

 

 

4.51

%

 

 

3.66

%

Total return(7)

 

1.64

%

 

 

1.64

%

 

 

1.71

%

 

 

2.03

%

 

 

1.78

%

 

 

1.78

%

 

 

1.78

%

 

 

1.57

%

 

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

(1)
The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).
(2)
The per share data was derived by using the weighted average shares outstanding during the applicable period.
(3)
The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio.
(4)
Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.
(5)
The ratios were derived using the simple average net assets during the applicable period.
(6)
For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.
(7)
The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.

 

The financial highlights exclude Series I and II class V Shares, which are non-economic and do not represent returns for investors in the economic share classes.

 

 

For the Three Months Ended March 31, 2025

 

 

Series II

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-I Shares

 

 

F-S Shares

 

 

A-I Shares

 

 

E Shares

 

 

P-I Shares

 

 

P-S Shares

 

 

TI Shares

 

 

TS Shares

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

$

25.32

 

 

$

25.44

 

 

$

25.20

 

 

$

24.99

 

 

$

25.47

 

 

$

25.48

 

 

$

25.53

 

 

$

25.49

 

Proceeds from issuance of shares

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Distributions declared(1)

 

(0.25

)

 

 

(0.30

)

 

 

(0.26

)

 

 

(0.39

)

 

 

(0.15

)

 

 

(0.29

)

 

 

(0.24

)

 

 

(0.21

)

Net investment income(2)

 

0.26

 

 

 

0.25

 

 

 

0.28

 

 

 

0.34

 

 

 

0.41

 

 

 

0.29

 

 

 

0.32

 

 

 

0.27

 

Net realized and unrealized gain/(loss)(3)

 

0.30

 

 

 

0.30

 

 

 

0.29

 

 

 

0.31

 

 

 

0.19

 

 

 

0.31

 

 

 

0.28

 

 

 

0.27

 

Net increase (decrease) in net assets resulting from operations

 

0.56

 

 

 

0.55

 

 

 

0.57

 

 

 

0.65

 

 

 

0.60

 

 

 

0.60

 

 

 

0.60

 

 

 

0.54

 

Net asset value at end of period

$

25.63

 

 

$

25.69

 

 

$

25.51

 

 

$

25.25

 

 

$

25.92

 

 

$

25.79

 

 

$

25.89

 

 

$

25.82

 

Shares outstanding at end of period

$

4,157,468

 

 

$

110

 

 

$

1,656,674

 

 

$

2,163,202

 

 

$

12,865

 

 

$

3,517,723

 

 

$

1,060,144

 

 

$

2,358,660

 

Weighted average shares outstanding

 

3,521,009

 

 

 

110

 

 

 

1,389,571

 

 

 

2,158,880

 

 

 

5,669

 

 

 

3,041,501

 

 

 

773,170

 

 

 

1,592,039

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets at end of period

 

106,543

 

 

 

3

 

 

 

42,257

 

 

 

54,616

 

 

 

334

 

 

 

90,732

 

 

 

27,443

 

 

 

60,911

 

Annualized ratio to average net assets(4)(5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses before expense support and after performance fees

 

2.66

%

 

 

2.60

%

 

 

2.59

%

 

 

2.21

%

 

 

2.85

%

 

 

2.52

%

 

 

2.58

%

 

 

3.45

%

Total expenses after expense support and after performance fees

 

1.24

%

 

 

1.23

%

 

 

1.17

%

 

 

0.84

%

 

 

1.10

%

 

 

1.10

%

 

 

1.10

%

 

 

1.94

%

Total expenses after expense support and before performance fees

 

1.07

%

 

 

1.06

%

 

 

1.05

%

 

 

0.84

%

 

 

0.91

%

 

 

0.85

%

 

 

0.86

%

 

 

1.71

%

Net investment income(5)(6)

 

5.20

%

 

 

5.05

%

 

 

5.30

%

 

 

5.44

%

 

 

6.52

%

 

 

5.31

%

 

 

5.55

%

 

 

4.82

%

Total return(7)

 

2.20

%

 

 

2.20

%

 

 

2.27

%

 

 

2.60

%

 

 

2.34

%

 

 

2.34

%

 

 

2.34

%

 

 

2.12

%

 

(1)
The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transaction (refer to Note 7).
(2)
The per share data was derived by using the weighted average shares outstanding during the applicable period.
(3)
The amount shown at this caption is the balancing amount derived from the other figures in the table. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in investments for the period because of the timing of sales of Company’s shares in relation to fluctuating market value for the portfolio.
(4)
Actual results may not be indicative of future results. Additionally, an individual shareholder's ratio may vary from the ratios presented for a share class as a whole. For the applicable period, operating expenses are annualized except for organizational expenses, management fees and performance fees.
(5)
The ratios were derived using the simple average net assets during the applicable period.
(6)
For the applicable period, interest income and operating expenses are annualized except for organizational expenses, management fees and performance fees.
(7)
The total return is calculated for each share class as the change in the net asset value for such share class during the period plus any distributions per share declared in the period, and assumes any distributions are reinvested in accordance with our distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the Performance Fees as described in Note 6. The Company, Series I and Series II’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by Shareholders in the purchase of the Company, Series I and Series II’s shares.