v3.25.2
Financial Highlights
 6 Months Ended
Jun. 30, 2025
Investment Company, Financial Highlights [Abstract]  
Financial Highlights

Note 9. Financial Highlights

 

The following are financial highlights for the six months ended June 30, 2025 and June 30, 2024, respectively:

 

 

 

Class I

 

 

Class S(8)

 

 

For the Six Months Ended June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2025

 

 

2024(7)

 

 

2025

 

 

2024

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

20.22

 

 

$

20.55

 

 

$

—

 

 

$

—

 

Initial issuance of Class S shares

 

 

 

 

 

 

 

20.15

 

 

 

 

Results of operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss)(1)

 

 

1.05

 

 

 

1.01

 

 

 

0.33

 

 

 

—

 

Net unrealized and realized gain (loss)(2)

 

 

0.01

 

 

 

0.07

 

 

 

0.21

 

 

 

—

 

Net increase (decrease) in net assets resulting from operations

 

 

1.06

 

 

 

1.08

 

 

 

0.54

 

 

 

—

 

Distribution declared (3)

 

 

(1.09

)

 

 

(1.15

)

 

 

(0.53

)

 

 

—

 

Total increase (decrease) in net assets

 

 

(0.03

)

 

 

(0.07

)

 

 

0.01

 

 

 

—

 

Net asset value, end of period

 

$

20.19

 

 

$

20.48

 

 

$

20.16

 

 

$

—

 

Total return based on net asset value (4)

 

 

5.24

%

 

 

5.26

%

 

 

2.68

%

 

 

—

 

Shares outstanding, end of period

 

 

28,058,049

 

 

 

16,514,981

 

 

 

2,931

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios and supplemental data:

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

566,362,224

 

 

$

338,235,804

 

 

$

59,082

 

 

$

—

 

Weighted-average net assets

 

 

517,456,718

 

 

 

260,491,931

 

 

 

58,039

 

 

 

—

 

Weighted-average shares outstanding

 

 

25,655,623

 

 

 

12,650,659

 

 

 

2,902

 

 

 

—

 

Ratio of net expenses to weighted average net assets(5)

 

 

9.25

%

 

 

13.20

%

 

 

6.99

%

 

 

—

 

Ratio of net expenses before voluntary waivers to weighted average net assets(5)

 

 

9.25

%

 

 

13.20

%

 

 

6.99

%

 

 

—

 

Ratio of net investment income to weighted average net assets(5)

 

 

10.56

%

 

 

9.61

%

 

 

7.07

%

 

 

—

 

Portfolio turnover

 

 

21.44

%

 

 

31.41

%

 

 

21.44

%

 

 

—

 

Asset Coverage Ratio (6)

 

 

223.91

%

 

 

232.64

%

 

 

223.91

%

 

 

—

 

 

(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. Annualization for Class S shares is for the period May 1, 2025 through December 31, 2025.
(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 for 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.
(8)
The date of first sale of Class S shares was May 1, 2025.

There were no Class D shares outstanding for the six months ended June 30, 2025. There were no Class S or Class D shares outstanding for the six months ended June 30, 2024.

 

Senior Securities

 

Information about our senior securities as of June 30, 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)

June 30, 2025

 

 

 

 

 

 

Secured Credit Facility

$

457,104,745

 

 

2,239.10

 

—

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.