Net Assets (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Transactions in Common Shares

The following table summarizes transactions in Common Shares during the three and six months ended June 30, 2025 and June 30, 2024:


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2025				2024(1)				2025						2024(1)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares		Amount
Class I
Subscriptions		1,875,664	$	37,622,000		4,744,273	$	97,359,157		4,517,006		$	91,754,996			5,090,775	$	104,522,157
Share transfers between classes		—	$	—		—	$	—		—		$	—			—	$	—
Distributions reinvested		524,658	$	10,419,716		263,981	$	5,361,226		1,435,593		$	28,973,183			638,938	$	13,125,543
Share repurchases		—	$	—		—	$	—		(736	)	$	(14,875	)		—	$	—
Early repurchase deduction		—	$	—		—	$	—		—		$	—			—	$	—
Net increase (decrease)		2,400,322	$	48,041,716		5,008,254	$	102,720,383		5,951,863		$	120,713,304			5,729,713	$	117,647,700
Class S
Subscriptions		2,874	$	57,900		—	$	—		2,874		$	57,900			—	$	—
Share transfers between classes		—	$	—		—	$	—		—		$	—			—	$	—
Distributions reinvested		57	$	1,142		—	$	—		57		$	1,142			—	$	—
Share repurchases		—	$	—		—	$	—		—		$	—			—	$	—
Early repurchase deduction		—	$	—		—	$	—		—		$	—			—	$	—
Net increase (decrease)		2,931	$	59,042		—	$	—		2,931		$	59,042			—	$	—

(1) Transactions in Common Shares issued for the period January 1, 2024 through June 23, 2024 represent issuances of Common Shares under the Private Offering, which were made pursuant to Subscription Agreements entered into with participating investors during the six months ended June 30, 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 six months ended June 30, 2025 and June 30, 2024:


	Net Asset Value Per Common Share
For the Months Ended	Class I		Class S
January 31, 2025	$	20.37	$	—
February 28, 2025		20.50		—
March 31, 2025(1)		20.07		—
April 30, 2025		20.15		20.15
May 31, 2025		19.86		19.85
June 30, 2025(1)		20.19		20.16

(1) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates from estimates to actuals.


	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
April 30, 2024		20.72
May 31, 2024		20.31
June 30, 2024(2)		20.48

(1) 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.

(2) The net asset value per Common Share reflected in the Company's report on Form 8-K may differ due to updates from estimates to actuals.

Summary of Share Repurchases Completed

The following table summarizes the share repurchases completed for the six months ended June 30, 2025:


Offer Date	Tender Offer Expiration	Purchase Price per Share		Shares Repurchased (Class I)		Aggregate Dollar Amount of Shares Accepted for Repurchase
November 29, 2024(1)	December 31, 2024	$	20.22		736		14,875
March 3, 2025	March 31, 2025	$	20.07		—		—
May 30, 2025(2)	June 30, 2025	$	20.18		26,300		530,729

(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.

(2) On May 30, 2025, the Company commenced a quarterly Tender Offer, pursuant to which the Company offered to repurchase up to 1,282,887 Common Shares, representing 5.0% of the Company’s Common Shares outstanding as of March 31, 2025. On June 30, 2025, the quarterly Tender Offer expired, and 26,299.77 Common Shares were tendered for repurchase. On July 31, 2025, the Company accepted the 26,299.77 Common Shares for purchase. The purchase price of the Common Shares tendered is the Company’s net asset value per Common Share as of June 30, 2025, or $20.18 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 six months ended June 30, 2025 and June 30, 2024, respectively:


			Class I
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
May 13, 2025	May 13, 2025	June 26, 2025	$	0.53	$	14,563,609		524,658	$	10,419,716
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
					$	42,131,486		1,435,593	$	28,973,183

Of the total distributions paid during the three and six months ended June 30, 2025, $4,143,893 and $13,158,303 was distributed in cash, respectively. Of the total distributions paid for the six months ended June 30, 2025, $4,751,771 was payable as of December 31, 2024.


			Class I(1)
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
May 13, 2024	May 13, 2024	June 26, 2024	$	0.58	$	8,136,028		263,981	$	5,361,226
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
					$	20,590,225		638,938	$	13,125,543

Of the total distributions paid during the three and six months ended June 30, 2024, $2,774,802 and $7,464,682 was distributed in cash, respectively. Of the total distributions paid for the six months ended June 30, 2024, $2,353,352 was payable as of December 31, 2023.


			Class S
Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued		Value of DRP Shares Issued
May 13, 2025	May 13, 2025	June 26, 2025	$	0.53	$	1,523		57	$	1,142
					$	1,523		57	$	1,142

Sources of Cash Distributions

The following tables present the sources of distributions on a GAAP basis that the Company has declared on its Common Shares for the six months ended June 30, 2025 and June 30, 2024, respectively:


	For the Six Months Ended June 30,
	2025				2024(1)
	Class I				Class I
	Per Share		Amount		Per Share		Amount
Net investment income		0.96	$	26,919,693		0.77	$	12,776,694
Net realized gains		0.03		770,235		0.10		1,657,169
Distributions in excess of net investment income		0.03		973,290		0.01		116,612
Total		1.02	$	28,663,218		0.88	$	14,550,475

(1)

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.


	For the Six Months Ended June 30,
	2025				2024(1)
	Class S				Class S
	Per Share		Amount		Per Share		Amount
Net investment income		0.33	$	961		—	$	—
Net realized gains		—		—		—		—
Distributions in excess of net investment income		0.19		562		—		—
Total		0.52	$	1,523		—	$	—

(1)

There were no Class S shares outstanding during the three and six months ended June 30, 2024.