v3.25.2
Financial Highlights and Senior Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investment Company, Financial Highlights [Abstract]  
Schedule of Financial Highlights

The following is a schedule of financial highlights for the six months ended June 30, 2025 and 2024:

 

 

 

For the Six Months Ended June 30, 2025

 

 

For the Six Months Ended June 30, 2024

 

 

 

 

Class I

 

 

Class D (1)

 

 

Class I

 

Per Share Data:

 

 

 

 

 

 

 

 

 

 

Net assets, beginning of period

 

$

 

24.21

 

$

 

—

 

$

 

24.28

 

Net investment income (loss) after excise tax (2)

 

 

 

1.40

 

 

 

0.47

 

 

 

0.80

 

Net realized gain (loss) (2)

 

 

 

(0.04

)

 

 

0.01

 

 

 

—

 

Net change in unrealized appreciation (depreciation) (2)

 

 

 

(0.31

)

 

 

0.17

 

 

 

—

 

Net increase (decrease) in net assets resulting from operations (2)

 

 

 

1.05

 

 

 

0.65

 

 

 

0.80

 

Distributions declared from net investment income

 

 

 

(1.24

)

 

 

(0.40

)

 

 

(0.82

)

Distributions declared from net realized gains

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of shares

 

 

 

—

 

 

 

23.78

 

 

 

 

Other (3)

 

 

 

0.01

 

 

 

—

 

 

 

(0.01

)

Total increase (decrease) in net assets

 

 

 

(0.18

)

 

 

24.03

 

 

 

(0.03

)

Net assets, end of period

 

$

 

24.03

 

$

 

24.03

 

$

 

24.25

 

Shares outstanding, end of period

 

 

 

12,442,354

 

 

 

4,205

 

 

 

12,425,384

 

Total return based on NAV (4)

 

 

 

4.44

%

 

 

2.74

%

 

 

3.26

%

Ratios:

 

 

 

 

 

 

 

 

 

 

Net expenses to average net assets (5)

 

 

 

9.67

%

 

 

8.26

%

 

 

2.33

%

Net investment income to average net assets (5)

 

 

 

11.61

%

 

 

13.66

%

 

 

7.14

%

Portfolio turnover rate (6)

 

 

 

21.14

%

 

 

21.14

%

 

 

4.97

%

Supplemental Data:

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

 

299,003

 

$

 

101

 

$

 

301,263

 

Average debt outstanding

 

$

 

356,199

 

$

 

356,199

 

$

 

8,222

 

Asset coverage ratio

 

 

 

175.7

%

 

 

175.7

%

 

 

506.6

%

 

(1)
The date of the first sale of Class D shares was May 1, 2025. See Note 8 - Net Assets for additional information.
(2)
The per share data was derived by using the weighted average shares outstanding during the period.
(3)
Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(4)
Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Return calculations are not annualized.
(5)
For the six months ended June 30, 2025, the ratio of total operating expenses to average net assets was 14.05% and 12.80% on Class I and Class D, respectively, on an annualized basis, excluding the effect of expense support/(recoupment) management fee and income based incentive fee waivers by the Adviser, if any, which represented 4.39% and 4.54% on Class I and Class D, respectively, of average assets. For the six months ended June 30, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the six months ended June 30, 2024, the ratio of total operating expenses to average net assets was 5.14% on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 2.80% of average assets.
(6)
Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.
Investment Company's senior securitiesTable

The following is information about the Company’s senior securities as of June 30, 2025 and December 31, 2024:

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities (1)

 

 

Asset Coverage per Unit (2)

 

 

Involuntary Liquidating Preference per Unit (3)

 

Average Market Value per Unit (4)

MS Credit Facility

 

 

 

 

 

 

 

 

 

 

June 30, 2025

 

$

306,500

 

 

$

1,757

 

 

N/A

 

N/A

December 31, 2024

 

$

325,600

 

 

$

1,922

 

 

N/A

 

N/A

December 31, 2023

 

$

—

 

 

$

—

 

 

—―

 

N/A

 

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities (1)

 

 

Asset Coverage per Unit (2)

 

 

Involuntary Liquidating Preference per Unit (3)

 

Average Market Value per Unit (4)

JPM Credit Facility

 

 

 

 

 

 

 

 

 

 

June 30, 2025

 

$

88,500

 

 

$

1,757

 

 

—―

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.
(2)
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.
(3)
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “-” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable because the senior securities are not registered for public trading.