| Summary of shareholder transactions in common shares of beneficial interest |
The following tables summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
|
Consideration Amount |
|
A-II Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
8,109,427 |
|
$ |
208,185 |
|
|
24,755,955 |
|
$ |
635,417 |
|
|
32,865,382 |
|
|
$ |
843,602 |
|
Proceeds from issuance of shares |
|
1,947,990 |
|
|
52,226 |
|
|
3,175,414 |
|
|
85,565 |
|
|
5,123,404 |
|
|
|
137,791 |
|
Repurchases of shares |
|
(25,696 |
) |
|
(687 |
) |
|
(146,689 |
) |
|
(3,944 |
) |
|
(172,385 |
) |
|
|
(4,631 |
) |
Reinvestment of distributions |
|
865 |
|
|
23 |
|
|
28,037 |
|
|
754 |
|
|
28,902 |
|
|
|
777 |
|
Net increase (decrease) |
|
1,923,159 |
|
$ |
51,562 |
|
|
3,056,762 |
|
$ |
82,375 |
|
|
4,979,921 |
|
|
$ |
133,937 |
|
Balance as of March 31, 2025 |
|
10,032,586 |
|
$ |
259,747 |
|
|
27,812,717 |
|
$ |
717,792 |
|
|
37,845,303 |
|
|
$ |
977,539 |
|
Proceeds from issuance of shares |
|
1,215,044 |
|
|
32,737 |
|
|
5,319,554 |
|
|
144,134 |
|
|
6,534,598 |
|
|
|
176,871 |
|
Repurchases of shares |
|
(43,023 |
) |
|
(1,156 |
) |
|
(82,796 |
) |
|
(2,238 |
) |
|
(125,819 |
) |
|
|
(3,394 |
) |
Reinvestment of distributions |
|
5,114 |
|
|
137 |
|
|
29,042 |
|
|
786 |
|
|
34,156 |
|
|
|
923 |
|
Net increase (decrease) |
|
1,177,135 |
|
$ |
31,718 |
|
|
5,265,800 |
|
$ |
142,682 |
|
|
6,442,935 |
|
|
$ |
174,400 |
|
Balance as of June 30, 2025 |
|
11,209,721 |
|
$ |
291,465 |
|
|
33,078,517 |
|
$ |
860,474 |
|
|
44,288,238 |
|
|
$ |
1,151,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
1,154,705 |
|
$ |
30,014 |
|
|
999,415 |
|
$ |
26,174 |
|
|
2,154,120 |
|
|
$ |
56,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
|
Consideration Amount |
|
Proceeds from issuance of shares |
|
157,210 |
|
|
4,178 |
|
|
86,039 |
|
|
2,298 |
|
|
243,249 |
|
|
|
6,476 |
|
Repurchases of shares |
|
(10,010 |
) |
|
(266 |
) |
|
- |
|
|
- |
|
|
(10,010 |
) |
|
|
(266 |
) |
Reinvestment of distributions |
|
2,395 |
|
|
64 |
|
|
6,067 |
|
|
162 |
|
|
8,462 |
|
|
|
226 |
|
Net increase (decrease) |
|
149,595 |
|
$ |
3,976 |
|
|
92,106 |
|
$ |
2,460 |
|
|
241,701 |
|
|
$ |
6,436 |
|
Balance as of March 31, 2025 |
|
1,304,300 |
|
$ |
33,990 |
|
|
1,091,521 |
|
$ |
28,634 |
|
|
2,395,821 |
|
|
$ |
62,624 |
|
Proceeds from issuance of shares |
|
1,144,861 |
|
|
30,585 |
|
|
77,514 |
|
|
2,083 |
|
|
1,222,375 |
|
|
|
32,668 |
|
Repurchases of shares |
|
(28,602 |
) |
|
(762 |
) |
|
- |
|
|
- |
|
|
(28,602 |
) |
|
|
(762 |
) |
Reinvestment of distributions |
|
3,183 |
|
|
85 |
|
|
6,758 |
|
|
181 |
|
|
9,941 |
|
|
|
266 |
|
Net increase (decrease) |
|
1,119,442 |
|
$ |
29,908 |
|
|
84,272 |
|
$ |
2,264 |
|
|
1,203,714 |
|
|
$ |
32,172 |
|
Balance as of June 30, 2025 |
|
2,423,742 |
|
$ |
63,898 |
|
|
1,175,793 |
|
$ |
30,898 |
|
|
3,599,535 |
|
|
$ |
94,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
4,262 |
|
$ |
110 |
|
|
19,052 |
|
$ |
499 |
|
|
23,314 |
|
|
$ |
609 |
|
Proceeds from issuance of shares |
|
3,907 |
|
|
105 |
|
|
13,186 |
|
|
358 |
|
|
17,093 |
|
|
|
463 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
32 |
|
|
1 |
|
|
113 |
|
|
3 |
|
|
145 |
|
|
|
4 |
|
Net increase (decrease) |
|
3,939 |
|
$ |
106 |
|
|
13,299 |
|
$ |
361 |
|
|
17,238 |
|
|
$ |
467 |
|
Balance as of March 31, 2025 |
|
8,201 |
|
$ |
216 |
|
|
32,351 |
|
$ |
860 |
|
|
40,552 |
|
|
$ |
1,076 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
10,135 |
|
|
279 |
|
|
10,135 |
|
|
|
279 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
(791 |
) |
|
(22 |
) |
|
(791 |
) |
|
|
(22 |
) |
Reinvestment of distributions |
|
61 |
|
|
2 |
|
|
207 |
|
|
6 |
|
|
268 |
|
|
|
8 |
|
Net increase (decrease) |
|
61 |
|
$ |
2 |
|
|
9,551 |
|
$ |
263 |
|
|
9,612 |
|
|
$ |
265 |
|
Balance as of June 30, 2025 |
|
8,262 |
|
$ |
218 |
|
|
41,902 |
|
$ |
1,123 |
|
|
50,164 |
|
|
$ |
1,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
V Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
$ |
2 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
|
Balance as of March 31, 2025 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
$ |
2 |
|
Proceeds from issuance of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
Repurchases of shares |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
|
|
|
|
|
|
|
|
- |
|
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
|
Balance as of June 30, 2025 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
|
Proceeds from issuance of shares |
|
338,637 |
|
|
9,070 |
|
|
32,170 |
|
|
867 |
|
|
370,807 |
|
|
|
9,937 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Net increase (decrease) |
|
338,637 |
|
$ |
9,070 |
|
|
32,170 |
|
$ |
867 |
|
|
370,807 |
|
|
$ |
9,937 |
|
Balance as of March 31, 2025 |
|
338,637 |
|
$ |
9,070 |
|
|
32,170 |
|
$ |
867 |
|
|
370,807 |
|
|
$ |
9,937 |
|
Proceeds from issuance of shares |
|
683,335 |
|
|
18,342 |
|
|
183,544 |
|
|
4,960 |
|
|
866,879 |
|
|
|
23,302 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
2,179 |
|
|
58 |
|
|
226 |
|
|
6 |
|
|
2,405 |
|
|
|
64 |
|
Net increase (decrease) |
|
685,514 |
|
$ |
18,400 |
|
|
183,770 |
|
$ |
4,966 |
|
|
869,284 |
|
|
$ |
23,366 |
|
Balance as of June 30, 2025 |
|
1,024,151 |
|
$ |
27,470 |
|
|
215,940 |
|
$ |
5,833 |
|
|
1,240,091 |
|
|
$ |
33,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2024 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
|
Proceeds from issuance of shares |
|
110 |
|
|
3 |
|
|
110 |
|
|
3 |
|
|
220 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
|
Consideration Amount |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Net increase (decrease) |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
|
$ |
6 |
|
Balance as of March 31, 2025 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
|
$ |
6 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Reinvestment of distributions |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
$ |
- |
|
Balance as of June 30, 2025 |
|
110 |
|
$ |
3 |
|
|
110 |
|
$ |
3 |
|
|
220 |
|
|
$ |
6 |
|
Total net increase (decrease) |
|
5,397,592 |
|
|
144,745 |
|
|
8,737,840 |
|
|
236,241 |
|
|
14,135,432 |
|
|
|
380,986 |
|
The following table summarizes the shareholder transactions in common shares during the three and six months ended June 30, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
|
|
Consideration Amount |
|
A-II Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
1,851,311 |
|
$ |
46,339 |
|
|
8,468,437 |
|
$ |
211,995 |
|
|
10,319,748 |
|
|
|
$ |
258,334 |
|
Proceeds from issuance of shares |
|
1,355,539 |
|
|
34,401 |
|
|
2,674,311 |
|
|
67,908 |
|
|
4,029,850 |
|
|
- |
|
|
102,309 |
|
Net increase (decrease) |
|
1,355,539 |
|
$ |
34,401 |
|
|
2,674,311 |
|
$ |
67,908 |
|
|
4,029,850 |
|
|
|
$ |
102,309 |
|
Balance as of March 31, 2024 |
|
3,206,850 |
|
$ |
80,740 |
|
|
11,142,748 |
|
$ |
279,903 |
|
|
14,349,598 |
|
|
|
$ |
360,643 |
|
Proceeds from issuance of shares |
|
1,622,381 |
|
|
41,576 |
|
|
3,564,514 |
|
|
91,634 |
|
|
5,186,895 |
|
|
- |
|
|
133,210 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
(4,000 |
) |
|
(102 |
) |
|
(4,000 |
) |
|
- |
|
|
(102 |
) |
Reinvestment of distributions |
|
- |
|
|
- |
|
|
10,301 |
|
|
264 |
|
|
10,301 |
|
|
- |
|
|
264 |
|
Net increase (decrease) |
|
1,622,381 |
|
$ |
41,576 |
|
|
3,570,815 |
|
$ |
91,796 |
|
|
5,193,196 |
|
|
|
$ |
133,372 |
|
Balance as of June 30, 2024 |
|
4,829,231 |
|
$ |
122,316 |
|
|
14,713,563 |
|
$ |
371,699 |
|
|
19,542,794 |
|
|
|
$ |
494,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F-I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Proceeds from issuance of shares |
|
124,118 |
|
|
3,146 |
|
|
61,294 |
|
|
1,555 |
|
|
185,412 |
|
|
- |
|
|
4,701 |
|
Net increase (decrease) |
|
124,118 |
|
$ |
3,146 |
|
|
61,294 |
|
$ |
1,555 |
|
|
185,412 |
|
|
|
$ |
4,701 |
|
Balance as of March 31, 2024 |
|
124,118 |
|
$ |
3,146 |
|
|
61,294 |
|
$ |
1,555 |
|
|
185,412 |
|
|
|
$ |
4,701 |
|
Proceeds from issuance of shares |
|
128,927 |
|
|
3,299 |
|
|
53,952 |
|
|
1,385 |
|
|
182,879 |
|
|
- |
|
|
4,684 |
|
Repurchases of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Shares reissued under the DRIP |
|
113 |
|
|
3 |
|
|
99 |
|
|
3 |
|
|
212 |
|
|
- |
|
|
6 |
|
Net increase (decrease) |
|
129,040 |
|
$ |
3,302 |
|
|
54,051 |
|
$ |
1,388 |
|
|
183,091 |
|
|
|
$ |
4,690 |
|
Balance as of June 30, 2024 |
|
253,158 |
|
$ |
6,448 |
|
|
115,345 |
|
$ |
2,943 |
|
|
368,503 |
|
|
|
$ |
9,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Balance as of March 31, 2024 |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Proceeds from issuance of shares |
|
2,915 |
|
|
75 |
|
|
6,587 |
|
|
170 |
|
|
9,502 |
|
|
- |
|
|
245 |
|
Net increase (decrease) |
|
2,915 |
|
$ |
75 |
|
|
6,587 |
|
$ |
170 |
|
|
9,502 |
|
|
|
$ |
245 |
|
Balance as of June 30, 2024 |
|
2,915 |
|
$ |
75 |
|
|
6,587 |
|
$ |
170 |
|
|
9,502 |
|
|
|
$ |
245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series I |
|
Series II |
|
Total |
|
|
Shares |
|
Consideration Amount |
|
Shares |
|
Consideration Amount |
|
Shares |
|
|
|
Consideration Amount |
|
V Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2023 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
|
$ |
2 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Balance as of March 31, 2024 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
|
$ |
2 |
|
Proceeds from issuance of shares |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
- |
|
Net increase (decrease) |
|
- |
|
$ |
- |
|
|
- |
|
$ |
- |
|
|
- |
|
|
|
$ |
- |
|
Balance as of June 30, 2024 |
|
40 |
|
$ |
1 |
|
|
40 |
|
$ |
1 |
|
|
80 |
|
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net increase (decrease) |
|
3,233,993 |
|
$ |
82,500 |
|
|
6,367,058 |
|
$ |
162,817 |
|
|
9,601,051 |
|
|
|
$ |
245,317 |
|
|