v3.25.4
Financial Highlights (Tables)
 12 Months Ended
Dec. 31, 2025
Investment Company, Financial Highlights [Abstract]  
Schedule of Financial Highlights

Below is the schedule of the Company’s financial highlights (in thousands, except share and per share data):

 

 

For the Year Ended December 31, 2025

 

 

For the Year Ended December 31, 2024

 

 

For the period from
May 5, 2023
(Commencement of Operations) through December 31, 2023

 

 

 

Class I

 

 

Class S

 

 

Class I

 

 

Class S

 

 

Class I

 

 

Class S

 

Per Share Data (6):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

27.06

 

 

$

-

 

 

$

26.11

 

 

$

-

 

 

$

25.00

 

 

$

-

 

Capital contribution

 

 

-

 

 

 

26.88

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net investment income (1)

 

 

2.53

 

 

 

1.71

 

 

 

2.41

 

 

 

-

 

 

 

0.88

 

 

 

-

 

Net realized and unrealized gains on investments(1)(2)

 

 

0.07

 

 

 

0.23

 

 

 

0.15

 

 

 

-

 

 

 

0.23

 

 

 

-

 

Net increase in net assets resulting from operations

 

 

2.60

 

 

 

1.94

 

 

 

2.56

 

 

 

-

 

 

 

1.11

 

 

 

-

 

Distributions declared from net investment income(2)

 

 

(2.60

)

 

 

(1.76

)

 

 

(1.61

)

 

 

-

 

 

 

-

 

 

 

-

 

Total increase (decrease) in net assets

 

 

0.00

 

 

 

27.06

 

 

 

0.95

 

 

 

-

 

 

 

1.11

 

 

 

-

 

Net asset value, end of period

 

$

27.06

 

 

$

27.06

 

 

$

27.06

 

 

$

-

 

 

$

26.11

 

 

$

-

 

Shares outstanding, end of period

 

 

17,185,048

 

 

 

2,358

 

 

 

6,677,756

 

 

-

 

 

 

3,977,799

 

 

 

-

 

Weighted average shares outstanding

 

 

11,251,880

 

 

 

2,122

 

 

 

5,910,898

 

 

-

 

 

 

2,805,772

 

 

-

 

Total return based on net asset value (3)

 

 

9.61

%

 

 

7.22

%

 

 

9.80

%

 

-

 

 

 

4.44

%

 

-

 

Ratio/Supplemental Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets, end of period

 

$

465,005

 

 

$

64

 

 

$

180,725

 

 

$

-

 

 

$

103,858

 

 

$

-

 

Ratio of total expenses (excluding expense support) to average net assets(4)(5)

 

 

8.68

%

 

 

8.80

%

 

 

9.18

%

 

-

 

 

 

3.81

%

(7)

-

 

Ratio of net expenses (excluding expense support and without incentive fees and interest and other debt expenses) to average net assets

 

 

3.73

%

 

 

4.09

%

 

 

4.24

%

 

-

 

 

 

3.36

%

(7)

-

 

Ratio of net investment income to average net assets

 

 

10.12

%

 

 

8.61

%

 

 

9.29

%

 

-

 

 

 

6.18

%

(7)

-

 

Ratio of interest and credit facility expenses to average net assets

 

 

4.95

%

 

 

4.71

%

 

 

4.05

%

 

-

 

 

 

0.45

%

(7)

-

 

Portfolio turnover

 

 

31.81

%

 

 

31.81

%

 

 

30.71

%

 

-

 

 

 

0.84

%

 

-

 

Asset coverage ratio

 

 

210

%

 

 

221

%

 

 

259

%

 

-

 

 

 

557

%

 

-

 

 

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The amount shown does not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions.
(3)
Total return based on NAV is calculated as the change in NAV per share during the period plus declared dividends per share during the period, divided by the beginning NAV per share, and not annualized.
(4)
The ratio of total expenses to average net assets in the table above reflects the Adviser’s voluntary waivers of its right to receive a portion of the management fees and income incentive fees.
(5)
The ratio of total expenses to average net assets in the table above includes the Adviser’s voluntary waivers of its right to receive the management, income and capital gains incentive fees. Excluding the effects of the voluntary waivers and expense support, the annualized ratio of total expenses to average net assets for Class I shares would have been 9.01% for the year ended December 31, 2025. Excluding the effects of the voluntary waivers, the annualized ratio of total expenses to average net assets would have been 10.21% for the year ended December 31, 2024. Excluding the effects of the voluntary waivers, the annualized ratio of total expenses to average net assets would have been 6.12% for the period from May 5, 2023 (Commencement of Operations) through December 31, 2023.
(6)
Net asset information presented is related to Class I and Class S shares.
(7)
Annualized.
Schedule of Information about Senior Securities

Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended December 31 for the years indicated below. We had no senior securities outstanding as of December 31 of any fiscal years prior to those indicated below.

 

Class and Year

Total Amount Outstanding Exclusive of Treasury Securities(1)

 

 

Asset Coverage Per Unit(2)

 

 

Involuntary Liquidating Preference Per Unit(3)

 

 

Average Market Value Per Unit

JPM Funding Facility

 

 

 

 

 

 

 

 

 

 

Fiscal 2024

$

111,979

 

 

$

2,587

 

 

$

-

 

 

N/A

Fiscal 2023

$

22,500

 

 

$

5,577

 

 

$

-

 

 

N/A

JPM Funding Facility III

 

 

 

 

 

 

 

 

 

 

Fiscal 2025

$

419,972

 

 

$

2,098

 

 

$

-

 

 

N/A
(1)
Total amount of each class of senior securities outstanding at principal value at the end of the period presented.
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as (i) the sum of (A) total assets at end of period and (B) other liabilities excluding total debt outstanding and accrued borrowing expenses at end of period, divided by (ii) the sum of total debt outstanding and accrued borrowing expenses at the end of the period. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit”.
(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.