v3.26.1
Financial Highlights
 12 Months Ended
Sep. 30, 2025
Investment Company [Abstract]  
Financial Highlights
Note 11. Financial Highlights
The financial highlights for the Company are as follows:

Year ended September 30,
Per share data:(1)
202520242023
2022
Net asset value at beginning of period$15.00 $15.00 $15.00 $15.00 
Distributions declared:(2)
From net investment income - after tax(1.68)(2.58)(2.41)(0.26)
From capital gains(0.04)(0.00 )^— — 
Net investment income - after tax1.62 2.01 2.05 0.45 
Net realized gain (loss) on investment transactions— 0.01 (0.00 )^(0.02)
Net change in unrealized appreciation (depreciation) on investment transactions(3)
0.10 0.56 0.36 (0.17)
Net asset value at end of period$15.00 $15.00 $15.00 $15.00 
Total return based on net asset value per share(4)
11.92 %17.94 %12.09 %1.70 %
Number of common shares outstanding71,236,992.933 43,346,830.170 12,178,965.292 4,628,404.940 
Year ended September 30,
Listed below are supplemental data and ratios to the financial highlights:202520242023
2022
Ratio of net investment income - after tax to average net assets*
10.80 %13.46 %13.73 %6.79 %
Ratio of total expenses to average net assets*(5)
13.67 %16.03 %14.19 %7.40 %
Ratio of management fee waiver to average net assets*
(1.82)%(1.86)%(1.80)%(1.26)%
Ratio of incentive fee waiver to average net assets(1.21)%(2.01)%(2.75)%(0.27)%
Ratio of operating expense waiver to average net assets— %— %— %(0.35)%
Ratio of incentive fees to average net assets(5)
2.47 %3.13 %2.75 %0.27 %
Ratio of excise tax to average net assets(5)
— %0.01 %0.05 %— %
Ratio of net expenses to average net assets*(5)
10.64 %12.16 %9.64 %5.52 %
Ratio of total expenses (without incentive fees) to average net assets*(5)
11.20 %12.90 %9.64 %7.13 %
Total return based on average net asset value*(6)
11.42 %17.05 %16.49 %3.99 %
Net assets at end of year
$1,068,555 $650,202 $182,684 $69,426 
Average debt outstanding$939,931 $465,362 $101,802 $12,757 
Average debt outstanding per share$13.19 $10.74 $8.36 $2.76 
Portfolio Turnover*
8.21 %4.26 %2.26 %0.07 %
Asset coverage ratio(7)
188.47 %192.32 %201.79 %206.27 %
Asset coverage ratio per unit(8)
$1,885 $1,923 $2,018 $2,063 
Average market value per unit(9):
2025 Debt SecuritizationN/AN/AN/AN/A
Adviser RevolverN/AN/AN/AN/A
DB Credit FacilityN/AN/AN/AN/A
BNP Credit FacilityN/AN/AN/AN/A
PNC FacilityN/AN/AN/AN/A
* The amounts presented for the period from April 1, 2022 (commencement of operations) to September 30, 2022 are annualized.
^ Represents an amount less than $0.01.
(1)Based on actual number of shares outstanding at the end of the corresponding year or the weighted average shares outstanding for the year, unless otherwise noted, as appropriate.
(2)The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable year.
(3)Includes the impact of different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the year and certain per share data based on the shares outstanding at the end of the period and as of the dividend record date.
(4)Total return based on net asset value per share assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load.
(5)Incentive fees and excise tax are not annualized in the calculation for the period from April 1, 2022 (commencement of operations) to September 30, 2022.
(6)Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load.
(7)In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing.
(8)Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness.
(9)Not applicable as the 2025 Debt Securitization Notes, Adviser Revolver, DB Credit Facility, BNP Credit Facility and PNC Facility are not registered for public trading.