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Financial Highlights
6 Months Ended
Jun. 30, 2024
Investment Company [Abstract]  
Financial Highlights

Note 9. Financial Highlights

The following are the financial highlights for the six months ended June 30, 2024:

 

Six Months Ended June 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Class S

 

Class D

 

Class I

Per Share Data:

 

 

 

 

 

 

 

 

 

 

Net asset value at beginning of period

$

24.63

 

 

$

24.63

 

 

$

24.63

Net investment income (1)

 

1.20

 

 

 

1.29

 

 

 

1.29

Net unrealized and realized gains (losses) (2)

 

0.17

 

 

 

0.15

 

 

 

0.18

Net increase (decrease) in net assets resulting from operations

 

1.37

 

 

 

1.44

 

 

 

1.47

Distribution declared (3)

 

(1.10)

 

 

 

(1.17)

 

 

 

(1.20)

Net asset value at end of period

$

24.90

 

 

$

24.90

 

 

$

24.90

 

 

 

 

 

 

 

 

 

 

 

Total return (4)

 

5.65%

 

 

 

5.96%

 

 

 

6.09%

Shares outstanding, end of period

 

59,220,929

 

 

 

557,980

 

 

 

216,311,389

Weighted average shares outstanding

 

48,854,082

 

 

 

507,801

 

 

 

178,704,637

 

 

 

 

 

 

 

 

 

 

 

Ratio/Supplemental Data

 

 

 

 

 

 

 

 

 

 

Net assets at end of period

$

1,474,403

 

 

$

13,892

 

 

$

5,385,432

Annualized ratio of net expenses to average net assets (5)

 

8.28%

 

 

 

7.60%

 

 

 

7.56%

Annualized ratio of net investment income to average net assets (5)

 

9.75%

 

 

 

10.44%

 

 

 

10.47%

Portfolio turnover rate

 

5.35%

 

 

 

5.35%

 

 

 

5.35%

Asset coverage per unit (6)

 

2,472

 

 

 

2,472

 

 

 

2,472

 

 

The following are the financial highlights for the six months ended June 30, 2023:

 

Six Months Ended June 30, 2023

 

 

 

 

 

 

 

 

 

Class S

 

Class D

Class I

Per Share Data:

 

 

 

 

 

 

 

Net asset value at beginning of period

$

23.20

 

$

23.20

$

23.20

Net investment income (1)

 

1.17

 

 

1.25

 

1.26

Net unrealized and realized gains (losses) (2)

 

0.77

 

 

0.76

 

0.78

Net increase (decrease) in net assets resulting from operations

 

1.94

 

 

2.01

 

2.04

Distribution declared (3)

 

(0.96)

 

 

(1.03)

 

(1.06)

Net asset value at end of period

$

24.18

 

$

24.18

$

24.18

 

 

 

 

 

 

 

 

Total return (4)

 

8.48%

 

 

8.79%

 

8.93%

Shares outstanding, end of period

 

16,627,313

 

 

139,758

 

92,241,753

Weighted average shares outstanding

 

13,573,307

 

 

131,538

 

89,270,080

 

 

 

 

 

 

 

 

Ratio/Supplemental Data

 

 

 

 

 

 

 

Net assets at end of period

$

402,043

 

$

3,379

$

2,230,374

Annualized ratio of net expenses to average net assets (5)

 

10.59%

 

 

9.91%

 

9.79%

Annualized ratio of net investment income to average net assets (5)

 

9.90%

 

 

10.59%

 

10.73%

Portfolio turnover rate

 

24.09%

 

 

24.09%

 

24.09%

Asset coverage per unit (6)

 

2,212

 

 

2,212

 

2,212

 

_________________________________________________________________

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio.
(3)
The per share data for distributions was derived by using the actual shares outstanding at the date of the relevant transactions (refer to Note 6).
(4)
Total return is not annualized. An investment in the Company is subject to maximum upfront sales load of 3.5% and 1.5% for Class S shares and Class D shares, respectively, of the offering price, which will reduce the amount of capital available for investment. Class I shares is not subject to upfront sales load.
(5)
For the six months ended June 30, 2024, amounts are annualized except for organizational costs and management fee and income based incentive fee waivers by the Adviser. For the six months ended June 30, 2024, the total operating expenses to average net assets were 8.25%, 7.58% and 7.54%, for Class S shares, Class D shares and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. For the six months ended June 30, 2023, the total operating expenses to average net assets were 10.59%, 9.91%, 9.79% for Class S shares, Class D shares and Class I shares, respectively, prior to management fee waivers and expense support provided by the Adviser. Operating expenses may vary in the future based on the amount of capital raised, the Adviser’s election to continue expense support, and other unpredictable variables.
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. This asset coverage ratio is multiplied by one thousand to determine the asset coverage per unit. As of June 30, 2024, the Company's asset coverage was 247.2%.