| Schedule of Transactions in Common Shares of Beneficial Interest & Net Asset Value Per Share |
The following table summarizes transactions in Common Shares during the years ended December 31, 2025, 2024 and 2023: | | For the Years Ended December 31, | | | 2025 | | 2024 | | 2023 | | | Shares | | Amount | | Shares | | Amount | | Shares | | Amount | Class I | | | | | | | | | | | | | | | | Subscriptions(1) | | 153,352 | | $ | 4,218,581 | | 120,061 | | $ | 3,288,851 | | 45,712 | | $ | 1,218,909 | Share transfers between classes | | 108 | | | 2,968 | | 34 | | | 945 | | — | | | — | Distributions reinvested | | 6,586 | | | 180,681 | | 2,510 | | | 68,786 | | 307 | | | 8,289 | Repurchased shares, net of early repurchase deduction | | (27,017) | | | (741,892) | | (2,127) | | | (58,324) | | (3) | | | (78) | Net increase | | 133,029 | | $ | 3,660,338 | | 120,478 | | $ | 3,300,258 | | 46,016 | | $ | 1,227,120 | Class S | | | | | | | | | | | | | | | | Subscriptions(1) | | 19,157 | | $ | 526,705 | | 18,459 | | $ | 504,882 | | 10,959 | | $ | 296,150 | Share transfers between classes | | (264) | | | (7,221) | | (120) | | | (3,298) | | — | | | — | Distributions reinvested | | 943 | | | 25,908 | | 376 | | | 10,308 | | 13 | | | 341 | Repurchased shares, net of early repurchase deduction | | (1,876) | | | (51,409) | | (194) | | | (5,298) | | — | | | — | Net increase | | 17,960 | | $ | 493,983 | | 18,521 | | $ | 506,594 | | 10,972 | | $ | 296,491 | Class D | | | | | | | | | | | | | | | | Subscriptions(1) | | 18,734 | | $ | 514,941 | | 9,766 | | $ | 267,907 | | 1,798 | | $ | 48,588 | Share transfers between classes | | 156 | | | 4,253 | | 86 | | | 2,353 | | — | | | — | Distributions reinvested | | 830 | | | 22,816 | | 115 | | | 3,164 | | 8 | | | 222 | Repurchased shares, net of early repurchase deduction | | (2,081) | | | (56,946) | | — | | | — | | — | | | — | Net increase | | 17,639 | | $ | 485,064 | | 9,967 | | $ | 273,424 | | 1,806 | | $ | 48,810 | Total net increase | | 168,628 | | $ | 4,639,385 | | 148,966 | | $ | 4,080,276 | | 58,794 | | $ | 1,572,421 |
| (1) | See Note 13 for subsequent events related to subscription activities. |
The following tables summarize each month-end NAV per share for Class I shares, Class S shares and Class D shares during the years ended December 31, 2025, 2024 and 2023: | | NAV Per Share | | | Class I | | Class S | | Class D | January 31, 2025 | | $ | 27.60 | | $ | 27.60 | | $ | 27.60 | February 28, 2025 | | $ | 27.47 | | $ | 27.47 | | $ | 27.47 | March 31, 2025 | | $ | 27.36 | | $ | 27.36 | | $ | 27.36 | April 30, 2025 | | $ | 27.27 | | $ | 27.27 | | $ | 27.27 | May 31, 2025 | | $ | 27.42 | | $ | 27.42 | | $ | 27.42 | June 30, 2025 | | $ | 27.51 | | $ | 27.51 | | $ | 27.51 | July 31, 2025 | | $ | 27.55 | | $ | 27.55 | | $ | 27.55 | August 31, 2025 | | $ | 27.50 | | $ | 27.50 | | $ | 27.50 | September 30, 2025 | | $ | 27.58 | | $ | 27.58 | | $ | 27.58 | October 31, 2025 | | $ | 27.55 | | $ | 27.55 | | $ | 27.55 | November 30, 2025 | | $ | 27.47 | | $ | 27.47 | | $ | 27.47 | December 31, 2025 | | $ | 27.48 | | $ | 27.48 | | $ | 27.48 |
| | | | | | | | | | | | NAV Per Share | | | Class I | | Class S | | Class D | January 31, 2024 | | $ | 27.17 | | $ | 27.17 | | $ | 27.17 | February 29, 2024 | | $ | 27.19 | | $ | 27.19 | | $ | 27.19 | March 31, 2024 | | $ | 27.30 | | $ | 27.30 | | $ | 27.30 | April 30, 2024 | | $ | 27.29 | | $ | 27.29 | | $ | 27.29 | May 31, 2024 | | $ | 27.39 | | $ | 27.39 | | $ | 27.39 | June 30, 2024 | | $ | 27.45 | | $ | 27.45 | | $ | 27.45 | July 31, 2024 | | $ | 27.44 | | $ | 27.44 | | $ | 27.44 | August 31, 2024 | | $ | 27.41 | | $ | 27.41 | | $ | 27.41 | September 30, 2024 | | $ | 27.45 | | $ | 27.45 | | $ | 27.45 | October 31, 2024 | | $ | 27.49 | | $ | 27.49 | | $ | 27.49 | November 30, 2024 | | $ | 27.58 | | $ | 27.58 | | $ | 27.58 | December 31, 2024 | | $ | 27.61 | | $ | 27.61 | | $ | 27.61 |
| | NAV Per Share | | | | Class I | | | Class S | | | Class D | January 31, 2023 | | $ | 25.40 | | $ | 25.40 | | $ | 25.40 | February 28, 2023 | | $ | 25.58 | | $ | 25.58 | | $ | 25.58 | March 31, 2023 | | $ | 25.71 | | $ | 25.71 | | $ | 25.71 | April 30, 2023 | | $ | 26.12 | | $ | 26.12 | | $ | 26.12 | May 31, 2023 | | $ | 26.08 | | $ | 26.08 | | $ | 26.08 | June 30, 2023 | | $ | 26.75 | | $ | 26.75 | | $ | 26.75 | July 31, 2023 | | $ | 27.01 | | $ | 27.01 | | $ | 27.01 | August 31, 2023 | | $ | 27.08 | | $ | 27.08 | | $ | 27.08 | September 30, 2023 | | $ | 27.07 | | $ | 27.07 | | $ | 27.07 | October 31, 2023 | | $ | 26.92 | | $ | 26.92 | | $ | 26.92 | November 30, 2023 | | $ | 27.03 | | $ | 27.03 | | $ | 27.03 | December 31, 2023 | | $ | 27.22 | | $ | 27.22 | | $ | 27.22 |
For the years ended December 31, 2025, 2024 and 2023, permanent differences were as follows: | | | | | | | | | | | | For the Years Ended December 31, | | | 2025 | | 2024 | | 2023 | Accumulated undistributed earnings | | $ | 6,919 | | $ | — | | $ | 762 | Paid in capital | | $ | (6,919) | | $ | — | | $ | (762) |
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| Schedule of Regular Distributions Declared |
The Fund’s board of trustees expects to declare monthly regular distributions for each class of its Common Shares. The following tables present the monthly regular distributions that were declared and payable during the years ended December 31, 2025, 2024 and 2023: | | | | | | Class I | | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | | November 8, 2024 | | | January 31, 2025 | | | February 21, 2025 | | $ | 0.21430 | | $ | 40,299 | | November 8, 2024 | | | February 28, 2025 | | | March 21, 2025 | | | 0.21430 | | | 43,931 | | November 8, 2024 | | | March 31, 2025 | | | April 23, 2025 | | | 0.21430 | | | 46,782 | | March 10, 2025 | | | April 30, 2025 | | | May 22, 2025 | | | 0.21430 | | | 50,430 | | March 10, 2025 | | | May 30, 2025 | | | June 25, 2025 | | | 0.21430 | | | 52,089 | | March 10, 2025 | | | June 30, 2025 | | | July 23, 2025 | | | 0.21430 | | | 52,061 | | May 14, 2025 | | | July 31, 2025 | | | August 22, 2025 | | | 0.21430 | | | 53,575 | | May 14, 2025 | | | August 29, 2025 | | | September 24, 2025 | | | 0.21430 | | | 60,034 | | May 14, 2025 | | | September 30, 2025 | | | October 23, 2025 | | | 0.21430 | | | 63,575 | | August 8, 2025 | | | October 31, 2025 | | | November 21, 2025 | | | 0.21430 | | | 66,353 | | August 8, 2025 | | | November 28, 2025 | | | December 24, 2025 | | | 0.21430 | | | 68,097 | | August 8, 2025 | | | December 31, 2025 | | | January 23, 2026 | | | 0.21430 | | | 65,318 | | Total distributions declared and payable for the year ended December 31, 2025 | | | | | | | | $ | 2.57160 | | $ | 662,544 | | January 23, 2024 | | | January 31, 2024 | | | February 22, 2024 | | $ | 0.21430 | | $ | 12,121 | | January 23, 2024 | | | February 29, 2024 | | | March 25, 2024 | | | 0.21430 | | | 13,234 | | January 23, 2024 | | | March 29, 2024 | | | April 24, 2024 | | | 0.21430 | | | 14,439 | | March 14, 2024 | | | April 30, 2024 | | | May 23, 2024 | | | 0.21430 | | | 17,944 | | March 14, 2024 | | | May 31, 2024 | | | June 25, 2024 | | | 0.21430 | | | 19,924 | | March 14, 2024 | | | June 28, 2024 | | | July 24, 2024 | | | 0.21430 | | | 22,239 | | May 10, 2024 | | | July 31, 2024 | | | August 23, 2024 | | | 0.21430 | | | 24,786 | | May 10, 2024 | | | August 30, 2024 | | | September 23, 2024 | | | 0.21430 | | | 26,807 | | May 10, 2024 | | | September 30, 2024 | | | October 23, 2024 | | | 0.21430 | | | 28,955 | | August 13, 2024 | | | October 31, 2024 | | | November 22, 2024 | | | 0.21430 | | | 31,339 | | August 13, 2024 | | | November 29, 2024 | | | December 26, 2024 | | | 0.21430 | | | 34,663 | | August 13, 2024 | | | December 31, 2024 | | | January 23, 2025 | | | 0.21430 | | | 36,950 | | Total distributions declared and payable for the year ended December 31, 2024 | | | | | | | | $ | 2.57160 | | $ | 283,401 | |
| | | | | | | | | | | | | | | | | | | | | Class I | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | June 30, 2023 | | | August 31, 2023 | | | September 25, 2023 | | $ | 0.19925 | | $ | 7,195 | August 10, 2023 | | | September 29, 2023 | | | October 25, 2023 | | | 0.19925 | | | 8,027 | August 10, 2023 | | | October 31, 2023 | | | November 27, 2023 | | | 0.19925 | | | 8,949 | November 13, 2023 | | | November 30, 2023 | | | December 26, 2023 | | | 0.21430 | | | 10,153 | November 13, 2023 | | | December 29, 2023 | | | January 25, 2024 | | | 0.21430 | | | 11,131 | Total distributions declared and payable for the year ended December 31, 2023 | | | | | | | | $ | 1.02635 | | $ | 45,455 |
| | | | | | Class S | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | November 8, 2024 | | | January 31, 2025 | | | February 21, 2025 | | $ | 0.19437 | | $ | 6,193 | November 8, 2024 | | | February 28, 2025 | | | March 21, 2025 | | | 0.19630 | | | 6,546 | November 8, 2024 | | | March 31, 2025 | | | April 23, 2025 | | | 0.19447 | | | 6,858 | March 10, 2025 | | | April 30, 2025 | | | May 22, 2025 | | | 0.19519 | | | 7,233 | March 10, 2025 | | | May 30, 2025 | | | June 25, 2025 | | | 0.19461 | | | 7,484 | March 10, 2025 | | | June 30, 2025 | | | July 23, 2025 | | | 0.19514 | | | 7,736 | May 14, 2025 | | | July 31, 2025 | | | August 22, 2025 | | | 0.19444 | | | 8,001 | May 14, 2025 | | | August 29, 2025 | | | September 24, 2025 | | | 0.19441 | | | 8,333 | May 14, 2025 | | | September 30, 2025 | | | October 23, 2025 | | | 0.19509 | | | 8,681 | August 8, 2025 | | | October 31, 2025 | | | November 21, 2025 | | | 0.19439 | | | 8,971 | August 8, 2025 | | | November 28, 2025 | | | December 24, 2025 | | | 0.19505 | | | 9,194 | August 8, 2025 | | | December 31, 2025 | | | January 23, 2026 | | | 0.19447 | | | 9,229 | Total distributions declared and payable for the year ended December 31, 2025 | | | | | | | | $ | 2.33793 | | $ | 94,459 | January 23, 2024 | | | January 31, 2024 | | | February 22, 2024 | | $ | 0.19470 | | $ | 2,417 | January 23, 2024 | | | February 29, 2024 | | | March 25, 2024 | | | 0.19600 | | | 2,778 | January 23, 2024 | | | March 29, 2024 | | | April 24, 2024 | | | 0.19472 | | | 3,181 | March 14, 2024 | | | April 30, 2024 | | | May 23, 2024 | | | 0.19528 | | | 3,554 | March 14, 2024 | | | May 31, 2024 | | | June 25, 2024 | | | 0.19465 | | | 3,888 | March 14, 2024 | | | June 28, 2024 | | | July 24, 2024 | | | 0.19522 | | | 4,280 | May 10, 2024 | | | July 31, 2024 | | | August 23, 2024 | | | 0.19454 | | | 4,462 | May 10, 2024 | | | August 30, 2024 | | | September 23, 2024 | | | 0.19454 | | | 4,694 | May 10, 2024 | | | September 30, 2024 | | | October 23, 2024 | | | 0.19520 | | | 4,929 | August 13, 2024 | | | October 31, 2024 | | | November 22, 2024 | | | 0.19454 | | | 5,116 | August 13, 2024 | | | November 29, 2024 | | | December 26, 2024 | | | 0.19515 | | | 5,416 | August 13, 2024 | | | December 31, 2024 | | | January 23, 2025 | | | 0.19444 | | | 5,735 | Total distributions declared and payable for the year ended December 31, 2024 | | | | | | | | $ | 2.33898 | | $ | 50,450 |
| | | | | | | | Class S | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | June 30, 2023 | | | August 31, 2023 | | | September 25, 2023 | | $ | 0.17975 | | $ | 430 | August 10, 2023 | | | September 29, 2023 | | | October 25, 2023 | | | 0.18033 | | | 917 | August 10, 2023 | | | October 31, 2023 | | | November 27, 2023 | | | 0.17971 | | | 1,214 | November 13, 2023 | | | November 30, 2023 | | | December 26, 2023 | | | 0.19549 | | | 1,747 | November 13, 2023 | | | December 29, 2023 | | | January 25, 2024 | | | 0.19479 | | | 2,137 | Total distributions declared and payable for the year ended December 31, 2023 | | | | | | | | $ | 0.93007 | | $ | 6,445 |
| | | | | | Class D | | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | | November 8, 2024 | | | January 31, 2025 | | | February 21, 2025 | | $ | 0.20844 | | $ | 2,923 | | November 8, 2024 | | | February 28, 2025 | | | March 21, 2025 | | | 0.20901 | | | 3,408 | | November 8, 2024 | | | March 31, 2025 | | | April 23, 2025 | | | 0.20847 | | | 3,843 | | March 10, 2025 | | | April 30, 2025 | | | May 22, 2025 | | | 0.20868 | | | 4,270 | | March 10, 2025 | | | May 30, 2025 | | | June 25, 2025 | | | 0.20851 | | | 4,629 | | March 10, 2025 | | | June 30, 2025 | | | July 23, 2025 | | | 0.20867 | | | 4,935 | | May 14, 2025 | | | July 31, 2025 | | | August 22, 2025 | | | 0.20846 | | | 5,248 | | May 14, 2025 | | | August 29, 2025 | | | September 24, 2025 | | | 0.20845 | | | 5,567 | | May 14, 2025 | | | September 30, 2025 | | | October 23, 2025 | | | 0.20865 | | | 5,707 | | August 8, 2025 | | | October 31, 2025 | | | November 21, 2025 | | | 0.20844 | | | 5,889 | | August 8, 2025 | | | November 28, 2025 | | | December 24, 2025 | | | 0.20864 | | | 6,122 | | August 8, 2025 | | | December 31, 2025 | | | January 23, 2026 | | | 0.20847 | | | 6,131 | | Total distributions declared and payable for the year ended December 31, 2025 | | | | | | | | $ | 2.50289 | | $ | 58,672 | | January 23, 2024 | | | January 31, 2024 | | | February 22, 2024 | | $ | 0.20854 | | $ | 471 | | January 23, 2024 | | | February 29, 2024 | | | March 25, 2024 | | | 0.20892 | | | 498 | | January 23, 2024 | | | March 29, 2024 | | | April 24, 2024 | | | 0.20854 | | | 528 | | March 14, 2024 | | | April 30, 2024 | | | May 23, 2024 | | | 0.20871 | | | 578 | | March 14, 2024 | | | May 31, 2024 | | | June 25, 2024 | | | 0.20852 | | | 606 | | March 14, 2024 | | | June 28, 2024 | | | July 24, 2024 | | | 0.20869 | | | 645 | | May 10, 2024 | | | July 31, 2024 | | | August 23, 2024 | | | 0.20849 | | | 728 | | May 10, 2024 | | | August 30, 2024 | | | September 23, 2024 | | | 0.20849 | | | 1,025 | | May 10, 2024 | | | September 30, 2024 | | | October 23, 2024 | | | 0.20868 | | | 1,585 | | August 13, 2024 | | | October 31, 2024 | | | November 22, 2024 | | | 0.20849 | | | 1,880 | | August 13, 2024 | | | November 29, 2024 | | | December 26, 2024 | | | 0.20867 | | | 2,239 | | August 13, 2024 | | | December 31, 2024 | | | January 23, 2025 | | | 0.20846 | | | 2,454 | | Total distributions declared and payable for the year ended December 31, 2024 | | | | | | | | $ | 2.50320 | | $ | 13,237 | |
| | | | | | | | Class D | Declaration Date | | Record Date | | Payment Date | | Net Distribution
Per Share | | Distribution
Amount | June 30, 2023 | | | August 31, 2023 | | | September 25, 2023 | | $ | 0.19351 | | $ | 134 | August 10, 2023 | | | September 29, 2023 | | | October 25, 2023 | | | 0.19369 | | | 228 | August 10, 2023 | | | October 31, 2023 | | | November 27, 2023 | | | 0.19350 | | | 235 | November 13, 2023 | | | November 30, 2023 | | | December 26, 2023 | | | 0.20877 | | | 292 | November 13, 2023 | | | December 29, 2023 | | | January 25, 2024 | | | 0.20856 | | | 377 | Total distributions declared and payable for the year ended December 31, 2023 | | | | | | | | $ | 0.99803 | | $ | 1,266 |
| | | | | | | | | | | | | | | | Gross Distribution Per Share | Record Date | | Payment Date(1) | | Class I | | Class S | | Class D | February 27, 2026 | | March 25, 2026 | | $ | 0.21430 | | $ | 0.21430 | | $ | 0.21430 | March 31, 2026 | | April 23, 2026 | | $ | 0.21430 | | $ | 0.21430 | | $ | 0.21430 | April 30, 2026 | | May 21, 2026 | | $ | 0.21430 | | $ | 0.21430 | | $ | 0.21430 | May 29, 2026 | | June 24, 2026 | | $ | 0.21430 | | $ | 0.21430 | | $ | 0.21430 | June 30, 2026 | | July 23, 2026 | | $ | 0.21430 | | $ | 0.21430 | | $ | 0.21430 |
| (1) | The distributions for each class of the Fund’s Common Shares will be paid on or about the payment dates above. |
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