| Schedule of Net Decrease in Net Assets from Operations Taxable Income and Estimated Cost Basis of Investments for U.S. Federal Tax Purposes |
| | | | | | | | | | | | For the Years Ended December 31, | | | 2025 | | 2024 | | 2023 | | | (Estimated)(1) | | | | | | | Net increase in net assets resulting from operations | | $ | 781,638 | | $ | 406,116 | | $ | 94,039 | Adjustments: | | | | | | | | | | Net unrealized losses on investments and foreign currency transactions | | | (3,400) | | | (54,072) | | | (20,526) | Income not currently taxable (2) | | | (47,102) | | | (4,749) | | | (277) | Income for tax but not book | | | 39,841 | | | 809 | | | — | Expenses not currently deductible | | | 13,086 | | | 10,739 | | | 3,868 | Realized gain/loss differences | | | (2,472) | | | — | | | — | Taxable income | | $ | 781,591 | | $ | 358,843 | | $ | 77,104 |
| (1) | The calculation of estimated 2025 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2025 U.S. federal taxable income will not be finally determined until the Fund’s 2025 U.S. federal tax return is filed in 2026 (and, therefore, such estimate is subject to change). |
| (2) | Includes a reduction for dividend income from preferred equity that is not taxable until collected totaling $16,519, $4,134 and $277 for the years ended December 31, 2025, 2024 and 2023, respectively, net of dividend income collected of $2,776, $0 and $0, respectively, for the years ended December 31, 2025, 2024 and 2023, respectively. |
As of December 31, 2025 and 2024, the estimated cost basis of investments for U.S. federal tax purposes and the estimated gross unrealized appreciation and depreciation are as follows: | | | | | | | | | As of December 31, | | | 2025 | | 2024 | Gross unrealized appreciation | | $ | 354,875 | | $ | 194,093 | Gross unrealized depreciation | | | (148,126) | | | (126,983) | Net unrealized appreciation | | $ | 206,749 | | $ | 67,110 | | | | | | | | Estimated cost basis of investments | | $ | 21,301,849 | | $ | 11,485,299 |
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| Schedule of Permanent Differences |
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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