Annual report pursuant to Section 13 and 15(d)

Net Assets

v3.24.1
Net Assets
 12 Months Ended
Dec. 31, 2023
Investment Company [Abstract]  
Net Assets Net Assets
In connection with its formation, the Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value. On July 23, 2021, HPS purchased 100 shares of the Company’s Class I common shares of beneficial interest at $25.00 per share.
As of February 3, 2022, the Company had satisfied the minimum offering requirement, and the Company’s Board had authorized the release of proceeds from escrow. As of such date, the Company issued and sold 20,437,880 shares (consisting of 7,074,280 Class I shares, 1,268,000 Class D Shares, and 12,095,600 Class F shares at an offering price of $25.00 per share), and the Escrow Agent released net proceeds of $510.9 million, of which $10.0 million was from an affiliate of HPS, to the Company as payment for such shares. Under the terms of the Company’s Declaration of Trust, all Common Shares have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. On October 1, 2023 Class S shares commenced operations at an offering price of $25.11.

The share classes have different ongoing distribution and/or shareholder servicing fees. Until the release of proceeds from escrow, the per share purchase price for Common Shares in the Offering was $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal the NAV per share, as of the effective date of the monthly share purchase date.

The following table summarizes transactions in common shares of beneficial interest during the year ended December 31, 2023:
Shares Amount
CLASS I
Subscriptions 15,800,152  $ 393,222 
Share transfers between classes 1,288,666  31,876 
Distributions reinvested 1,516,435  37,411 
Share repurchases (1,249,621) (31,023)
Early repurchase deduction —  38 
Net increase (decrease) 17,355,632  $ 431,524 
CLASS D
Subscriptions 11,538,818  $ 285,908 
Share transfers between classes (182,120) (4,757)
Distributions reinvested 1,004,668  24,835 
Share repurchases (1,706,906) (42,429)
Early repurchase deduction —  20 
Net increase (decrease) 10,654,460  $ 263,577 
CLASS F
Subscriptions 35,926,975  $ 891,120 
Share transfers between classes (1,161,369) (28,496)
Distributions reinvested 4,571,037  112,818 
Share repurchases (6,014,694) (149,380)
Early repurchase deduction —  101 
Net increase (decrease) 33,321,949  $ 826,163 
CLASS S
Subscriptions 802,164  $ 20,150 
Share transfers between classes 54,823  1,377 
Distributions reinvested 892  22 
Share repurchases —  — 
Early repurchase deduction —  — 
Net increase (decrease) 857,879  $ 21,549 
Total net increase (decrease) 62,189,920  $ 1,542,813 
The following table summarizes transactions in common shares of beneficial interest during the year ended December 31, 2022:
Shares Amount
CLASS I
Subscriptions 34,268,897  $ 849,178 
Share transfers between classes 206,333  4,956 
Distributions reinvested 626,549  15,279 
Share repurchases —  — 
Early repurchase deduction —  57 
Net increase (decrease) 35,101,779  $ 869,470 
CLASS D
Subscriptions 17,287,026  $ 427,775 
Share transfers between classes —  — 
Distributions reinvested 251,233  6,105 
Share repurchases —  — 
Early repurchase deduction —  28 
Net increase (decrease) 17,538,259  $ 433,908 
CLASS F
Subscriptions 91,204,624  $ 2,254,046 
Share transfers between classes (206,333) (4,956)
Distributions reinvested 1,560,238  37,939 
Share repurchases (499,017) (11,948)
Early repurchase deduction —  149 
Net increase (decrease) 92,059,512  $ 2,275,230 
Total net increase (decrease) 144,699,550  $ 3,578,608 
The following table summarizes transactions in common shares of beneficial interest during the year ended December 31, 2021:

Shares Amount
CLASS I
Subscriptions 100  $ 3 
Share transfers between classes —  — 
Distributions reinvested —  — 
Share repurchases —  — 
Early repurchase deduction —  — 
Net increase (decrease) 100  $ 3 
CLASS D
Subscriptions —  $ — 
Share transfers between classes —  — 
Distributions reinvested —  — 
Share repurchases —  — 
Early repurchase deduction —  — 
Net increase (decrease) —  $ — 
CLASS F
Subscriptions —  $ — 
Share transfers between classes —  — 
Distributions reinvested —  — 
Share repurchases —  — 
Early repurchase deduction —  — 
Net increase (decrease) —  $ — 
Total net increase (decrease) 100  $ 3 

Net Asset Value per Share and Offering Price
The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class D, Class F, and Class S common shares of beneficial interest during the years ended December 31, 2023 and 2022:

NAV Per Share
For the Months Ended
Class I
Class D
Class F
Class S(1)
January 31, 2023 $ 24.36  $ 24.36  $ 24.36  $ — 
February 28, 2023 $ 24.56  $ 24.56  $ 24.56  $ — 
March 31, 2023 $ 24.40  $ 24.40  $ 24.40  $ — 
April 30, 2023 $ 24.42  $ 24.42  $ 24.42  $ — 
May 31, 2023 $ 24.45  $ 24.45  $ 24.45  $ — 
June 30, 2023 $ 24.72  $ 24.72  $ 24.72  $ — 
July 31, 2023 $ 24.87  $ 24.87  $ 24.87  $ — 
August 31, 2023 $ 24.88  $ 24.88  $ 24.88  $ — 
September 30, 2023 $ 25.11  $ 25.11  $ 25.11  $ — 
October 31, 2023 $ 25.05  $ 25.05  $ 25.05  $ 25.05 
November 30, 2023 $ 25.15  $ 25.15  $ 25.15  $ 25.15 
December 31, 2023 $ 25.06  $ 25.06  $ 25.06  $ 25.06 
NAV Per Share
For the Months Ended Class I Class D
Class F
Class S(1)
February 28, 2022 $ 25.10  $ 25.10  $ 25.10  $ — 
March 31, 2022 $ 25.09  $ 25.09  $ 25.09  $ — 
April 30, 2022 $ 24.94  $ 24.94  $ 24.94  $ — 
May 31, 2022 $ 24.61  $ 24.61  $ 24.61  $ — 
June 30, 2022 $ 24.32  $ 24.32  $ 24.32  $ — 
July 31, 2022 $ 24.48  $ 24.48  $ 24.48  $ — 
August 31, 2022 $ 24.51  $ 24.51  $ 24.51  $ — 
September 30, 2022 $ 24.21  $ 24.21  $ 24.21  $ — 
October 31, 2022 $ 24.02  $ 24.02  $ 24.02  $ — 
November 30, 2022 $ 24.00  $ 24.00  $ 24.00  $ — 
December 31, 2022 $ 23.88  $ 23.88  $ 23.88  $ — 
(1) Class S commenced operations on October 1, 2023.
Distributions

The Board authorizes and declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following table presents distributions that were declared during the year ended December 31, 2023:

Class I
Declaration Date
Payment Date
 Base Distribution Per Share Variable Supplemental Distribution Per Share Special Distribution Per Share Total Distribution Per Share Distribution Amount
January 19, 2023 February 28, 2023 $ 0.1600  $ 0.0210  $ —  $ 0.1810  $ 6,441 
February 28, 2023 March 31, 2023 0.1600 0.0300 — 0.1900  6,980 
March 28, 2023 April 28, 2023 0.1600 0.0430 — 0.2030  7,518 
April 28, 2023 May 31, 2023 0.1600 0.0440 — 0.2040  7,561 
May 26, 2023 June 30, 2023 0.1600 0.0450 — 0.2050  7,668 
June 28, 2023 July 31, 2023 0.1600 0.0450 — 0.2050  7,907 
July 31, 2023 August 31, 2023 0.1600 0.0450 — 0.2050  8,119 
August 31, 2023 September 29, 2023 0.1600 0.0550 0.1500 0.3650  16,009 
September 27, 2023 October 31, 2023 0.1600 0.0550 — 0.2150  9,577 
October 27, 2023 November 30, 2023 0.1600 0.0550 — 0.2150  10,450 
November 27, 2023 December 29, 2023 0.1600 0.0550 — 0.2150  11,042 
December 29, 2023 January 31, 2024 0.1600 0.0550 0.1500 0.3650 19,305 
Total
 $ 1.9200  $ 0.5480  $ 0.3000  $ 2.7680  $ 118,577 
Class D
Declaration Date
Payment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
January 19, 2023 February 28, 2023 $ 0.1549  $ 0.0210  $ —  $ 0.1759  $ 3,173 
February 28, 2023 March 31, 2023 0.1553 0.0300 — 0.1853 3,351 
March 28, 2023 April 28, 2023 0.1548 0.0430 — 0.1978 3,752 
April 28, 2023 May 31, 2023 0.1550 0.0440 — 0.1990 3,951 
May 26, 2023 June 30, 2023 0.1548 0.0450 — 0.1998 4,081 
June 28, 2023 July 31, 2023 0.1550 0.0450 — 0.2000 4,285 
July 31, 2023 August 31, 2023 0.1548 0.0450 — 0.1998 4,426 
August 31, 2023 September 29, 2023 0.1547 0.0550 0.1500 0.3597 8,319 
September 27, 2023 October 31, 2023 0.1549 0.0550 — 0.2099 5,441 
October 27, 2023 November 30, 2023 0.1547 0.0550 — 0.2097 5,701 
November 27, 2023 December 29, 2023 0.1549 0.0550 — 0.2099 5,923 
December 29, 2023 January 31, 2024 0.1547 0.0550 0.1500 0.3597 10,390 
Total
 $ 1.8585  $ 0.5480  $ 0.3000  $ 2.7065  $ 62,793 

Class F
Declaration Date
Payment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
January 19, 2023 February 28, 2023 $ 0.1499  $ 0.0210  $ —  $ 0.1709  $ 16,003 
February 28, 2023 March 31, 2023 0.1507 0.0300 — 0.1807 16,992 
March 28, 2023 April 28, 2023 0.1496 0.0430 — 0.1926 18,590 
April 28, 2023 May 31, 2023 0.1500 0.0440 — 0.1940 18,948 
May 26, 2023 June 30, 2023 0.1496 0.0450 — 0.1946 19,516 
June 28, 2023 July 31, 2023 0.1500 0.0450 — 0.1950 20,103 
July 31, 2023 August 31, 2023 0.1495 0.0450 — 0.1945 20,194 
August 31, 2023 September 29, 2023 0.1494 0.0550 0.1500 0.3544 38,128 
September 27, 2023 October 31, 2023 0.1498 0.0550 — 0.2048 23,210 
October 27, 2023 November 30, 2023 0.1493 0.0550 — 0.2043 23,928 
November 27, 2023 December 29, 2023 0.1497 0.0550 — 0.2047 25,038 
December 29, 2023 January 31, 2024 0.1493 0.0550 0.1500 0.3543 44,922 
Total
 $ 1.7968  $ 0.5480  $ 0.3000  $ 2.6448  $ 285,572 

Class S(2)
Declaration Date
Payment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
October 27, 2023 November 30, 2023 $ 0.1419  $ 0.0550  $ —  $ 0.1969  $ 20 
November 27, 2023 December 29, 2023 0.1425  0.0550  — 0.1975 62
December 29, 2023 January 31, 2024 0.1418 0.0550 0.1500 0.3468 298 
Total
 $ 0.4262  $ 0.1650  $ 0.1500  $ 0.7412  $ 380 
(1) Distributions per share are net of shareholder servicing and/or distribution fees.
(2) Class S Shares commenced operations on October 1, 2023.

The following table presents distributions that were declared during the year ended December 31, 2022:
Class I
Declaration Date Payment Date
Base Distribution Per Share
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
February 27, 2022 March 31, 2022 $ 0.13542  $ —  $ —  $ 0.13542  $ 958 
March 30, 2022 April 29, 2022 0.14640 —  —  0.14640  1,572 
April 29, 2022 May 31, 2022 0.14640 —  —  0.14640  2,524 
May 31, 2022 June 30, 2022 0.14640 —  —  0.14640  2,942 
June 29, 2022 July 29, 2022 0.14640 —  —  0.14640  3,291 
July 29, 2022 August 31, 2022 0.14640 —  —  0.14640  3,467 
August 26, 2022 September 30, 2022 0.14640 —  —  0.14640  4,265 
September 30, 2022 October 31, 2022 0.14640 —  —  0.14640  4,683 
October 26, 2022 November 30, 2022 0.14640  —  —  0.14640  4,803 
October 31, 2022 November 29, 2022 —  —  0.10000  0.10000  3,281 
November 30, 2022 December 30, 2022 0.14640  —  —  0.14640  4,880 
December 29, 2022 January 31, 2023 0.14640  —  —  0.14640  5,139 
December 29, 2022 January 30, 2023 —  —  0.13000  0.13000  4,563 
Total $ 1.59942  $ —  $ 0.23000  $ 1.82942  $ 46,368 
Class D
Declaration Date Payment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
February 27, 2022 March 31, 2022 $ 0.13542  $ —  $ —  $ 0.13542  $ 172 
March 30, 2022 April 29, 2022 0.14640  —  —  0.14640  688 
April 29, 2022 May 31, 2022 0.14640  —  —  0.14640  1,107 
May 31, 2022 June 30, 2022 0.14640  —  —  0.14640  1,282 
June 29, 2022 July 29, 2022 0.14640  —  —  0.14640  1,493 
July 29, 2022 August 31, 2022 0.14640  —  —  0.14640  1,608 
August 26, 2022 September 30, 2022 0.14640  —  —  0.14640  1,957 
September 30, 2022 October 31, 2022 0.14640  —  —  0.14640  2,346 
October 26, 2022 November 30, 2022 0.14640  —  —  0.14640  2,364 
October 31, 2022 November 29, 2022 —  —  0.10000  0.10000  1,615 
November 30, 2022 December 30, 2022 0.14180  —  —  0.14180  2,422 
December 29, 2022 January 31, 2023 0.14130  —  —  0.14130  2,478 
December 29, 2022 January 30, 2023 —  —  0.13000  0.13000  2,280 
Total $ 1.58972  $ —  $ 0.23000  $ 1.81972  $ 21,812 

Class F
Declaration Date Payment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution Per Share
 Total Distribution Per Share
Distribution Amount
February 27, 2022 March 31, 2022 $ 0.13542  $ —  $ —  $ 0.13542  $ 1,638 
March 30, 2022 April 29, 2022 0.14640  —  —  0.14640  3,072 
April 29, 2022 May 31, 2022 0.14640  —  —  0.14640  4,768 
May 31, 2022 June 30, 2022 0.14640  —  —  0.14640  6,535 
June 29, 2022 July 29, 2022 0.14640  —  —  0.14640  8,147 
July 29, 2022 August 31, 2022 0.14640  —  —  0.14640  9,135 
August 26, 2022 September 30, 2022 0.14640  —  —  0.14640  10,403 
September 30, 2022 October 31, 2022 0.14640  —  —  0.14640  12,097 
October 26, 2022 November 30, 2022 0.14640  —  —  0.14640  12,616 
October 31, 2022 November 29, 2022 —  —  0.10000  0.10000  8,628 
November 30, 2022 December 30, 2022 0.13720  —  —  0.13720  12,449 
December 29, 2022 January 31, 2023 0.13620  —  —  0.13620  12,596 
December 29, 2022 January 30, 2023 —  —  0.13000  0.13000  12,022 
Total $ 1.58002  $ —  $ 0.23000  $ 1.81002  $ 114,106 
(1)Distributions per share are net of shareholder servicing and/or distribution fees.

Distribution Reinvestment Plan
The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash distribution, then shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Character of Distributions
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, borrowings, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment.
Through December 31, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement avoids distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all.
Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the year ended December 31, 2023:
Class I Class D Class F Class S
Source of Distribution
Per Share
Amount Per Share Amount
Per Share
Amount
Per Share
Amount
Net investment income $ 2.7680  $ 118,577  $ 2.7065  $ 62,793  $ 2.6448  $ 285,572  $ 0.7412  $ 380 
Net realized gains —  —  —  —  —  —  —  — 
Total $ 2.7680  $ 118,577  $ 2.7065  $ 62,793  $ 2.6448  $ 285,572  $ 0.7412  $ 380 

The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares during the year ended December 31, 2022:
Class I Class D Class F
Source of Distribution
Per Share
Amount Per Share Amount
Per Share
Amount
Net investment income $ 1.8294  $ 46,368  $ 1.8197  $ 21,812  $ 1.8100  $ 114,106 
Net realized gains —  —  —  —  —  — 
Total $ 1.8294  $ 46,368  $ 1.8197  $ 21,812  $ 1.8100  $ 114,106 

Share Repurchase Program
The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Company and the best interest of the shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.
Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.
The following table summarizes the share repurchases completed during the year ended December 31, 2023:
Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Purchased(1)
March 2, 2023 5.00  % March 31, 2023 $ 25,836  1,058,869  0.73  %
May 30, 2023 5.00  % June 30, 2023 $ 98,692  3,992,380  2.64  %
August 31, 2023 5.00  % September 30, 2023 $ 34,830  1,387,108  0.87  %
December 1, 2023 5.00  % December 31, 2023 $ 63,474  2,532,864  1.39  %

The following table summarizes the share repurchases completed during the year ended December 31, 2022:
Repurchase Deadline Request
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Purchased(1)
May 31, 2022 5.00  % June 30, 2022 $ 1,000  41,118  0.11  %
August 30, 2022 5.00  % September 30, 2022 $ 938  38,736  0.04  %
November 30, 2022 5.00  % December 31, 2022 $ 10,010  419,163  0.32  %
(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.
(2)Amounts not inclusive of Early Repurchase Deduction.