| Schedule of Investment Company, Changes in Net Assets |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2023 |
|
2022 |
| Undistributed net investment income (loss) |
$ |
(11,599) |
|
|
$ |
9,805 |
|
| Accumulated net realized gain (loss) |
14,866 |
|
|
(6,922) |
|
| Paid In Capital |
$ |
3,267 |
|
|
$ |
2,883 |
|
|
| Schedule of Net Assets Resulting From Operations and Cost and Unrealized Gain (Loss) on Investments and Capital Losses |
The following reconciles the increase in net assets resulting from operations to taxable income for the years ended December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2023 |
|
2022 |
| Net increase (decrease) in net assets resulting from operations |
$ |
654,601 |
|
|
$ |
58,947 |
|
| Net unrealized (appreciation) depreciation |
(214,133) |
|
|
157,391 |
|
| Realized gain (loss) for tax not included in book income |
5,497 |
|
|
1,621 |
|
| Other non-deductible expenses and excise taxes |
3,267 |
|
|
2,884 |
|
| Other book/tax differences |
33,473 |
|
|
(6,506) |
|
| Taxable income |
$ |
482,705 |
|
|
$ |
214,337 |
|
The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, at December 31, 2023 and 2022 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2023 |
|
2022 |
| Gross unrealized appreciation |
$ |
166,817 |
|
|
$ |
71,292 |
|
| Gross unrealized depreciation |
(95,061) |
|
|
(222,079) |
|
| Net unrealized appreciation (depreciation) |
$ |
71,756 |
|
|
$ |
(150,787) |
|
|
|
|
|
| Tax cost of investments |
$ |
9,217,654 |
|
|
$ |
5,853,583 |
|
Capital losses for the year ended December 31, 2023 and 2022, which will be deemed to arise on the first day of the tax year ended December 31, 2024 and 2023, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2023 |
|
2022 |
| Short-term |
$ |
3,650 |
|
|
$ |
— |
|
| Long-term |
$ |
9,892 |
|
|
$ |
— |
|
|