v3.25.2
NET ASSETS (Tables)
6 Months Ended
Jun. 30, 2025
Investment Company [Abstract]  
Schedule of Transactions in Common Shares
The following table presents transactions in Common Shares during the three months ended June 30, 2025 (dollars in thousands except share amounts):
Three Months Ended June 30, 2025
SharesAmount
CLASS S
Subscriptions393,583 $9,662 
Share transfers between classes— — 
Distributions reinvested8,652 212 
Share repurchases, net of early repurchase deduction
(1,257)(31)
Net increase (decrease)400,978 $9,843 
CLASS D
Subscriptions124,957 $3,077 
Share transfers between classes(123)(3)
Distributions reinvested13,453 332 
Share repurchases, net of early repurchase deduction
(4,634)(113)
Net increase (decrease)133,653 $3,293 
CLASS I
Subscriptions6,603,294 $162,612 
Share transfers between classes122 
Distributions reinvested413,951 10,203 
Share repurchases, net of early repurchase deduction
(209,244)(5,131)
Net increase (decrease)6,808,123 $167,687 
The following table presents transactions in Common Shares during the six months ended June 30, 2025 (dollars in thousands except share amounts):
Six Months Ended June 30, 2025
SharesAmount
CLASS S
Subscriptions583,230 $14,347 
Share transfers between classes(4,050)(100)
Distributions reinvested14,191 349 
Share repurchases, net of early repurchase deduction
(1,257)(31)
Net increase (decrease)592,114 $14,565 
CLASS D
Subscriptions170,879 $4,214 
Share transfers between classes(5,807)(144)
Distributions reinvested26,027 643 
Share repurchases, net of early repurchase deduction
(10,101)(248)
Net increase (decrease)180,998 $4,465 
CLASS I
Subscriptions9,856,478 $243,224 
Share transfers between classes9,844 244 
Distributions reinvested777,333 19,203 
Share repurchases, net of early repurchase deduction
(451,368)(11,096)
Net increase (decrease)10,192,287 $251,575 
The following table presents transactions in Common Shares during the three months ended June 30, 2024 (dollars in thousands except share amounts):
Three Months Ended June 30, 2024
SharesAmount
CLASS S
Subscriptions155,947 $3,832 
Share transfers between classes— — 
Distributions reinvested3,804 94 
Share repurchases, net of early repurchase deduction— — 
Net increase (decrease)159,751 $3,926 
CLASS D
Subscriptions203,840 $5,019 
Share transfers between classes— — 
Distributions reinvested7,875 194 
Share repurchases, net of early repurchase deduction— — 
Net increase (decrease)211,715 $5,213 
CLASS I
Subscriptions9,612,049 $236,716 
Share transfers between classes— — 
Distributions reinvested176,547 4,350 
Share repurchases, net of early repurchase deduction(13,380)(324)
Net increase (decrease)9,775,216 $240,742 
The following table presents transactions in Common Shares during the six months ended June 30, 2024 (dollars in thousands except share amounts):
Six Months Ended June 30, 2024
SharesAmount
CLASS S
Subscriptions346,112 $8,530 
Share transfers between classes(4,107)(101)
Distributions reinvested5,762 142
Share repurchases, net of early repurchase deduction— — 
Net increase (decrease)347,767 $8,571 
CLASS D
Subscriptions455,109 $11,234 
Share transfers between classes— — 
Distributions reinvested10,980 271
Share repurchases, net of early repurchase deduction— — 
Net increase (decrease)466,089 $11,505 
CLASS I
Subscriptions14,111,476 $348,064 
Share transfers between classes4,104 101 
Distributions reinvested229,673 5,664 
Share repurchases, net of early repurchase deduction(24,707)(597)
Net increase (decrease)14,320,546 $353,232 
Schedule of Net Offering Price Per Share
The following tables present each month-end net offering price for Class S, Class D, and Class I Common Shares, which approximately equals their respective NAV per share, for the six months ended June 30, 2025 and 2024:

Net Offering Price Per Share
For The Months Ended Class S Class D Class I
January 31, 2025$24.75$24.80$24.81
February 28, 2025$24.64$24.69$24.70
March 31, 2025$24.58$24.63$24.64
April 30, 2025$24.54$24.59$24.60
May 31, 2025$24.58$24.63$24.63
June 30, 2025$24.47$24.54$24.54
Net Offering Price Per Share
For the Months Ended
Class S
Class D
Class I
January 31, 2024$24.71$24.73$24.74
February 29, 2024$24.72$24.75$24.75
March 31, 2024$24.58$24.61$24.62
April 30, 2024$24.59$24.63$24.63
May 31, 2024$24.60$24.64$24.65
June 30, 2024$24.64$24.68$24.69
Schedule of Fund Distributions and Cash Distributions Declared
The following tables summarize the Fund’s distributions recorded during the six months ended June 30, 2025 (dollars in thousands except per share amounts):
Class S
Declaration DateRecord DatePayment Date
Distribution per Share (1)
Distribution Amount
January 29, 2025January 31, 2025February 28, 2025$0.183$156
February 27, 2025February 28, 2025March 28, 2025$0.183$162
March 28, 2025March 31, 2025April 29, 2025$0.183$172
April 26, 2025April 30, 2025May 29, 2025$0.183$183
May 27, 2025May 31, 2025June 27, 2025$0.183$229
June 27, 2025June 30, 2025July 29, 2025$0.183$246
Total
$1.098$1,148
Class D
Declaration DateRecord DatePayment Date
Distribution per Share (1)
Distribution Amount
January 29, 2025January 31, 2025February 28, 2025$0.195$162
February 27, 2025February 28, 2025March 28, 2025$0.195$165
March 28, 2025March 31, 2025April 29, 2025$0.195$170
April 26, 2025April 30, 2025May 29, 2025$0.195$173
May 27, 2025May 31, 2025June 27, 2025$0.195$177
June 27, 2025June 30, 2025July 29, 2025$0.195$195
Total
$1.170$1,042
Class I
Declaration DateRecord DatePayment Date
Distribution per Share
Distribution Amount
January 29, 2025January 31, 2025February 28, 2025$0.200$6,741
February 27, 2025February 28, 2025March 28, 2025$0.200$6,901
March 28, 2025March 31, 2025April 29, 2025$0.200$7,076
April 26, 2025April 30, 2025May 29, 2025$0.200$7,622
May 27, 2025May 31, 2025June 27, 2025$0.200$8,019
June 27, 2025June 30, 2025July 29, 2025$0.200$8,430
Total
$1.200$44,789
_______________
(1)Distributions are net of distribution and servicing fees.

The following tables summarize the Fund’s distributions recorded during the six months ended June 30, 2024 (dollars in thousands except per share amounts):
Class S
Declaration DateRecord DatePayment Date
Distribution per Share (1)
Distribution Amount
January 26, 2024January 31, 2024February 28, 2024$0.233$51
February 28, 2024February 29, 2024March 28, 2024$0.233$60
March 28, 2024March 31, 2024April 29, 2024$0.233$79
April 26, 2024April 30, 2024May 28, 2024$0.183$70
May 29, 2024May 31, 2024June 28, 2024$0.183$87
June 28, 2024June 30, 2024July 29, 2024$0.183$91
Total
$1.248$438
Class D
Declaration DateRecord DatePayment Date
Distribution per Share (1)
Distribution Amount
January 26, 2024January 31, 2024February 28, 2024$0.245$39
February 28, 2024February 29, 2024March 28, 2024$0.245$59
March 28, 2024March 31, 2024April 29, 2024$0.245$89
April 26, 2024April 30, 2024May 28, 2024$0.195$90
May 29, 2024May 31, 2024June 28, 2024$0.195$105
June 28, 2024June 30, 2024July 29, 2024$0.195$112
Total
$1.320$494
Class I
Declaration DateRecord DatePayment DateDistribution per ShareDistribution Amount
January 26, 2024January 31, 2024February 28, 2024$0.250$3,626
February 28, 2024February 29, 2024March 29, 2024$0.250$3,735
March 28, 2024March 31, 2024April 29, 2024$0.250$4,661
April 26, 2024April 30, 2024May 28, 2024$0.200$4,382
May 29, 2024May 31, 2024June 28, 2024$0.200$5,577
June 28, 2024June 30, 2024July 29, 2024$0.200$5,685
Total$1.350$27,666
_______________
(1)Distributions are net of distribution and servicing fees.
The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the six months ended June 30, 2025 (dollars in thousands except share and per share amounts):

Class S
Class D
Class I
Sources of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.098$1,148$1.170$1,042$1.200$44,789
Net realized gains$—$—$—$—$—$—
Total$1.098$1,148$1.170$1,042$1.200$44,789

The following table reflects the source of cash distributions on a U.S. GAAP basis that the Fund has declared on its Common Shares for the six months ended June 30, 2024 (dollars in thousands except share and per share amounts):
Class SClass DClass I
Sources of DistributionPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$1.248$438$1.320$494$1.350$27,666
Net realized gains$—$—$—$—$—$—
Total$1.248$438$1.320$494$1.350$27,666
Schedule of Share Repurchases
The following table presents the share repurchases completed for the six months ended June 30, 2025 (dollars in thousands except share amounts):
Offer DateClassTender Offer ExpirationRepurchase Price per share
Repurchased Amount (1)
Shares Repurchased (2)
February 28, 2025Class IMarch 28, 2025$24.64 $5,965 242,124 
February 28, 2025Class DMarch 28, 2025$24.63 $135 5,467 
May 30, 2025Class IJune 30, 2025$24.54 $5,131 209,244 
May 30, 2025Class DJune 30, 2025$24.54 $113 4,634 
May 30, 2025Class SJune 30, 2025$24.47 $31 1,257 
_______________
(1)Amount shown is net of Early Repurchase Deduction.
(2)All repurchase requests were satisfied in full.
The following table presents the share repurchases completed for the six months ended June 30, 2024 (dollars in thousands except share and per share amounts):
Offer DateClassTender Offer ExpirationRepurchase Price per share
Repurchased Amount (1)
Shares Repurchased (2)
February 29, 2024Class IMarch 29, 2024$24.62 $273 11,327 
May 30, 2024Class IJune 28, 2024$24.69 $324 13,380 
_______________
(1)Amount shown is net of Early Repurchase Deduction.
(2)All repurchase requests were satisfied in full.