v3.25.2
Common Stock
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Common Stock Capital
Investor Commitments
The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2025 and as of December 31, 2024, excluding the impact of net assets acquired as a result of the Mergers:
As of June 30, 2025As of December 31, 2024
Capital CommitmentsUnfunded Capital CommitmentsCapital CommitmentsUnfunded Capital Commitments
Common Stock$375,461 $— $375,461 $— 
Series A Preferred Stock77,500 — 77,500 — 
Total$452,961 $— $452,961 $— 
Capital Drawdowns
For the six months ended June 30, 2025, there were no capital drawdowns of Common Stock.
The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2024:
Share Issue DateShares IssuedNet Proceeds Received
For the year ended December 31, 2024
April 24, 202461,058 $900 
Total Capital Drawdowns61,058 $900 
Refer to Note 19 - Merger with FBLC for shares of Common Stock issued in connection with the Mergers.
The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.
For the six months ended June 30, 2025, there were no capital drawdowns of Series A Preferred Stock.
For the year ended December 31, 2024. there were no capital drawdowns of Series A Preferred Stock.
Common Stock
The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2025:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 2024135,487,595 $135 $2,517,890 $(607,648)$1,910,377 
Net investment income (loss)— — — 44,924 44,924 
Net realized gain (loss) from investment transactions— — — 3,452 3,452 
Net change in unrealized appreciation (depreciation) on investments— — — (23,517)(23,517)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,686)(1,686)
Distributions to common stockholders— — — (44,703)(44,703)
Reinvested dividends708,547 1 9,990 — 9,991 
Balance as of March 31, 2025136,196,142 $136 $2,527,880 $(629,183)$1,898,833 
Net investment income (loss)— $— $— $39,580 $39,580 
Net realized gain (loss) from investment transactions— — — (11,492)(11,492)
Net change in unrealized appreciation (depreciation) on investments— — — (1,930)(1,930)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (4)(4)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,687)(1,687)
Distributions to common stockholders— — — (44,942)(44,942)
Repurchases(2,475,426)(2)(34,901)— (34,903)
Reinvested dividends666,581 1 9,291 — 9,292 
Balance as of June 30, 2025134,387,297 $135 $2,502,270 $(649,658)$1,852,747 
The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2024:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 202326,080,389 $26 $400,332 $(12,239)$388,119 
Net investment income (loss)— — — 49,737 49,737 
Net realized gain (loss) from investment transactions— — — 1,283 1,283 
Net change in unrealized appreciation (depreciation) on investments— — — (24,800)(24,800)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (2,197)(2,197)
Distributions to common stockholders— — — (11,182)(11,182)
Issuance of shares in connection with the Merger110,033,324 110 1,594,151 — 1,594,261 
Reinvested dividends221,360 
0 (1)
3,342 — 3,342 
Balance as of March 31, 2024136,335,073 $136 $1,997,825 $597 $1,998,558 
Net investment income (loss)— $— $— $48,677 $48,677 
Net realized gain (loss) from investment transactions— — — 250 250 
Net change in unrealized appreciation (depreciation) on investments— — — (16,015)(16,015)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (4)(4)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,687)(1,687)
Distributions to common stockholders— — — (45,004)(45,004)
Issuance of common stock, net of issuance costs61,058 
0 (1)
900 — 900 
Repurchases(2,837,405)(3)(41,167)— (41,170)
Reinvested dividends685,533 1 9,932 — 9,933 
Balance as of June 30, 2024134,244,259 $134 $1,967,490 $(13,186)$1,954,438 
(1) Less than $1.
The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Board of Directors.
The following table reflects the Common Stock activity for the six months ended June 30, 2025:
SharesValue
Shares issued through DRIP1,375,128 $19,283 
Share repurchases(2,475,426)(34,903)
(1,100,298)$(15,620)
The following table reflects the Common Stock activity for the year ended December 31, 2024:
SharesValue
Shares sold110,096,838 $1,595,161 
Shares issued through DRIP2,279,074 33,106 
Share repurchases(2,968,706)(43,017)
109,407,206 $1,585,250 
Distributions
The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2025:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Six Months Ended June 30, 2025
March 10, 2025March 10, 2025March 18, 2025$0.29
March 10, 2025 (special)March 10, 2025March 18, 2025$0.04
May 6, 2025May 6, 2025May 15, 2025$0.29
May 6, 2025 (special)May 6, 2025May 15, 2025$0.04

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2024:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Six Months Ended June 30, 2024
January 9, 2024January 10, 2024January 11, 2024$0.43
May 7, 2024May 7, 2024May 13, 2024$0.29
May 7, 2024 (special)May 7, 2024May 13, 2024$0.04


The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2025:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Six Months Ended June 30, 2025
March 10, 2025March 10, 2025March 18, 2025$21.76
May 6, 2025May 6, 2025May 15, 2025$21.76

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2024:
Date DeclaredRecord DatePayment DateAmount Per Share
For the Six Months Ended June 30, 2024
January 9, 2024January 10, 2024January 11, 2024$28.35
May 7, 2024May 7, 2024May 13, 2024$21.76