The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2025:


	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock











































































Balance as of December 31, 2024	135,487,595	$	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 dividends	708,547	1		9,990		—		9,991

Balance as of March 31, 2025	136,196,142	$	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 dividends	666,581	1		9,291		—		9,292

Balance as of June 30, 2025	134,387,297	$	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 - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2023	26,080,389	$	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 Merger	110,033,324	110		1,594,151		—		1,594,261

Reinvested dividends	221,360	0 (1)		3,342		—		3,342
Balance as of March 31, 2024	136,335,073	$	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 costs	61,058	0 (1)		900		—		900
Repurchases	(2,837,405)	(3)		(41,167)		—		(41,170)
Reinvested dividends	685,533	1		9,932		—		9,933
Balance as of June 30, 2024	134,244,259	$	134	$	1,967,490	$	(13,186)	$	1,954,438

(1) Less than $1.