| Share Data and Distributions |
Share Data and Distributions Changes in Net Assets The following table presents the changes in net assets for the three and nine months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Shares | | | | | | | | (Share amounts in thousands) | | Shares | | Par Value | | Additional Paid-in-Capital | | Accumulated Distributable Earnings (Loss) | | Total Net Assets | | Balance at September 30, 2024 | | 134,288 | | | $ | 1,343 | | | $ | 3,170,746 | | | $ | (7,749) | | | $ | 3,164,340 | | | Issuance of Common Shares in private and public offering | | 10,676 | | | 107 | | | 251,386 | | | — | | | 251,493 | | | Issuance of Common Shares under distribution reinvestment plan | | 999 | | | 10 | | | 23,514 | | | — | | | 23,524 | | | Shares repurchased, net of early repurchase deduction | | (890) | | | (9) | | | (20,900) | | | — | | | (20,909) | | | Net investment income | | — | | | — | | | — | | | 72,205 | | | 72,205 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | 963 | | | 963 | | | Net realized gains (losses) | | — | | | — | | | — | | | 3,677 | | | 3,677 | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | (65) | | | (65) | | | Distributions to shareholders | | — | | | — | | | — | | | (82,912) | | | (82,912) | | | Balance at December 31, 2024 | | 145,073 | | | $ | 1,451 | | | $ | 3,424,746 | | | $ | (13,881) | | | $ | 3,412,316 | | | Issuance of Common Shares in private and public offering | | 17,030 | | | 171 | | | 399,458 | | | — | | | 399,629 | | | Issuance of Common Shares under distribution reinvestment plan | | 1,065 | | | 10 | | | 25,194 | | | — | | | 25,204 | | | Shares repurchased, net of early repurchase deduction | | (942) | | | (10) | | | (21,913) | | | — | | | (21,923) | | | Net investment income | | — | | | — | | | — | | | 77,254 | | | 77,254 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | (30,913) | | | (30,913) | | | Net realized gains (losses) | | — | | | — | | | — | | | 6,540 | | | 6,540 | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | 19 | | | 19 | | | Distributions to shareholders | | — | | | — | | | — | | | (91,112) | | | (91,112) | | | Balance at March 31, 2025 | | 162,226 | | | $ | 1,622 | | | $ | 3,827,485 | | | $ | (52,093) | | | $ | 3,777,014 | | | Issuance of Common Shares in private and public offering | | 26,377 | | | 264 | | | 611,763 | | | — | | | 612,027 | | | Issuance of Common Shares under distribution reinvestment plan | | 1,164 | | | 12 | | | 26,783 | | | — | | | 26,795 | | | Shares repurchased, net of early repurchase deduction | | (7,563) | | | (76) | | | (174,934) | | | — | | | (175,010) | | | Net investment income | | — | | | — | | | — | | | 82,956 | | | 82,956 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | 16,793 | | | 16,793 | | | Net realized gains (losses) | | — | | | — | | | — | | | (15,991) | | | (15,991) | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | (3) | | | (3) | | | Distributions to shareholders | | — | | | — | | | — | | | (107,821) | | | (107,821) | | | Balance at June 30, 2025 | | 182,204 | | | $ | 1,822 | | | $ | 4,291,097 | | | $ | (76,159) | | | $ | 4,216,760 | |
The following table presents the changes in net assets for the three and nine months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Common Shares | | | | | | | | (Share amounts in thousands) | | Shares | | Par Value | | Additional Paid-in-Capital | | Accumulated Distributable Earnings (Loss) | | Total Net Assets | | Balance at September 30, 2023 | | 64,896 | | | $ | 649 | | | $ | 1,536,305 | | | $ | (7,749) | | | $ | 1,529,205 | | | Issuance of Common Shares in public offering | | 19,952 | | | 199 | | | 468,588 | | | — | | | 468,787 | | | Issuance of Common Shares under distribution reinvestment plan | | 496 | | | 5 | | | 11,642 | | | — | | | 11,647 | | | Shares repurchased, net of early repurchase deduction | | (446) | | | (4) | | | (10,522) | | | — | | | (10,526) | | | Net investment income | | — | | | — | | | — | | | 35,803 | | | 35,803 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | 16,919 | | | 16,919 | | | Net realized gains (losses) | | — | | | — | | | — | | | 453 | | | 453 | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | (241) | | | (241) | | | Distributions to shareholders | | — | | | — | | | — | | | (46,876) | | | (46,876) | | | Balance at December 31, 2023 | | 84,898 | | | $ | 849 | | | $ | 2,006,013 | | | $ | (1,691) | | | $ | 2,005,171 | | | Issuance of Common Shares in public offering | | 19,399 | | | 194 | | | 457,636 | | | — | | | 457,830 | | | Issuance of Common Shares under distribution reinvestment plan | | 679 | | | 7 | | | 16,050 | | | — | | | 16,057 | | | Shares repurchased, net of early repurchase deduction | | (349) | | | (4) | | | (8,213) | | | — | | | (8,217) | | | Net investment income | | — | | | — | | | — | | | 53,929 | | | 53,929 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | (655) | | | (655) | | | Net realized gains (losses) | | — | | | — | | | — | | | 3,347 | | | 3,347 | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | (144) | | | (144) | | | Distributions to shareholders | | — | | | — | | | — | | | (56,572) | | | (56,572) | | | Balance at March 31, 2024 | | 104,627 | | | $ | 1,046 | | | $ | 2,471,486 | | | $ | (1,786) | | | $ | 2,470,746 | | | Issuance of Common Shares in public offering | | 17,673 | | | 177 | | | 416,869 | | | — | | | 417,046 | | | Issuance of Common Shares under distribution reinvestment plan | | 767 | | | 8 | | | 18,157 | | | — | | | 18,165 | | | Shares repurchased, net of early repurchase deduction | | (703) | | | (7) | | | (16,537) | | | — | | | (16,544) | | | Net investment income | | — | | | — | | | — | | | 61,642 | | | 61,642 | | | Net unrealized appreciation (depreciation) | | — | | | — | | | — | | | (3,198) | | | (3,198) | | | Net realized gains (losses) | | — | | | — | | | — | | | (59) | | | (59) | | | Provision for income tax (expense) benefit | | — | | | — | | | — | | | (158) | | | (158) | | | Distributions to shareholders | | — | | | — | | | — | | | (68,254) | | | (68,254) | | | Balance at June 30, 2024 | | 122,364 | | | $ | 1,224 | | | $ | 2,889,975 | | | $ | (11,813) | | | $ | 2,879,386 | |
Capital Activity The Company has the authority to issue an unlimited number of Class I, Class S, Class T and Class D Common Shares. As of June 30, 2025, the Company has issued and sold 133,406,551 Class I shares for an aggregate purchase price of $3,142.3 million, 53,595,659 Class S shares for an aggregate purchase price of $1,260.5 million and 155,752 Class D shares for an aggregate purchase price of $3.7 million. As of June 30, 2025, the Company has issued 3,038,058 Class I shares, 3,745,169 Class S shares and 5,816 Class D shares pursuant to its distribution reinvestment plan. As of June 30, 2025, the Company has not issued any Class T shares. The following table summarizes transactions in Common Shares for the nine months ended June 30, 2025: | | | | | | | | | | | | | Shares | | Amount | | Class I | | | | | Issuance of Common Shares in private and public offering | 43,490,558 | | | $ | 1,015,107 | | | Share transfers between classes | 72,671 | | | 1,700 | | | Issuance of Common Shares under distribution reinvestment plan | 1,419,706 | | | 33,561 | | | Share repurchases, net of early repurchase deduction | (7,742,619) | | | (179,433) | | | Net increase (decrease) | 37,240,316 | | | $ | 870,935 | | | Class S | | | | | Issuance of Common Shares in public offering | 10,515,826 | | | $ | 246,239 | | | Share transfers between classes | (72,671) | | | (1,700) | | | Issuance of Common Shares under distribution reinvestment plan | 1,803,828 | | | 41,881 | | | Share repurchases, net of early repurchase deduction | (1,648,328) | | | (38,332) | | | Net increase (decrease) | 10,598,655 | | | $ | 248,088 | | | Class D | | | | | Issuance of Common Shares in public offering | 76,766 | | | $ | 1,803 | | | Issuance of Common Shares under distribution reinvestment plan | 3,510 | | | 81 | | | Share repurchases, net of early repurchase deduction | (3,287) | | | (77) | | | Net increase (decrease) | 76,989 | | | $ | 1,807 | | | Total net increase (decrease) | 47,915,960 | | | $ | 1,120,830 | |
The following table summarizes transactions in Common Shares for the nine months ended June 30, 2024: | | | | | | | | | | | | | Shares | | Amount | | Class I | | | | | Issuance of Common Shares in private and public offering | 37,416,704 | | | $ | 881,665 | | | Share transfers between classes | 15,393 | | | 364 | | | Issuance of Common Shares under distribution reinvestment plan | 878,249 | | | 20,839 | | | Share repurchases, net of early repurchase deduction | (926,792) | | | (21,838) | | | Net increase (decrease) | 37,383,554 | | | $ | 881,030 | | | Class S | | | | | Issuance of Common Shares in public offering | 19,541,548 | | | $ | 460,437 | | | Share transfers between classes | (15,393) | | | (364) | | | Issuance of Common Shares under distribution reinvestment plan | 1,060,406 | | | 24,999 | | | Share repurchases, net of early repurchase deduction | (570,987) | | | (13,449) | | | Net increase (decrease) | 20,015,574 | | | $ | 471,623 | | | Class D | | | | | Issuance of Common Shares in public offering | 66,226 | | | $ | 1,561 | | | Issuance of Common Shares under distribution reinvestment plan | 1,310 | | | 31 | | | Share repurchases, net of early repurchase deduction | — | | | — | | | Net increase (decrease) | 67,536 | | | $ | 1,592 | | | Total net increase (decrease) | 57,466,664 | | | $ | 1,354,245 | |
Net Asset Value per Share and Offering Price The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase 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 tables summarize each month-end NAV per share for Class I, Class S and Class D shares for the nine months ended June 30, 2025 and 2024. As of June 30, 2025, the Company has not issued any Class T shares. | | | | | | | | | | | | | | | | | | | Class I Shares | | Class S Shares | | Class D Shares | | October 31, 2024 | $ | 23.55 | | | $ | 23.55 | | | $ | 23.55 | | | November 30, 2024 | $ | 23.56 | | | $ | 23.56 | | | $ | 23.56 | | | December 31, 2024 | $ | 23.52 | | | $ | 23.52 | | | $ | 23.52 | | | January 31, 2025 | $ | 23.49 | | | $ | 23.49 | | | $ | 23.49 | | | February 28, 2025 | $ | 23.41 | | | $ | 23.41 | | | $ | 23.41 | | | March 31, 2025 | $ | 23.28 | | | $ | 23.28 | | | $ | 23.28 | | | April 30, 2025 | $ | 23.12 | | | $ | 23.12 | | | $ | 23.12 | | | May 31, 2025 | $ | 23.16 | | | $ | 23.16 | | | $ | 23.16 | | | June 30, 2025 | $ | 23.14 | | | $ | 23.14 | | | $ | 23.14 | |
| | | | | | | | | | | | | | | | | | | Class I Shares | | Class S Shares | | Class D Shares | | October 31, 2023 | $ | 23.39 | | | $ | 23.39 | | | $ | 23.39 | | | November 30, 2023 | $ | 23.51 | | | $ | 23.51 | | | $ | 23.51 | | | December 31, 2023 | $ | 23.62 | | | $ | 23.62 | | | $ | 23.62 | | | January 31, 2024 | $ | 23.60 | | | $ | 23.60 | | | $ | 23.60 | | | February 29, 2024 | $ | 23.58 | | | $ | 23.58 | | | $ | 23.58 | | | March 31, 2024 | $ | 23.61 | | | $ | 23.61 | | | $ | 23.61 | | | April 30, 2024 | $ | 23.59 | | | $ | 23.59 | | | $ | 23.59 | | | May 31, 2024 | $ | 23.59 | | | $ | 23.59 | | | $ | 23.59 | | | June 30, 2024 | $ | 23.53 | | | $ | 23.53 | | | $ | 23.53 | |
Distributions The Board authorizes and declares monthly distributions per outstanding Common Share. The following table presents distributions that were declared during the nine months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class I | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 24, 2024 | | October 30, 2024 | | November 26, 2024 | | $ | 0.2000 | | | $ | 18,473 | | | Monthly | | November 26, 2024 | | November 27, 2024 | | December 27, 2024 | | 0.2000 | | | 18,965 | | | Monthly | | December 26, 2024 | | December 27, 2024 | | February 3, 2025 | | 0.2000 | | | 19,552 | | | Monthly | | January 28, 2025 | | January 29, 2025 | | February 26, 2025 | | 0.2000 | | | 20,068 | | | Monthly | | February 24, 2025 | | February 26, 2025 | | March 27, 2025 | | 0.2000 | | | 21,111 | | | Monthly | | March 24, 2025 | | March 27, 2025 | | April 28, 2025 | | 0.2000 | | | 22,009 | | | Monthly | | April 23, 2025 | | April 28, 2025 | | May 28, 2025 | | 0.2000 | | | 24,397 | | | Monthly | | May 27, 2025 | | May 28, 2025 | | June 26, 2025 | | 0.2000 | | | 26,500 | | | Monthly | | June 25, 2025 | | June 26, 2025 | | July 29, 2025 | | 0.2000 | | | 26,775 | | | | | | | | | | $ | 1.8000 | | | $ | 197,850 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class S | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 24, 2024 | | October 30, 2024 | | November 26, 2024 | | $ | 0.1833 | | | $ | 8,415 | | | Monthly | | November 26, 2024 | | November 27, 2024 | | December 27, 2024 | | 0.1833 | | | 8,632 | | | Monthly | | December 26, 2024 | | December 27, 2024 | | February 3, 2025 | | 0.1833 | | | 8,816 | | | Monthly | | January 28, 2025 | | January 29, 2025 | | February 26, 2025 | | 0.1833 | | | 9,026 | | | Monthly | | February 24, 2025 | | February 26, 2025 | | March 27, 2025 | | 0.1834 | | | 9,278 | | | Monthly | | March 24, 2025 | | March 27, 2025 | | April 28, 2025 | | 0.1834 | | | 9,543 | | | Monthly | | April 23, 2025 | | April 28, 2025 | | May 28, 2025 | | 0.1835 | | | 9,817 | | | Monthly | | May 27, 2025 | | May 28, 2025 | | June 26, 2025 | | 0.1836 | | | 10,006 | | | Monthly | | June 25, 2025 | | June 26, 2025 | | July 29, 2025 | | 0.1836 | | | 10,233 | | | | | | | | | | $ | 1.6507 | | | $ | 83,766 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class D | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 24, 2024 | | October 30, 2024 | | November 26, 2024 | | $ | 0.1951 | | | $ | 16 | | | Monthly | | November 26, 2024 | | November 27, 2024 | | December 27, 2024 | | 0.1951 | | | 21 | | | Monthly | | December 26, 2024 | | December 27, 2024 | | February 3, 2025 | | 0.1951 | | | 22 | | | Monthly | | January 28, 2025 | | January 29, 2025 | | February 26, 2025 | | 0.1951 | | | 22 | | | Monthly | | February 24, 2025 | | February 26, 2025 | | March 27, 2025 | | 0.1951 | | | 24 | | | Monthly | | March 24, 2025 | | March 27, 2025 | | April 28, 2025 | | 0.1951 | | | 31 | | | Monthly | | April 23, 2025 | | April 28, 2025 | | May 28, 2025 | | 0.1952 | | | 31 | | | Monthly | | May 27, 2025 | | May 28, 2025 | | June 26, 2025 | | 0.1952 | | | 31 | | | Monthly | | June 25, 2025 | | June 26, 2025 | | July 29, 2025 | | 0.1952 | | | 31 | | | | | | | | | | $ | 1.7562 | | | $ | 229 | |
The following table presents distributions that were declared during the nine months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class I | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 25, 2023 | | October 31, 2023 | | November 28, 2023 | | $ | 0.1900 | | | $ | 9,259 | | | Monthly | | November 27, 2023 | | November 30, 2023 | | December 27, 2023 | | 0.1900 | | | 9,916 | | | Special | | December 14, 2023 | | December 15, 2023 | | December 27, 2023 | | 0.0400 | | | 2,296 | | | Monthly | | December 20, 2023 | | December 31, 2023 | | February 1, 2024 | | 0.1900 | | | 10,921 | | | Monthly | | January 24, 2024 | | January 31, 2024 | | February 27, 2024 | | 0.1900 | | | 11,872 | | | Monthly | | February 27, 2024 | | February 29, 2024 | | March 27, 2024 | | 0.2000 | | | 13,229 | | | Monthly | | March 26, 2024 | | March 27, 2024 | | April 29, 2024 | | 0.2000 | | | 14,041 | | | Monthly | | April 18, 2024 | | April 29, 2024 | | May 30, 2024 | | 0.2000 | | | 14,936 | | | Monthly | | May 24, 2024 | | May 30, 2024 | | June 27, 2024 | | 0.2000 | | | 15,451 | | | Monthly | | June 27, 2024 | | June 27, 2024 | | July 29, 2024 | | 0.2000 | | | 16,361 | | | | | | | | | | $ | 1.8000 | | | $ | 118,282 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class S | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 25, 2023 | | October 31, 2023 | | November 28, 2023 | | $ | 0.1733 | | | $ | 4,105 | | | Monthly | | November 27, 2023 | | November 30, 2023 | | December 27, 2023 | | 0.1734 | | | 4,436 | | | Special | | December 14, 2023 | | December 15, 2023 | | December 27, 2023 | | 0.0400 | | | 1,109 | | | Monthly | | December 20, 2023 | | December 31, 2023 | | February 1, 2024 | | 0.1733 | | | 4,825 | | | Monthly | | January 24, 2024 | | January 31, 2024 | | February 27, 2024 | | 0.1733 | | | 5,191 | | | Monthly | | February 27, 2024 | | February 29, 2024 | | March 27, 2024 | | 0.1833 | | | 5,853 | | | Monthly | | March 26, 2024 | | March 27, 2024 | | April 29, 2024 | | 0.1833 | | | 6,361 | | | Monthly | | April 18, 2024 | | April 29, 2024 | | May 30, 2024 | | 0.1833 | | | 6,730 | | | Monthly | | May 24, 2024 | | May 30, 2024 | | June 27, 2024 | | 0.1833 | | | 7,188 | | | Monthly | | June 27, 2024 | | June 27, 2024 | | July 29, 2024 | | 0.1833 | | | 7,551 | | | | | | | | | | $ | 1.6498 | | | $ | 53,349 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class D | | Distribution | | Date Declared | | Record Date | | Payment Date | | Distribution Per Share | | Distribution Amount | | Monthly | | October 25, 2023 | | October 31, 2023 | | November 28, 2023 | | $ | 0.1851 | | | $ | 1 | | | Monthly | | November 27, 2023 | | November 30, 2023 | | December 27, 2023 | | 0.1851 | | | 3 | | | Special | | December 14, 2023 | | December 15, 2023 | | December 27, 2023 | | 0.0400 | | | 1 | | | Monthly | | December 20, 2023 | | December 31, 2023 | | February 1, 2024 | | 0.1851 | | | 4 | | | Monthly | | January 24, 2024 | | January 31, 2024 | | February 27, 2024 | | 0.1851 | | | 5 | | | Monthly | | February 27, 2024 | | February 29, 2024 | | March 27, 2024 | | 0.1951 | | | 10 | | | Monthly | | March 26, 2024 | | March 27, 2024 | | April 29, 2024 | | 0.1951 | | | 10 | | | Monthly | | April 18, 2024 | | April 29, 2024 | | May 30, 2024 | | 0.1951 | | | 11 | | | Monthly | | May 24, 2024 | | May 30, 2024 | | June 27, 2024 | | 0.1951 | | | 12 | | | Monthly | | June 27, 2024 | | June 27, 2024 | | July 29, 2024 | | 0.1951 | | | 14 | | | | | | | | | | $ | 1.7559 | | | $ | 71 | |
Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash dividend or other 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 offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, 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. Since inception through June 30, 2025, 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 is to avoid 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 tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the nine months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class I | | Class S | | Class D | | Source of Distribution | | Per Share | | Amount | | Per Share | | Amount | | Per Share | | Amount | | Net investment income | | $ | 1.4962 | | | $ | 163,586 | | | $ | 1.3484 | | | $ | 68,644 | | | $ | 1.4566 | | | $ | 190 | | | Distributions in excess of net investment income | | 0.3038 | | | 34,264 | | | 0.3023 | | | 15,122 | | | 0.2996 | | | 39 | | | Total | | $ | 1.8000 | | | $ | 197,850 | | | $ | 1.6507 | | | $ | 83,766 | | | $ | 1.7562 | | | $ | 229 | |
The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the nine months ended June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Class I | | Class S | | Class D | | Source of Distribution | | Per Share | | Amount | | Per Share | | Amount | | Per Share | | Amount | | Net investment income | | $ | 1.5811 | | | $ | 104,599 | | | $ | 1.4315 | | | $ | 46,712 | | | $ | 1.5394 | | | $ | 63 | | | Distributions in excess of net investment income | | 0.2189 | | | 13,683 | | | 0.2183 | | | 6,637 | | | 0.2165 | | | 8 | | | Total | | $ | 1.8000 | | | $ | 118,282 | | | $ | 1.6498 | | | $ | 53,349 | | | $ | 1.7559 | | | $ | 71 | |
Share Repurchase Program At the discretion of the Board, during the quarter ended September 30, 2022 the Company commenced a share repurchase program pursuant to which the Company intends to offer to repurchase, in each quarter, up to 5% of Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter; provided that the Company reserves the right in its sole discretion to purchase additional outstanding Shares representing up to 2.0% of the Company's outstanding Shares each quarter without amending or extending the repurchase offer as permitted by Rule 13e-4(f)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Board may amend or suspend the share repurchase program at any time if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the Investment Company 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 share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that have a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. During the nine months ended June 30, 2025, the Company repurchased pursuant to such tender offers an aggregate of 7,742,619 Class I shares, 1,648,328 Class S shares and 3,287 Class D shares. The following table presents the share repurchases completed during the nine months ended June 30, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Repurchase Pricing Date | | Total Number of Shares Repurchased (all classes) | | Percentage of Outstanding Shares Repurchased (1) | | Price Paid Per Share | | Amount Repurchased (all classes)(2) | | December 31, 2024 | | 889,569 | | | 0.66 | % | | $ | 23.52 | | | $ | 20,910 | | | March 31, 2025 | | 941,577 | | | 0.65 | % | | 23.28 | | | 21,923 | | | June 30, 2025 | | 7,563,088 | | | 4.66 | % | | 23.14 | | | 175,010 | |
_____________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) Amounts shown net of Early Repurchase Deduction, where applicable. During the nine months ended June 30, 2024, the Company repurchased pursuant to such tender offers an aggregate of 926,792 Class I and 570,987 Class S shares. The following table presents the share repurchases completed during the nine months ended June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Repurchase Pricing Date | | Total Number of Shares Repurchased (all classes) | | Percentage of Outstanding Shares Repurchased (1) | | Price Paid Per Share | | Amount Repurchased (all classes)(2) | | December 31, 2023 | | 446,089 | | | 0.69 | % | | $ | 23.62 | | | $ | 10,526 | | | March 31, 2024 | | 348,944 | | | 0.41 | % | | 23.61 | | | 8,217 | | | June 30, 2024 | | 702,746 | | | 0.67 | % | | 23.53 | | | 16,544 | |
_____________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) Amounts shown net of Early Repurchase Deduction, where applicable.
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