Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company has evaluated subsequent events through March 6, 2026, the date on which the consolidated financial statements were issued. Stock Issuances: On January 2, 2026, the Company sold 4,690,159 shares for aggregate consideration of $46,292. On February 2, 2026, the Company sold 2,597,869 shares for aggregate consideration of $25,641. On March 2, 2026, the Company received proceeds of $28,187 related to an additional share issuance to bring the total consideration the Company has received for stock issuances subsequent to December 31, 2025 to $100,120. Distributions: On January 22, 2026, the Board declared a distribution of $0.075 per share, which was paid on January 28, 2026 to stockholders of record as of January 23, 2026. The total distribution paid was $21,853, $9,911 of which was reinvested pursuant to the Second Amended and Restated DRIP at a NAV per share of $9.87. On February 20, 2026, the Board declared a distribution of $0.075 per share, which was paid on February 25, 2026, to stockholders of record as of February 23, 2026. The total distribution paid was $22,123, $10,037 of which was reinvested pursuant to the Second Amended and Restated DRIP at a NAV per share of $9.87. Share Repurchases: On January 29, 2026, the Company commenced its normal course quarterly tender offer pursuant to the Share Repurchase Program. The Company offered to purchase up to 14,333,861 shares of its issued and outstanding common stock. The tender offer expired at 11:59 P.M., Eastern Time, on February 27, 2026, and on March 4, 2026, the Company purchased 15,179,052 shares which were validly tendered and not withdrawn pursuant to the Share Repurchase Program at a NAV per share of $9.87, for a total purchase price of $149,817. The Company is pleased to have fulfilled all repurchase requests for the first quarter 2026 offering, as it has every quarter since inception. The Company feels comfortable with its current state of liquidity and its liquidity management program. Subsequent to December 31, 2025, the Company has had net capital inflows totaling $120,000, comprised of (i) the issuance of shares in connection with its private offerings of $100,120 and (ii) the issuances of shares under the DRIP of $19,948. Fee Waiver: On January 22, 2026, MC Advisors agreed to voluntarily waive a portion of the management fees payable under the Amended Investment Advisory Agreement as such fee was voluntarily reduced pursuant to the fee waiver letter dated April 18, 2022 (the “2022 Fee Waiver Letter”). Specifically, MC Advisors has agreed to waive an amount of the base management fee that it may have been entitled to under the Amended Investment Advisory Agreement, as reduced pursuant to the 2022 Fee Waiver Letter, for the period beginning January 1, 2026 through December 31, 2026, such that the base management fee rate will equal 1.0%. SPV Credit Facility: On February 10, 2026, the Company entered into an amendment (the “Seventh Amendment”) to the SPV Credit Facility. The Seventh Amendment amended the SPV Credit Facility to, among other things, (i) increase the facility amount to $575,000 of aggregate commitments, (ii) reduce the interest rate applicable to borrowings to 1.90% and (iii) extend the reinvestment period from July 16, 2027 to February 10, 2029 and the maturity date from July 16, 2029 to February 10, 2031.
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