v3.26.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Outstanding Class E Redeemable Common Shares

The following table details the movement of and net proceeds received from the Company’s outstanding common shares for the period from July 14, 2023 (date of initial capitalization) through December 31, 2023 and during the years ended December 31, 2025 and 2024 (dollars in thousands, except for share and per share data):

 

Class S
Common Shares

 

Class I
Common Shares

 

Total

 

Shares outstanding as of July 14, 2023 (date of initial capitalization)

 

—

 

 

—

 

 

—

 

Common shares issued

 

259,750

 

 

67,050

 

 

326,800

 

DRIP shares issued

 

—

 

 

—

 

 

—

 

Shares outstanding as of December 31, 2023

 

259,750

 

 

67,050

 

 

326,800

 

 

 

 

 

 

 

Proceeds from issuance of common shares

$

5,195

 

$

1,341

 

$

6,536

 

 

 

 

 

 

 

 

Shares outstanding as of December 31, 2023

 

259,750

 

 

67,050

 

 

326,800

 

Common shares issued

 

4,665,255

 

 

3,668,601

 

 

8,333,856

 

DRIP shares issued

 

139,759

 

 

87,767

 

 

227,526

 

Shares outstanding as of December 31, 2024

 

5,064,764

 

 

3,823,418

 

 

8,888,182

 

 

 

 

 

 

 

Proceeds from issuance of common shares

$

96,967

 

$

75,241

 

$

172,208

 

 

 

 

 

 

 

 

Shares outstanding as of December 31, 2024

 

5,064,764

 

 

3,823,418

 

 

8,888,182

 

Common shares issued

 

2,168,588

 

 

2,501,247

 

 

4,669,835

 

DRIP shares issued

 

314,230

 

 

202,644

 

 

516,874

 

Common shares repurchased

 

(157,941

)

 

(316,599

)

 

(474,540

)

Shares outstanding as of December 31, 2025

 

7,389,641

 

 

6,210,710

 

 

13,600,351

 

 

 

 

 

 

 

Proceeds from issuance of common shares

$

50,554

 

$

54,694

 

$

105,248

 
Schedule of Distributions Declared

The following table details the aggregate distributions declared for Class S common shares for the years ended December 31, 2025 and 2024 and the period from July 14, 2023 (date of initial capitalization) through December 31, 2023:

 

Class S Common Shares

 

 

For the Year Ended
December 31, 2025

 

 

For the Year Ended
December 31, 2024

 

 

For the Period from July 14, 2023 (date of initial capitalization) through December 31, 2023

 

Aggregate gross distributions declared per redeemable common share

$

2.0148

 

 

$

1.5592

 

 

$

0.1292

 

Shareholder servicing fee per redeemable common share(1)

 

(0.1718

)

 

 

(0.1703

)

 

 

(0.0144

)

Net distributions declared per redeemable common share

$

1.8430

 

 

$

1.3889

 

 

$

0.1148

 

__________________

(1)
Refer to Note 10 — “Related Party Transactions” below for further information on shareholder servicing fees.

The following table details the aggregate distributions declared for Class I common shares for the years ended December 31, 2025 and 2024 and the period from July 14, 2023 (date of initial capitalization) through December 31, 2023:

 

 

Class I Common Shares

 

 

For the Year Ended
December 31, 2025

 

 

For the Year Ended
December 31, 2024

 

 

For the Period from July 14, 2023 (date of initial capitalization) through December 31, 2023

 

Aggregate gross distributions declared per redeemable common share

$

2.0148

 

 

$

1.5592

 

 

$

0.1292

 

Shareholder servicing fee per redeemable common share(1)

 

—

 

 

 

—

 

 

 

—

 

Net distributions declared per redeemable common share

$

2.0148

 

 

$

1.5592

 

 

$

0.1292

 

__________________

(1)
There is no shareholder servicing fee with respect Class I shares. Refer to Note 10 — “Related Party Transactions” below for further information on shareholder servicing fees.
Schedule of Common Shares Dividends Declared that are Taxable and Related Tax Characterization

The following table sets forth the dividends declared per share of our common shares that are taxable in the fiscal tax year ended December 31, 2025 and the related tax characterization:

 

 

 

 

 

 

Tax Characterization of Dividends

 

 

 

 

Dividends Declared and Taxable in Current Year

 

 

Ordinary Dividends

 

 

Return of Capital

 

 

Capital Gain Distribution

 

 

Class E - Redeemable common shares

 

$

2.0148

 

 

$

2.0148

 

 

$

—

 

 

$

—

 

 

Class S - Common shares

 

 

1.8430

 

 

 

1.8430

 

 

 

—

 

 

 

—

 

 

Class I - Common shares

 

 

2.0148

 

 

 

2.0148

 

 

 

—

 

 

 

—

 

 

The following table sets forth the dividends declared per share of our common shares that are taxable in the fiscal tax year ended December 31, 2024 and the related tax characterization:

 

 

 

 

 

Tax Characterization of Dividends

 

 

 

 

Dividends Declared and Taxable in Current Year

 

 

Ordinary Dividends

 

 

Return of Capital

 

 

Capital Gain Distribution

 

 

Class E - Redeemable common shares

 

$

1.5592

 

 

$

1.3953

 

 

$

0.1639

 

 

$

—

 

 

Class S - Common shares

 

 

1.3889

 

 

 

1.2429

 

 

 

0.1460

 

 

 

—

 

 

Class I - Common shares

 

 

1.5592

 

 

 

1.3953

 

 

 

0.1639

 

 

 

—