v3.26.1
Equity and Non-Controlling Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Summary of Common Shares

For the period from June 4, 2024 (Date of Formation) through December 31, 2025, the below table details the movement in the Company’s outstanding common shares (in thousands):

 

Class B

 

 

Class R

 

 

Class J-1

 

 

Class J-2

 

 

Class J-4

 

 

Class S

 

 

Class I

 

 

Class E

 

 

Total

 

June 4, 2024 (Date of Formation)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common shares issued

 

 

9,123

 

 

 

976

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

268

 

 

 

1,132

 

 

 

11,499

 

Distribution reinvestment

 

 

28

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

 

 

29

 

Class transfers

 

 

250

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(250

)

 

 

—

 

 

 

—

 

Common shares repurchased

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

December 31, 2024

 

 

9,401

 

 

 

976

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18

 

 

 

1,133

 

 

 

11,528

 

Common shares issued

 

 

15,447

 

 

 

3,445

 

 

 

15,413

 

 

 

3,241

 

 

 

5,043

 

 

 

1,092

 

 

 

5,304

 

 

 

181

 

 

 

49,166

 

Distribution reinvestment

 

 

475

 

 

 

68

 

 

 

454

 

 

 

131

 

 

 

73

 

 

 

15

 

 

 

41

 

 

 

13

 

 

 

1,270

 

Class transfers

 

 

15

 

 

 

(15

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Common shares repurchased

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

 

 

(59

)

 

 

(63

)

December 31, 2025

 

 

25,338

 

 

 

4,474

 

 

 

15,867

 

 

 

3,372

 

 

 

5,116

 

 

 

1,107

 

 

 

5,359

 

 

 

1,268

 

 

 

61,901

 

 
Summary of Distributions Declared

The tables below detail the aggregate distributions declared for each applicable class of common shares for the year ended December 31, 2025 and for the period from June 4, 2024 (Date of Formation) through December 31, 2024:

 

Year Ended December 31, 2025

 

 

Class B

 

 

Class R

 

 

Class J-1(1)

 

 

Class J-2(1)

 

 

Class J-4(1)

 

 

Class S(1)

 

 

Class I

 

 

Class E

 

Aggregate net distributions declared per share of common shares

 

$

1.5649

 

 

$

1.3960

 

 

$

1.3404

 

 

$

1.3864

 

 

$

0.9945

 

 

$

0.8521

 

 

$

1.4178

 

 

$

1.7158

 

 

 

For the period from June 4, 2024 (Date of Formation) through December 31, 2024

 

 

Class B

 

 

Class R(2)

 

 

Class J-1

 

 

Class J-2

 

 

Class J-4

 

 

Class S

 

 

Class I(2)

 

 

Class E

 

Aggregate net distributions declared per share of common shares

 

$

0.7083

 

 

$

0.2265

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

0.6083

 

 

$

0.7083

 

 

(1)
Shares were outstanding for a portion of the year ended December 31, 2025.
(2)
Shares were outstanding for a portion of the period from June 4, 2024 (Date of Formation) through December 31, 2024.