v3.26.1
Net Assets
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Net Assets Net Assets
As of March 31, 2026 and December 31, 2025, the Company had 50,432,911 and 48,394,834 of Class I shares issued and outstanding with a par value of $0.01 per share, respectively. As of March 31, 2026 and December 31, 2025, the Company had 5,009,853 and 4,624,605 of Class S shares issued and outstanding with a par value of $0.01 per share, respectively. As of March 31, 2026 and December 31, 2025, the Company had 7,219,923 and 6,052,852 of Class D shares issued and outstanding with a par value of $0.01 per share.
The following table summarizes capital activity for the three months ended March 31, 2026:
Common Shares
Capital in Excess of Par Value
Accumulated Net Investment Income (Loss)
Accumulated Net Realized Gain (Loss)
Accumulated Net Unrealized Appreciation (Depreciation)
Total Net Assets
Shares
Amount
Balance, beginning of period
59,072,291 
$
591 
$
1,615,011 
$
(9,855)
$
(5,793)
$
(11,708)
$
1,588,246 
Common shares issued
3,445,862 
35 
91,785 
— 
— 
— 
91,820 
Distribution reinvestment
339,142 
3 
9,027 
— 
— 
— 
9,030 
Repurchase of common shares
(194,608)
(2)
(5,230)
— 
— 
— 
(5,232)
Net investment income (loss)
— 
— 
— 
36,113 
— 
— 
36,113 
Net realized gain (loss)
— 
— 
— 
— 
3,248 
— 
3,248 
Net change in unrealized appreciation (depreciation) on investments
— 
— 
— 
— 
— 
(42,851)
(42,851)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities
— 
— 
— 
— 
— 
10 
10 
Distributions declared
— 
— 
— 
(41,982)
— 
— 
(41,982)
Tax reclassification of shareholders' equity in accordance with U.S. GAAP
— 
— 
— 
— 
— 
— 
— 
Balance, end of period
62,662,687 
$
627 
$
1,710,593 
$
(15,724)
$
(2,545)
$
(54,549)
$
1,638,402 
The following table summarizes capital activity for the three months ended March 31, 2025:

Common Shares
Capital in Excess of Par Value
Accumulated Net Investment Income (Loss)
Accumulated Net Realized Gain (Loss)
Accumulated Net Unrealized Appreciation (Depreciation)
Total Net Assets
Shares
Amount
Balance, beginning of period
43,472,573 
$
435 
$
1,197,185 
$
(85)
$
413 
$
2,681 
$
1,200,629 
Common shares issued
2,356,405 
24 
64,689 
— 
— 
64,713 
Distribution reinvestment
147,779 
1 
4,065 
— 
— 
— 
4,066 
Repurchase of common shares
— 
— 
— 
— 
— 
— 
— 
Net investment income (loss)
— 
— 
— 
28,549 
— 
— 
28,549 
Net realized gain (loss)
— 
— 
— 
— 
(4,168)
— 
(4,168)
Net change in unrealized appreciation (depreciation) on investments
— 
— 
— 
— 
— 
(10,075)
(10,075)
Net change in unrealized currency gain (losses) on non-investment assets and liabilities
— 
— 
— 
— 
— 
(83)
(83)
Distributions declared
— 
— 
— 
(30,818)
— 
— 
(30,818)
Tax reclassification of shareholders' equity in accordance with U.S. GAAP
— 
— 
— 
— 
— 
— 
— 
Balance, end of period
45,976,757 
$
460 
$
1,265,939 
$
(2,354)
$
(3,755)
$
(7,477)
$
1,252,813 
The following table summarizes transactions in common shares during the three months ended March 31, 2026:

Shares
Amount
Class I:
Proceeds from shares sold
1,989,555 
$
53,076 
Repurchase of shares
(127,815)
(3,436)
Distribution reinvestment
176,337 
4,695 
Net increase (decrease)
2,038,077 
54,335 
Class S:
Proceeds from shares sold
386,417 
10,283 
Repurchase of shares
(66,793)
(1,796)
Distribution reinvestment
65,625 
1,748 
Net increase (decrease)
385,249 
10,235 
Class D:
Proceeds from shares sold
1,069,890 
28,461 
Repurchase of shares
— 
— 
Distribution reinvestment
97,180 
2,587 
Net increase (decrease)
1,167,070 
31,048 
Total increase (decrease)
3,590,396 
$
95,618 




The following table summarizes transactions in common shares during the three months ended March 31, 2025:

Shares
Amount
Class I:
Proceeds from shares sold
1,289,722 
$
35,413 
Repurchase of shares
— 
— 
Distribution reinvestment
119,435 
3,286 
Net increase (decrease)
1,409,157 
$
38,699 
Class S:
Proceeds from shares sold
828,321 
22,770 
Repurchase of shares
— 
— 
Distribution reinvestment
28,344 
780 
Net increase (decrease)
856,665 
$
23,550 
Class D:
Proceeds from shares sold
238,362 
6,530 
Repurchase of shares
— 
— 
Distribution reinvestment
— 
— 
Net increase (decrease)
238,362 
$
6,530 
Total increase (decrease)
2,504,184 
$
68,779 









The Company determines NAV per share as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first business day of each month. Shares are issued at an offering price equivalent to the most
recent NAV per share available. The following table summarizes each month-end NAV per share for Class S, Class D, and Class I common shares for the three months ended March 31, 2026:
NAV Per Share
Class S
Class D
Class I
January 31, 2026
$
26.69 
$
26.69 
$
26.69 
February 28, 2026
$
26.33 
$
26.33 
$
26.33 
March 31, 2026
$
26.15 
$
26.15 
$
26.15 


The following table summarizes each month-end NAV per share for Class S, Class D, and Class I common shares for the periods in which there were common share issuances during the three months ended March 31, 2025:

NAV Per Share
Class S
Class D
Class I
January 31, 2025
$
27.50 
$
— 
$
27.50 
February 28, 2025
$
27.40 
$
— 
$
27.40 
March 31, 2025
$
27.25 
$
27.25 
$
27.25 


Distributions

Distributions are recorded on the record date. The following tables summarize distributions declared during the three months ended March 31, 2026:

Class I
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share(2)
Total Distributions
January 30, 2026
January 30, 2026
March 4, 2026
$
0.20 
$
0.03 
$
— 
$
11,228 
February 27, 2026
February 27, 2026
March 31, 2026
0.20 
0.03 
— 
11,507 
March 23, 2026
March 31, 2026
April 29, 2026
0.20 
0.03 
— 
11,600 
Total
$
0.60 
$
0.09 
$
— 
$
34,335 

Class S
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share(2)
Total Distributions
January 30, 2026
January 30, 2026
March 4, 2026
$
0.18 
$
0.03 
$
— 
$
987 
February 27, 2026
February 27, 2026
March 31, 2026
0.18 
0.03 
— 
1,023 
March 23, 2026
March 31, 2026
April 29, 2026
0.18 
0.03 
— 
1,064 
Total
$
0.54 
$
0.09 
$
— 
$
3,074 

Class D
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share(2)
Total Distributions
January 30, 2026
January 30, 2026
March 4, 2026
$
0.19 
$
0.03 
$
— 
$
1,438 
February 27, 2026
February 27, 2026
March 31, 2026
$
0.19 
$
0.03 
$
— 
$
1,513 
March 23, 2026
March 31, 2026
April 29, 2026
$
0.19 
$
0.03 
$
— 
$
1,622 
Total
$
0.57 
$
0.09 
$
— 
$
4,573 
(1) Base distributions per share are net of distribution and/or shareholder servicing fees.
(2) There were zero capital gain distributions for the three months ended March 31, 2026.

The following table summarizes distributions declared during the three months ended March 31, 2025:
Class I
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share (2)
Total Distributions
January 27, 2025
January 31, 2025
March 3, 2025
$
0.20 
$
0.03 
$
— 
$
9,688 
February 26, 2025
February 28, 2025
April 1, 2025
0.20 
0.03 
— 
9,750 
March 26, 2025
March 31, 2025
April 30, 2025
0.20 
0.03 
— 
9,943 
Total
$
0.60 
$
0.09 
$
— 
$
29,381 
Class S
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share (2)
Total Distributions
January 27, 2025
January 31, 2025
March 3, 2025
$
0.18 
$
0.03 
$
— 
$
392 
February 26, 2025
February 28, 2025
April 1, 2025
$
0.18 
$
0.03 
$
— 
$
464 
March 26, 2025
March 31, 2025
April 30, 2025
$
0.18 
$
0.03 
$
— 
$
528 
Total
$
0.54 
$
0.09 
$
— 
$
1,384 



Class D(3)
Date Declared
Record Date
Payment Date
Regular Distribution
Per Share(1)
Variable Supplemental Distribution Per Share
Special Distribution
Per Share (2)
Total Distributions
March 26, 2025
March 31, 2025
April 30, 2025
$
0.19 
$
0.03 
$
— 
$
53 
Total
$
0.19 
$
0.03 
$
— 
$
53 

(1) Base distributions per share are net of distribution and/or shareholder servicing fees.
(2) There were zero capital gain distributions for the three months ended March 31, 2025.
(3) Class D inception date is March 3, 2025.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Board on behalf of our shareholders who do not elect to receive their distributions in cash. As a result, if the Board authorizes, and we declare, a cash distribution or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions (net of applicable withholding taxes) automatically reinvested in additional shares as described below, rather than receiving the cash distribution or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Character of Distributions

The federal income tax characterization of distributions declared and paid for the fiscal year will be determined at fiscal year-end based on the Company's investment company taxable income for the full fiscal year and distributions paid during the full year.

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale
of assets, borrowings, 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.

Through March 31, 2026, 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 avoids 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 table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2026:

Class S
Class D
Class I
Source of Distribution
Per Share
Amount
Per Share
Amount
Per Share
Amount
Net investment income
$
0.63 
$
3,074 
$
0.66 
$
4,573 
$
0.69 
$
34,335 
Net realized gain
— 
— 
— 
— 
— 
— 
Total
$
0.63 
$
3,074 
$
0.66 
$
4,573 
$
0.69 
$
34,335 


The following table reflects the sources of cash distributions on a U.S. GAAP basis that the Company declared on its common shares during the three months ended March 31, 2025:

Class S
Class D
Class I
Source of Distribution
Per Share
Amount
Per Share
Amount
Per Share
Amount
Net investment income
$
0.63 
$
1,384 
$
0.22 
$
53 
$
0.69 
$
29,381 
Net realized gain
— 
— 
— 
— 
— 
— 
Total
$
0.63 
$
1,384 
$
0.22 
$
53 
$
0.69 
$
29,381 

Share Repurchase Program

We have commenced a share repurchase program in which we intend to offer to repurchase, in each quarter, up to 5% of our Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter. Our Board of Trustees may amend or suspend the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the Company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our shares is in the best interests of the Company as a whole. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to quarterly tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV.

The following table sets forth information regarding repurchases of shares of our common stock during the three months ended March 31, 2026 (dollars in thousands):

Repurchase Request Deadline
Percentage Outstanding Shares the Company Offered to Repurchase (1)
Repurchase Pricing Date
Amount Repurchased (all classes)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Purchased (1)
March 16, 2026
5.00 
%
March 31, 2026
$
25,806 
987,826 
1.58 
%
(1) Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full. Repurchase requests submitted by March 16, 2026 were satisfied in the second quarter of 2026.