Net Assets (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Capital Activity And Common Share Issuance

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 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

Schedule of Distribution Declared

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.

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

Schedule of Repurchases of Shares of Our Common Stock

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.