v3.26.1
Net Assets
 3 Months Ended
Mar. 31, 2026
Investment Company [Abstract]  
Net Assets Net Assets
The Company has the authority to issue an unlimited number of Class I, Class D, Class F and Class S common shares of beneficial interest at $0.01 per share par value.

The following table summarizes transactions in common shares of beneficial interest during the three months ended March 31, 2026:

Three Months Ended March 31, 2026
SharesAmount
CLASS I
Subscriptions18,291,786 $460,059 
Share transfers between classes81,831 2,064 
Distributions reinvested1,213,511 30,478 
Share repurchases(14,388,163)(356,717)
Early repurchase deduction— 101 
Net increase (decrease)5,198,965 $135,985 
CLASS D
Subscriptions604,835 $15,248 
Share transfers between classes— — 
Distributions reinvested501,634 12,602 
Share repurchases(2,997,866)(74,317)
Early repurchase deduction— 22 
Net increase (decrease)(1,891,397)$(46,445)
CLASS F
Subscriptions8,056,069 $202,603 
Share transfers between classes(55,059)(1,380)
Distributions reinvested2,660,731 66,828 
Share repurchases(6,142,705)(152,350)
Early repurchase deduction— 111 
Net increase (decrease)4,519,036 $115,812 
Three Months Ended March 31, 2026
SharesAmount
CLASS S
Subscriptions1,677,298 $42,144 
Share transfers between classes(26,772)(684)
Distributions reinvested323,973 8,137 
Share repurchases(1,367,533)(33,901)
Early repurchase deduction— 16 
Net increase (decrease)606,966 $15,712 
Total net increase (decrease)8,433,570 $221,064 

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

Three Months Ended March 31, 2025
SharesAmount
CLASS I
Subscriptions23,863,608 $610,430 
Share transfers between classes1,829,358 46,752 
Distributions reinvested909,066 23,261 
Share repurchases(5,971,419)(152,092)
Early repurchase deduction— 33 
Net increase (decrease)20,630,613 $528,384 
CLASS D
Subscriptions2,510,439 $64,125 
Share transfers between classes(1,592,453)(40,704)
Distributions reinvested517,550 13,232 
Share repurchases(1,332,224)(33,932)
Early repurchase deduction— 11 
Net increase (decrease)103,312 $2,732 
CLASS F
Subscriptions11,060,630 $282,609 
Share transfers between classes(114,603)(2,928)
Distributions reinvested1,988,277 50,831 
Share repurchases(917,886)(23,379)
Early repurchase deduction— 47 
Net increase (decrease)12,016,418 $307,180 
CLASS S
Subscriptions4,313,557 $110,234 
Share transfers between classes(122,302)(3,120)
Distributions reinvested179,651 4,593 
Share repurchases(42,689)(1,087)
Early repurchase deduction— 5 
Net increase (decrease)4,328,217 $110,625 
Total net increase (decrease)37,078,560 $948,921 

Net Asset Value per Share and Offering Price

The Company determines NAV for each class of shares as of the last day of each calendar month. Share issuances related to monthly subscriptions are effective the first calendar day of each month. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV).
Distributions

The Company declares monthly distribution amounts per share of Class I, Class D, Class F, and Class S common shares of beneficial interest payable monthly in arrears. The record date for each distribution was the last calendar date of the month in which such distribution was declared. The following tables present distributions that were declared on the Common Shares during the three months ended March 31, 2026:

Class I
Declaration DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 27, 2026February 27, 2026$0.1600 $0.0550 $— $0.2150 $42,271 
February 27, 2026March 31, 20260.1600 0.0550 — 0.2150 44,672 
March 26, 2026April 30, 20260.1600 0.0500 — 0.2100 44,524 
Total$0.4800 $0.1600 $— $0.6400 $131,467 

Class D
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 27, 2026February 27, 2026$0.1546 $0.0550 $— $0.2096 $9,497 
February 27, 2026March 31, 20260.1552 0.0550 — 0.2102 9,686 
March 26, 2026April 30, 20260.1547 0.0500 — 0.2047 9,466 
Total$0.4645 $0.1600 $— $0.6245 $28,649 

Class F
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 27, 2026February 27, 2026$0.1493 $0.0550 $— $0.2043 $46,383 
February 27, 2026March 31, 20260.1503 0.0550 — 0.2053 47,429 
March 26, 2026April 30, 20260.1494 0.0500 — 0.1994 46,596 
Total$0.4490 $0.1600 $— $0.6090 $140,408 

Class S
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 27, 2026February 27, 2026$0.1418 $0.0550 $— $0.1968 $6,464 
February 27, 2026March 31, 20260.1436 0.0550 — 0.1986 6,673 
March 26, 2026April 30, 20260.1420 0.0500 — 0.1920 6,574 
Total$0.4274 $0.1600 $— $0.5874 $19,711 
(1) Distributions per share are net of shareholder servicing and/or distribution fees.
The following tables present distributions that were declared and payable on the Common Shares for the three months ended March 31, 2025, and the record date for each distribution was the last calendar date of the month in which such distribution was declared:


Class I
Declaration DatePayment DateBase Distribution Per ShareVariable Supplemental Distribution Per ShareSpecial Distribution Per ShareTotal Distribution Per ShareDistribution Amount
January 29, 2025February 28, 2025$0.1600 $0.0550 $— $0.2150 $24,733 
February 26, 2025March 31, 20250.1600 0.0550 — 0.2150 27,355 
March 27, 2025April 30, 20250.1600 0.0550 — 0.2150 28,558 
Total$0.4800 $0.1650 $— $0.6450 $80,646 

Class D
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 29, 2025February 28, 2025$0.1546 $0.0550 $— $0.2096 $8,871 
February 26, 2025March 31, 20250.1551 0.0550 — 0.2101 9,116 
March 27, 2025April 30, 20250.1546 0.0550 — 0.2096 9,339 
Total$0.4643 $0.1650 $— $0.6293 $27,326 

Class F
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 29, 2025February 28, 2025$0.1491 $0.0550 $— $0.2041 $36,177 
February 26, 2025March 31, 20250.1502 0.0550 — 0.2052 37,444 
March 27, 2025April 30, 20250.1492 0.0550 — 0.2042 38,611 
Total$0.4485 $0.1650 $— $0.6135 $112,232 

Class S
Declaration DatePayment Date
Base Distribution Per Share(1)
Variable Supplemental Distribution Per ShareSpecial Distribution Per Share
Total Distribution Per Share(1)
Distribution Amount
January 29, 2025February 28, 2025$0.1415 $0.0550 $— $0.1965 $3,363 
February 26, 2025March 31, 20250.1433 0.0550 — 0.1983 3,627 
March 27, 2025April 30, 20250.1416 0.0550 — 0.1966 3,978 
Total$0.4264 $0.1650 $— $0.5914 $10,968 
(1)Distributions per share are net of shareholder servicing and/or distribution fees.

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash distributions declared by the Company on behalf of its shareholders who do not elect to receive their distributions in cash as provided below. As a result, if the Company declares a cash distribution, then 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. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.
Character of Distributions

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 has declared on its Common Shares during the three months ended March 31, 2026:

Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6400 $131,467 $0.6245 $28,649 $0.6090 $140,408 $0.5874 $19,711 
Net realized gains— — — — — — — — 
Total$0.6400 $131,467 $0.6245 $28,649 $0.6090 $140,408 $0.5874 $19,711 

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

Class IClass DClass FClass S
Source of DistributionPer ShareAmountPer ShareAmountPer ShareAmountPer ShareAmount
Net investment income$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 
Net realized gains— — — — — — — — 
Total$0.6450 $80,646 $0.6293 $27,326 $0.6135 $112,232 $0.5914 $10,968 

Share Repurchase Program

The Company has commenced a share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the Company’s Common Shares outstanding (by number of shares) as of the close of the previous calendar quarter (the “Baseline Repurchase Amount”). The Board may amend or suspend the share repurchase program if it deems such action to be in the best interest of 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 us as a whole that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. In the event the Board determines, in any particular quarter, that the Company shall offer to repurchase less than the Baseline Repurchase Amount, or to amend the share repurchase program such that the Company will offer to repurchase less than the Baseline Repurchase Amount on a going forward basis, the Board will consider, on an at least quarterly basis, whether it is in the best interest of shareholders for the Company to resume offering to repurchase at least the Baseline Repurchase Amount.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, the Company expects to repurchase shares pursuant to 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 (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at the Company’s discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders across all shares.

The following tables summarize the share repurchases completed during the three months ended March 31, 2026 and 2025:

Repurchase Request Deadline
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 4, 20265.00 %March 31, 2026$610,994 24,646,802 5.00 %

(1)Percentage is based on total shares as of the close of the previous calendar quarter. For the first quarter of 2026, the Company received shareholder requests to repurchase approximately 9.25% of shares outstanding as of December 31, 2025, which exceeded the Company’s offer to repurchase up to 5% of its outstanding shares with respect to such quarter.
(2)Amounts not inclusive of Early Repurchase Deduction.

Repurchase Request Deadline
Percentage of Outstanding Shares the Company Offered to Repurchase(1)
Repurchase Pricing Date
Amount Repurchased (all classes)(2)
Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
March 4, 20255.00 %March 31, 2025$210,490 8,264,218 2.42 %
(1)Percentage is based on total shares as of the close of the previous calendar quarter. All repurchase requests were satisfied in full.
(2)Amounts not inclusive of Early Repurchase Deduction.