v3.26.1
Distributions
 3 Months Ended
Mar. 31, 2026
Distributed Earnings [Abstract]  
Distributions Capital
Investor Commitments
The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of March 31, 2026 and as of December 31, 2025:
As of March 31, 2026As of December 31, 2025
Capital CommitmentsUnfunded Capital CommitmentsCapital CommitmentsUnfunded Capital Commitments
Common Stock$375,461 $— $375,461 $— 
Series A Preferred Stock77,500 — 77,500 — 
Total$452,961 $— $452,961 $— 
Capital Drawdowns
For the three months ended March 31, 2026 and the year ended December 31, 2025, there were no capital drawdowns of Common Stock or Series A Preferred Stock.
Common Stock
The following table reflects the net assets attributable to Common Stock activity for the three months ended March 31, 2026:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 2025135,487,319 $135 $2,530,983 $(691,048)$1,840,070 
Net investment income (loss)— — — 36,549 36,549 
Net realized gain (loss)— — — (32,817)(32,817)
Net change in unrealized appreciation (depreciation) on investments— — — 14,739 14,739 
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,226)(1,226)
Distributions to common stockholders— — — (32,517)(32,517)
Reinvested dividends495,249 1 6,856 — 6,857 
Balance as of March 31, 2026135,982,568 $136 $2,537,839 $(706,325)$1,831,650 
The following table reflects the net assets attributable to Common Stock activity for the three months ended March 31, 2025:
Common stock - sharesCommon stock - parAdditional paid in capitalTotal distributable earnings (loss)Total net assets attributable to common stock
Balance as of December 31, 2024135,487,595 $135 $2,517,890 $(607,648)$1,910,377 
Net investment income (loss)— — — 44,924 44,924 
Net realized gain (loss) from investment transactions— — — 3,452 3,452 
Net change in unrealized appreciation (depreciation) on investments— — — (23,517)(23,517)
Accretion to redemption value of Series A redeemable convertible preferred stock— — — (5)(5)
Accrual of Series A redeemable convertible preferred stock distributions— — — (1,686)(1,686)
Distributions to common stockholders— — — (44,703)(44,703)
Reinvested dividends708,547 1 9,990 — 9,991 
Balance as of March 31, 2025136,196,142 $136 $2,527,880 $(629,183)$1,898,833 
The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Board of Directors.
The following table reflects the Common Stock activity for the three months ended March 31, 2026:
SharesValue
Shares issued through DRIP495,249 $6,857 
495,249 $6,857 
The following table reflects the Common Stock activity for the year ended December 31, 2025:
SharesValue
Shares issued through DRIP2,568,531 35,668 
Share repurchases(2,568,807)(36,219)
(276)$(551)
Distributions
The following table reflects the distributions declared on shares of the Company’s Common Stock during the three months ended March 31, 2026:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Three Months Ended March 31, 2026
March 24, 2026March 24, 2026March 31, 2026$0.24

The following table reflects the distributions declared on shares of the Company’s Common Stock during the three months ended March 31, 2025:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Three Months Ended March 31, 2025
March 10, 2025March 10, 2025March 18, 2025$0.29
March 10, 2025 (special)March 10, 2025March 18, 2025$0.04


The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the three months ended March 31, 2026:

Date DeclaredRecord DatePayment DateAmount Per Share
For the Three Months Ended March 31, 2026
March 24, 2026March 24, 2026March 31, 2026$15.82

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the three months ended March 31, 2025:
Date DeclaredRecord DatePayment DateAmount Per Share
For the Three Months Ended March 31, 2025
March 10, 2025March 10, 2025March 18, 2025$21.76