v3.26.1
SHAREHOLDERS' CAPITAL
 3 Months Ended
Mar. 31, 2026
SHAREHOLDERS’ CAPITAL [Abstract]  
SHAREHOLDERS' CAPITAL

(7) SHAREHOLDERS’ CAPITAL

 

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offerings that occurred for the three months ended March 31, 2026.

 

Date Received  Shares Issued  Proceeds Received
January 2, 2026   3,562,500   $89,490 
February 2, 2026   1,899,681    47,644 
March 2, 2026   536,078    13,348 
Total   5,998,259   $150,482 

 

The following table summarizes the total Common Shares issued and proceeds received from the closings of the Company’s continuous private offerings that occurred for the three months ended March 31, 2025.

 

Date Received  Shares Issued  Proceeds Received
February 3, 2025   1,782,884   $45,000 
March 3, 2025   849,604    21,410 
Total   2,632,488   $66,410 

 

Distribution Reinvestment Plan

 

Shareholders of Common Shares, whose Common Shares are registered with State Street Bank and Trust Company (the “Agent”), will automatically be enrolled (the “Participants”) in the Company’s Dividend Reinvestment Plan (the “DRIP”). The Company will declare its income dividends or capital gains or other distributions (“Distributions”) payable in Common Shares, or, at the option of shareholders, in cash. Therefore, each Participant will have all Distributions, net of any applicable U.S. withholding taxes, on his or her Common Shares automatically reinvested (net of applicable withholding tax) in additional Common Shares, unless such Participant elects to receive such Distributions in cash by contacting the Agent. An election to receive cash may be revoked or reinstated at the election of the shareholder. On the payment date for a Distribution, the Agent shall receive newly issued Common Shares (“Additional Shares”), including fractions, from the Company for each Participant’s account. The number of Additional Shares to be credited shall be determined by dividing the dollar amount of the Distribution by the net asset value per Common Share on the payment date. The net asset value per Common Share on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Company in accordance with the Company’s current private placement memorandum. It is contemplated that the Company will pay dividends at least quarterly. If, for any reason beyond the control of the Agent, reinvestment of the Distributions cannot be completed within thirty (30) days after the applicable payment date for such Distribution, funds held by the Agent on behalf of a Participant will be distributed to that Participant.

 

The following table summarizes the Company’s distributions declared, paid and payable for the three months ended March 31, 2026:

 

Date Declared  Record Date  Payment Date  Per Share  Total Amount
January 23, 2026  January 31, 2026  February 25, 2026  $0.22   $5,413 
February 24, 2026  February 28, 2026  March 26, 2026   0.22    5,838 
March 23, 2026  March 31, 2026  April 29, 2026   0.22    5,966 
Total             $17,217 

The following table summarizes the amounts received and Common Shares issued to shareholders who have participated in the DRIP for the three months ended March 31, 2026:

 

Payment Date DRIP Shares Issued  Amount per share  DRIP Shares Value
January 28, 2026   24,693     $25.12     $620 
February 25, 2026   32,946    25.08    827 
March 26, 2026   34,298    24.90    854 
Total   91,937        $2,301 

 

The following table summarizes the Company’s distributions declared, paid and payable for the three months ended March 31, 2025:

 

Date Declared  Record Date  Payment Date  Per Share  Total Amount
January 29, 2025  January 29, 2025  February 25, 2025  $0.25   $2,017 
February 26, 2025  February 26, 2025  March 27, 2025   0.24    2,365 
March 27, 2025  March 27, 2025  April 28, 2025   0.24    2,569 
Total             $6,951 

 

As of March 31, 2026 and as of December 31, 2025, Lord Abbett and certain registered investment companies and other pooled vehicles advised by Lord Abbett collectively own approximately 87% and 99%, respectively, of the Company. As of March 31, 2025, there was no DRIP activity.

 

Share Repurchase Program

 

The Company commenced a share repurchase program in which it intends to repurchase up to 5% of the Common Shares outstanding as of the close of the previous calendar quarter, at the discretion of the Board. The Board may amend, suspend or terminate the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. Should the Board suspend the share repurchase program, the Board will consider whether the continued suspension of the program is in the best interests of the Company and its shareholders on a quarterly basis. However, the Board is not required to authorize the recommencement of the share repurchase program within any specified period of time. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act. All shares purchased by the Company pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

 

On January 29, 2026, under the Company’s share repurchase program, the Company made a tender offer to purchase up to 934,781.32 Common Shares, which represents approximately 5% of the Company’s outstanding shares as of November 30, 2025. The tender offer was for cash at a price equal to the net asset value per share as of March 31, 2026. The offer expired at 11:59 P.M., Eastern Time, on February 27, 2026. No shares were validly tendered prior to the expiration of the offer.