v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets Net Assets
Authorized Capital and Share Class Description
As of June 30, 2026, the Company has the authority to issue the following shares:

Classification
Number of Shares
(in thousands)
Par Value
Class S Shares1,500,000$0.01 
Class D Shares1,000,000$0.01 
Class I Shares2,000,000$0.01 
Total4,500,000
The Company’s Class S shares are subject to upfront selling commissions of up to 3.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class S shares are subject to annual ongoing services fees of 0.85% of the current net asset value of such shares, as determined in accordance with FINRA rules.
The Company’s Class D shares are subject to upfront selling commissions of up to 1.50% of the offering price. Pursuant to a distribution plan adopted by the Company in compliance with Rules 12b-1 and 17d-3 under the 1940 Act, as if those rules applied to the Company, the Company’s Class D shares are subject to annual ongoing services fees of 0.25% of the current net asset value of such shares, as determined in accordance with FINRA rules.
The Company’s Class I shares are not subject to upfront selling commissions. The Company’s Class I shares are not subject to annual ongoing servicing fees.
Share Issuances
On September 30, 2020, the Company issued 100 Class I common shares for $1.0 thousand to the Adviser.
On November 12, 2020, the Company issued 700,000 Class I common shares for $7.0 million to an entity affiliated with the Adviser, and met the minimum offering requirement for the Company’s continuous public offering of $2.5 million.
The following table summarizes transactions with respect to shares of the Company’s common stock during the following periods:
For the Three Months Ended June 30, 2026
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering3,784,310$34,947 40,924$372 8,057,341$73,560 11,882,575$108,879 
Shares/gross proceeds from the private placements—— —— 994,2499,082 994,2499,082 
Share transfer between classes(2,454,406)(22,367)(10,788,196)(98,065)13,211,127120,432 (31,475)— 
Reinvestment of distributions6,730,92061,296 279,8642,550 12,587,335115,010 19,598,119178,856 
Repurchased shares(19,244,245)(174,160)(3,411,226)(30,906)(82,588,966)(749,908)(105,244,437)(954,974)
Total shares/gross proceeds(11,183,421)(100,284)(13,878,634)(126,049)(47,738,914)(431,824)(72,800,969)(658,157)
Sales load— (500)— — — — — (500)
Total Shares/Net Proceeds(11,183,421)$(100,784)(13,878,634)$(126,049)(47,738,914)$(431,824)(72,800,969)$(658,657)
_______________
(1)In certain cases, and subject to the Dealer Manager’s approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Three Months Ended June 30, 2025
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering51,688,712$492,582 1,517,635$14,350 101,484,029$960,146 154,690,376$1,467,078 
Shares/gross proceeds from the private placements—— —— 11,478,190108,615 11,478,190108,615 
Share transfer between classes(1)
(1,175,154)(11,105)(140,367)(1,329)1,311,84812,434 (3,673)— 
Reinvestment of distributions6,588,25362,172 472,4364,463 12,283,947116,250 19,344,636182,885 
Repurchased shares(11,418,472)(107,562)(2,032,236)(19,164)(35,711,561)(337,475)(49,162,269)(464,201)
Total shares/gross proceeds45,683,339436,087(182,532)(1,680)90,846,453859,970136,347,2601,294,377
Sales load— (4,820)— (1)— — — (4,821)
Total Shares/Net Proceeds45,683,339$431,267 (182,532)$(1,681)90,846,453$859,970 136,347,260$1,289,556 
_______________
(1)In certain cases, and subject to the Dealer Manager’s approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Six Months Ended June 30, 2026
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering20,970,843$195,750 525,776$4,867 54,215,614$501,926 75,712,233$702,543 
Shares/gross proceeds from the private placements—— —— 9,478,50387,648 9,478,50387,648 
Share transfer between classes(1)
(5,471,634)(50,378)(10,794,551)(98,123)16,227,423148,501 (38,762)— 
Reinvestment of distributions13,957,765127,996 718,6716,605 26,404,571242,880 41,081,007377,481 
Repurchased shares(40,615,946)(368,246)(8,304,337)(75,383)(162,126,307)(1,474,452)(211,046,590)(1,918,081)
Total shares/gross proceeds(11,158,972)(94,878)(17,854,441)(162,034)(55,800,196)(493,497)(84,813,609)(750,409)
Sales load— (2,327)— — — — — (2,327)
Total Shares/Net Proceeds
(11,158,972)$(97,205)(17,854,441)$(162,034)(55,800,196)$(493,497)(84,813,609)$(752,736)
_______________
(1)In certain cases, and subject to the Dealer Manager’s approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
For the Six Months Ended June 30, 2025
SDITotal
SharesAmountSharesAmountSharesAmountSharesAmount
Shares/gross proceeds from the continuous public offering108,481,998$1,038,294 7,457,584$71,457 206,382,830$1,962,936 322,322,412$3,072,687 
Shares/gross proceeds from the private placements—— —— 45,593,805434,252 45,593,805434,252 
Share Transfers between classes(1)
(3,545,454)(33,695)(137,634)(1,305)3,671,99735,000 (11,091)— 
Reinvestment of distributions12,419,785117,752 898,9238,532 23,347,287222,026 36,665,995348,310 
Repurchased shares(17,073,676)(161,060)(2,234,098)(21,076)(51,363,763)(486,014)(70,671,537)(668,150)
Total shares/gross proceeds100,282,653961,2915,984,77557,608227,632,1562,168,200333,899,5843,187,099
Sales load— (9,394)— (431)— — — (9,825)
Total Shares/Net Proceeds
100,282,653$951,897 5,984,775$57,177 227,632,156$2,168,200 333,899,584$3,177,274 
_______________
(1)In certain cases, and subject to the Dealer Manager’s approval, including in situations where a holder of Class S or Class D shares exits a relationship with a participating broker-dealer for this offering and does not enter into a new relationship with a participating broker-dealer for this offering, such holder’s shares may be exchanged into an equivalent net asset value amount of Class I shares.
In accordance with the Company’s share pricing policy, the Company will modify its public offering prices to the extent necessary to comply with the requirements of the 1940 Act, including the requirement that it not sell shares at a net offering price below the net asset value per share unless the Company obtains the requisite approval from its shareholders.
The changes to the Company’s offering price per share for the six months ended June 30, 2026 and 2025, were as follows:
S
Effective Date
Net Offering Price (per share)
Maximum Upfront Sales Load (per share)
Maximum Offering Price (per share)
January 1, 2025$9.54 $0.33 $9.87 
February 1, 20259.54 0.33 9.87 
March 1, 20259.51 0.33 9.84 
April 1, 20259.46 0.33 9.79 
May 1, 20259.40 0.33 9.73 
June 1, 20259.44 0.33 9.77 
January 1, 20269.32 0.33 9.65 
February 1, 20269.25 0.32 9.57 
March 1, 20269.11 0.32 9.43 
April 1, 20269.08 0.32 9.40 
May 1, 20269.12 0.32 9.44 
June 1, 20269.12 0.32 9.44 
D
Effective Date
Net Offering Price (per share)
Maximum Upfront Sales Load (per share)
Maximum Offering Price (per share)
January 1, 2025$9.55 $0.14 $9.69 
February 1, 20259.55 0.14 9.69 
March 1, 20259.52 0.14 9.66 
April 1, 20259.47 0.14 9.61 
May 1, 20259.41 0.14 9.55 
June 1, 20259.45 0.14 9.59 
January 1, 20269.33 0.14 9.47 
February 1, 20269.26 0.14 9.40 
March 1, 20269.12 0.14 9.26 
April 1, 20269.09 0.14 9.23 
May 1, 20269.13 0.14 9.27 
June 1, 20269.13 0.14 9.27 
I
Effective Date
Net Offering Price (per share)
Maximum Upfront Sales Load (per share)
Maximum Offering Price (per share)
January 1, 2025$9.57 $— $9.57 
February 1, 20259.57 — 9.57 
March 1, 20259.54 — 9.54 
April 1, 20259.49 — 9.49 
May 1, 20259.42 — 9.42 
June 1, 20259.47 — 9.47 
January 1, 20269.34 — 9.34 
February 1, 20269.28 — 9.28 
March 1, 20269.13 — 9.13 
April 1, 20269.11 — 9.11 
May 1, 20269.15 — 9.15 
June 1, 20269.15 — 9.15 
Distributions
The Board authorizes and declares monthly distribution amounts per share of common stock, payable monthly in arrears. The following tables present cash distributions per share that were recorded during the following periods:
For Six Months Ended June 30, 2026
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
SDI
November 4, 2025January 30, 2026February 25, 2026$0.07010 $43,232 $4,123 $99,296 
February 18, 2026February 27, 2026March 30, 20260.07010 44,082 4,158 100,913 
February 18, 2026March 31, 2026April 28, 20260.07010 42,572 3,817 96,488 
February 18, 2026April 30, 2026May 31, 20260.07010 43,084 3,110 97,904 
May 5, 2026May 29, 2026June 23, 20260.07010 43,054 3,110 98,405 
May 5, 2026June 30, 2026July 27, 20260.07010 42,015 2,879 93,139 
Total
$0.42060 $258,039 $21,197 $586,145 
_______________
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
For Six Months Ended June 30, 2025
Declaration DateRecord DatePayment Date
Distribution Per Share(1)
Distribution Amount(2)
SDI
November 5, 2024January 31, 2025February 25, 2025$0.07010 $33,890 $3,499 $69,929 
February 18, 2025February 28, 2025March 25, 20250.07010 35,308 3,794 72,626 
February 18, 2025March 31, 2025April 24, 20250.10280 54,669 5,767 111,979 
February 18, 2025April 30, 2025May 23, 20250.07010 37,635 3,966 79,647 
May 6, 2025May 30, 2025June 25, 20250.07010 38,551 3,988 82,474 
May 6, 2025June 30, 2025July 24, 20250.10280 59,206 5,749 121,070 
Total$0.48600 $259,259 $26,763 $537,725 
_______________
(1)Distributions per share are gross of shareholder servicing fees.
(2)Distribution amounts are net of shareholder servicing fees.
Share Repurchases
The Board has complete discretion to determine whether the Company will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of its investments as of the end of the applicable period to repurchase shares. The Company has commenced a share repurchase program pursuant to which the Company intends to conduct quarterly repurchase offers to allow its shareholders to tender their shares at a price equal to the net offering price per share for the applicable class of shares on each date of repurchase. All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares. The Company intends to limit the number of shares to be repurchased in each quarter to no more than 5.00% of its outstanding shares of common stock. Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend, modify or terminate the share repurchase program at any time.

Offer Date

Class
Tender Offer
Expiration
Tender Offer
(in thousands)
Purchase Price
per Share
Shares
Repurchased
February 26, 2025SMarch 31, 2025$53,498 $9.46 5,655,204 
February 26, 2025DMarch 31, 20251,912 9.47 201,862 
February 26, 2025IMarch 31, 2025148,539 9.49 15,652,202 
May 23, 2025SJune 30, 2025107,562 9.42 11,418,472 
May 23, 2025DJune 30, 202519,164 9.43 2,032,236 
May 23, 2025IJune 30, 2025337,475 9.45 35,711,561 
February 27, 2026SMarch 31, 2026194,086 9.08 21,371,701 
February 27, 2026DMarch 31, 202644,477 9.09 4,893,111 
February 27, 2026IMarch 31, 2026724,544 9.11 79,537,341 
May 22, 2026SJune 30, 2026174,160 9.05 19,244,245 
May 22, 2026DJune 30, 202630,906 9.06 3,411,226 
May 22, 2026IJune 30, 2026749,908 9.08 82,588,966