| Stockholders' Equity and Dividends |
7. Stockholders’ Equity and Dividends The Fund is offering on a continuous basis up to $5,000,000,000 of the Fund’s common shares of beneficial interest (“Common Shares”). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. The purchase price per share for each class of Common Shares equals the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund’s offering is a “best efforts” offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares of such offering. 7. Stockholders’ Equity and Dividends (Continued) The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $0.001 per share. As of June 30, 2026, the Fund had 64,631,246 Institutional shares, 4,997,984 Class S shares, and 98,253 Class D shares issued and outstanding. The following table summarizes transactions in Common Shares for the six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
Institutional Class |
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
6,309,022 |
|
|
$ |
149,741,633 |
|
|
|
8,789,020 |
|
|
$ |
215,382,569 |
|
Distributions reinvested |
|
|
1,151,868 |
|
|
|
27,301,104 |
|
|
|
993,991 |
|
|
|
24,339,615 |
|
Share transfers between classes |
|
|
2,067 |
|
|
|
49,059 |
|
|
|
— |
|
|
|
— |
|
Share Repurchases |
|
|
(3,871,561 |
) |
|
|
(91,517,184 |
) |
|
|
(192,401 |
) |
|
|
(4,716,162 |
) |
Net Increase (Decrease) |
|
|
3,591,396 |
|
|
$ |
85,574,612 |
|
|
|
9,590,610 |
|
|
$ |
235,006,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
473,287 |
|
|
$ |
11,245,500 |
|
|
|
1,588,901 |
|
|
$ |
38,949,491 |
|
Distributions reinvested |
|
|
44,116 |
|
|
|
1,045,482 |
|
|
|
12,770 |
|
|
|
311,734 |
|
Share Repurchases |
|
|
(301,551 |
) |
|
|
(7,130,013 |
) |
|
|
(3,084 |
) |
|
|
(76,445 |
) |
Net Increase (Decrease) |
|
|
215,852 |
|
|
$ |
5,160,969 |
|
|
|
1,598,587 |
|
|
$ |
39,184,780 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class D |
|
|
|
|
|
|
|
|
|
|
|
|
Subscriptions |
|
|
3,427 |
|
|
$ |
81,500 |
|
|
|
73,237 |
|
|
$ |
1,789,250 |
|
Distributions reinvested |
|
|
3,543 |
|
|
|
83,983 |
|
|
|
752 |
|
|
|
18,291 |
|
Share transfers between classes |
|
|
(2,067 |
) |
|
|
(49,059 |
) |
|
|
— |
|
|
|
— |
|
Net Increase (Decrease) |
|
|
4,903 |
|
|
$ |
116,424 |
|
|
|
73,989 |
|
|
$ |
1,807,541 |
|
We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. 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). The following table presents our monthly NAV per share for each of the three classes of shares since our inception through June 30, 2026. 7. Stockholders’ Equity and Dividends (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV per Share |
|
For the Month Ended |
|
Institutional Class |
|
|
Class S |
|
|
Class D |
|
June 30, 2022 |
|
$ |
23.49 |
|
|
N/A |
|
|
N/A |
|
July 31, 2022 |
|
|
24.40 |
|
|
N/A |
|
|
N/A |
|
August 31, 2022 |
|
|
24.86 |
|
|
N/A |
|
|
N/A |
|
September 30, 2022 |
|
|
23.74 |
|
|
N/A |
|
|
N/A |
|
October 31, 2022 |
|
|
23.89 |
|
|
N/A |
|
|
N/A |
|
November 30, 2022 |
|
|
23.93 |
|
|
N/A |
|
|
N/A |
|
December 31, 2022 |
|
|
23.69 |
|
|
N/A |
|
|
N/A |
|
January 31, 2023 |
|
|
24.28 |
|
|
N/A |
|
|
N/A |
|
February 28, 2023 |
|
|
24.25 |
|
|
N/A |
|
|
N/A |
|
March 31, 2023 |
|
|
24.23 |
|
|
N/A |
|
|
N/A |
|
April 30, 2023 |
|
|
24.38 |
|
|
N/A |
|
|
N/A |
|
May 31, 2023 |
|
|
24.05 |
|
|
N/A |
|
|
N/A |
|
June 30, 2023 |
|
|
24.49 |
|
|
N/A |
|
|
N/A |
|
July 31, 2023 |
|
|
24.73 |
|
|
N/A |
|
|
N/A |
|
August 31, 2023 |
|
|
24.85 |
|
|
N/A |
|
|
N/A |
|
September 30, 2023 |
|
|
24.99 |
|
|
N/A |
|
|
N/A |
|
October 31, 2023 |
|
|
24.70 |
|
|
N/A |
|
|
N/A |
|
November 30, 2023 |
|
|
24.87 |
|
|
N/A |
|
|
N/A |
|
December 31, 2023 |
|
|
24.85 |
|
|
N/A |
|
|
N/A |
|
January 31, 2024 |
|
|
24.92 |
|
|
N/A |
|
|
N/A |
|
February 29, 2024 |
|
|
24.93 |
|
|
N/A |
|
|
N/A |
|
March 31, 2024 |
|
|
24.98 |
|
|
N/A |
|
|
N/A |
|
April 30, 2024 |
|
|
24.93 |
|
|
N/A |
|
|
N/A |
|
May 31, 2024 |
|
|
24.95 |
|
|
N/A |
|
|
N/A |
|
June 30, 2024 |
|
|
24.84 |
|
|
|
24.84 |
|
|
N/A |
|
July 31, 2024 |
|
|
24.75 |
|
|
|
24.75 |
|
|
N/A |
|
August 31, 2024 |
|
|
24.79 |
|
|
|
24.79 |
|
|
|
24.79 |
|
September 30, 2024 |
|
|
24.77 |
|
|
|
24.77 |
|
|
|
24.77 |
|
October 31, 2024 |
|
|
24.83 |
|
|
|
24.83 |
|
|
|
24.83 |
|
November 30, 2024 |
|
|
24.84 |
|
|
|
24.84 |
|
|
|
24.84 |
|
December 31, 2024 |
|
|
24.79 |
|
|
|
24.79 |
|
|
|
24.79 |
|
January 31, 2025 |
|
|
24.77 |
|
|
|
24.77 |
|
|
|
24.77 |
|
February 28, 2025 |
|
|
24.64 |
|
|
|
24.64 |
|
|
|
24.64 |
|
March 31, 2025 |
|
|
24.42 |
|
|
|
24.42 |
|
|
|
24.42 |
|
April 30, 2025 |
|
|
24.11 |
|
|
|
24.11 |
|
|
|
24.11 |
|
May 31, 2025 |
|
|
24.27 |
|
|
|
24.27 |
|
|
|
24.27 |
|
June 30, 2025 |
|
|
24.24 |
|
|
|
24.24 |
|
|
|
24.24 |
|
July 31, 2025 |
|
|
24.22 |
|
|
|
24.22 |
|
|
|
24.22 |
|
August 31, 2025 |
|
|
24.20 |
|
|
|
24.20 |
|
|
|
24.20 |
|
September 30, 2025 |
|
|
24.07 |
|
|
|
24.07 |
|
|
|
24.07 |
|
October 31, 2025 |
|
|
23.99 |
|
|
|
23.99 |
|
|
|
23.99 |
|
November 30, 2025 |
|
|
23.98 |
|
|
|
23.98 |
|
|
|
23.98 |
|
December 31, 2025 |
|
|
23.95 |
|
|
|
23.95 |
|
|
|
23.95 |
|
January 31, 2026 |
|
|
23.90 |
|
|
|
23.90 |
|
|
|
23.90 |
|
February 28, 2026 |
|
|
23.53 |
|
|
|
23.53 |
|
|
|
23.53 |
|
March 31, 2026 |
|
|
23.52 |
|
|
|
23.52 |
|
|
|
23.52 |
|
April 30, 2026 |
|
|
23.65 |
|
|
|
23.65 |
|
|
|
23.65 |
|
May 31, 2026 |
|
|
23.65 |
|
|
|
23.65 |
|
|
|
23.65 |
|
June 30, 2026 |
|
|
23.49 |
|
|
|
23.49 |
|
|
|
23.49 |
|
Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees. 7. Stockholders’ Equity and Dividends (Continued) Institutional Class The following tables summarize the Fund's dividends declared for the Institutional Class shares for the six months ended June 30, 2026 and 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount Per Share |
|
|
Total Amount |
|
January 24, 2025 |
|
January 30, 2025 |
|
February 26, 2025 |
|
Regular |
|
$ |
0.2300 |
|
|
$ |
5,923,347 |
|
February 25, 2025 |
|
February 27, 2025 |
|
March 27, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
6,249,265 |
|
March 24, 2025 |
|
March 28, 2025 |
|
April 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
6,588,559 |
|
April 24, 2025 |
|
April 29, 2025 |
|
May 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
7,190,565 |
|
May 23, 2025 |
|
May 29, 2025 |
|
June 26, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
7,422,523 |
|
June 26, 2025 |
|
June 27, 2025 |
|
July 29, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
7,802,691 |
|
|
|
|
|
|
|
|
|
$ |
1.3800 |
|
|
$ |
41,176,950 |
|
January 26, 2026 |
|
January 29, 2026 |
|
February 25, 2026 |
|
Regular |
|
$ |
0.1956 |
|
|
$ |
12,008,822 |
|
February 24, 2026 |
|
February 26, 2026 |
|
March 27, 2026 |
|
Regular |
|
|
0.1951 |
|
|
|
12,384,535 |
|
March 25, 2026 |
|
March 30, 2026 |
|
April 28, 2026 |
|
Regular |
|
|
0.1922 |
|
|
|
12,554,379 |
|
April 29, 2026 |
|
April 29, 2026 |
|
May 27, 2026 |
|
Regular |
|
|
0.1921 |
|
|
|
12,230,846 |
|
May 21, 2026 |
|
May 28, 2026 |
|
June 26, 2026 |
|
Regular |
|
|
0.1931 |
|
|
|
12,406,751 |
|
June 23, 2026 |
|
June 29, 2026 |
|
July 29, 2026 |
|
Regular |
|
|
0.1784 |
|
|
|
11,530,214 |
|
|
|
|
|
|
|
|
|
$ |
1.1465 |
|
|
$ |
73,115,548 |
|
Class S Shares The following table summarizes the Fund's dividends declared for the Class S shares for the six months ended June 30, 2026 and 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Gross Amount
Per Share |
|
|
Amount Per Share Net of Shareholder Servicing
and/or Distribution Fees |
|
|
Gross
Amount |
|
|
Net
Amount |
|
January 24, 2025 |
|
January 30, 2025 |
|
February 26, 2025 |
|
Regular |
|
$ |
0.2300 |
|
|
$ |
0.2124 |
|
|
$ |
472,537 |
|
|
$ |
436,377 |
|
February 25, 2025 |
|
February 27, 2025 |
|
March 27, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2125 |
|
|
|
527,138 |
|
|
|
487,029 |
|
March 24, 2025 |
|
March 28, 2025 |
|
April 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2125 |
|
|
|
599,042 |
|
|
|
553,463 |
|
April 24, 2025 |
|
April 29, 2025 |
|
May 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2127 |
|
|
|
683,484 |
|
|
|
632,083 |
|
May 23, 2025 |
|
May 29, 2025 |
|
June 26, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2129 |
|
|
|
731,457 |
|
|
|
677,139 |
|
June 26, 2025 |
|
June 27, 2025 |
|
July 29, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2128 |
|
|
|
783,555 |
|
|
|
724,982 |
|
|
|
|
|
|
|
|
|
$ |
1.3800 |
|
|
$ |
1.2758 |
|
|
$ |
3,797,213 |
|
|
$ |
3,511,074 |
|
January 26, 2026 |
|
January 29, 2026 |
|
February 25, 2026 |
|
Regular |
|
$ |
0.1956 |
|
|
$ |
0.1786 |
|
|
$ |
937,564 |
|
|
$ |
856,245 |
|
February 24, 2026 |
|
February 26, 2026 |
|
March 27, 2026 |
|
Regular |
|
|
0.1951 |
|
|
|
0.1782 |
|
|
|
963,373 |
|
|
|
879,794 |
|
March 25, 2026 |
|
March 30, 2026 |
|
April 28, 2026 |
|
Regular |
|
|
0.1922 |
|
|
|
0.1755 |
|
|
|
967,310 |
|
|
|
883,414 |
|
April 29, 2026 |
|
April 29, 2026 |
|
May 27, 2026 |
|
Regular |
|
|
0.1921 |
|
|
|
0.1754 |
|
|
|
949,261 |
|
|
|
866,922 |
|
May 21, 2026 |
|
May 28, 2026 |
|
June 26, 2026 |
|
Regular |
|
|
0.1931 |
|
|
|
0.1763 |
|
|
|
958,874 |
|
|
|
875,689 |
|
June 23, 2026 |
|
June 29, 2026 |
|
July 29, 2026 |
|
Regular |
|
|
0.1784 |
|
|
|
0.1616 |
|
|
|
891,640 |
|
|
|
807,897 |
|
|
|
|
|
|
|
|
|
$ |
1.1465 |
|
|
$ |
1.0458 |
|
|
$ |
5,668,024 |
|
|
$ |
5,169,962 |
|
7. Stockholders’ Equity and Dividends (Continued) Class D Shares The following table summarizes the Fund's dividends declared for the Class D shares for the six months ended June 30, 2026 and 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Gross Amount
Per Share |
|
|
Amount Per Share Net of Shareholder Servicing
and/or Distribution Fees |
|
|
Gross
Amount |
|
|
Net
Amount |
|
January 24, 2025 |
|
January 30, 2025 |
|
February 26, 2025 |
|
Regular |
|
$ |
0.2300 |
|
|
$ |
0.2248 |
|
|
$ |
30,170 |
|
|
$ |
29,488 |
|
February 25, 2025 |
|
February 27, 2025 |
|
March 27, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2248 |
|
|
|
32,328 |
|
|
|
31,597 |
|
March 24, 2025 |
|
March 28, 2025 |
|
April 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2249 |
|
|
|
34,059 |
|
|
|
33,304 |
|
April 24, 2025 |
|
April 29, 2025 |
|
May 28, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2249 |
|
|
|
37,499 |
|
|
|
36,670 |
|
May 23, 2025 |
|
May 29, 2025 |
|
June 26, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2250 |
|
|
|
37,558 |
|
|
|
36,737 |
|
June 26, 2025 |
|
June 27, 2025 |
|
July 29, 2025 |
|
Regular |
|
|
0.2300 |
|
|
|
0.2249 |
|
|
|
46,315 |
|
|
|
45,297 |
|
|
|
|
|
|
|
|
|
$ |
1.3800 |
|
|
$ |
1.3493 |
|
|
$ |
217,930 |
|
|
$ |
213,093 |
|
January 26, 2026 |
|
January 29, 2026 |
|
February 25, 2026 |
|
Regular |
|
$ |
0.1956 |
|
|
$ |
0.1906 |
|
|
$ |
18,544 |
|
|
$ |
18,071 |
|
February 24, 2026 |
|
February 26, 2026 |
|
March 27, 2026 |
|
Regular |
|
|
0.1951 |
|
|
|
0.1901 |
|
|
|
18,656 |
|
|
|
18,180 |
|
March 25, 2026 |
|
March 30, 2026 |
|
April 28, 2026 |
|
Regular |
|
|
0.1922 |
|
|
|
0.1873 |
|
|
|
18,546 |
|
|
|
18,073 |
|
April 29, 2026 |
|
April 29, 2026 |
|
May 27, 2026 |
|
Regular |
|
|
0.1921 |
|
|
|
0.1872 |
|
|
|
18,650 |
|
|
|
18,175 |
|
May 21, 2026 |
|
May 28, 2026 |
|
June 26, 2026 |
|
Regular |
|
|
0.1931 |
|
|
|
0.1882 |
|
|
|
18,862 |
|
|
|
18,381 |
|
June 23, 2026 |
|
June 29, 2026 |
|
July 29, 2026 |
|
Regular |
|
|
0.1784 |
|
|
|
0.1735 |
|
|
|
17,528 |
|
|
|
17,044 |
|
|
|
|
|
|
|
|
|
$ |
1.1465 |
|
|
$ |
1.1169 |
|
|
$ |
110,787 |
|
|
$ |
107,924 |
|
Character of Distributions The Fund may fund its cash distributions to shareholders from any source of funds available to the Fund, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Investment Adviser, which is subject to recoupment. Through October 31, 2024, all of the Fund’s distributions resulted from net investment income. From November 1, 2024 through July 31, 2025, certain of the Fund's distributions were from sources other than net investment income. Through June 30, 2026 a portion of the Fund's distributions resulted and future distributions may result from expense support from the Investment Adviser, which is subject to repayment by the Fund within three years from the date of payment. Any such distribution may not be based solely on the Fund’s investment performance, and can only be sustained if the Fund achieves positive investment performance in future periods and/or the Investment Adviser continues to provide expense support. The Fund’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Fund 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 GAAP basis, may include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following tables present the sources of cash distributions on a GAAP basis that the Fund has declared on its common shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2026 |
|
|
|
Institutional Class |
|
|
Class S |
|
|
Class D |
|
Source of Distribution |
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Net investment income |
|
$ |
1.15 |
|
|
$ |
73,115,548 |
|
|
$ |
1.05 |
|
|
$ |
5,169,962 |
|
|
$ |
1.12 |
|
|
$ |
107,924 |
|
Net realized gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total |
|
$ |
1.15 |
|
|
$ |
73,115,548 |
|
|
$ |
1.05 |
|
|
$ |
5,169,962 |
|
|
$ |
1.12 |
|
|
$ |
107,924 |
|
7. Stockholders’ Equity and Dividends (Continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2025 |
|
|
|
Institutional Class |
|
|
Class S |
|
|
Class D |
|
Source of Distribution |
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
Net investment income |
|
$ |
1.06 |
|
|
$ |
31,455,532 |
|
|
$ |
0.95 |
|
|
$ |
2,612,570 |
|
|
$ |
1.03 |
|
|
$ |
161,503 |
|
Net realized gains |
|
|
0.32 |
|
|
|
9,721,418 |
|
|
|
0.32 |
|
|
|
898,503 |
|
|
|
0.32 |
|
|
|
51,590 |
|
Total |
|
$ |
1.38 |
|
|
$ |
41,176,950 |
|
|
$ |
1.28 |
|
|
$ |
3,511,073 |
|
|
$ |
1.35 |
|
|
$ |
213,093 |
|
|