v3.26.1
Share Transactions
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Share Transactions Share Transactions
Below is a summary of transactions with respect to shares of the Company’s common stock during the six months ended June 30, 2026 and 2025:
Six Months Ended June 30,
20262025
SharesAmountSharesAmount
Company Share Repurchase Authorization(377,800)$(4)— — 
Net Proceeds from Share Transactions(377,800)$(4)— — 
During the six months ended June 30, 2026, the administrator for the Company’s distribution reinvestment plan, or DRP, purchased 430,087 shares of common stock in the open market at an average price per share of $10.82 (totaling $5) pursuant to the DRP, and distributed such shares of common stock to participants in the DRP. During the six months ended June 30, 2025, the administrator for the Company’s DRP purchased 351,873 shares of common stock in the open market at an average price per share of $21.03 (totaling $7) pursuant to the DRP, and distributed such shares of common stock to participants in the DRP. During the period from July 1, 2026 to August 5, 2026, the administrator for the Company’s DRP purchased 377,035 shares of common stock in the open market at an average price per share of $10.46 (totaling $4) pursuant to the DRP, and distributed such shares of common stock to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.
Convertible Preferred Stock
On June 29, 2026, the Company issued and sold 6,000,000 shares of its Cumulative Convertible Perpetual Preferred Stock, Series A, or the Convertible Preferred Stock, to KKR Alternative Assets L.P., a Delaware limited partnership, or the Purchaser, pursuant to a purchase agreement, dated May 10, 2026, with the Purchaser, or the Purchase Agreement, at a price of $25.00 per share, or the Closing. The Company intends to use the gross proceeds to the Company of $150.0 from the sale of Convertible Preferred Stock for general corporate purposes including, without limitation, funding any repurchase program relating to shares of the Company’s common stock or debt repayment. See “Note 4. Related Party Transactions” for more information.
Share Repurchase Program
On May 6, 2026, the Company’s board of directors, or the Board of Directors or the Board, authorized the repurchase by the Company of up to $300.0 in aggregate amount of the Company’s common stock in the open market, by tender offer or in privately negotiated purchases in compliance with the Exchange Act of 1934, as amended, or the Exchange Act, and other applicable law, or the Company Share Repurchase Authorization. The Company Share Repurchase Authorization is scheduled to expire on June 1, 2027, unless extended, or until the aggregate repurchase amount that has been approved by the Board has been expended. The timing, manner, price and amount of any share repurchases will be determined by the Company based upon the evaluation of economic and market conditions, the market price of the shares, applicable legal, contractual and regulatory requirements and other factors. The Company Share Repurchase Authorization does not require the Company to repurchase any specific number of shares of the
Company’s common stock and the Company cannot assure its stockholders that any shares will be repurchased under the program. The Company Share Repurchase Authorization may be suspended, extended, modified or discontinued at any time.
During the three and six months ended June 30, 2026, the Company repurchased 377,800 shares of common stock pursuant to the Company Share Repurchase Authorization at an average price per share (inclusive of commissions paid) of $10.57 (totaling $4). During the period from July 1, 2026 to August 5, 2026, the Company repurchased 3,348,353 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $10.75 (totaling $36). All such repurchases were made on the Company’s behalf by a third-party agent on the open market at prices below net asset value per share in transactions intended to qualify for the safe harbors provided by Rules 10b5-1 and 10b-18 under the Exchange Act.
“At the Market” Offering
On May 9, 2025, the Company and the Adviser entered into separate equity distribution agreements, or the Equity Distribution Agreements, with each of Truist Securities, Inc., RBC Capital Markets, LLC, KKR Capital Markets LLC, and SMBC Nikko Securities America, Inc., or the Sales Agents. The Equity Distribution Agreements provide that the Company may, from time to time, issue and sell shares of its common stock, having an aggregate offering price of up to $750 through the Sales Agents or to them as principals for their own respective accounts, in an “at the market offering” (as defined in Rule 415 under the Securities Act of 1933, as amended, or the Securities Act), or the ATM Program.
Sales of shares of common stock in the ATM Program, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act, including sales made directly on The New York Stock Exchange, or the NYSE, or a similar securities exchange or sales made to or through a market maker other than on an exchange and by any other method permitted by law, which may include block trades, at prices related to prevailing market prices or negotiated prices.
The Sales Agents will receive a commission from the Company of up to 1.5% of the gross sales price of any shares of common stock sold through such Sales Agent in the ATM Program under the Equity Distribution Agreements. The offering price per share of shares of common stock less commissions payable under the Equity Distribution Agreements and discounts, if any, will not be less than the net asset value per share of the Company’s common stock at the time of such sale, provided, that the Adviser may, but is not obligated to, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of any shares of common stock sold in the offering will not be less than the Company’s then-current net asset value per share. Any such payments made by the Adviser will not be subject to reimbursement by the Company.
During the six months ended June 30, 2026, the Company did not issue or sell shares of its common stock under the Equity Distribution Agreements.