| NET ASSETS |
NET ASSETS The Company has the authority to issue 400,000,000 shares of Class I Common Stock, 50,000,000 shares of Class S Common Stock and 50,000,000 shares of Class D Common Stock. As of June 30, 2026 and December 31, 2025, the Company had $241,126 and $231,126, respectively, of uncalled capital commitments from stockholders and $16,615 and $16,615, respectively, of which is from entities affiliated with or related to the Adviser. Total shares issued and outstanding for all share classes as of June 30, 2026 and December 31, 2025 were 48,235,962.032 and 47,925,459.905, respectively. The following tables summarize activity in the number of shares issued and proceeds received during the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
1/2/2026 |
|
|
1,143,056.311 |
|
|
$ |
22,580 |
|
|
$ |
19.75 |
|
2/2/2026 |
|
|
315,896.044 |
|
|
|
6,207 |
|
|
|
19.65 |
|
3/2/2026 |
|
|
1,026,690.050 |
|
|
|
19,889 |
|
|
|
19.37 |
|
4/1/2026 |
|
|
170,417.733 |
|
|
|
3,288 |
|
|
|
19.29 |
|
5/1/2026 |
|
|
254,970.884 |
|
|
|
4,896 |
|
|
|
19.21 |
|
6/1/2026 |
|
|
79,052.314 |
|
|
|
1,508 |
|
|
|
19.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
2/2/2026 |
|
|
712.560 |
|
|
$ |
14 |
|
|
$ |
19.65 |
|
3/2/2026 |
|
|
19,358.196 |
|
|
|
375 |
|
|
|
19.37 |
|
5/1/2026 |
|
|
7,810.206 |
|
|
|
150 |
|
|
|
19.21 |
|
6/1/2026 |
|
|
68,125.960 |
|
|
|
1,300 |
|
|
|
19.08 |
|
For the six months ended June 30, 2026, the Company transferred 256,971.145 shares of Class I Common Stock to Class S Common Stock with an aggregate net asset value of $5,049. There were no share transfers for the six months ended June 30, 2025. The following table summarizes activity in the number of shares issued and proceeds received during the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
1/6/2025 |
|
|
213,131.313 |
|
|
$ |
4,220 |
|
|
$ |
19.80 |
|
2/3/2025 |
|
|
273,654.822 |
|
|
|
5,391 |
|
|
|
19.70 |
|
3/3/2025 |
|
|
586,080.184 |
|
|
|
11,475 |
|
|
|
19.58 |
|
3/31/2025 |
|
|
1,531,393.567 |
|
|
|
30,000 |
|
|
|
19.59 |
|
4/1/2025 |
|
|
563,117.660 |
|
|
|
11,031 |
|
|
|
19.59 |
|
5/1/2025 |
|
|
670,297.282 |
|
|
|
13,078 |
|
|
|
19.51 |
|
6/2/2025 |
|
|
626,578.412 |
|
|
|
12,306 |
|
|
|
19.64 |
|
6/30/2025 |
|
|
7,439,160.776 |
|
|
|
146,254 |
|
|
|
19.66 |
|
The following table summarizes the Company’s distributions declared during the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Net Distributions per Share |
|
1/30/2026 |
|
1/30/2026 |
|
2/10/2026 |
|
$ |
0.16000 |
|
2/27/2026 |
|
2/27/2026 |
|
3/11/2026 |
|
|
0.16000 |
|
3/30/2026 |
|
3/31/2026 |
|
4/9/2026 |
|
|
0.16000 |
|
4/30/2026 |
|
4/30/2026 |
|
5/27/2026 |
|
|
0.16000 |
|
5/29/2026 |
|
5/29/2026 |
|
6/25/2026 |
|
|
0.15000 |
|
6/30/2026 |
|
6/30/2026 |
|
7/27/2026 |
|
|
0.15000 |
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Net Distributions per Share |
|
1/30/2026 |
|
1/30/2026 |
|
2/10/2026 |
|
$ |
0.14574 |
|
2/27/2026 |
|
2/27/2026 |
|
3/11/2026 |
|
|
0.14719 |
|
3/30/2026 |
|
3/31/2026 |
|
4/9/2026 |
|
|
0.14602 |
|
4/30/2026 |
|
4/30/2026 |
|
5/27/2026 |
|
|
0.14652 |
|
5/29/2026 |
|
5/29/2026 |
|
6/25/2026 |
|
|
0.13614 |
|
6/30/2026 |
|
6/30/2026 |
|
7/27/2026 |
|
|
0.13667 |
|
The following table summarizes the Company’s distributions declared during the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Net Distributions per Share |
|
1/30/2025 |
|
1/31/2025 |
|
2/6/2025 |
|
$ |
0.16000 |
|
2/28/2025 |
|
2/28/2025 |
|
3/6/2025 |
|
|
0.16000 |
|
3/28/2025 |
|
3/28/2025 |
|
4/7/2025 |
|
|
0.15500 |
|
4/30/2025 |
|
4/30/2025 |
|
5/8/2025 |
|
|
0.16000 |
|
5/28/2025 |
|
5/29/2025 |
|
6/6/2025 |
|
|
0.16000 |
|
6/26/2025 |
|
6/27/2025 |
|
7/7/2025 |
|
|
0.16250 |
|
The following table reflects the shares issued pursuant to the distribution reinvestment plan during the six months ended June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
12/22/2025 |
|
12/29/2025 |
|
1/13/2026 |
|
|
57,143.660 |
|
|
$ |
1,129 |
|
|
$ |
19.75 |
|
1/30/2026 |
|
1/30/2026 |
|
2/10/2026 |
|
|
84,558.136 |
|
|
|
1,661 |
|
|
|
19.65 |
|
2/27/2026 |
|
2/27/2026 |
|
3/11/2026 |
|
|
87,223.900 |
|
|
|
1,690 |
|
|
|
19.37 |
|
3/30/2026 |
|
3/31/2026 |
|
4/9/2026 |
|
|
85,215.101 |
|
|
|
1,644 |
|
|
|
19.29 |
|
4/30/2026 |
|
4/30/2026 |
|
5/27/2026 |
|
|
71,969.723 |
|
|
|
1,382 |
|
|
|
19.21 |
|
5/29/2026 |
|
5/29/2026 |
|
6/25/2026 |
|
|
57,647.171 |
|
|
|
1,100 |
|
|
|
19.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class S |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
12/22/2025 |
|
12/29/2025 |
|
1/13/2026 |
|
|
146.603 |
|
|
$ |
3 |
|
|
$ |
19.75 |
|
1/30/2026 |
|
1/30/2026 |
|
2/10/2026 |
|
|
148.331 |
|
|
|
3 |
|
|
|
19.65 |
|
2/27/2026 |
|
2/27/2026 |
|
3/11/2026 |
|
|
165.966 |
|
|
|
3 |
|
|
|
19.37 |
|
3/30/2026 |
|
3/31/2026 |
|
4/9/2026 |
|
|
274.014 |
|
|
|
5 |
|
|
|
19.29 |
|
4/30/2026 |
|
4/30/2026 |
|
5/27/2026 |
|
|
278.296 |
|
|
|
5 |
|
|
|
19.21 |
|
5/29/2026 |
|
5/29/2026 |
|
6/25/2026 |
|
|
318.987 |
|
|
|
6 |
|
|
|
19.08 |
|
The following table reflects the shares issued pursuant to the distribution reinvestment plan during the six months ended June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I |
|
Declared Date |
|
Record Date |
|
Payment Date |
|
Shares Issued |
|
|
Proceeds Received |
|
|
Issuance Price per Share |
|
12/23/2024 |
|
12/24/2024 |
|
1/8/2025 |
|
|
6,383.522 |
|
|
|
315 |
|
|
|
19.69 |
|
1/30/2025 |
|
1/31/2025 |
|
2/6/2025 |
|
|
6,937.876 |
|
|
|
137 |
|
|
|
19.80 |
|
2/28/2025 |
|
2/28/2025 |
|
3/6/2025 |
|
|
8,056.415 |
|
|
|
159 |
|
|
|
19.70 |
|
3/28/2025 |
|
3/28/2025 |
|
4/7/2025 |
|
|
10,809.051 |
|
|
|
212 |
|
|
|
19.58 |
|
4/30/2025 |
|
4/30/2025 |
|
5/8/2025 |
|
|
13,377.082 |
|
|
|
262 |
|
|
|
19.59 |
|
5/28/2025 |
|
5/29/2025 |
|
6/6/2025 |
|
|
18,117.545 |
|
|
|
353 |
|
|
|
19.51 |
|
At the discretion of the Board, the Company has commenced a share repurchase program in which the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Stock outstanding as of the close of the calendar quarter prior to the applicable valuation date. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares pursuant to tender offers on or around the last business day of the first month of such quarter using a purchase price equal to the NAV per share as of the last calendar day of the prior quarter. The following table presents share repurchases completed under the share repurchase program during the six months ended June 30, 2026 and 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Total Number of Common Stock Repurchased |
|
|
Percentage of Outstanding Shares Repurchased (1) |
|
|
Price Paid per Share |
|
|
Repurchase Pricing Date |
|
Amount Repurchased (2) |
|
January 22, 2026 |
|
|
777,849.792 |
|
|
|
1.62 |
% |
|
$ |
19.75 |
|
|
December 31, 2025 |
|
$ |
15,365 |
|
April 21, 2026 |
|
|
2,437,463.588 |
|
|
|
5.00 |
% |
|
|
19.29 |
|
|
March 31, 2026 |
|
|
46,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase Deadline Request |
|
Total Number of Common Stock Repurchased |
|
|
Percentage of Outstanding Shares Repurchased (1) |
|
|
Price Paid per Share |
|
|
Repurchase Pricing Date |
|
Amount Repurchased (2) |
|
April 21, 2025 |
|
|
19,735.281 |
|
|
|
0.12 |
% |
|
$ |
19.59 |
|
|
March 31, 2025 |
|
$ |
383 |
|
(1)The percentage is based on the total shares outstanding as of the end of the calendar month immediately preceding the filing date. (2)Amount repurchased is net of any early redemption fees. |