v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets Net Assets
Share Issuances
The Company currently has the authority to issue 450,000,000 common shares at $0.01 per share par value. Prior to its continuous public offering, the Company issued 100 shares of common stock to the Adviser and 277,788 shares of its common stock to certain individuals and entities affiliated with the Adviser in a private placement. The Company issued 151,364,239 shares of common stock in its continuous public offering prior to its termination on April 30, 2021.
The table below summarizes transactions with respect to shares of the Company’s common stock during the following periods:
For the Three Months Ended
June 30, 2026June 30, 2025
Shares
Amount
Shares
Amount
Reinvestment of distributions— $— 1,252,394 $10,803 
Repurchased shares— — (6,252,963)(53,839)
Total Shares/Net Repurchases— $— (5,000,569)$(43,036)
For the Six Months Ended
June 30, 2026June 30, 2025
Shares
Amount
Shares
Amount
Reinvestment of distributions699,880 $5,756 2,591,543 $22,556 
Repurchased shares— — (10,459,221)(90,644)
Total Shares/Net Repurchases699,880 $5,756 (7,867,678)$(68,088)
Prior to the termination of the Company’s continuous public offering, in the event of a material decline in its net asset value per share, the Company’s Board reduced the offering price in order to establish a new net offering price per share. The Company will 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.
During the three and six months ended June 30, 2025 and 2026, pursuant to the dividend reinvestment plan the Company issued shares as follows:
Date of IssuanceRecord DateNumber of SharesPurchase Price per Share
January 29, 2025January 28, 2025404,165 $8.79 
February 13, 2025December 31, 2024133,727 8.80 
February 26, 2025February 25, 2025407,046 8.78 
March 26, 2025March 25, 2025394,211 8.75 
April 30, 2025April 29, 2025400,981 8.63 
May 13, 2025March 31, 202565,631 8.72 
May 28, 2025May 27, 2025402,219 8.62 
June 25, 2025June 24, 2025383,563 8.61 
January 28, 2026January 27, 2026347,777 8.26 
February 25, 2026February 24, 2026352,103 8.19 
On February 17, 2026, the Board determined to terminate the Company’s dividend reinvestment plan. All future distributions are expected to be paid in cash.
Distributions
The Board generally authorizes and declares monthly and/or quarterly distribution amounts per share of common stock, payable monthly and/or quarterly in arrears.
The tables below present cash distributions per share for shareholders of record during the following periods:
For the Six Months Ended June 30, 2026
Declaration DateRecord DatePayment DateDividend
Distribution Per Share(1)
Distribution Amount
($ in thousands, except per share amounts)
November 4, 2025January 27, 2026January 28, 2026Monthly$0.0533 $6,127 
February 18, 2026February 24, 2026February 25, 2026Monthly0.0533 6,145 
February 18, 2026March 17, 2026March 18, 2026Monthly0.0533 6,163 
March 5, 2026(2)
March 24, 2026March 26, 2026Return of capital2.5000 289,115 
April 14, 2026April 17, 2026April 20, 2026Monthly0.0350 4,048 
April 14, 2026(2)
March 31, 2026April 21, 2026Return of capital0.4200 48,571 
May 5, 2026May 26, 2026May 27, 2026Monthly0.0300 3,469 
May 5, 2026June 30, 2026July 1, 2026Monthly0.0300 3,470 
Total$3.1749 $367,108 
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(1)Totals presented may not sum due to rounding.
(2)Represents in aggregate special cash return of capital distributions reflecting approximately 35% of the Company’s NAV as of December 31, 2025.

For the Six Months Ended June 30, 2025
Declaration DateRecord DatePayment DateDividend
Distribution Per Share
Distribution Amount
($ in thousands, except per share amounts)
November 8, 2024January 28, 2025January 29, 2025Monthly$0.06 $7,664 
February 18, 2025February 25, 2025February 26, 2025Monthly0.06 7,696 
February 18, 2025March 25, 2025March 26, 2025Monthly0.06 7,720 
February 18, 2025March 31, 2025May 15, 2025Quarterly0.01 1,249 
February 18, 2025April 29, 2025April 30, 2025Monthly0.06 7,492 
May 6, 2025May 27, 2025May 28, 2025Monthly0.06 7,520 
May 6, 2025June 24, 2025June 25, 2025Monthly0.06 7,542 
Total$0.37 $46,883 
The Company may fund its cash distributions to shareholders from any source of funds available to the Company, 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. In no event, however, will funds be advanced or borrowed for the purpose of distributions, if the amount of such distributions would exceed the Company’s accrued and received revenues for the previous four quarters, less paid and accrued operating expenses with respect to such revenues and costs.
Share Repurchases
Prior to the third quarter of 2025, the Company offered, on a quarterly basis, to repurchase shares of the Company’s common stock on such terms as may be determined by the Board in its complete discretion. All shares purchased by the Company pursuant to the terms of each offer to repurchase were retired and are authorized and unissued shares.
Offer DateTender Offer ExpirationTender OfferPurchase Price per ShareShares Repurchased
February 19, 2025March 24, 2025$36,805 $8.75 4,206,258 
May 16, 2025June 27, 202553,838 8.61 6,252,963 
August 18, 2025September 25, 202560,324 8.45 7,138,809