v3.26.1
Net Assets
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Net Assets Net Assets
Equity Issuances

As of June 30, 2026 and December 31, 2025, the Company had 106,651,371 and 94,659,223, respectively, shares issued and outstanding with a par value of $0.001 per share.
The following tables summarize transactions in common shares during the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
SharesAmount in ThousandsSharesAmount in Thousands
Class I:
Proceeds from shares sold6,468,705$161,590 12,734,192$319,468 
Share transfers between classes3,9761,599 24,3502,112 
Distributions reinvested575,32914,506 1,150,99729,008 
Repurchased shares, net of early repurchase reduction(1,776,368)(44,708)(2,948,413)(74,264)
Net increase (decrease)5,271,642$132,987 10,961,126$276,324 
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
SharesAmount in ThousandsSharesAmount in Thousands
Class S:
Proceeds from shares sold531,239$13,395 1,230,342$31,009 
Share transfers between classes(3,976)(1,599)(24,350)(2,112)
Distributions reinvested122,3713,086 237,7755,994 
Repurchased shares, net of early repurchase reduction(306,906)(7,727)(358,765)(9,035)
Net increase (decrease)342,728$7,155 1,085,002$25,856 
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
SharesAmount in ThousandsSharesAmount in Thousands
Class D:
Proceeds from shares sold397$10 8,972$226 
Share transfers between classes—— —— 
Distributions reinvested83021 1,62341 
Repurchased shares, net of early repurchase reduction(5,059)(127)(5,059)(127)
Net increase (decrease)(3,832)$(96)5,536$140 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
SharesAmount in ThousandsSharesAmount in Thousands
Class I:
Proceeds from shares sold6,196,561$156,731 11,631,597$294,160 
Share transfers between classes6,911175 9,899251 
Distributions reinvested399,64310,108 766,31719,380 
Repurchased shares, net of early repurchase reduction(1,238,312)(31,268)(1,493,833)(37,728)
Net increase (decrease)5,364,803$135,746 10,913,980$276,063 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
SharesAmount in ThousandsSharesAmount in Thousands
Class S:
Proceeds from shares sold1,866,111$47,201 3,666,854$92,732 
Share transfers between classes(6,911)(175)(6,911)(175)
Distributions reinvested81,9182,072 147,0203,718 
Repurchased shares, net of early repurchase reduction(4,954)(120)(7,143)(175)
Net increase (decrease)1,936,164$48,978 3,799,820$96,100 
Three Months Ended June 30, 2025Six Months Ended June 30, 2025
SharesAmount in ThousandsSharesAmount in Thousands
Class D:
Proceeds from shares sold12,452$315 23,992$607 
Share transfers between classes—— (2,989)(76)
Distributions reinvested67817 1,28432 
Repurchased shares, net of early repurchase reduction(5,626)(142)(7,597)(192)
Net increase (decrease)7,504$190 14,690$371 
Dividends
The following table reflects dividends declared on common shares during the six months ended June 30, 2026 and 2025:

For the Six Months Ended June 30, 2026
Class I
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2026January 31, 2026February 25, 2026$0.2000 $17,035 
February 26, 2026February 27, 2026March 27, 2026$0.2000 $17,734 
March 26, 2026March 31, 2026April 28, 2026$0.2000 $18,081 
April 27, 2026April 30, 2026May 29, 2026$0.2000 $18,071 
May 26, 2026May 29, 2026June 30, 2026$0.2000 $18,229 
June 27, 2026June 30, 2026July 29, 2026$0.2000 $19,255 

For the Six Months Ended June 30, 2026
Class S
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2026January 31, 2026February 25, 2026$0.1818 $2,050 
February 26, 2026February 27, 2026March 27, 2026$0.1836 $2,119 
March 26, 2026March 31, 2026April 28, 2026$0.1818 $2,145 
April 27, 2026April 30, 2026May 29, 2026$0.1824 $2,176 
May 26, 2026May 29, 2026June 30, 2026$0.1818 $2,199 
June 27, 2026June 30, 2026July 29, 2026$0.1824 $2,250 
For the Six Months Ended June 30, 2026
Class D
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2026January 31, 2026February 25, 2026$0.1947 $23 
February 26, 2026February 27, 2026March 27, 2026$0.1952 $24 
March 26, 2026March 31, 2026April 28, 2026$0.1947 $25 
April 27, 2026April 30, 2026May 29, 2026$0.1948 $25 
May 26, 2026May 29, 2026June 30, 2026$0.1947 $25 
June 27, 2026June 30, 2026July 29, 2026$0.1948 $24 
For the Six Months Ended June 30, 2025
Class I
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2300 $13,438 
February 25, 2025February 28, 2025March 27, 2025$0.2200 $13,365 
March 28, 2025March 31, 2025April 28, 2025$0.2200 $13,788 
April 27, 2025April 30, 2025May 28, 2025$0.2200 $14,121 
May 28, 2025May 31, 2025June 26, 2025$0.2200 $14,580 
June 27, 2025June 30, 2025July 29, 2025$0.2200 $14,969 
For the Six Months Ended June 30, 2025
Class S
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2171 $933 
February 25, 2025February 28, 2025March 27, 2025$0.2084 $969 
March 28, 2025March 31, 2025April 28, 2025$0.2071 $1,159 
April 27, 2025April 30, 2025May 28, 2025$0.2075 $1,307 
May 28, 2025May 31, 2025June 26, 2025$0.2071 $1,467 
June 27, 2025June 30, 2025July 29, 2025$0.2075 $1,563 
For the Six Months Ended June 30, 2025
Class D
Date DeclaredRecord DatePayment DateDividend per ShareAmount in Thousands
January 28, 2025January 31, 2025February 26, 2025$0.2300 $16 
February 25, 2025February 28, 2025March 27, 2025$0.2200 $17 
March 28, 2025March 31, 2025April 28, 2025$0.2200 $17 
April 27, 2025April 30, 2025May 28, 2025$0.2200 $17 
May 28, 2025May 31, 2025June 26, 2025$0.2200 $19 
June 27, 2025June 30, 2025July 29, 2025$0.2200 $19 

Distribution Reinvestment Plan

The Company has adopted a distribution reinvestment plan, pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of our Company’s distribution reinvestment plan will have their cash distributions automatically reinvested in additional
shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places.

Share Repurchase Plan

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of the NAV of the Company’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect the Company’s operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. As a result, share repurchases may not be available each quarter, or may only be available in an amount less than 5% of our Common Shares outstanding.

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 plan, to the extent we offer to repurchase shares in any particular quarter, we expect to repurchase shares pursuant to tender offers on or around the last business day of that quarter (the “Repurchase Date”) using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

The following table presents the share repurchases completed during the six months ended June 30, 2026:

Tender Offer Expiration DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
Price paid Per ShareTender Offer Valuation Date
Amount Repurchased (all classes) (in thousands)(2)
Maximum number of shares that may yet be purchased under the repurchase plan(3)
March 5, 20261,223,904 1.3 %$25.22 March 31, 2026$30,801 0
June 2, 20262,088,333 2.1 %$25.20 June 30, 2026$52,523 0
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction.
(3) All repurchases were satisfied in full.

The following table presents the share repurchases completed during the six months ended June 30, 2025:
Tender Offer Expiration DateTotal Number of Shares Repurchased (all classes)
Percentage of Outstanding Shares Repurchased(1)
Price paid Per ShareTender Offer Valuation Date
Amount Repurchased (all classes) (in thousands)(2)
Maximum number of shares that may yet be purchased under the repurchase plan(3)
January 29, 2025259,680 0.4 %$25.30 December 31, 2024$7 0
April 25, 20251,248,893 1.7 %$25.29 March 31, 2025$31,530 0
(1) Percentage is based on total shares as of the close of the previous calendar quarter.
(2) Amounts shown net of Early Repurchase Deduction.
(3) All repurchases were satisfied in full.

Character of Distributions
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 and expense support from the Adviser, which is subject to recoupment.
All of the dividends declared during the six months ended June 30, 2026 and 2025 were derived from ordinary income, as determined on a tax basis. Taxable income is an estimate and is not fully determined until the Company's tax return is filed.